Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 69

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 1A
Chunk 69
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 in Charleston, South Carolina, and Denver, Colorado.All of the Company's office leases are classified as operating leases.Additional lease informationComponents of the Company’s lease expenses are as follows (in thousands):Three Months Ended March 31,20252024Finance leases:Amortization of ROU assets (1)$761 $761 Interest on lease liability298 392 Total finance lease expense1,059 1,153 Operating leases:Operating lease expense627 439 Total operating lease expense627 439 Total lease expense$1,686 $1,592 (1)Amortization of finance lease ROU asset is included within depreciation expense.The Company did not incur any variable lease costs during any of the periods presented.Other information related to the Company’s leases is shown below (dollar amounts in thousands): Three Months Ended March 31, 20252024Operating cash flows - operating lease$513 $401 March 31, 2025December 31, 2024Weighted-average remaining lease term – finance lease (in years)2.42.7Weighted-average remaining lease term – operating lease (in years)7.98.0Weighted-average discount rate – finance lease11.0 %11.0 %Weighted-average discount rate – operating lease8.0 %8.0 %Finance lease ROU assets(1)$7,356 $8,117 (1)As of March 31, 2025, the Company recorded accumulated amortization of $5.1 million for the finance lease ROU asset. Finance lease ROU assets are recorded within property and equipment, net on the Company’s consolidated balance sheets.

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CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

As of March 31, 2025, future minimum lease payments during the next five years are as follows (in thousands): Finance Lease Operating Lease Total Remaining Year Ended December 31, 2025$3,625 $3,599 $7,224 Year Ended December 31, 20264,834 2,293 7,127 Year Ended December 31, 20273,223 2,304 5,527 Year Ended December 31, 2028— 2,284 2,284 Year Ended December 31, 2029— 1,111 1,111 Thereafter— 6