Cipher Mining Inc. SEC 10-Q Report

Cipher Mining Inc., a leading bitcoin mining company, has released its Form 10-Q report for the third quarter, showcasing significant financial and operational developments. The report highlights the company's enhanced mining operations, increased revenue, and strategic expansion plans, reflecting its commitment to growth in the cryptocurrency mining industry.

Financial Highlights

• Revenue - bitcoin mining: $164.2 million, reflecting a significant increase from the previous year due to enhanced mining operations.
• Cost of revenue: $56.9 million, indicating an increase in operational costs associated with expanded mining activities.
• Operating loss: $120.9 million, primarily driven by increased depreciation and amortization expenses.
• Net loss: $88.0 million, compared to a net loss of $62.1 million in the prior year, reflecting higher operating expenses.
• Loss per share - basic and diluted: $(0.23), showing a slight increase in loss per share compared to the previous year.

Business Highlights

• Bitcoin Mining Operations: Cipher Mining Inc. operates two wholly-owned bitcoin mining data centers, a 207 MW site in Odessa, Texas, and a 300 MW data center in Wink, Texas. The company also has equity investments in three partially-owned joint venture bitcoin mining data centers.
• Operational Expansion: The company is developing three additional wholly-owned sites that have not yet commenced operations and holds options to acquire three more sites, indicating a strategic focus on expanding its operational capacity.
• Power Purchase Agreement: Cipher Mining has a power purchase agreement with Luminant for the Odessa Facility, which allows the company to manage operating costs by selling electricity in the ERCOT market when advantageous.
• Segment Performance: The company operates in one segment, Bitcoin Mining, which is responsible for producing bitcoin to generate revenue. The Chief Operating Decision Maker reviews performance primarily based on operating income.
• Future Outlook: Management believes that existing financial resources, combined with projected cash and bitcoin inflows from its data centers, will be sufficient to meet operating and capital requirements for at least 12 months from the issuance date of the financial statements.
• Lease Agreements: The company has entered into several lease agreements for land in Texas to construct data centers, including the Barber Lake Facility Lease for HPC, which is expected to be completed by September 2026.
• Strategic Partnerships: Cipher Mining has a master loan agreement with Coinbase Credit, Inc., and a $100 million secured credit facility with Two Prime Lending Limited, which supports its operational and capital expenditure needs.

SEC Filing: Cipher Mining Inc. [ CIFR ] - 10-Q - Nov. 03, 2025