Cautionary Note Regarding Forward-Looking Statements [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) Forward-looking statements are predictions based on current expectations, subject to risks and uncertainties that could cause actual results to differ materially - The company operates in a rapidly evolving industry with an evolving business model, including an **increasing focus** on diversification into high-performance compute (HPC) data centers alongside bitcoin mining[12](index=12&type=chunk) - Key risks include potential failure to grow hashrate, challenges in digital asset network development and acceptance, disruptions in digital asset markets (financing, impairments, legal risks, price volatility), unfavorable global economic/political conditions, energy-intensive bitcoin mining with potential regulatory restrictions, and concentration of operations in Texas[12](index=12&type=chunk) - Other **significant risks** involve dependence on third parties (grid operators, equipment manufacturers), price fluctuations in power markets, vulnerability to severe weather/natural disasters, hardware malfunction/obsolescence, cybersecurity incidents, bitcoin price volatility, potential bankruptcy of custodians, regulatory changes, and a **material weakness** in internal control over financial reporting[12](index=12&type=chunk)[15](index=15&type=chunk) Where You Can Find More Information [Company Information Resources](index=6&type=section&id=Company%20Information%20Resources) Company websites offer SEC filings, press releases, investor presentations, and sustainability reports, with content not incorporated by reference - The company's corporate website is **https://www.ciphermining.com**[17](index=17&type=chunk) - The dedicated investor website, **https://investors.ciphermining.com/investors**, provides SEC filings (10-K, 10-Q, 8-K), press releases, investor presentations, and sustainability reports, and is used for disclosing material non-public information under Regulation FD[18](index=18&type=chunk)[19](index=19&type=chunk) PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited condensed consolidated financial statements, including balance sheets, operations, and cash flows, are presented with notes on accounting policies and operational specifics [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets show the company's financial position, with increased total assets and stockholders' equity, driven by higher cash, bitcoin, and equipment deposits, while current liabilities decreased Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :------------------ | | **ASSETS** | | | | Cash and cash equivalents | $62,704 | $5,585 | | Bitcoin | $112,089 | $92,651 | | Deposits on equipment | $183,028 | $38,872 | | Total current assets | $219,663 | $168,205 | | Total assets | $1,018,759 | $855,446 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $52,506 | $131,778 | | Long-term borrowings, net | $167,113 | $- | | Total liabilities | $269,855 | $173,493 | | Total stockholders' equity | $748,904 | $681,953 | | Total liabilities and stockholders' equity | $1,018,759 | $855,446 | [Condensed Consolidated Statements of Operations](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations show a net loss for Q2 and H1 2025, primarily due to increased depreciation, derivative asset fair value changes, and equity losses, despite increased bitcoin mining revenue Condensed Consolidated Statements of Operations (in thousands, except per share) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue - bitcoin mining | $43,565 | $36,808 | $92,524 | $84,945 | | Total costs and operating expenses | $(88,808) | $(52,979) | $(175,855) | $(54,330) | | Operating (loss) income | $(45,243) | $(16,171) | $(83,331) | $30,615 | | Net (loss) income | $(45,781) | $(15,291) | $(84,756) | $24,609 | | (Loss) income per share - basic and diluted | $(0.12) | $(0.05) | $(0.23) | $0.08 | - Depreciation and amortization **significantly increased** to **$44.1 million** for Q2 **2025** (from **$20.3 million** in Q2 **2024**) and **$87.6 million** for H1 **2025** (from **$37.5 million** in H1 **2024**), primarily due to new miners and a change in estimated useful life[28](index=28&type=chunk)[186](index=186&type=chunk)[198](index=198&type=chunk) - Change in fair value of derivative asset resulted in a **$15.5 million** **loss** for Q2 **2025** (compared to a **$22.0 million** gain in Q2 **2024**) and an **$8.2 million** **loss** for H1 **2025** (compared to a **$29.3 million** gain in H1 **2024**)[28](index=28&type=chunk)[187](index=187&type=chunk)[199](index=199&type=chunk) [Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit)](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders'%20Equity%20(Deficit)) The condensed consolidated statements of changes in stockholders' equity reflect increased total equity, driven by common share issuance through ATM offerings and a PIPE investment, partially offset by net losses and share-based compensation Changes in Stockholders' Equity (in thousands) | Metric | Balance as of Dec 31, 2024 | Issuance of common shares (H1 2025) | Treasury stock reissued for PIPE (H1 2025) | Share-based compensation (H1 2025) | Net loss (H1 2025) | Balance as of June 30, 2025 | | :--------------------------------- | :------------------------- | :-------------------------------- | :---------------------------------------- | :--------------------------------- | :----------------- | :-------------------------- | | Common Stock (Amount) | $361 | $23 | $- | $- | $- | $388 | | Additional Paid-in Capital | $863,015 | $85,642 | $49,990 | $20,358 | $- | $1,014,686 | | Accumulated Deficit | $(181,412) | $- | $- | $- | $(84,756) | $(266,168) | | Total Stockholders' Equity | $681,953 | $85,665 | $50,000 | $20,358 | $(84,756) | $748,904 | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows indicate increased cash usage in operating and investing activities, largely offset by increased cash from financing, resulting in a net increase in cash, cash equivalents, and restricted cash Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(103,455) | $(51,988) | | Net cash used in investing activities | $(110,470) | $(62,313) | | Net cash provided by financing activities | $271,044 | $150,753 | | Net increase in cash, cash equivalents, and restricted cash | $57,119 | $36,452 | | Cash, cash equivalents, and restricted cash, end of period | $77,096 | $122,557 | - Non-cash investing activities for H1 **2025** included **$31.7 million** in bitcoin transferred for rehypothecated collateral, **$27.0 million** in bitcoin loan payments, **$16.6 million** in bitcoin received as a loan, and **$13.9 million** in bitcoin received from equity investees[46](index=46&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the unaudited condensed consolidated financial statements, covering organization, significant accounting policies, asset/liability accounts, debt, equity, and other financial information [Note 1. Organization](index=18&type=section&id=NOTE%201.%20ORGANIZATION) Cipher Mining Inc. develops and operates industrial-scale data centers for bitcoin mining and HPC hosting, with two wholly-owned operational sites and equity investments in three joint venture sites, managing liquidity through bitcoin sales, financing, and stock offerings - Cipher Mining Inc. operates two wholly-owned bitcoin mining data centers: the **207 MW** Odessa Facility (fixed-price power) and the **300 MW** Black Pearl Facility (grid power, **150 MW** operational)[50](index=50&type=chunk) - The company also holds equity investments in three partially-owned joint venture bitcoin mining data centers and has three wholly-owned sites not yet operational, plus options for three additional sites[50](index=50&type=chunk) - As of June **30**, **2025**, the company had **$62.7 million** in cash and cash equivalents, **$167.2 million** in working capital, and an accumulated deficit of **$266.2 million**; it uses bitcoin sales, financing, and at-the-market stock offerings to fund operations and capital expenditures[51](index=51&type=chunk)[52](index=52&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=18&type=section&id=NOTE%202.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines adherence to GAAP for unaudited condensed consolidated financial statements, including consolidation principles and estimates, highlighting bitcoin gains/losses reclassification and ASU 2023-09 adoption - The company prepares its unaudited condensed consolidated financial statements in accordance with GAAP and SEC rules, consolidating accounts of controlled subsidiaries[57](index=57&type=chunk)[58](index=58&type=chunk) - Effective December **31**, **2024**, the company reclassified its consolidated income statement to separately disclose 'Unrealized gains (losses) on fair value of bitcoin' and 'Realized (losses) gains on sale of bitcoin' for **increased transparency**[59](index=59&type=chunk) - The company adopted ASU **2023-09**, 'Income Taxes (Topic 740): Improvements to Income Tax Disclosures,' on January **1**, **2025**, which did not have a **significant impact** on its financial statements[74](index=74&type=chunk) [Note 3. Bitcoin](index=21&type=section&id=NOTE%203.%20BITCOIN) This note details bitcoin holdings and activities, showing increased balance and fair value, outlining sources like mining and equity investees, and uses such as sales and collateral, with specific accounting for rehypothecated collateral Bitcoin Inventory (in thousands, except quantity) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Opening balance | $92,651 | $32,978 | | Bitcoin received from mining activities | $67,270 | $85,281 | | Proceeds from sales of bitcoin | $(121,352) | $(10,334) | | Unrealized (losses) gains on bitcoin | $(3,035) | $19,378 | | Ending balance | $112,089 | $138,079 | | Bitcoin held (quantity) | 1,046 | 1,380 (approx.) | - As of June **30**, **2025**, the company held **approximately 1,046 bitcoin** with a fair value of **$112.1 million**, compared to **994 bitcoin** with a fair value of **$92.7 million** at December **31**, **2024**[77](index=77&type=chunk) - Bitcoin pledged as collateral for the Coinbase Overnight Credit Facility is derecognized due to rehypothecation rights, with a corresponding receivable for bitcoin collateral recognized; as of June **30**, **2025**, **no bitcoin** was pledged for this facility, compared to **345 bitcoin** (**$32.2 million** fair value) at December **31**, **2024**[78](index=78&type=chunk) [Note 4. Derivative Asset](index=22&type=section&id=NOTE%204.%20DERIVATIVE%20ASSET) This note explains the Luminant Power Agreement, supplying fixed-price electricity to Odessa Facility, is a derivative asset under ASC 815, with fair value changes recorded in operations, and the company also sells excess electricity - The Luminant Power Agreement, a five-year fixed-price power purchase agreement for the Odessa Facility, is classified as a derivative asset under ASC **815** and recorded at estimated fair value each reporting period[80](index=80&type=chunk)[81](index=81&type=chunk) - The company earned **$1.4 million** from power sales for the three months ended June **30**, **2025** (vs. **$1.1 million** in **2024**), and **$2.4 million** for the six months ended June **30**, **2025** (vs. **$2.3 million** in **2024**), by selling excess electricity in the ERCOT market[82](index=82&type=chunk) [Note 5. Property and Equipment](index=22&type=section&id=NOTE%205.%20PROPERTY%20AND%20EQUIPMENT) This note details property and equipment, net, showing a slight decrease due to depreciation despite significant reclassifications from construction-in-progress for Black Pearl Facility, and highlights an asset retirement obligation Property and Equipment, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :------------------ | | Miners and mining equipment | $341,475 | $342,111 | | Leasehold improvements | $149,867 | $137,582 | | Land | $58,330 | $49,021 | | Buildings | $53,104 | $— | | Infrastructure | $101,904 | $28,166 | | Construction-in-progress | $11,929 | $82,017 | | Total cost | $717,455 | $639,503 | | Accumulated depreciation | $(243,568) | $(158,638) | | Property and equipment, net | $473,887 | $480,865 | - For the six months ended June **30**, **2025**, **$126.3 million** of construction-in-progress for the Black Pearl Facility was reclassified into Buildings (**$53.2 million**) and Infrastructure (**$71.6 million**)[83](index=83&type=chunk)[85](index=85&type=chunk) - An asset retirement obligation of **$10.7 million** was recorded in June **2025** for the Black Pearl Facility to restore the land, to be depreciated over the assets' useful lives[86](index=86&type=chunk) [Note 6. Deposits on Equipment](index=23&type=section&id=NOTE%206.%20DEPOSITS%20ON%20EQUIPMENT) This note details significant equipment deposits, including agreements with Bitmain and Canaan for miner purchases and options, highlighting a Bitmain amendment that reduced amounts due and provided bitcoin call options - The company has paid **$165.9 million** in nonrefundable deposits for miners from Bitmain as of June **30**, **2025**, under an agreement amended in May **2025** to reduce the total amount due and accelerate payments[88](index=88&type=chunk)[89](index=89&type=chunk) - The May **2025** amendment to the Bitmain agreement also provided call options to purchase **493 bitcoin** for **$60.1 million** each, expiring in August and November **2025**, which are accounted for as derivatives[89](index=89&type=chunk) - The company made a **$5.3 million** nonrefundable deposit with American Electric Power Company, Inc. (AEP) for construction costs to energize the Reveille Facility[91](index=91&type=chunk) [Note 7. Investment in Equity Investees](index=23&type=section&id=NOTE%207.%20INVESTMENT%20IN%20EQUITY%20INVESTEES) This note describes the company's **49%** equity ownership in three Data Center LLCs, accounted for using the equity method, detailing accretion of basis differences and activity resulting in increased equity in net losses for H1 **2025** - The company accounts for its **49%** equity ownership in Alborz LLC, Bear LLC, and Chief Mountain LLC (Data Center LLCs) using the equity method[92](index=92&type=chunk) - As of June **30**, **2025**, the company had remaining basis differences of **approximately $7.1 million** from miner contributions that have not yet been accreted[94](index=94&type=chunk) Investment in Equity Investees Activity (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------- | :----------------------------- | :----------------------------- | | Opening balance | $53,908 | $35,258 | | Cost of contributed mining equipment and other capital contributions | $12,842 | $20,437 | | Bitcoin received from equity investees | $(13,857) | $(5,907) | | Equity in net losses of equity investees | $(10,191) | $(3,181) | | Ending Balance | $45,901 | $49,949 | [Note 8. Intangible Assets](index=24&type=section&id=NOTE%208.%20INTANGIBLE%20ASSETS) This note provides a breakdown of intangible assets, primarily a strategic contract and capitalized software, detailing recognized amortization expense Intangible Assets (in thousands) | Category | Gross Carrying Amount (June 30, 2025) | Accumulated Amortization (June 30, 2025) | Net Carrying Amount (June 30, 2025) | | :------------------ | :------------------------------------ | :--------------------------------------- | :---------------------------------- | | Strategic contract | $7,000 | $(554) | $6,446 | | Capitalized software | $3,389 | $(606) | $2,783 | | Total | $10,389 | $(1,160) | $9,229 | - The company recorded amortization expense of **$0.4 million** for the six months ended June **30**, **2025**, and expects to record **$413 thousand** for the remainder of **2025**, **$827 thousand** in **2026** and **2027**, **$735 thousand** in **2028**, and **$525 thousand** in **2029**[96](index=96&type=chunk) [Note 9. Security Deposits](index=25&type=section&id=NOTE%209.%20SECURITY%20DEPOSITS) This note details security deposits with Oncor Electric Delivery Company LLC for infrastructure construction at wholly-owned sites, eligible for return upon energization of agreed-upon capacity Security Deposits (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :-------------- | :------------------ | | Oncor Facility Extension security deposit related to Black Pearl Facility | $6,269 | $6,269 | | Oncor Facility Extension security deposit related to Barber Lake Facility | $— | $8,297 | | Oncor Facility Extension security deposit related to Stingray Facility | $4,244 | $4,244 | | Other deposits | $3,281 | $972 | | Total security deposits | $13,794 | $19,782 | - The company believes these deposits will be returned as the data centers energize agreed-upon capacity within specified timeframes[97](index=97&type=chunk) [Note 10. Supplemental Financial Information](index=25&type=section&id=NOTE%2010.%20SUPPLEMENTAL%20FINANCIAL%20INFORMATION) This note provides additional details on prepaid expenses and other current assets, primarily the Bitmain Bitcoin Option, and a breakdown of accrued expenses and other current liabilities, showing shifts in tax accruals, construction costs, and remaining miner payments - Prepaid expenses and other current assets **increased** to **$7.4 million** at June **30**, **2025**, from **$3.4 million** at December **31**, **2024**, primarily due to the Bitmain Bitcoin Option[98](index=98&type=chunk) Accrued Expenses and Other Current Liabilities (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :-------------- | :------------------ | | Taxes (primarily sales tax) | $16,200 | $14,607 | | Employee compensation | $4,257 | $8,246 | | Power costs | $3,862 | $— | | Construction costs | $71 | $2,675 | | Remaining payments for miners in service | $— | $30,221 | | Total accrued expenses and other current liabilities | $30,180 | $69,824 | [Note 11. Related Party Transactions](index=25&type=section&id=NOTE%2011.%20RELATED%20PARTY%20TRANSACTIONS) This note discloses related party transactions, specifically receivables from equity method investees, and the termination of the Board Observer Agreement with Bitfury Holding and Bitfury Top HoldCo - Related party receivables **decreased** to **approximately $0.2 million** at June **30**, **2025**, from **$2.1 million** at December **31**, **2024**, representing amounts owed from equity method investees[99](index=99&type=chunk) - The Board Observer Agreement with Bitfury Holding and Bitfury Top HoldCo was terminated on July **22**, **2025**[100](index=100&type=chunk) [Note 12. Leases](index=26&type=section&id=NOTE%2012.%20LEASES) This note details various lease agreements, including finance lease for Odessa Facility's land and substation, and operating leases for Black Pearl, Reveille, office, and warehouse spaces, providing a breakdown of lease expenses and future minimum lease payments - The Combined Luminant Lease Agreement for the Odessa Facility's land and substation is classified as a finance lease with an initial term of five years, commencing November **22**, **2022**[102](index=102&type=chunk)[103](index=103&type=chunk) - The company has operating leases for the Black Pearl Facility (**10-year** initial term, four **10-year** renewal options), Reveille Facility (**10-year** initial term, two **10-year** renewal options), office spaces, and a warehouse in Odessa, Texas[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) Total Lease Expense (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total finance lease expense | $1,033 | $1,131 | $2,092 | $2,284 | | Total operating lease expense | $660 | $548 | $1,285 | $987 | | Total lease expense | $1,693 | $1,679 | $3,377 | $3,271 | [Note 13. Commitments and Contingencies](index=28&type=section&id=NOTE%2013.%20COMMITMENTS%20AND%20CONTINGENCIES) This note addresses contractual commitments, including indemnifications and potential legal contingencies, with management believing no reasonable possibility of material loss from current claims - The company enters into contracts with indemnifications with employees, licensors, suppliers, and service providers, with unknown maximum exposure as of June **30**, **2025**[111](index=111&type=chunk) - The company is **not** a party to any material legal proceedings and is **not** aware of any pending or threatened claims that would result in a material loss[113](index=113&type=chunk) [Note 14. Debt](index=28&type=section&id=NOTE%2014.%20DEBT) This note details the company's debt structure, including short-term borrowings like Coinbase Master Loan Agreement facilities and Luxor Purchase and Sale Agreement, and long-term borrowings from the **$172.5 million** **2030** Convertible Notes - The Coinbase Master Loan Agreement includes a secured **$25.0 million** Coinbase Overnight Credit Facility (**no outstanding balance** as of June **30**, **2025**) and a **$35.0 million** Term Loan Facility (**no outstanding balance**)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - On May **22**, **2025**, the company issued **$172.5 million** principal amount of **1.75%** convertible notes due in **2030**, which are senior, unsecured obligations convertible into cash, common stock, or a combination[120](index=120&type=chunk)[121](index=121&type=chunk) Long-term Borrowings, Net (in thousands) | Debt Instrument | Maturity Date | Interest Rate | Outstanding Principal (June 30, 2025) | Deferred Debt Issuance Costs (June 30, 2025) | Outstanding Borrowings, net (June 30, 2025) | | :-------------------- | :------------ | :------------ | :------------------------------------ | :------------------------------------------- | :------------------------------------------ | | 2030 Convertible Notes | May 2030 | 1.75% | $172,500 | $5,387 | $167,113 | [Note 15. Stockholders' Equity](index=30&type=section&id=NOTE%2015.%20STOCKHOLDERS'%20EQUITY) This note details stockholders' equity, including common stock, preferred stock authorization, and ATM sales agreement activities, highlighting common stock issuance for RSU settlements and ATM sales generating significant proceeds - As of June **30**, **2025**, the company had **510,000,000** authorized shares (**$0.001** par value), with **500,000,000** designated as Common Stock and **10,000,000** as Preferred Stock (**none outstanding**)[123](index=123&type=chunk) - During the six months ended June **30**, **2025**, the company issued **2,998,232** shares for RSU settlements and **358,206** shares to directors, repurchasing **1,154,823** shares for tax withholding[125](index=125&type=chunk) - Through its Amended and Restated Sales Agreement, the company may sell up to **$725.7 million** of common stock; for the six months ended June **30**, **2025**, it received **$85.7 million** (net of costs) from the sale of **23,334,701** shares at an average net selling price of **$3.67** per share[129](index=129&type=chunk)[131](index=131&type=chunk) [Note 16. Warrants](index=31&type=section&id=NOTE%2016.%20WARRANTS) This note describes outstanding Public Warrants, entitling holders to purchase one Common Stock share at **$11.50**, subject to adjustments, with **no** Private Placement Warrants outstanding as of June **30**, **2025** - As of June **30**, **2025**, there were **8,613,980** Public Warrants outstanding, each exercisable for one share of Common Stock at **$11.50**[132](index=132&type=chunk) - The exercise price and number of shares are subject to adjustment for stock dividends, extraordinary dividends, or corporate reorganizations, but **not** for issuances below the exercise price; warrants will **not** be net cash settled[132](index=132&type=chunk) [Note 17. Share-Based Compensation](index=31&type=section&id=NOTE%2017.%20SHARE-BASED%20COMPENSATION) This note details the Incentive Award Plan, granting stock options, RSUs, and other awards, summarizing service-based and performance-based RSU activity, including grants, vesting, unrecognized compensation expense, and vesting conditions - The Incentive Award Plan allows for grants of stock options, RSUs, and other awards; on January **1**, **2025**, available shares **increased** by **10,523,515**, totaling **13,246,079** shares available as of June **30**, **2025**[133](index=133&type=chunk)[134](index=134&type=chunk) Total Share-Based Compensation Expense (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Service-based RSUs | $8,109 | $10,221 | $16,350 | $16,357 | | Performance-based RSUs | $2,384 | $1,824 | $3,275 | $3,771 | | Total share-based compensation expense | $10,493 | $13,337 | $19,625 | $21,654 | - As of June **30**, **2025**, there was **approximately $23.6 million** of unrecognized compensation expense for service-based RSUs (expected to be recognized over **1.0 years**) and **$9.2 million** for **2025** performance-based RSUs (expected over **1.25 years**)[136](index=136&type=chunk)[141](index=141&type=chunk) [Note 18. Fair Value Measurements](index=33&type=section&id=NOTE%2018.%20FAIR%20VALUE%20MEASUREMENTS) This note outlines fair value measurements for financial assets and liabilities, classifying them into Level **1**, **2**, or **3** based on input observability, detailing Luminant Power Agreement valuation as a Level **3** derivative asset and absence of Level **3** liabilities as of June **30**, **2025** Fair Value Measured Assets (in thousands) | Category | Level 1 (June 30, 2025) | Level 2 (June 30, 2025) | Level 3 (June 30, 2025) | Total (June 30, 2025) | | :-------------------------- | :---------------------- | :---------------------- | :---------------------- | :-------------------- | | Money market securities | $35,971 | $- | $- | $35,971 | | Bitcoin | $112,089 | $- | $- | $112,089 | | Bitmain Bitcoin Options | $- | $5,007 | $- | $5,007 | | Derivative asset | $- | $- | $77,520 | $77,520 | | Total | $149,635 | $5,007 | $77,520 | $232,162 | - The Luminant Power Agreement derivative asset is classified as Level **3** due to **significant** unobservable inputs in its discounted cash flow estimation models, with an estimated fair value of **$77.5 million** at June **30**, **2025**[149](index=149&type=chunk)[151](index=151&type=chunk) - There were **no** Level **3** liabilities as of June **30**, **2025**, as all Private Placement Warrants were converted to Public Warrants by March **31**, **2024**[153](index=153&type=chunk) [Note 19. Segment Reporting](index=36&type=section&id=NOTE%2019.%20SEGMENT%20REPORTING) This note states the company operates as a single segment, Bitcoin Mining, providing a summary of its financial performance, with the CODM evaluating performance primarily based on operating income - The company has one operating segment: Bitcoin Mining, which produces bitcoin to generate revenue[157](index=157&type=chunk) Bitcoin Mining Segment Operating Income (Loss) (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue - bitcoin mining | $43,565 | $36,808 | $92,524 | $84,945 | | Segment operating (loss) income | $(20,506) | $8,479 | $(35,340) | $74,378 | [Note 20. Income Taxes](index=39&type=section&id=NOTE%2020.%20INCOME%20TAXES) This note details income tax expense, determined based on the estimated effective tax rate and adjusted for discrete items, with an income tax expense recorded for Q2 and H1 **2025**, driven by net losses - The company recorded an income tax expense of **approximately 2.0%** of **loss** before taxes for the three months ended June **30**, **2025** (vs. **3.6%** in **2024**), and **1.3%** of **loss** before taxes for the six months ended June **30**, **2025** (vs. **19.8%** of **income** in **2024**)[167](index=167&type=chunk) [Note 21. Subsequent Events](index=41&type=section&id=NOTE%2021.%20SUBSEQUENT%20EVENTS) This note discloses a subsequent event: the enactment of the "One Big Beautiful Bill Act" (OBBBA) on July **4**, **2025**, with the company evaluating the financial impact of this new tax law, including bonus depreciation and R&E expensing provisions - On July **4**, **2025**, President Donald Trump signed the "One Big Beautiful Bill Act" (OBBBA) into law, which includes the restoration of **100%** bonus depreciation and immediate expensing for domestic research and experimental expenditures[168](index=168&type=chunk) - The company is currently evaluating the impact of the OBBBA, and an estimate of the financial effect is **not** yet available[168](index=168&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's perspective on financial condition and results of operations, discussing business overview, recent developments, performance factors, comparative results, liquidity, cash flows, contractual obligations, and non-GAAP financial measures [Overview](index=42&type=section&id=Overview) Cipher Mining Inc. develops and operates industrial-scale data centers for bitcoin mining and HPC, with two wholly-owned operational sites and equity investments in three partially-owned data centers, planning capacity expansion and HPC diversification - The company's active portfolio and development pipeline is expected to consist of over **3.0 GW** of capacity across **11** sites[171](index=171&type=chunk) - Current operational sites include the **207 MW** Odessa Facility and a **150 MW** operational portion of the **300 MW** Black Pearl Facility, along with three partially-owned **40 MW** joint venture data centers[171](index=171&type=chunk) - As of July **31**, **2025**, the hashrate capacity was **approximately 11.3 EH/s** for Odessa, **6.9 EH/s** for Black Pearl, and **4.4 EH/s** for joint ventures[173](index=173&type=chunk) [Recent Developments](index=42&type=section&id=Recent%20Developments) Recent developments include amending the Bitmain agreement to reduce miner costs and obtain bitcoin call options, issuing **$172.5 million** in **2030** Convertible Senior Notes to complete Black Pearl Phase **1**, energizing Black Pearl Phase I, and terminating the Bitfury Board Observer Agreement - On May **16**, **2025**, the Bitmain Future Sales and Purchase Agreement was amended, reducing total amount due, accelerating payments, and providing call options to purchase bitcoin[174](index=174&type=chunk) - On May **22**, **2025**, the company issued **$172.5 million** of **1.75%** Convertible Senior Notes due **2030**, with net proceeds used to complete Phase **1** of the Black Pearl Facility[175](index=175&type=chunk) - In June **2025**, Phase I of the Black Pearl facility was energized, delivering **approximately 6.9 EH/s** of self-mining capacity as of July **31**, **2025**[176](index=176&type=chunk) [Factors Affecting Our Results of Operations](index=42&type=section&id=Factors%20Affecting%20Our%20Results%20of%20Operations) **No material changes** to factors affecting results of operations since the **2024** Form **10-K** - **No material changes** to the 'Factors Affecting Our Results of Operations' from the **2024** Form **10-K**[177](index=177&type=chunk) [Summary of Bitcoin Inventory](index=43&type=section&id=Summary%20of%20Bitcoin%20Inventory) Summarizes bitcoin inventory for H1 **2025**, detailing changes from opening balance, receipts from mining and equity investees, loan activities, and sales proceeds Summary of Bitcoin Inventory (Six Months Ended June 30, 2025, in thousands, except quantity) | Metric | Quantity | Amounts | | :------------------------------------ | :------- | :-------- | | Opening balance | 994 | $92,651 | | Bitcoin received from equity investees | 145 | $13,857 | | Bitcoin received from mining activities | 696 | $67,270 | | Bitcoin received from loan | 180 | $16,551 | | Bitcoin loan payments | (2) | $(140) | | Proceeds from sales of bitcoin | (1,312) | $(121,352) | | Realized gains on sale of bitcoin | — | $8,557 | | Unrealized (losses) gains on bitcoin | — | $(3,035) | | Realized loss on bitcoin transferred to collateral, net | — | $(3,195) | | Bitcoin transferred from collateral, net | 345 | $40,925 | | Ending balance | 1,046 | $112,089 | [Components of our Results of Operations](index=43&type=section&id=Components%20of%20our%20Results%20of%20Operations) For components of results of operations, readers are referred to the **2024** Form **10-K** 'Management's Discussion and Analysis' section - Reference is made to the **2024** Form **10-K** for a description of the components of the company's results of operations[179](index=179&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Provides a detailed comparative analysis of financial performance for Q2 and H1 **2025** and **2024**, highlighting key revenue and expense trends, including bitcoin price impact, halving event, and **increased** operational costs Results of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue - bitcoin mining | $43,565 | $36,808 | $92,524 | $84,945 | | Cost of revenue | $(15,330) | $(14,281) | $(30,224) | $(29,101) | | Depreciation and amortization | $(44,086) | $(20,251) | $(87,553) | $(37,495) | | Change in fair value of derivative asset | $(15,480) | $21,980 | $(8,150) | $29,339 | | Unrealized gains (losses) on fair value of bitcoin | $17,143 | $(21,178) | $(3,035) | $19,378 | | Net (loss) income | $(45,781) | $(15,291) | $(84,756) | $24,609 | [Comparative Results for the Three Months Ended June 30, 2025 and 2024](index=44&type=section&id=Comparative%20Results%20for%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) For Q2 **2025**, bitcoin mining revenue **increased** due to higher prices despite less bitcoin mined post-halving; cost of revenue rose with new facility energization, depreciation **significantly increased**, and derivative asset fair value resulted in a **loss**, with unrealized gains on bitcoin being positive - Revenue from bitcoin mining **increased** by **$6.8 million** (**18.4%**) to **$43.6 million** in Q2 **2025**, driven by higher bitcoin prices, partially offset by reduced bitcoin mined due to the April **2024** halving[182](index=182&type=chunk) - Cost of revenue **increased** by **$1.0 million** (**7.3%**) to **$15.3 million** in Q2 **2025**, primarily due to additional power costs from the energization of the Black Pearl and Barber Lake facilities[183](index=183&type=chunk) - Depreciation and amortization **increased** by **$23.8 million** (**117.2%**) to **$44.1 million** in Q2 **2025**, mainly due to additional depreciation on miners from the Odessa fleet upgrade[186](index=186&type=chunk) - Unrealized gains on fair value of bitcoin were **$17.1 million** in Q2 **2025**, a **significant shift** from **losses** of **$21.2 million** in Q2 **2024**, reflecting changes in bitcoin price relative to cost[190](index=190&type=chunk) [Comparative Results for the Six Months Ended June 30, 2025 and 2024](index=46&type=section&id=Comparative%20Results%20for%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) For H1 **2025**, bitcoin mining revenue **increased** due to higher average prices despite the halving; operating expenses saw **significant increases** in depreciation and G&A costs, resulting in a **net loss**, contrasting with prior year **net income**, partly due to equity **losses** from an impairment charge - Revenue from bitcoin mining **increased** by **$7.6 million** (**8.9%**) to **$92.5 million** in H1 **2025**, driven by higher average bitcoin prices, partially offset by **decreased** bitcoin mined post-halving[194](index=194&type=chunk) - Depreciation and amortization **increased** by **$50.1 million** (**133.6%**) to **$87.6 million** in H1 **2025**, due to **increased** miners from the Odessa fleet upgrade and a change in the estimated useful life of miners from five to three years as of June **1**, **2024**[198](index=198&type=chunk) - Equity in **losses** of equity investees totaled **$7.0 million** in H1 **2025** (compared to **income** of **$0.2 million** in H1 **2024**), including **approximately $4 million** from a one-time impairment charge on Alborz LLC's miners[201](index=201&type=chunk)[202](index=202&type=chunk) - Unrealized **losses** on fair value of bitcoin were **$3.0 million** in H1 **2025**, a shift from gains of **$19.4 million** in H1 **2024**[203](index=203&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity and capital resources are supported by ATM stock issuances, short-term and long-term financing (including Coinbase loan facilities and **2030** Convertible Notes), and bitcoin sales, which management believes are sufficient for the next **12 months** - As of June **30**, **2025**, the company had **$62.7 million** in cash and cash equivalents and **$748.9 million** in total stockholders' equity, with **$103.5 million** cash used in operations for the six months ended June **30**, **2025**[207](index=207&type=chunk) - The company has an at-the-market sales agreement allowing for the sale of common stock up to **$725.7 million**, generating **approximately $51.5 million** in net proceeds from **14.2 million** shares in Q2 **2025**[208](index=208&type=chunk) - Financing includes a **$25.0 million** Coinbase Overnight Credit Facility (**no balance drawn** as of June **30**, **2025**) and a **$35.0 million** Term Loan Facility, as well as **$172.5 million** in **2030** Convertible Notes issued in May **2025**[209](index=209&type=chunk)[211](index=211&type=chunk) [Cash Flows](index=48&type=section&id=Cash%20Flows) The company experienced **increased** cash usage in operating and investing activities for H1 **2025**, primarily due to a **net loss**, higher equipment deposits, and property purchases, largely offset by **increased** cash from financing activities, mainly convertible notes and treasury stock reissuance Summary of Cash Flows (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(103,455) | $(51,988) | | Net cash used in investing activities | $(110,470) | $(62,313) | | Net cash provided by financing activities | $271,044 | $150,753 | | Net increase (decrease) in cash and cash equivalents | $57,119 | $36,452 | [Operating Activities](index=48&type=section&id=Operating%20Activities) Net cash used in operating activities **increased significantly** due to a **net loss** of **$84.8 million** and a **$96.7 million** **increase** in non-cash items, primarily related to derivative asset fair value, bitcoin fair value, and depreciation - Net cash used in operating activities **increased** by **$51.5 million** to **$103.5 million** for H1 **2025**, primarily due to a **net loss** of **$84.8 million** (compared to **net income** of **$24.6 million** in H1 **2024**) and a **$96.7 million** **increase** in non-cash items[214](index=214&type=chunk) [Investing Activities](index=48&type=section&id=Investing%20Activities) Cash used in investing activities **increased** due to a **$126.6 million** **increase** in deposits for new miner purchases and a **$40.1 million** **increase** in property and equipment purchases for the Black Pearl facility, partially offset by **$111.0 million** more in proceeds from bitcoin sales - Net cash used in investing activities **increased** by **$48.2 million** to **$110.5 million** for H1 **2025**, driven by a **$126.6 million** **increase** in deposits for new miner purchases and a **$40.1 million** **increase** in property and equipment purchases for the Black Pearl facility[215](index=215&type=chunk) - This **increase** was partially offset by a **$111.0 million** **increase** in proceeds from bitcoin sales and a **$7.6 million** **decrease** in contributions to equity investees[215](index=215&type=chunk) [Financing Activities](index=48&type=section&id=Financing%20Activities) Cash provided by financing activities **increased significantly** due to **$50.0 million** from treasury stock reissued for a PIPE investment and **$167.1 million** from convertible notes issuance, partially offset by **decreased** common stock issuance proceeds - Net cash provided by financing activities **increased** by **$120.3 million** to **$271.0 million** for H1 **2025**[216](index=216&type=chunk) - This **increase** was primarily driven by **$50.0 million** from treasury stock reissued for a PIPE investment and **$167.1 million** from the issuance of convertible notes, net of issuance costs[216](index=216&type=chunk) - The **increase** was partially offset by a **$76.5 million** **decrease** in proceeds from the issuance of common stock[216](index=216&type=chunk) [Contractual Obligations and Other Commitments](index=48&type=section&id=Contractual%20Obligations%20and%20Other%20Commitments) The company's contractual obligations include an office space lease through May **2029** and the Combined Luminant Lease Agreement for the Odessa Facility's land and substation, a five-year finance lease with monthly principal and interest payments - The company has an office space lease agreement through May **2029** with monthly rent payments of **approximately $0.2 million**[217](index=217&type=chunk) - The Combined Luminant Lease Agreement for the Odessa Facility's land and substation is a five-year finance lease, commencing November **22**, **2022**, with monthly principal and interest payments totaling **$19.7 million** on an undiscounted basis over the remaining four-year period starting July **2023**[218](index=218&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - At the end of the lease term, the substation will be sold back to Luminant's affiliate, Vistra Operations Company, LLC, at a price determined by secondary market bids[222](index=222&type=chunk) [Non-GAAP Financial Measures](index=49&type=section&id=Non-GAAP%20Financial%20Measures) The company provides supplemental non-GAAP financial measures, Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share - diluted, excluding specific non-cash and non-recurring items, used internally for performance evaluation and comparisons, but **not** as a substitute for GAAP measures - Non-GAAP Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share - diluted exclude the impact of non-cash change in fair value of derivative asset, share-based compensation, depreciation and amortization, deferred income tax expense, nonrecurring gains/losses, and non-cash change in fair value of warrant liability[223](index=223&type=chunk) Reconciliation of Adjusted Earnings (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net (loss) income | $(45,781) | $(15,291) | $(84,756) | $24,609 | | Change in fair value of derivative asset | $15,480 | $(21,980) | $8,150 | $(29,339) | | Share-based compensation expense | $10,493 | $13,337 | $19,625 | $21,654 | | Depreciation and amortization | $44,086 | $20,251 | $87,553 | $37,495 | | Adjusted earnings (loss) | $30,349 | $(3,490) | $36,487 | $59,540 | [Critical Accounting Policies, and Use of Estimates](index=50&type=section&id=Critical%20Accounting%20Policies,%20and%20Use%20of%20Estimates) The company refers to its **2024** Form **10-K** for critical accounting policies and estimates, noting **no significant changes** during Q2 **2025** - **No significant changes** in critical accounting policies and estimates during the three months ended June **30**, **2025**, from those disclosed in the **2024** Form **10-K**[227](index=227&type=chunk) [Recent Accounting Pronouncements](index=50&type=section&id=Recent%20Accounting%20Pronouncements) Information on recent accounting pronouncements, both adopted and **not** yet adopted, is included in Note **2** to the unaudited condensed consolidated financial statements - Information on recent accounting pronouncements is provided in Note **2** of the financial statements[228](index=228&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's primary market risks, specifically bitcoin price and power price risk, quantifying their potential impact on financial results [Bitcoin Price Risk](index=51&type=section&id=Bitcoin%20Price%20Risk) The company is exposed to bitcoin price fluctuations due to inventory holdings; a **10%** **decrease** in bitcoin price would **significantly increase** its **net loss** - As of June **30**, **2025**, the company held **1,046 bitcoin** in inventory[231](index=231&type=chunk) - A **10%** **decrease** in the price of bitcoin would result in an estimated **$11.2 million** **increase** in **Net loss** for the six months ended June **30**, **2025**[231](index=231&type=chunk) [Power Price Risk](index=51&type=section&id=Power%20Price%20Risk) The company faces power price risk, particularly concerning its derivative asset related to the Luminant Power Agreement; a **10%** **decrease** in power prices would negatively impact its fair value and **increase net loss** - The estimated fair value of the derivative asset related to the power purchase agreement is derived from Level **2** and Level **3** inputs, which include quoted spot and forward prices for electricity[232](index=232&type=chunk) - A **10%** **decrease** in power prices would result in an estimated **$14.8 million** **decrease** in the estimated fair value of the Derivative asset and an **increase** in **Net loss** for the six months ended June **30**, **2025**[232](index=232&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) This section addresses the effectiveness of disclosure controls and procedures, noting they were **not effective** as of June **30**, **2025**, due to a **material weakness** in IT General Controls, with active remediation efforts underway [Limitations on Effectiveness of Controls and Procedures](index=51&type=section&id=Limitations%20on%20Effectiveness%20of%20Controls%20and%20Procedures) Management acknowledges that controls and procedures provide only reasonable assurance due to inherent limitations, resource constraints, and judgment in evaluating benefits versus costs - Management recognizes that controls and procedures provide only reasonable assurance and are subject to inherent limitations, resource constraints, and the application of judgment[233](index=233&type=chunk) [Evaluation of Disclosure Controls and Procedures](index=51&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Based on management's evaluation, disclosure controls and procedures were concluded to be **not effective** at the reasonable assurance level as of June **30**, **2025** - As of June **30**, **2025**, the company's disclosure controls and procedures were **not effective** at the reasonable assurance level[234](index=234&type=chunk) [Remediation of Material Weakness](index=51&type=section&id=Remediation%20of%20Material%20Weakness) The company is actively remediating a **material weakness** in IT General Controls (ITGCs) over change management, with efforts including resource allocation, advisory firm engagement, and refining processes and controls, with ongoing assessment - A **material weakness** was identified in internal control over financial reporting related to certain Information Technology General Controls (ITGCs) over change management controls[235](index=235&type=chunk) - Remediation efforts include devoting resources, engaging advisory firms, and implementing/refining enhanced program change management controls for systems impacting revenue recognition and manual key reconciliation processes[237](index=237&type=chunk)[241](index=241&type=chunk) - The **material weakness** will **not** be considered remediated until controls operate for a sufficient period and are tested and concluded to be designed and operating effectively[238](index=238&type=chunk) [Changes in Internal Control over Financial Reporting](index=52&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) Other than ongoing remediation for the identified **material weakness**, **no material changes** occurred in internal control over financial reporting during Q2 **2025** - **No material changes** in internal control over financial reporting during Q2 **2025**, other than the described remediation efforts[240](index=240&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is **not** a party to any material pending legal proceedings and reports **no material changes** to previously disclosed proceedings in its **2024** Form **10-K** - The company is **not** a party to any material pending legal proceedings[243](index=243&type=chunk) - There have been **no material changes** to legal proceedings previously disclosed in the **2024** Form **10-K**[243](index=243&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section incorporates risk factors from the **2024** Form **10-K** and introduces new risks related to **increased** indebtedness from the **$172.5 million** **2030** Convertible Notes offering, including impacts on cash flow, financing, and stock dilution - The company's business, financial condition, and operating results are affected by factors disclosed in the **2024** Form **10-K**[244](index=244&type=chunk) - New risks arise from the **$172.5 million** principal amount of **2030** Notes, including **increased** vulnerability to adverse conditions, limited ability to obtain additional financing, dedication of cash flow to debt service, potential dilution of existing stockholders, and competitive disadvantage[245](index=245&type=chunk)[248](index=248&type=chunk) - Additional risks include the inability to raise funds to repurchase the **2030** Notes upon fundamental change or maturity, provisions in the indenture that could delay or prevent a takeover, adverse effects of the conditional conversion feature on liquidity and working capital, and negative impacts of the accounting method for the notes on reported financial condition and earnings[247](index=247&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk)[255](index=255&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) **No unregistered sales** of equity securities or use of proceeds to report during the period - **None to report**[256](index=256&type=chunk) [Item 3. Defaults Upon Senior Securities](index=55&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) **No defaults** upon senior securities to report during the period - **None to report**[257](index=257&type=chunk) [Item 4. Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are **not applicable** to the company - **Not applicable**[258](index=258&type=chunk) [Item 5. Other Information](index=55&type=section&id=Item%205.%20Other%20Information) Disclosure regarding insider trading arrangements, specifically Rule **10b5-1** Plans adopted by Co-President and COO Patrick Kelly and Co-President, Chief Legal Officer and Corporate Secretary William Iwaschuk during Q2 **2025** - Patrick Kelly, Co-President and Chief Operating Officer, adopted a Rule **10b5-1** Plan on May **12**, **2025**, for the sale of up to **414,204** shares of common stock until August **7**, **2026**[264](index=264&type=chunk) - William Iwaschuk, Co-President, Chief Legal Officer and Corporate Secretary, adopted a Rule **10b5-1** Plan on June **5**, **2025**, for the sale of up to **487,956** shares of common stock until May **8**, **2026**[264](index=264&type=chunk) [Item 6. Exhibits](index=56&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed as part of the Quarterly Report on Form **10-Q**, including merger agreements, certificates of incorporation, warrant agreements, indenture for convertible notes, and certifications - Exhibits include the Agreement and Plan of Merger, Second Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, Warrant Agreement, Indenture and First Supplemental Indenture for **2030** Convertible Notes, Amendment Agreement to Future Sales and Purchase Agreement, and CEO/CFO certifications[266](index=266&type=chunk) SIGNATURES [Report Signatures](index=57&type=section&id=Report%20Signatures) Contains required signatures of the CEO and CFO, certifying accuracy and completeness of the Quarterly Report on Form **10-Q** - The report is signed by Tyler Page, Chief Executive Officer (Principal Executive Officer), and Edward Farrell, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer), both dated August **7**, **2025**[273](index=273&type=chunk)

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenue of $44 million, down 10% from $49 million in Q1 2025, attributed to rising network cash rates and summer power prices in Texas [33][34] - The GAAP net loss for the quarter was $46 million, or $0.12 per share, compared to a net loss of $15 million, or $0.05 per share in Q2 2024 [34][35] - Adjusted earnings for Q2 2025 were $30 million, or $0.08 per share, up approximately 400% from $6 million in the previous quarter [34][36] - The company’s cash position increased from $23 million in March to $63 million in June, reflecting the remaining proceeds from a convertible offering and opportunistic Bitcoin sales [42] Business Line Data and Key Metrics Changes - The company mined a total of 4.44 Bitcoin in Q2 2025, with 4.34 Bitcoin from Odessa and 10 Bitcoin from Black Pearl, generating revenue at an average price of approximately $99,700 per Bitcoin [37] - Black Pearl Phase 1 contributed about 2% of quarterly revenue, with expectations for significant growth in future quarters as production ramps up [24][37] Market Data and Key Metrics Changes - The average all-in electricity cost per Bitcoin produced at Odessa was approximately $24,686, while the combined all-in electricity cost for joint venture sites was roughly $44,594 [22][24] - The company’s projected all-in weighted average power cost remains competitive at $0.31 per kilowatt hour [8] Company Strategy and Development Direction - The company is focused on strategically evaluating funding options to support growth while minimizing dilution, having raised approximately $168 million in net proceeds from a convertible offering [12] - Black Pearl Phase 2 is being developed to support both hydro Bitcoin mining and HPC compute applications, with a flexible design to accommodate future tenant demands [15][19] - The company aims to capitalize on the growing demand for power and tightening supply in the HPC market, with ongoing discussions to secure advantageous deals [14][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Barber Lake and the potential for Black Pearl Phase 2, highlighting the increasing energy demands of advanced AI systems [14][18] - The company anticipates that the demand for energy will continue to grow, positioning itself to support tenants as the HPC market scales [19][21] Other Important Information - The company successfully paid off all short-term borrowings, reducing its liabilities significantly from $139 million in Q1 to $53 million in Q2 [46][48] - The company’s operating capacity currently stands at 477 MW, with potential pipeline capacity expansion of up to 2.6 GW in the coming years [10] Q&A Session Summary Question: Can you quantify the time to convert from hydro Bitcoin mining to AI HPC compute? - The company expects to have the full 150 megawatts ready by the back half of next year, with the ability to accommodate fast requests for HPC [51][53] Question: What would trigger hyperscalers to choose an operator in your peer set? - There has been increased interest from hyperscalers, particularly in July, with many reaching out for discussions [57][59] Question: What are the potential differences in costs affiliated with the hybrid model compared to a pure mining site? - The estimated cost for the hybrid model is about $1.5 million per megawatt, with additional costs depending on tenant requirements [63][65] Question: What sites are being actively marketed for HPC? - The primary focus is on Barber Lake, Black Pearl Phase 2, and Stingray, with ongoing discussions with potential tenants [87][89]

Operations and Hashrate Growth - Cipher Mining's self-mining hashrate increased from approximately 16.8 EH/s in Q2 2025 to approximately 20.4 EH/s currently, with an expected increase to approximately 23.5 EH/s in Q3 2025[16] - Black Pearl Phase I construction was completed, deploying approximately 6.9 EH/s, with plans to increase to approximately 10.0 EH/s in Q3 2025 after purchasing approximately 1.5 EH/s of Canaan A15 Pro rigs[17] - The company's operating capacity, including JV capacity, is approximately 477 MW, with a future potential capacity of approximately 2.6 GW across 7 sites[14] Financial Performance - Revenues increased from $37 million in Q2 2024 to $44 million in Q2 2025, representing an approximately 18.9% increase year-over-year[61] - Adjusted earnings improved significantly from a loss of $3 million in Q2 2024 to a profit of $30 million in Q2 2025[62] - GAAP net earnings decreased from a loss of $15 million in Q2 2024 to a loss of $46 million in Q2 2025[62] - Adjusted earnings per share increased from a loss of $0.01 in Q2 2024 to earnings of $0.08 in Q2 2025[62] Development Pipeline - Black Pearl Phase I has a total power capacity of 150 MW and Black Pearl Phase II has a total power capacity of 150 MW[40] - The Barber Lake site has an approved power capacity of 300 MW and a total acreage of 587 acres[42][43] - The Stingray site has an approved power capacity of 100 MW and a total acreage of 250 acres, with energization expected in Q3 2026[48][49][52] Bitcoin Holdings and Power Costs - Cipher Mining held approximately 1,063 BTC in Q2 2025, compared to approximately 1,034 BTC in Q1 2025[11] - The weighted average power price is approximately 3.1 cents/kWh[14] - The power cost per BTC in Q2 2025 was $27,324[14]

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) Cipher Mining reported strong Q2 2025 financials, with significant self-mining capacity growth and strategic advancements in the Black Pearl project for both bitcoin mining and HPC [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Cipher Mining reported Q2 2025 revenue of $44 million and non-GAAP Adjusted Earnings of $30 million, with Black Pearl Phase I exceeding growth targets to ~16.8 EH/s self-mining capacity Q2 2025 Financial and Operational Highlights | Metric | Q2 2025 Value | | :-------------------------- | :------------ | | Revenue | $44 million | | Non-GAAP Adjusted Earnings | $30 million | | Self-mining capacity (end of Q2 2025) | ~16.8 EH/s | | Self-mining capacity target (end of Q3 2025) | ~23.5 EH/s | [CEO's Strategic Commentary](index=1&type=section&id=CEO%27s%20Strategic%20Commentary) CEO Tyler Page emphasized consistent execution and strategic investment, with Black Pearl Phase I hashing ahead of schedule and Phase II designed for flexible AI compute and hydro-bitcoin mining - Black Pearl Phase I commenced hashing ahead of schedule, equipped with latest-generation rigs from two fully funded orders[3](index=3&type=chunk) - Black Pearl Phase II strategic plan: designed to support both AI compute and hydro-bitcoin mining, with infrastructure pre-positioning for efficient conversion to Tier 1, 2, or 3 specifications based on tenant leasing preferences[3](index=3&type=chunk) - Long-term goal for Black Pearl Phase II: fully leased by HPC tenants, while preserving flexibility for near-term bitcoin mining to monetize access to power quickly[4](index=4&type=chunk) - Company pipeline: **2.6-gigawatt site capacity**, positioning Cipher to become a leading developer of HPC data centers and a standard-setter in bitcoin mining[4](index=4&type=chunk) [Key Operational and Financial Achievements](index=1&type=section&id=Key%20Operational%20and%20Financial%20Achievements) Cipher energized Black Pearl Phase I (150 MW), achieved ~16.8 EH/s self-mining capacity, secured miner orders, completed a $172.5 million convertible note offering, and is developing Black Pearl Phase II for hydro-bitcoin mining and HPC compute - Energized and commenced hashing at Black Pearl Phase I, the first **150 MW** of the **300 MW** site[5](index=5&type=chunk) - Full fleet delivered **~16.8 EH/s** of self-mining capacity at the end of Q2 2025, on track to deliver **~23.5 EH/s** by the end of Q3 2025[5](index=5&type=chunk) - Executed two fully funded orders to purchase latest-generation miners for Black Pearl, with deliveries expected by the end of Q3 2025[5](index=5&type=chunk) - Successfully completed **$172.5 million** convertible note offering[5](index=5&type=chunk) - Developing design and construction plans for Black Pearl Phase II, envisioning **150 MW** of infrastructure to support both hydro-bitcoin mining and HPC compute applications[5](index=5&type=chunk) Q2 2025 Net Loss and Adjusted Earnings | Metric | Q2 2025 Value | | :-------------------------------- | :------------ | | Net Loss | $46 million | | Net Loss per share | $0.12 | | Adjusted Earnings | $30 million | | Adjusted Earnings per diluted share | $0.08 | [Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of Cipher Mining's business, disclaimers regarding forward-looking statements and non-GAAP financial measures, and investor and media contact information [About Cipher Mining](index=2&type=section&id=About%20Cipher%20Mining) Cipher Mining specializes in developing and operating industrial-scale data centers for bitcoin mining and HPC hosting, aiming to be a market leader in innovation across bitcoin mining growth, data center construction, and HPC hosting partnerships - Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting[7](index=7&type=chunk) - Aims to be a market leader in innovation, including bitcoin mining growth, data center construction, and as a hosting partner to the world's largest HPC companies[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section provides a standard disclaimer regarding forward-looking statements, which are based on estimates and assumptions and subject to risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are based upon estimates and assumptions that are inherently uncertain and subject to risks, uncertainties, and other factors that could cause actual results to differ materially[9](index=9&type=chunk) - Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation to update or revise them, except as required by law[10](index=10&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) This section explains supplemental non-GAAP financial measures like Adjusted Earnings, which exclude specific non-cash and non-recurring items, used internally for performance evaluation but not as GAAP replacements - Non-GAAP financial measures (Adjusted Earnings/Loss, Adjusted EPS) exclude: non-cash change in fair value of derivative asset, share-based compensation expense, depreciation and amortization, deferred income tax expense, non-recurring gains and losses, and non-cash change in fair value of warrant liability[12](index=12&type=chunk) - Management uses these non-GAAP measures internally to understand, manage, and evaluate business performance and to facilitate comparison with competitors[12](index=12&type=chunk) - Non-GAAP measures are not GAAP measurements, are subject to material limitations, and should be read only in conjunction with condensed consolidated financial statements prepared in accordance with GAAP[13](index=13&type=chunk) [Investor and Media Contacts](index=3&type=section&id=Investor%20and%20Media%20Contacts) This section provides contact information for investor relations and media inquiries - Investor Contact: Courtney Knight, Head of Investor Relations at Cipher Mining (Courtney.knight@ciphermining.com)[14](index=14&type=chunk) - Media Contact: Ryan Dicovitsky, Dukas Linden Public Relations (CipherMining@DLPR.com)[15](index=15&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Cipher Mining's condensed consolidated balance sheets, statements of operations, and reconciliation of non-GAAP financial measures for the reported periods [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Cipher Mining's balance sheet shows total assets increased to **$1,018,759 thousand** as of June 30, 2025, driven by increases in cash, bitcoin, and equipment deposits, alongside higher long-term borrowings Condensed Consolidated Balance Sheet Summary (in thousands) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :----- | | Total Assets | $1,018,759 | $855,446 | +19.1% | | Cash and cash equivalents | $62,704 | $5,585 | +1022.7% | | Bitcoin | $112,089 | $92,651 | +21.0% | | Deposits on equipment | $183,028 | $38,872 | +370.8% | | Total Liabilities | $269,855 | $173,493 | +55.5% | | Long-term borrowings, net | $167,113 | $- | N/A | | Total Stockholders' Equity | $748,904 | $681,953 | +9.8% | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, Cipher Mining reported **$43,565 thousand** in bitcoin mining revenue, an 18.4% increase year-over-year, but incurred a net loss of **$45,781 thousand** due to higher depreciation and negative derivative asset fair value changes Condensed Consolidated Statements of Operations (Three Months Ended June 30, in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------- | | Revenue - bitcoin mining | $43,565 | $36,808 | +18.4% | | Cost of revenue | $(15,330) | $(14,281) | +7.3% | | Depreciation and amortization | $(44,086) | $(20,251) | +117.7% | | Change in fair value of derivative asset | $(15,480) | $21,980 | N/A (swing from gain to loss) | | Operating (loss) income | $(45,243) | $(16,171) | N/A (increased loss) | | Net (loss) income | $(45,781) | $(15,291) | N/A (increased loss) | | (Loss) income per share - basic and diluted | $(0.12) | $(0.05) | N/A (increased loss) | Condensed Consolidated Statements of Operations (Six Months Ended June 30, in thousands) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | YoY Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------- | | Revenue - bitcoin mining | $92,524 | $84,945 | +8.9% | | Net (loss) income | $(84,756) | $24,609 | N/A (swing from income to loss) | | (Loss) income per share - basic and diluted | $(0.23) | $0.08 | N/A (swing from income to loss) | [Non-GAAP Financial Measures Reconciliation](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) Cipher Mining reported Adjusted Earnings of **$30,349 thousand** ($0.08 per diluted share) for Q2 2025, a significant improvement from an Adjusted Loss in Q2 2024, highlighting the impact of non-cash items on GAAP net loss Non-GAAP Financial Measures Reconciliation (Three Months Ended June 30, in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------- | | Net (loss) income (GAAP) | $(45,781) | $(15,291) | N/A (increased loss) | | Change in fair value of derivative asset | $15,480 | $(21,980) | N/A | | Share-based compensation expense | $10,493 | $13,337 | -21.3% | | Depreciation and amortization | $44,086 | $20,251 | +117.7% | | Adjusted earnings (loss) (Non-GAAP) | $30,349 | $(3,490) | N/A (swing from loss to earnings) | | Adjusted earnings (loss) per diluted share | $0.08 | $(0.01) | N/A (swing from loss to earnings) | Non-GAAP Financial Measures Reconciliation (Six Months Ended June 30, in thousands) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | YoY Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------- | | Net (loss) income (GAAP) | $(84,756) | $24,609 | N/A (swing from income to loss) | | Adjusted earnings (loss) (Non-GAAP) | $36,487 | $59,540 | -38.7% | | Adjusted earnings (loss) per diluted share | $0.10 | $0.19 | -47.4% |

Core Insights - Cipher Mining Inc. reported its unaudited production and operations update for July 2025, highlighting significant metrics in bitcoin mining and operational efficiency [1] Production Metrics - The company mined approximately 214 BTC in July 2025, with 52 BTC sold during the month, resulting in a total holding of around 1,219 BTC at month-end [2][4] - Cipher deployed 115,000 mining rigs, achieving a month-end operating hashrate of 20.4 EH/s and a fleet efficiency of 19.2 J/TH [2] Financial Performance - The estimated power sales for July were equivalent to approximately 6 BTC, based on the month-end bitcoin price of $115,637, along with an additional 21 BTC mined at joint venture data centers representing Cipher's ownership [2][6] Operational Developments - The Black Pearl Phase I project began contributing significantly to production, accounting for about 24% of the total bitcoin mined in July, with expectations for increased contributions in the coming months as the project scales [3][5] - A business update is scheduled for the earnings call on August 7, 2025, where further insights into the company's operations will be shared [3]

Market Overview - The cryptocurrency market is experiencing a strong rally, with Bitcoin (BTC) reaching an all-time high of 123,091.61 on July 14 and currently hovering around 118,000. Ethereum (ETH) has rebounded sharply, increasing over 57% in the past month [1][2]. Regulatory Developments - The signing of the GENIUS Act by President Donald Trump on July 18 aims to regulate the stablecoin market in the U.S. This act is significant as major retailers like Walmart and Amazon are considering launching their own stablecoins [4]. - Two key regulations pending are The CLARITY Act, which seeks to define the classification of cryptocurrencies, and The Anti-CBDC Surveillance State Act, which aims to prevent the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional authorization [5][6]. Investment Opportunities - Investing in crypto-centric stocks with favorable Zacks Rank is recommended for near-term gains. Notable stocks include Robinhood Markets Inc. (HOOD), Interactive Brokers Group Inc. (IBKR), IREN Ltd. (IREN), Visa Inc. (V), and Cipher Mining Inc. (CIFR) [3][10]. Company Insights Robinhood Markets Inc. (HOOD) - Robinhood operates a financial services platform allowing users to invest in various assets, including cryptocurrencies. The company is expected to see improved trading revenues due to higher retail participation and product diversification efforts [11][12]. - HOOD has an expected revenue growth rate of 26.8% and earnings growth rate of 20.2% for the current year, with a Zacks Rank of 1 (Strong Buy) [13]. Interactive Brokers Group Inc. (IBKR) - IBKR is a global automated electronic broker that facilitates cryptocurrency trading and has a Zacks Rank of 1. The company is expected to benefit from its proprietary software development and expansion of its product suite [14][15]. - Expected revenue and earnings growth rates for IBKR are 7.4% and 9.7%, respectively, for the current year [16]. IREN Ltd. (IREN) - IREN is a Bitcoin mining company focusing on renewable energy sources for its operations. It holds a Zacks Rank of 2 (Buy) and has an expected revenue growth rate of 86.1% and earnings growth rate of over 100% for the current year [17]. Visa Inc. (V) - Visa is modernizing its digital payment systems and expanding its stablecoin settlement capabilities, collaborating with merchant acquirers like Worldpay and Nuvei. The company has a Zacks Rank of 2 [18][19]. - Expected revenue and earnings growth rates for Visa are 10.3% and 13.1%, respectively, for the current year [20]. Cipher Mining Inc. (CIFR) - Cipher Mining is an industrial-scale Bitcoin mining company that also offers high-performance computing services. It has a Zacks Rank of 2 and an expected revenue growth rate of 72% for the current year, although earnings are projected to decline [21][22].

Group 1 - Cipher Mining Inc. is a rapidly growing bitcoin extraction company poised to significantly increase its income due to an increasing hash rate and more efficient equipment in the coming years [1] - The company operates in a sector that is experiencing growth, driven by advancements in technology and rising demand for bitcoin [1] Group 2 - The investment strategy of the analyst focuses on uncovering high-upside opportunities in overlooked sectors, particularly small-caps, energy, commodities, and special situations [1] - The analyst employs a combination of fundamental momentum indicators such as EPS, ROE, and revenue, along with price-volume confirmation and macro filters to identify potential investments [1] - Econometric tools like GARCH and Granger causality are utilized to understand risk and volatility, indicating a comprehensive approach to market analysis [1]

Company Overview - Aramark (ARMK) is part of the Business Services group, which consists of 258 companies and currently ranks 5 within the Zacks Sector Rank [2] - The Zacks Rank system focuses on earnings estimates and revisions to identify stocks with improving earnings outlooks, with Aramark holding a Zacks Rank of 2 (Buy) [3] Performance Metrics - Year-to-date, Aramark has gained approximately 18.3%, significantly outperforming the average gain of 2.2% for the Business Services group [4] - The consensus estimate for Aramark's full-year earnings has increased by 1% over the past 90 days, indicating improved analyst sentiment [3] Industry Comparison - Aramark belongs to the Business - Services industry, which includes 26 individual stocks and currently ranks 90 in the Zacks Industry Rank, with an average gain of 16.7% this year [5] - Another outperforming stock in the Business Services sector is Cipher Mining Inc. (CIFR), which has returned 44% year-to-date and also holds a Zacks Rank of 2 (Buy) [4][5]

Group 1: Cipher Mining Inc. (CIFR) - Cipher Mining Inc. shares increased by 11% to $6.94 in the last trading session, with a notable trading volume and a total gain of 77.1% over the past four weeks [1] - The company benefits from low-cost power, efficient mining rigs, and strategic data center development [1] - The consensus EPS estimate for the upcoming quarterly report is a loss of $0.12 per share, reflecting a year-over-year change of -140%, while revenues are expected to be $48.37 million, up 31.4% from the previous year [2] Group 2: Earnings Estimates and Stock Performance - The consensus EPS estimate for Cipher Mining has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [3] - The stock currently holds a Zacks Rank of 2 (Buy), suggesting positive sentiment among analysts [3] - In comparison, Cricut, Inc. from the same industry has a Zacks Rank of 3 (Hold) and is experiencing a decline in stock performance, with a -19.3% return over the past month [3][4]

Industry Overview - Cryptocurrencies are driven by blockchain technology, which provides a secure and decentralized database for transactions [2] - Recent positive developments include the repeal of an accounting rule by the SEC and the passing of the GENIUS Act, which provides a legal framework for stablecoins [3] - The liberal policies of the Trump administration, including an executive order to study cryptocurrency regulations, have positively impacted the industry [4] Cryptocurrency Performance - Bitcoin has seen significant price fluctuations, trading between $53,997.96 and $119,963.30 over the past year, with a recent decrease of 0.7% [5] - Other cryptocurrencies like Ethereum, Solana, Cardano, Dogecoin, and XRP have experienced notable increases in value, with gains of 15.9%, 18%, 14.7%, 27%, and 16.6% respectively over the past week [5] Company Highlights - Robinhood is benefiting from increased retail market participation, which is expected to drive trading revenues [7] - The company has launched various new products, including tokenized stocks in the EU and additional cryptocurrencies on its platform, expanding its offerings to 19 cryptocurrencies [8] Mining Companies - Cipher Mining is expanding its operations with a new 300-megawatt data center in Wink, TX, and plans for a 500-megawatt expansion by 2029 [10][11] - IREN Limited has achieved a 326% year-over-year growth in hashrate and reported a 24% increase in Bitcoin mining revenues to $141.2 million in the third quarter of fiscal 2025 [13][14] - IREN mined 1,514 Bitcoins in the third quarter, up from 1,347 in the previous quarter, and is also seeing growth in AI Cloud services revenues, which increased by 33% year over year [15][16]