How Cipher Digital makes money

Period

FY2025

How does Cipher Digital make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Cipher Digital Inc. · FY2025 · year ended 2025-12-31

Revenue$224MNet loss$822M · 367%Cost of revenue$81M · 36%Gross profit$143M · 64%Operating expenses$564M · 252%SG&A$36M · 16%Other opex$528M · 236%Other expense$401M · 179%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.