Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 120

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 1A
Chunk 120
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 the current year is driven primarily from an increase in interest expense related to the Coinbase Loan Facility and the 2030 Convertible Notes.

Income tax benefit (expense)

For the six months ended June 30, 2025, we recorded a provision for income taxes of $1.1 million as a result of projected income for the current year in the jurisdictions which we operate. For the six months ended June 30, 2024, we recorded a provision for income taxes of $6.1 million.

Liquidity and Capital Resources

We had cash used in operations of $103.5 million for the six months ended June 30, 2025. As of June 30, 2025, we had cash and cash equivalents of $62.7 million, total stockholders’ equity of $748.9 million and an accumulated deficit of $266.2 million. We fund operations primarily through a combination of at-the-market stock issuances, short-term and long-term financing arrangements, 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 June 30, 2025, we received net proceeds on sales of 14.2 million shares of common stock under the Amended and Restated Sales Agreement of approximately $51.5 million (net of commissions and expenses) at an average net selling price of $3.63 per share. For more information on our at-the-market sales agreement and our at-the-market offerings, see Note 15. Stockholders’ Equity.

We have 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