Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 180

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 180
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 our competitors by excluding certain items that vary in our industry based on company policy.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measure, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be a recurring expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our condensed consolidated financial statements included elsewhere in this Quarterly Report, which have been prepared in accordance with GAAP. We rely primarily on such condensed consolidated financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.

The following is a reconciliation of our Adjusted Earnings to the most directly comparable GAAP measure for the periods indicated (in thousands):

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Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Reconciliation of Adjusted Earnings: Net (loss) income$(45,781)$(15,291)$(84,756)$24,609  Change in fair value of derivative asset 15,480 (21,980)8,150 (29,339) Share-based compensation expense 10,493 13,337 19,625 21,654  Depreciation and amortization 44,086 20,251 87,553 37,495  Deferred income tax (benefit) expense (228)193 (863)5,371  Other losses - nonrecurring6,299 — 6,778 —  Change in fair value of warrant liability — — — (250) Adjusted earnings (loss) $30,349 $(3,490)$36,487 $59,540 

The following is a reconciliation of our Adjusted Earnings (loss) per share - diluted to the most directly comparable GAAP measure for the periods indicated:

Three Months Ended June 30,Six Months Ended June 30,2025202420252024Reconciliation of Adjusted Earnings per share - diluted:Net loss per share - diluted$(0.12)