As of Q4'25, CIFR's latest gross margin stands at 41.4%, while the operating margin is at 3.6% and the net profit margin has sharply declined to -793.5%. This indicates a significant deterioration in profitability at the net level despite a relatively stable gross margin. From Q1'23 to Q4'25, the chart reveals considerable volatility across all margin metrics. Gross margin remained generally strong, fluctuating between 37.5% and 69.6%, but operating and net profit margins experienced pronounced swings, including several quarters of deep negative values. Notably, both operating and net profit margins turned positive in Q4'23 and Q4'24, but these improvements were not sustained, with net profit margin plunging dramatically in Q3'24 and again in Q4'25. This pattern suggests ongoing challenges in cost control and profitability below the gross margin line, with persistent instability in CIFR's bottom-line performance over the observed period.