Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 140

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 1A
Chunk 140
---
 Operations

For a description of the components of our results of operations, refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Form 10-K.

38

Results of Operations

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

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Revenue - bitcoin mining$71,707 $24,102 $164,231 $109,047 Costs and operating (expenses) incomeCost of revenue(26,733)(15,063)(56,957)(44,164)Compensation and benefits(14,445)(14,738)(44,407)(44,058)General and administrative(8,167)(8,919)(26,196)(23,362)Depreciation and amortization(59,549)(28,636)(147,102)(66,131)Change in fair value of power purchase agreement(9,030)(48,520)(17,180)(19,181)Power sales2,335 1,444 4,702 3,726 Equity in (losses) income of equity investees(1,479)847 (8,472)1,008 Unrealized gains (losses) on fair value of bitcoin108 (22,156)(2,927)(2,778)Realized gains on sale of bitcoin7,535 20,245 16,092 25,114 Other operating gains (losses)101 - (2,732)- Total costs and operating expenses(109,324)(115,496)(285,179)(169,826)Operating loss(37,617)(91,394)(120,948)(60,779)Other income (expense)Interest income457 1,188 943 3,027 Interest expense(1,286)(346)(3,200)(1,118)Change in fair value of warrant liability31,860 - 31,860 250 Other income (expense)3,000 (4)4,064 (1,235)Total other income34,031 838 33,667 924 Loss before taxes(3,586)(90,556)(87,281)(59,855)Current income tax benefit (expense)767 (211)(1,157)(932)Deferred income