Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 204

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 204
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,027 Interest expense(1,118)Other non-operating items(3)(985)Income before taxes$(59,855)(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.

NOTE 20. INCOME TAXES

The determination of income tax expense in the unaudited condensed consolidated statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of any discrete items which are accounted for in the 

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

period in which they occur. The Company recorded an income tax expense of approximately 8.4% of loss before taxes for the three months ended September 30, 2025 and 4.2% of loss before taxes for the three months ended September 30, 2024, and 0.9% of loss before taxes for the nine months ended September 30, 2025 and 3.8% of income before taxes for the nine months ended September 30, 2024.

NOTE 21. SUBSEQUENT EVENTS

The Company has evaluated subsequent events for adjustment to or disclosure in its condensed consolidated financial statements through the date of this report. No subsequent events have been identified other than those disclosed in these condensed consolidated financial statements except for the following:Colchis Site AcquisitionOn October 20, 2025, the Company purchased majority ownership of a site in west Texas. The Company purchased this interest for $20 million.Amazon Web Services LeaseOn October 29, 2025, the Company executed a 15-year data center campus lease with Amazon Web Services to provide turnkey space and power for artificial intelligence workloads.Shareholder Approval to Increase Authorized SharesOn October 30, 2025, the Company’s shareholders approved an amendment to the Company’s Second Amended and Restated Certificate of Incorporation to increase the number of shares of common stock, par value $0.001 per share, authorized for issuance from 500,000,000 shares to 1,000,000,000 shares. The amendment became effective upon filing with the Delaware Secretary of State on October 30, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.