Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 330

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 5
Chunk 330
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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-compensation being fully vested in 2024.

General and administrative

General and administrative expenses decreased by $0.7 million to $8.2 million during the three months ended September 30, 2025 from $8.9 million for the three months ended September 30, 2024. The decrease was primarily driven by decreased legal fees in the current quarter related to strategic initiatives.

Depreciation and amortization

Depreciation for the three months ended September 30, 2025 was $59.5 million, an increase of $30.9 million compared to Depreciation and amortization of $28.6 million for the three months ended September 30, 2024. The increase was primarily due to additional depreciation expense on miners acquired as part of the Odessa fleet upgrade, and assets at our Black Pearl Facility being placed into service.

Change in fair value of derivative asset

Change in fair value of derivative asset was a $9.0 million loss for the three months ended September 30,