Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 162

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 5
Chunk 162
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 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 three months ended March 31, 2025 and 2024 is summarized in the following table (in thousands):

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

Three Months Ended March 31, 2025Bitcoin MiningConsolidatedRevenue - bitcoin mining$48,959 $48,959 Costs and operating (expenses) incomeCost of revenue(14,894)Depreciation and amortization(43,467)Change in fair value of derivative asset7,330 Unrealized gains on fair value of bitcoin(20,178)Realized gains on sale of bitcoin12,196 Equity in losses of equity method investees(5,292)Other segment items(1)512 Segment operating income(14,834)(14,834)Adjustments(2)(23,254)Operating loss(38,088)Interest income190 Interest expense(777)Other non-operating items(3)(156)Loss before taxes$(38,831)Three Months Ended March 31, 2024Bitcoin MiningConsolidatedRevenue - bitcoin mining$48,137 $48,137 Costs and operating (expenses) incomeCost of revenue(14,820)Depreciation and amortization(17,244)Change in fair value of derivative asset7,359 Unrealized gains on fair value of bitcoin40,556 Realized gains on sale of bitcoin— Equity in losses of equity method investees738 Other segment items(1)1,173 Segment operating income65,899 65,899 Adjustments(2)(19,113)Operating loss46,786 Interest income786 Interest expense(400)Other non-operating items(3)(1,708)Loss before taxes$45,464 (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