Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 400

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 400
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 our warrants.  Additionally, changes in assets and liabilities resulted in an increase in cash used of $65.0 million between the nine months ended September 30, 2025 and 2024.

Investing Activities

Cash used in investing activities decreased by $63.7 million to $131.5 million of net cash used in investing activities for the nine months ended September 30, 2025 compared to $195.1 million of net cash used in investing activities for the nine months ended September 30, 2024. This change primarily related to a decrease of $134.3 million in deposits related to new miner purchases, an increase of $70.4 million in proceeds from sale of bitcoin, offset by an increase of $169.7 million increase in purchases of Property and equipment related to building out the Black Pearl facility and new miner purchases.

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Financing Activities

Cash flows provided by financing activities increased by $1,278.9 million to $1,486.2 million net cash provided by financing activities for the nine months ended September 30, 2025 from $207.3 million net cash provided by financing activities for the nine months ended September 30, 2024. This change was primarily driven by a $50.0 million increase in proceeds from treasury stock reissued for PIPE investment and a $1,437.4 million increase in proceeds from issuance of convertible notes, net of issuance costs, partially offset by a $106.3 million decrease in proceeds from the issuance of common stock during the nine months ended September 30, 2025.

Contractual Obligations and Other Commitments

On December 17, 2021, we entered into a lease agreement for office space, amended in the second quarter of 2024, with a term through May 2029. Monthly rent payments associated with the amended lease are approximately $0.2 million.

We also entered into a series of agreements with affiliates of Luminant ET Services Company LLC (“Luminant”), including the Lease Agreement dated June 29, 2021, with amendment and restatement on July 9, 2021 (as amended and restated, the “Luminant Lease Agreement”). The Luminant Lease Agreement leases a plot of land to us where our data center, ancillary infrastructure and electrical system (the “Interconnection Electrical Facilities” or “substation”) have been set up for our Odessa Facility. We entered into the Luminant Lease Agreement and the Lumin