Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 203

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 203
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ees847 Other segment items(1)1,444 Segment operating income(67,737)(67,737)Adjustments(2)(23,657)Operating loss(91,394)Interest income1,188 Interest expense(346)Other non-operating items(3)(4)Loss before taxes$(90,556)(1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.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):

34

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

Nine Months Ended September 30, 2025Bitcoin MiningConsolidatedRevenue - bitcoin mining$164,231 $164,231 Costs and operating (expenses) incomeCost of revenue(56,957)Depreciation and amortization(147,102)Change in fair value of power purchase agreement(17,180)Unrealized gains on fair value of bitcoin(2,927)Realized gains on sale of bitcoin16,092 Equity in losses of equity method investees(8,472)Other segment items(1)1,970 Segment operating income(50,345)(50,345)Adjustments(2)(70,603)Operating loss(120,948)Interest income943 Interest expense(3,200)Other non-operating items(3)35,924 Loss before taxes$(87,281)Nine Months Ended September 30, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$109,047 $109,047 Costs and operating (expenses) incomeCost of revenue(44,164)Depreciation and amortization(66,131)Change in fair value of power purchase agreement(19,181)Unrealized gains on fair value of bitcoin(2,778)Realized gains on sale of bitcoin25,114 Equity in losses of equity method investees1,008 Other segment items(1)3,726 Segment operating income6,641 6,641 Adjustments(2)(67,420)Operating loss(60,779)Interest income3