Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 238

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 3
Chunk 238
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 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 lease term – operating lease (in years)7.68.0Weighted-average discount rate – finance lease11.0 %11.0 %Weighted-average discount rate – operating lease8.0 %8.0 %Finance lease ROU assets(1)$5,834 $8,117 (1)As of September 30, 2025, the Company recorded accumulated amortization of $6.6 million for the finance lease ROU asset. Finance lease ROU assets are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets.

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CIPHER MINING INC