Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 166

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 166
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 sale of bitcoin4,869 Equity in losses of equity method investees(577)Other segment items(1)1,109 Segment operating income8,479 8,479 Adjustments(2)(24,650)Operating loss(16,171)Interest income1,053 Interest expense(372)Other non-operating items(3)727 Loss before taxes$(14,763)(1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.The Company’s revenues, significant expenses, operating income, and net income by segment for the six months ended June 30, 2025 and 2024 is summarized in the following table (in thousands):

32

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

Six Months Ended June 30, 2025Bitcoin MiningConsolidatedRevenue - bitcoin mining$92,524 $92,524 Costs and operating (expenses) incomeCost of revenue(30,224)Depreciation and amortization(87,553)Change in fair value of derivative asset(8,150)Unrealized gains on fair value of bitcoin(3,035)Realized gains on sale of bitcoin8,557 Equity in losses of equity method investees(6,993)Other segment items(1)(466)Segment operating income(35,340)(35,340)Adjustments(2)(47,991)Operating loss(83,331)Interest income486 Interest expense(1,914)Other non-operating items(3)1,064 Loss before taxes$(83,695)Six Months Ended June 30, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$84,945 $84,945 Costs and operating (expenses) incomeCost of revenue(29,101)Depreciation and amortization(37,495)Change in fair value of derivative asset29,339 Unrealized gains on fair value of bitcoin19,378 Realized gains on sale of bitcoin4,869 Equity in losses of equity method investees161 Other segment items(1)2,282 Segment operating income74,378 74,378 Adjustments(2)(43,763)Operating loss30