Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 84

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 1A
Chunk 84
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 2024 Form 10-K.

Results of Operations

The following table sets forth our results of operations for the periods indicated (in thousands):

Three Months Ended March 31,20252024Revenue - bitcoin mining$48,959 $48,137 Costs and operating (expenses) incomeCost of revenue(14,894)(14,820)Compensation and benefits(14,303)(13,036)General and administrative(8,951)(6,077)Depreciation and amortization(43,467)(17,244)Change in fair value of derivative asset7,330 7,359 Power sales991 1,173 Equity in income (losses) of equity investees(5,292)738 Unrealized (losses) gains on fair value of bitcoin(20,178)40,556 Realized gains on sale of bitcoin12,196 - Other gains(479)- Total costs and operating expenses(87,047)(1,351)Operating (loss) income(38,088)46,786 Other income (expense)Interest income190 786 Interest expense(777)(400)Change in fair value of warrant liability- 250 Other expense(156)(1,958)Total other expense(743)(1,322)(Loss) income before taxes(38,831)45,464 Current income tax expense(779)(386)Deferred income tax benefit (expense)635 (5,178)Total income tax expense(144)(5,564)Net (loss) income$(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 Od