Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 129

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 2
Chunk 129
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5, we recognized roughly $4 million as our 49% share of a one-time impairment charge on the miners of Alborz LLC, net of accretion.

Unrealized (losses) gains on fair value of bitcoin

Unrealized losses on fair value of bitcoin totaled $20.2 million for the three months ended March 31, 2025, compared to Unrealized gains on fair value of bitcoin of $40.6 million for the three months ended March 31, 2024. Unrealized (losses) gains on fair value of bitcoin is driven by the cost of bitcoin mined compared to the price of bitcoin at the end of the period.

Realized gains on sale of bitcoin

Realized gains on sale of bitcoin totaled $12.2 million for the three months ended March 31, 2025. In the current period this was related to gains recognized on bitcoin sales. We did not sell bitcoin in the prior year period.

32

Other expense

Other expense totaled $0.7 million for the three months ended March 31, 2025, compared to $1.3 million of Other expense for the three months ended March 31, 2024. In the prior year period we experienced losses from hedging strategies as part of treasury management.

Income tax benefit (expense)

For the three months ended March 31, 2025, we recorded a provision for income taxes of $0.1 million as a result of projected income for the current year in the jurisdictions which we operate. For the three months ended March 31, 2024, we recorded a provision for income taxes of $5.6 million.

Liquidity and Capital Resources

We had cash used in operations of $47.2 million for the three months ended March 31, 2025. As of March 31, 2025, we had cash and cash equivalents of $23.2 million, total stockholders’ equity of $734.8 million and an accumulated deficit of $220.4 million. We fund operations primarily through a combination of at-the-market stock issuances and bitcoin sales.

We have established an at-the-market sales agreement with Cantor Fitzgerald & Co., Canaccord Genuity LLC, Needham & Company, LLC, Compass Point Research & Trading, LLC, Keefe, Bruyette & Woods, Inc.,  Virtu Americas LLC, and BTIG, LLC (each, an “Agent” and, together, the “Agents”), pursuant