Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 86

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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 the basis differences in our investments in the equity investees that resulted from contributions of miners during the year ended December 31, 2022. We are accreting these basis differences over the five-year useful life of the miners. For the nine months ended September 30, 2025, we recognized roughly $4.0 million as our 49% share of a one-time impairment charge on the miners of Alborz LLC, net of accretion.

Unrealized (losses) gains on fair value of bitcoin

Unrealized losses on fair value of bitcoin totaled $2.9 million for the nine months ended September 30, 2025, compared to Unrealized losses on fair value of bitcoin of $2.8 million for the nine months ended September 30, 2024. Unrealized (losses) gains on fair value of bitcoin is driven by the cost of bitcoin mined compared to the price of bitcoin at the end of the period.

Realized gains on sale of bitcoin

Realized gains on sale of bitcoin totaled $16.1 million for the nine months ended September 30, 2025 compared to $25.1 million in the prior year period. In both periods, this is driven by selling bitcoin above our cost basis.

Other expense (income)

Other expense totaled $33.7 million for the nine months ended September 30, 2025, compared to $0.9 million of Other income for the nine months ended September 30, 2024. The increase of Other expense in the current year is driven primarily from the mark to market on our Warrant liability in the current period.

Income tax benefit (expense)

For the nine months ended September 30, 2025, we recorded a provision for income taxes of $0.8 million as a result of projected income for the current year in the jurisdictions which we operate. For the nine months ended September 30, 2024, we recorded a provision for income taxes of $2.3 million.

Liquidity and Capital Resources

We had cash used in operations of $153.5 million for the nine months ended September 30, 2025. As of September 30, 2025, we had cash and cash equivalents of $1,207.4 million, total stockholders’ equity of $783.2 million and an accumulated deficit of $269.5 million. We fund operations primarily through a combination of at-the-market stock issuances, short-term and long-term financing