Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 151

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 151
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 for the purpose of constructing a data center, and ancillary infrastructure to construct the Reveille Facility. The initial term of the lease is ten years, and includes two consecutive renewal options for ten years each.Office and warehouse leasesThe Company leases office space for its headquarters in New York, New York, and office space in Charleston, South Carolina, and Denver, Colorado.In April 2025, the Company entered into a commercial lease for a warehouse in Odessa, TexasAll of the Company's office leases are classified as operating leases.

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

Additional lease informationComponents of the Company’s lease expenses are as follows (in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Finance leases:Amortization of ROU assets (1)$761 $761 $1,522 $1,522 Interest on lease liability272 370 570 762 Total finance lease expense1,033 1,131 2,092 2,284 Operating leases:Operating lease expense660 548 1,285 987 Total operating lease expense660 548 1,285 987 Total lease expense$1,693 $1,679 $3,377 $3,271 (1)Amortization of finance lease ROU asset is included within depreciation expense.The Company did not incur any variable lease costs during any of the periods presented.Other information related to the Company’s leases is shown below (dollar amounts in thousands):Three Months Ended June 30,Six Months Ended June 30,2025202420252024Operating cash flows - operating lease$565 $438 $1,078 $839 Right-of-use asset obtained in exchange for operating lease liabilities$491 $— 491$— June 30, 2025December 31, 2024Weighted-average remaining lease term – finance lease (in years)2.22.7Weighted-average remaining lease term – operating lease (in years)7.68.0Weighted-average discount rate – finance lease11.0 %11.0 %Weighted-average discount rate – operating lease8.0 %8.0 %Finance lease ROU assets(1)$6,595 $8,117 (1)As of June 30, 2025, the Company recorded accumulated amortization of