Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 147

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 1A
Chunk 147
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 principal amount of $1,300 million of 0.00% Convertible Senior Notes due 2031 (the “2031 Convertible Notes” and together with the 2030 Convertible Notes, the “Convertible Notes”)). With the net proceeds of the 2031 Convertible Notes, we funded capped call transactions which are generally expected to reduce the potential dilution of the Company’s common stock that will initially underlie the 2031 Convertible Notes, and expect to use the remaining proceeds to finance a portion of the construction at the Company’s Barber Lake facility, accelerate the build-out of its high-performance computing strategy, continue to develop its sites, and forgeneral corporate purposes.

For more information on our 2030 Convertible Notes and 2031 Convertible Notes, see Note 14. Debt.

Management believes that our existing financial resources, combined with projected cash and bitcoin inflows from our data centers, our intent and ability to sell bitcoin received or earned, and our intent and ability to sell common stock through at-the-market offerings will be sufficient to enable us to meet our operating and capital requirements for at least 12 months from the date the condensed consolidated financial statements included in this Quarterly Report are issued and the foreseeable future.

Cash Flows 

The following table summarizes our sources and uses of cash for the periods indicated (in thousands):

Nine months ended September 30,20252024Net cash used in operating activities$(153,506)$(58,533)Net cash used in investing activities(131,454)(195,147)Net cash provided by financing activities1,486,202 207,309 Net increase (decrease) in cash and cash equivalents$1,201,242 $(46,371)

Operating Activities

Net cash used in operating activities increased by $95.0 million to $153.5 million for the nine months ended September 30, 2025 from $58.5 million for the nine months ended September 30, 2024. We incurred a net loss of $88.0 million for the nine months ended September 30, 2025, compared to a net loss of $62.1 million for the nine months ended September 30, 2024, representing an increase of $25.9 million. Cash flows used in operating activities was impacted by a $4.1 million increase in non-cash items, primarily driven by an $80.8 million increase in depreciation, an increase of $9.5 million in equity in