Cipher Digital (CIFR) Cost of Revenue (2023 - 2026)
Cipher Digital (CIFR) reported Cost of Revenue of $15.05 million for Q2 2026, down 1.9% from $15.33 million a year earlier and down 15.0% from the prior quarter.
Powered by 
Analysis
Cipher Digital (CIFR) Cost of Revenue (2023 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Cipher Digital's Cost of Revenue came in at $83.74 million, up 31.9% 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.
- The Q2 2026 figure ranks as the lowest quarterly Cost of Revenue since Q1 2025.
- Year over year, Cost of Revenue gained in seven of the last eight quarters, with growth averaging 23.5%.
- The high point for year-over-year Cost of Revenue in five years was Q1 2024 (growth of 82.0%); the low point was Q2 2024 (a decline of 10.0%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $17.71 million (Q1 2026), $24.26 million (Q4 2025) and $26.73 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,843.70 Bn | 3,766.85 Bn | 60.48 Bn | 29.53 Bn |
| 2 | International Business Machines | 209.74 Bn | 160.64 Bn | 9.91 Bn | 7.26 Bn |
| 3 | Cloudflare | 112.41 Bn | 95.94 Bn | 499.52 Mn | 196.54 Mn |
| 4 | Equinix | 101.21 Bn | 89.76 Bn | 1.40 Bn | 1.23 Bn |
| 5 | Nebius | 61.44 Bn | 34.87 Bn | 448.70 Mn | 133.60 Mn |
| 6 | CoreWeave | 49.38 Bn | 36.47 Bn | 1.70 Bn | 879.00 Mn |
| 7 | Verisign | 26.06 Bn | 23.28 Bn | 384.60 Mn | 50.00 Mn |
| 8 | Nutanix | 19.56 Bn | 11.24 Bn | 651.35 Mn | 105.73 Mn |
| 9 | Akamai Technologies | 15.64 Bn | 9.05 Bn | 613.75 Mn | 485.93 Mn |
| 10 | Cipher Digital | 6.51 Bn | 3.15 Bn | 9.79 Mn | 15.05 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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();