Filing Flows › Cipher Digital (CIFR) › Q2 2025
Cipher Digital (CIFR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Cipher Digital (CIFR) reported revenue of $43.6M for the second quarter 2025 (Q2 2025), +18% from a year earlier and -11% from the quarter before. Operating margin was -103.9%, net loss $45.8M (105.1% of revenue).
Cipher Digital, Q2 2025: revenue $43.6M (+18% year over year), operating margin -103.9%, net loss $45.8M, operating cash flow −$56.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $43.6M | -11% | +18% |
| Operating profit | −$45.2M | — | — |
| Net earnings | −$45.8M | — | — |
| Operating cash flow | −$56.2M | — | — |
What changed
Revenue was $43.6M in Q2 2025, up 18% year over year and down 11% from the previous quarter.
Operating costs exceeded revenue by $45.2M, an operating margin of -103.9%. Total costs grew 68% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+112%). The quarter ended with a net loss of $45.8M, wider than the previous quarter's $39.0M loss.
Operating cash flow was −$56.2M. Non-cash charges added back $44.1M of depreciation and amortization and $10.5M of share-based compensation. Working capital and other items used $65.0M. Capital expenditures of $31.3M exceeded it, leaving free cash flow of −$87.5M.
Questions
What was Cipher Digital's revenue in the second quarter 2025?
Cipher Digital (CIFR) reported revenue of $43.6M for the second quarter 2025 (Q2 2025), +18% from a year earlier and -11% from the quarter before.
Was Cipher Digital profitable in the second quarter 2025?
Operating loss was $45.2M (-103.9% of revenue) and net loss $45.8M.
Source: Cipher Digital 10-Q on SEC EDGAR.