Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 46

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 the three months ended March 31, 2025 and 2024.

Investing Activities

Cash used in investing activities decreased by $13.7 million to $17.3 million of net cash used in investing activities for the three months ended March 31, 2025 compared to $31.0 million of net cash used in investing activities for the three months ended March 31, 2024. This change primarily related to $90.0 million of proceeds from sale of Bitcoin,  an $11.0 million decrease in contributions to equity investees related to capital expenditures and operations at the Alborz, Bear and Chief facilities, partially offset by a $70.6 million increase in deposits related to new miner purchases, and a $16.7 million increase in purchases of Property and equipment related to building out the Black Pearl facility.

Financing Activities

Cash flows provided by financing activities increased by $22.0 million to $82.1 million net cash provided by financing activities for the three months ended March 31, 2025 from $60.2 million net cash provided by financing activities for the three months ended March 31, 2024. This change was primarily driven by a $50.0 million increase in proceeds from treasury stock reissued for PIPE investment, partially offset by a $31.6 million decrease in proceeds from the issuance of common stock during the three months ended March 31, 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 Luminant Purchase and Sale Agreement to build the infrastructure necessary to support our planned operations. Management determined that the Luminant Lease Agreement and the Lumin