Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 48

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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, manage, and evaluate our business performance and to help make operating decisions. We believe the use of these non-GAAP financial measures can also facilitate comparison of our operating results to those of our competitors by excluding certain items that vary in our industry based on company policy.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measure, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be a recurring expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our condensed consolidated financial statements included elsewhere in this Quarterly Report, which have been prepared in accordance with GAAP. We rely primarily on such condensed consolidated financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.

The following is a reconciliation of our Adjusted Earnings to the most directly comparable GAAP measure for the periods indicated (in thousands):

Three Months Ended March 31,20252024 Reconciliation of Adjusted Earnings: Net (loss) income$(38,975)$39,900  Change in fair value of derivative asset (7,330)(7,359) Share-based compensation expense 9,132 8,317  Depreciation and amortization 43,467 17,244  Deferred income tax (benefit) expense (635)5,178  Other losses - nonrecurring479 —  Change in fair value of warrant liability — (250) Adjusted (loss) earnings $6,138 $63,030 

The following is a reconciliation of our Adjusted Earnings (loss) per share - diluted to the most directly comparable GAAP measure for the periods indicated:

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Three Months Ended March 31,20252024Reconciliation of Adjusted Earnings per share - diluted:Net loss per share - diluted$(0.11)$0.13 Change in fair value of derivative asset per diluted share(0.02)(0.03)Share-based compensation expense per diluted share0.03 0.03 Depreciation and amortization per