Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 202

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 202
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 Google Warrants (amounts in thousands):Balance as of December 31, 2024— Fair value of warrants as of issuance date544,450 Change in fair value(31,860)Balance as of September 30, 2025$512,590 

NOTE 19. SEGMENT REPORTING

The Company currently has one operating segment, Bitcoin Mining, which through operations produce bitcoin to generate revenue. The Chief Operating Decision Maker (“CODM”) for the Company consists of the CEO and CFO. The CODM reviews the performance of its segment primarily based on operating income when deciding on allocating resources between reinvesting in Bitcoin Mining or exploring alternative deployment of resources. Asset information is not regularly provided to the CODM for resource allocation as a large portion of assets are property and equipment that cannot be repurposed for other revenue streams.The Company’s revenues, significant expenses, operating income, and net income by segment for the nine months ended September 30, 2025 and 2024 are summarized in the following table (in thousands):

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CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

Three Months Ended September 30, 2025Bitcoin MiningConsolidatedRevenue - bitcoin mining$71,707 $71,707 Costs and operating (expenses) incomeCost of revenue(26,733)Depreciation and amortization(59,549)Change in fair value of power purchase agreement(9,030)Unrealized gains on fair value of bitcoin108 Realized gains on sale of bitcoin7,535 Equity in losses of equity method investees(1,479)Other segment items(1)2,436 Segment operating loss(15,005)(15,005)Adjustments(2)(22,612)Operating loss(37,617)Interest income457 Interest expense(1,286)Other non-operating items(3)34,860 Loss before taxes$(3,586)Three Months Ended September 30, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$24,102 $24,102 Costs and operating (expenses) incomeCost of revenue(15,063)Depreciation and amortization(28,636)Change in fair value of power purchase agreement(48,520)Unrealized gains on fair value of bitcoin(22,156)Realized gains on sale of bitcoin20,245 Equity in losses of equity method invest