Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 110

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 2
Chunk 110
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2025.

NOTE 10. SUPPLEMENTAL FINANCIAL INFORMATION

Prepaid expenses and other current assets were $3.0 million and $3.4 million as of March 31, 2025 and December 31, 2024, respectively, primarily consisting of prepaid insurance as of March 31, 2025, and December 31, 2024.

17

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

The Company’s accrued expenses and other current liabilities consisted of the following (in thousands):March 31, 2025December 31, 2024Remaining payments for miners in service$27,979 $30,221 Taxes (primarily sales tax)14,765 14,607 Barber Lake site deposit payable8,297 8,297 Power costs4,052 — Professional fees3,753 4,449 Construction costs3,560 2,675 Employee compensation3,407 8,246 Other487 1,329 Total accrued expenses and other current liabilities$66,300 $69,824 

NOTE 11. RELATED PARTY TRANSACTIONS

Related party receivablesThe Company recorded related party receivables of approximately $0.3 million and $2.1 million, as of March 31, 2025 and December 31, 2024, respectively, representing amounts owed to the Company from its equity method investees.

NOTE 12. LEASES

Odessa Facility LeaseThe Company entered into a series of agreements with affiliates of Luminant, including the Lease Agreement dated June 29, 2021, with amendment and restatement on July 9, 2021 and August 23, 2023 (as amended and restated, the “Luminant Lease Agreement”). The Luminant Lease Agreement leases a plot of land to the Company for the data center, ancillary infrastructure and electrical system (the “Interconnection Electrical Facilities” or “substation”) of the Odessa Facility. The Company entered into the Luminant Lease Agreement and the Luminant Purchase and Sale Agreement to build the infrastructure necessary to support its Odessa Facility operations. The Company determined that the Luminant Lease Agreement and the Luminant Purchase and Sale Agreement should be combined for accounting purposes under ASC 842 (collectively, the “Combined Luminant Lease Agreement”) and that amounts exchanged under the