In the latest fiscal period Q1'26, CIFR reported Cash & Short-term Investments of $715.2M and total Debt of $4.7B. This reflects a significant increase in the debt position compared to the previous quarter, widening the gap between the company's liquid assets and its total obligations. From Q2'23 to Q1'26, the company's capital structure underwent a dramatic transformation, characterized by relative stability until Q2'25, followed by a period of aggressive expansion in both cash and debt. Notably, while cash reserves peaked at $1.2B in Q3'25 before moderating, Debt surged exponentially from $56.4M in Q4'24 to over $4.7B by Q1'26. This trend indicates a shift toward a highly leveraged financial position to fund operations or strategic initiatives during the latter half of the analyzed period.