Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 45

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 to February 25, 2025. Additionally, we established a term loan facility with Coinbase with a limit of $35.0 million and maximum period of one year (the “Term Loan Facility”). Coinbase has the right to terminate loans under the Term Loan Facility if the price of bitcoin falls below $40,000. As of March 31, 2025, we were in compliance with the covenants under the Coinbase Overnight Credit Facility.

We enter into agreements with Luxor Technology Corporation (“Luxor”) when needed to borrow bitcoin for short-term periods, which we are able to use as a source of short-term financing.

Management believes that our existing financial resources, combined with projected cash and bitcoin inflows from our data centers, our intent and ability to sell bitcoin received or earned, and our intent and ability to sell common stock through at-the-market offerings will be sufficient to 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.

33

Cash Flows 

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

Three Months Ended March 31,20252024Net cash used in operating activities$(47,238)$(26,636)Net cash used in investing activities(17,298)(30,957)Net cash provided by financing activities82,124 60,163 Net increase (decrease) in cash and cash equivalents$17,588 $2,570 

Operating Activities

Net cash used in operating activities increased by $20.6 million to $47.2 million for the three months ended March 31, 2025 from $26.6 million for the three months ended March 31, 2024. We incurred a net loss of $39.0 million for the three months ended March 31, 2025, compared to net income of $39.9 million for the three months ended March 31, 2024, representing a decrease of $78.9 million. Cash flows used in operating activities was impacted by a $78.9 million decrease in Net income, and $75.9 million increase in non-cash items, primarily driven a $48.5 million increase in gains on the fair value of bitcoin, and a $26.2 million increase in Depreciation. Additionally, changes in assets and liabilities resulted in an increase in cash used of $17.6 million between