In the latest period of Q4'25, CIFR's ROA stands at -17.1%, reflecting a sharp deterioration from the near-breakeven -0.1% in Q3'25 and marking the lowest point in the observed series. ROE and ROIC also plunged to -91.1% and -19.6%, respectively, indicating severe operational inefficiencies or asset impairments during this quarter. Over the period from Q1'23 to Q4'25, the metrics exhibited high volatility with an overall downward trend, starting from mild losses around -1.6% to -1.7% for ROA and ROIC, worsening to -4.3% by Q3'23, before brief recoveries to peaks of 5.9% (ROA) and 6.5% (ROIC) in Q1'24. Subsequent declines intensified in Q3'24 with ROA dropping to -11.2%, followed by partial rebounds in Q4'24 (around 2.0-2.5%), but the trajectory reversed sharply in 2025, culminating in the Q4'25 collapse, underscoring persistent instability in profitability relative to assets and capital.