Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 137

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 137
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 retirement obligation and related capitalized costs $10,743 $-  Bitcoin purchase option $8,820 $-  Reclassification of deposits on equipment to property and equipment $7,480 $13,799  Property and equipment purchases in accounts payable and accrued expenses $3,676 $-  Sales tax accrual on machines placed in service $2,132 $-  Treasury stock reissued for PIPE investment $10 $-  Settlement of related party payable related to master services and supply agreement $- $1,554  Right-of-use asset obtained in exchange for finance lease liability$- $3,414 

The following table provides a reconciliation of Cash and cash equivalents together with Restricted cash as reported within the Consolidated Balance Sheets to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.

June 30,20252024Cash and cash equivalents$62,704 $122,557 Restricted cash14,392 - Total cash, cash equivalents, and restricted cash shown in the statement of cash flows$77,096 $122,557 

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

12

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

NOTE 1. ORGANIZATION

Nature of operationsCipher Mining Inc. (“Cipher” or the “Company”) is focused on the development and operation of industrial-scale data centers for bitcoin mining and high-performance compute (“HPC”) hosting. The Company operates two wholly-owned bitcoin mining data centers, a 207 MW site located in Odessa, Texas that draws fixed priced power from a power purchase agreement with its electricity provider (the “Odessa Facility”), and a 300 MW data center in Wink, Texas that draws power from the power grid (the “Black Pearl Facility”) and has equity investments in three partially-owned joint venture bitcoin mining data centers. The Company’s portfolio as of June 30, 2025 also includes three wholly-owned sites which have not commenced operations, and options to acquire three additional wholly-owned sites.Risks and uncertaintiesLiquidity and capital resourcesThe Company has historically experienced net losses and negative cash flows from operations; however, proceeds from sales of bitcoin are categorized as cash flows from investing activities to the extent bitcoin is sold after seven days of receipt. As of June 30, 2025, the Company had approximate balances of