Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 68

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 2024. We incurred a net loss of $84.8 million for the six months ended June 30, 2025, compared to net income of $24.6 million for the six months ended June 30, 2024, representing a decrease of $109.4 million. Cash flows used in operating activities was impacted by a $96.7 million increase in non-cash items, primarily driven a $37.5 million increase in the fair value of derivative asset, an $18.7 million increase in gains on the fair value of bitcoin, and a $50.0 million increase in depreciation. Additionally, changes in assets and liabilities resulted in an increase in cash used of $38.8 million between the six months ended June 30, 2025 and 2024.

Investing Activities

Cash used in investing activities increased by $48.2 million to $110.5 million of net cash used in investing activities for the six months ended June 30, 2025 compared to $62.3 million of net cash used in investing activities for the six months ended June 30, 2024. This change primarily related to a $126.6 million increase in deposits related to new miner purchases, and a $40.1 million increase in purchases of Property and equipment related to building out the Black Pearl facility, partially offset by an increase of $111.0 million of proceeds from sale of Bitcoin, and a $7.6 million decrease in contributions to equity investees related to our joint ventures.

Financing Activities

Cash flows provided by financing activities increased by $120.3 million to $271.0 million net cash provided by financing activities for the six months ended June 30, 2025 from $150.8 million net cash provided by financing activities for the six months ended June 30, 2024. This change was primarily driven by a $50.0 million increase in proceeds from treasury stock reissued for PIPE investment and a $167.1 million increase in proceeds from issuance of convertible notes, net of issuance costs, partially offset by a $76.5 million decrease in proceeds from the issuance of common stock during the six months ended June 30, 2025.

Contractual Obligations and Other Commitments

On December 17, 2021, we entered into a lease agreement for office space, amended in the second quarter of 2024, with a term through May 2029. Monthly rent payments associated with the amended lease