Cipher Digital (CIFR) Cost of Revenue (2023 - 2026)
Cipher Digital (CIFR) reported Cost of Revenue of $15.36 million for Q3 2026, down 42.5% from $26.73 million a year earlier but up 2.1% from the prior quarter.
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Analysis
Cipher Digital (CIFR) Cost of Revenue (2023 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Cipher Digital's Cost of Revenue came in at $72.37 million, down 3.7% year-over-year; for FY2025, it came in at $81.22 million, up 30.2% from FY2024.
- Cost of Revenue has a three-year compound annual growth rate of 377.1% (FY2022 to FY2025).
- By year, Cost of Revenue came in at $62.36 million in FY2024 (+24.0%), $50.31 million in FY2023 and $748,000 in FY2022.
- Five-year quarterly Cost of Revenue spans a low of $8.14 million in Q1 2023 and a high of $26.73 million in Q3 2025.
- Year over year, Cost of Revenue gained in six of the last eight quarters, with growth averaging 16.3%.
- The high point for year-over-year Cost of Revenue in five years was Q1 2024 (growth of 82.0%); the low point was Q3 2026 (a decline of 42.5%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $15.05 million (Q2 2026), $17.71 million (Q1 2026) and $24.26 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,944.62 Bn | 3,880.11 Bn | 62.56 Bn | 29.72 Bn |
| 2 | International Business Machines | 231.10 Bn | 185.71 Bn | 9.71 Bn | 7.39 Bn |
| 3 | Equinix | 100.11 Bn | 88.01 Bn | 1.31 Bn | 1.26 Bn |
| 4 | Cloudflare | 96.02 Bn | 78.46 Bn | 557.23 Mn | 225.28 Mn |
| 5 | Nebius | 31.44 Bn | 4.87 Bn | 448.70 Mn | 133.60 Mn |
| 6 | Verisign | 27.82 Bn | 25.17 Bn | 393.20 Mn | 49.80 Mn |
| 7 | CoreWeave | 25.57 Bn | 12.66 Bn | 1.70 Bn | 879.00 Mn |
| 8 | Nutanix | 15.68 Bn | 7.37 Bn | 651.35 Mn | 105.73 Mn |
| 9 | GoDaddy | 14.30 Bn | 9.69 Bn | 843.00 Mn | 498.80 Mn |
| 10 | Cipher Digital | 2.72 Bn | -108.93 Mn | 11.34 Mn | 15.36 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.36 Mn |
| Jun 30, 2026 | 15.05 Mn |
| Mar 31, 2026 | 17.71 Mn |
| Dec 31, 2025 | 24.26 Mn |
| Sep 30, 2025 | 26.73 Mn |
| Jun 30, 2025 | 15.33 Mn |
| Mar 31, 2025 | 14.89 Mn |
| Dec 31, 2024 | 18.20 Mn |
| Sep 30, 2024 | 15.06 Mn |
| Jun 30, 2024 | 14.28 Mn |
| Mar 31, 2024 | 14.82 Mn |
| Dec 31, 2023 | 13.29 Mn |
| Sep 30, 2023 | 13.01 Mn |
| Jun 30, 2023 | 15.87 Mn |
| Mar 31, 2023 | 8.14 Mn |
API Access
Cipher Digital Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CIFR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "CIFR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CIFR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();