Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 44

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 for income taxes of $5.6 million.

Liquidity and Capital Resources

We had cash used in operations of $47.2 million for the three months ended March 31, 2025. As of March 31, 2025, we had cash and cash equivalents of $23.2 million, total stockholders’ equity of $734.8 million and an accumulated deficit of $220.4 million. We fund operations primarily through a combination of at-the-market stock issuances and bitcoin sales.

We have established an at-the-market sales agreement with Cantor Fitzgerald & Co., Canaccord Genuity LLC, Needham & Company, LLC, Compass Point Research & Trading, LLC, Keefe, Bruyette & Woods, Inc.,  Virtu Americas LLC, and BTIG, LLC (each, an “Agent” and, together, the “Agents”), pursuant to which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $725.7 million. For the three months ended March 31, 2025, we received net proceeds on sales of 9.1 million shares of common stock under the Amended and Restated Sales Agreement of approximately $34.2 million (net of commissions and expenses) at an average net selling price of $3.74 per share. For more information on our at-the-market sales agreement and our at-the-market offerings, see “Note 14, Stockholders’ Equity — At-the-Market Sales Agreement.”

On August 14, 2023, we entered into a master loan agreement with Coinbase Credit, Inc., as lender, and Coinbase, Inc., as lending service provider. Pursuant to the master loan agreement, we currently have a secured line of credit up to $25.0 million (the “Coinbase Overnight Credit Facility”). We will not incur commitment fees for unused portions of the Coinbase Overnight Credit Facility. The borrowing rate on amounts drawn against the Coinbase Overnight Credit Facility is determined on the basis of the Federal Funds Target Rate - Upper Bound, plus 2.5%, calculated daily based on a 365-day year and payable monthly for the duration of the loan. Borrowings under the Coinbase Overnight Credit Facility are available on demand, open term, and collateralized by bitcoin transferred to the lending service provider’s platform. As of March 31, 2025 we had $25.0 million drawn from the Coinbase Overnight Credit Facility, $15 million of which was repaid prior