Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 213

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 2
Chunk 213
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 months ended September 30, 2025 compared to $25.1 million in the prior year period. In both periods, this is driven by selling bitcoin above our cost basis.

Other expense (income)

Other expense totaled $33.7 million for the nine months ended September 30, 2025, compared to $0.9 million of Other income for the nine months ended September 30, 2024. The increase of Other expense in the current year is driven primarily from the mark to market on our Warrant liability in the current period.

Income tax benefit (expense)

For the nine months ended September 30, 2025, we recorded a provision for income taxes of $0.8 million as a result of projected income for the current year in the jurisdictions which we operate. For the nine months ended September 30, 2024, we recorded a provision for income taxes of $2.3 million.

Liquidity and Capital Resources

We had cash used in operations of $153.5 million for the nine months ended September 30, 2025. As of September 30, 2025, we had cash and cash equivalents of $1,207.4 million, total stockholders’ equity of $783.2 million and an accumulated deficit of $269.5 million. We fund operations primarily through a combination of at-the-market stock issuances, short-term and long-term financing arrangements, and bitcoin sales.

We have established an at-the-market sales agreement with Cantor Fitzgerald & Co., Canaccord Genuity LLC, Needham & Company, LLC, Compass Point Research & Trading, LLC, Keefe, Bruyette & Woods, Inc.,  Virtu Americas LLC, and BTIG, LLC (each, an “Agent” and, together, the “Agents”), pursuant to which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $725.7 million. For the three months ended September 30, 2025, we received net proceeds on sales of 6.0 million shares of common stock under the Amended and Restated Sales Agreement of approximately $31.7 million (net of commissions and expenses) at an average net selling price of $5.29 per share. For more information on our at-the-market sales agreement and our at-the-market offerings, see Note 15. Stockholders’ Equity.

We have a master loan agreement with Coinbase Credit, Inc., as lender, and Coinbase