Filing Flows › Cipher Digital (CIFR) › Q3 2025
Cipher Digital (CIFR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Cipher Digital (CIFR) reported revenue of $71.7M for the third quarter 2025 (Q3 2025), +198% from a year earlier and +65% from the quarter before. Operating margin was -52.5%, net loss $3.3M (4.6% of revenue).
Cipher Digital, Q3 2025: revenue $71.7M (+198% year over year), operating margin -52.5%, net loss $3.3M, operating cash flow −$50.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $71.7M | +65% | +198% |
| Operating profit | −$37.6M | — | — |
| Net earnings | −$3.3M | — | — |
| Operating cash flow | −$50.1M | — | — |
What changed
Revenue was $71.7M in Q3 2025, up 198% year over year and up 65% from the previous quarter.
Operating costs exceeded revenue by $37.6M, an operating margin of -52.5%. Total costs fell 5% while revenue rose 198%. The fastest-growing cost line was Cost of revenue (+77%). The quarter ended with a net loss of $3.3M, narrower than the previous quarter's $45.8M loss. Non-operating items added $34.0M, -949% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$50.1M. Non-cash charges added back $59.5M of depreciation and amortization and $8.2M of share-based compensation. Working capital and other items used $114.5M. Capital expenditures of $207.1M exceeded it, leaving free cash flow of −$257.2M.
Questions
What was Cipher Digital's revenue in the third quarter 2025?
Cipher Digital (CIFR) reported revenue of $71.7M for the third quarter 2025 (Q3 2025), +198% from a year earlier and +65% from the quarter before.
Was Cipher Digital profitable in the third quarter 2025?
Operating loss was $37.6M (-52.5% of revenue) and net loss $3.3M.
Source: Cipher Digital 10-Q on SEC EDGAR.