Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 262

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 3
Chunk 262
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(109,324)(115,496)(285,179)(169,826)Operating loss(37,617)(91,394)(120,948)(60,779)Other income (expense)Interest income457 1,188 943 3,027 Interest expense(1,286)(346)(3,200)(1,118)Change in fair value of warrant liability31,860 - 31,860 250 Other income (expense)3,000 (4)4,064 (1,235)Total other income34,031 838 33,667 924 Loss before taxes(3,586)(90,556)(87,281)(59,855)Current income tax benefit (expense)767 (211)(1,157)(932)Deferred income tax benefit (expense)(464)4,013 399 (1,358)Total income tax benefit (expense)303 3,802 (758)(2,290)Net loss$(3,283)$(86,754)$(88,039)$(62,145)

Comparative Results for the Three Months Ended September 30, 2025 and 2024

Revenue

Revenue for the three months ended September 30, 2025 was $71.7 million compared to $24.1 million for the three months ended September 30, 2024 and was generated from bitcoin mining operations at the Odessa and Black Pearl Facilities. The increase year over year was primarily driven by higher bitcoin prices in the current quarter compared to the prior year quarter, and an increase in total bitcoin mined attributable to the Black Pearl Facility coming online at the end of the second quarter of 2025.

Cost of revenue

Cost of revenue for the three months ended September 30, 2025 was $26.7 million, compared with $15.1 million for the three months ended September 30, 2024, and consisted primarily of power costs at our data centers. The increase in the three months ended September 30, 2025 is driven primarily by additional power costs from mining activities at the Black Pearl Facility, which commenced mining in the second quarter of 2025.

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Compensation and benefits

Compensation and benefits for the three months ended September 30, 2025 was $14.4 million, consistent with $14.7 million for the three months ended September 30, 2024.The decrease is primarily due to certain performance-based stock-comp