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

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 shares issued as of March 31, 2025 and December 31, 2024, respectively, and 370,857,699 and 350,783,817 shares outstanding as of March 31, 2025, and December 31, 2024, respectively371 361 Additional paid-in capital954,812 863,015 Accumulated deficit(220,387)(181,412)Treasury stock, at par, 455,899 and 10,648,632 shares at March 31, 2025 and December 31, 2024, respectively(1)(11)Total stockholders’ equity734,795 681,953 Total liabilities and stockholders’ equity$913,792 $855,446 

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CIPHER MINING INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for share and per share amounts)

(unaudited)

Three Months Ended March 31,20252024Revenue - bitcoin mining$48,959 $48,137 Costs and operating (expenses) incomeCost of revenue(14,894)(14,820)Compensation and benefits(14,303)(13,036)General and administrative(8,951)(6,077)Depreciation and amortization(43,467)(17,244)Change in fair value of derivative asset7,330 7,359 Power sales991 1,173 Equity in income (losses) of equity investees(5,292)738 Unrealized (losses) gains on fair value of bitcoin(20,178)40,556 Realized gains on sale of bitcoin12,196 - Other gains(479)- Total costs and operating expenses(87,047)(1,351)Operating (loss) income(38,088)46,786 Other income (expense)Interest income190 786 Interest expense(777)(400)Change in fair value of warrant liability- 250 Other expense(156)(1,958)Total other expense(743)(1,322)(Loss) income before taxes(38,831)45,464 Current income tax expense(779)(386)Deferred income tax benefit (expense)635 (5,178)Total income tax expense(144)(5,564)Net (loss) income$(38