Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 215

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 215
---
 enable us to meet our operating and capital requirements for at least 12 months from the date the condensed consolidated financial statements included in this Quarterly Report are issued and the foreseeable future.

Cash Flows 

The following table summarizes our sources and uses of cash for the periods indicated (in thousands):

Nine months ended September 30,20252024Net cash used in operating activities$(153,506)$(58,533)Net cash used in investing activities(131,454)(195,147)Net cash provided by financing activities1,486,202 207,309 Net increase (decrease) in cash and cash equivalents$1,201,242 $(46,371)

Operating Activities

Net cash used in operating activities increased by $95.0 million to $153.5 million for the nine months ended September 30, 2025 from $58.5 million for the nine months ended September 30, 2024. We incurred a net loss of $88.0 million for the nine months ended September 30, 2025, compared to a net loss of $62.1 million for the nine months ended September 30, 2024, representing an increase of $25.9 million. Cash flows used in operating activities was impacted by a $4.1 million increase in non-cash items, primarily driven by an $80.8 million increase in depreciation, an increase of $9.5 million in equity in losses of equity investees, partially offset by an increase of $54.7 million in non-cash consideration received for services and a decrease of $31.6 million in the change in fair value of our warrants.  Additionally, changes in assets and liabilities resulted in an increase in cash used of $65.0 million between the nine months ended September 30, 2025 and 2024.

Investing Activities

Cash used in investing activities decreased by $63.7 million to $131.5 million of net cash used in investing activities for the nine months ended September 30, 2025 compared to $195.1 million of net cash used in investing activities for the nine months ended September 30, 2024. This change primarily related to a decrease of $134.3 million in deposits related to new miner purchases, an increase of $70.4 million in proceeds from sale of bitcoin, offset by an increase of $169.7 million increase in purchases of Property and equipment related to building out the Black Pearl facility and new miner purchases.