Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 184

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 184
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 constructing a data center, and ancillary infrastructure to construct the Black Pearl Facility. The initial term of the lease is ten years, and includes four consecutive renewal options for ten years each.Reveille Facility Lease

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

The Company and its wholly-owned subsidiary, Cipher Reveille LLC (“Reveille”), assumed a lease for a 52 acre plot of land in LaSalle, Texas, for the purpose of constructing a data center, and ancillary infrastructure to construct the Reveille Facility. The initial term of the lease is ten years, and includes two consecutive renewal options for ten years each.Office and warehouse leasesThe Company leases office space for its headquarters in New York, New York, and office space in Charleston, South Carolina, and Denver, Colorado.In April 2025, the Company entered into a commercial lease for a warehouse in Odessa, TexasAll 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 September 30,Nine Months Ended September 30,2025202420252024Finance leases:Amortization of ROU assets (1)$761 $761 $2,283 $2,283 Interest on lease liability246 346 817 1,108 Total finance lease expense1,007 1,107 3,100 3,391 Operating leases:Operating lease expense676 542 1,962 1,528 Total operating lease expense676 542 1,962 1,528 Total lease expense$1,683 $1,649 $5,062 $4,919 (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 September 30,Nine Months Ended September 30,2025202420252024Operating cash flows - operating lease$570 $480 $1,648 $1,320 Right-of-use asset obtained in exchange for operating lease liabilities$491 $961 491$4,375 September 30, 2025December 31, 2024Weighted-average remaining lease term – finance lease (in years)1.92.7Weighted-average remaining