Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 127

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 2
Chunk 127
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,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$(38,975)$39,900 

Comparative Results for the Three Months Ended March 31, 2025 and 2024

Revenue

Revenue for the three months ended March 31, 2025 was $49.0 million, compared to $48.1 million for the three months ended March 31, 2024, and was generated entirely from bitcoin mining operations at the Odessa Facility. The increase year over year was primarily driven by an increase in the average bitcoin price in the current year, partially offset by a decrease in the amount of bitcoin mined as a result of the bitcoin halving in April 2024.

Cost of revenue

Cost of revenue for the three months ended March 31, 2025 was $14.9 million, compared with $14.8 million for the three months ended March 31, 2024, and consisted primarily of power costs at the Odessa Facility. The consistency is primarily due to our fixed cost of power under our Power Purchase Agreement.

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Compensation and benefits

Compensation and benefits for the three months ended March 31, 2025 was $14.3 million, an increase of $1.3 million compared to $13.0 million for the three months ended March 31, 2024. The increase was primarily due to an increase in headcount year-over-year.

General and administrative

General and administrative expenses for the three months ended March 31, 2025 was $9.0 million, an increase of $2.9 million compared to $6.1 million for the three months ended March 31, 2024. The increase was primarily driven by an increase in legal fees related to strategic initiatives, and professional fees related to SOX 404 compliance