Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 96

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part II, Item 2
Chunk 96
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CIPHER MINING INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for share and per share amounts)

(unaudited)

Three Months Ended March 31,20252024Revenue - bitcoin mining$48,959 $48,137 Costs and operating (expenses) incomeCost of revenue(14,894)(14,820)Compensation and benefits(14,303)(13,036)General and administrative(8,951)(6,077)Depreciation and amortization(43,467)(17,244)Change in fair value of derivative asset7,330 7,359 Power sales991 1,173 Equity in income (losses) of equity investees(5,292)738 Unrealized (losses) gains on fair value of bitcoin(20,178)40,556 Realized gains on sale of bitcoin12,196 - Other gains(479)- Total costs and operating expenses(87,047)(1,351)Operating (loss) income(38,088)46,786 Other income (expense)Interest income190 786 Interest expense(777)(400)Change in fair value of warrant liability- 250 Other expense(156)(1,958)Total other expense(743)(1,322)(Loss) income before taxes(38,831)45,464 Current income tax expense(779)(386)Deferred income tax benefit (expense)635 (5,178)Total income tax expense(144)(5,564)Net (loss) income$(38,975)$39,900 (Loss) income per share - basic and diluted$(0.11)$0.13 Weighted average shares outstanding - basic360,514,620296,641,499Weighted average shares outstanding - diluted360,514,620304,397,979

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

7

CIPHER MINING INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except for share amounts)

(unaudited)

Three Months Ended March 31, 2025

Common StockAdditionalPaid-in Capital Accumulated Deficit Treasury Stock TotalStockholders’ Equity SharesAmountShares Amount Balance as of December 31, 2024361,432,449$361 $863,015 $(181,