$CIFR

Cipher Digital Inc.

CIK:0001819989|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue - bitcoin mining	$ 24,837	$ 43,565	$ 59,675	$ 92,524
Costs and operating (expenses) income
Cost of revenue	(15,046)	(15,330)	(32,751)	(30,224)
Compensation and benefits	(42,359)	(15,659)	(77,362)	(29,962)
General and administrative	(16,479)	(9,078)	(28,220)	(18,029)
Depreciation and amortization	(19,365)	(44,086)	(38,379)	(87,553)
Change in fair value of power purchase agreement	(5,900)	(15,480)	(34,130)	(8,150)
Power sales	2,295	1,376	4,433	2,367
Equity in losses of equity investees	0	(1,701)	(1,601)	(6,993)
Unrealized gains (losses) on fair value of bitcoin	16,901	17,143	20,661	(3,035)
Realized (losses) gains on sale of bitcoin	(23,509)	(3,639)	(47,732)	8,557
Other operating income (losses)	89	(2,354)	(17,699)	(2,833)
Total costs and operating expenses	(103,373)	(88,808)	(252,780)	(175,855)
Operating loss	(78,536)	(45,243)	(193,105)	(83,331)
Other income (expense)
Interest income	35,861	296	67,451	486
Interest expense	(66,736)	(1,137)	(125,894)	(1,914)
Change in fair value of warrant liability	(150,510)	0	(106,900)	0
Other (expenses) income	(7,241)	1,220	(22,623)	1,064
Total other (expense) income	(188,626)	379	(187,966)	(364)
Loss before taxes	(267,162)	(44,864)	(381,071)	(83,695)
Current income tax expense	(367)	(1,145)	(774)	(1,924)
Deferred income tax benefit	0	228	0	863
Total income tax expense	(367)	(917)	(774)	(1,061)
Net loss	(267,529)	(45,781)	(381,845)	(84,756)
Less: Net loss attributable to redeemable noncontrolling interest	0	0	0	0
Net loss available for common stockholders	$ (267,529)	$ (45,781)	$ (381,845)	$ (84,756)
Loss per share - basic (in dollars per share)	$ (0.65)	$ (0.12)	$ (0.94)	$ (0.23)
Loss per share - diluted (in dollars per share)	$ (0.65)	$ (0.12)	$ (0.94)	$ (0.23)
Weighted average shares outstanding - basic (in shares)	409,382,093	375,052,248	407,258,999	367,823,593
Weighted average shares outstanding - diluted (in shares)	409,382,093	375,052,248	407,258,999	367,823,593

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (381,845)	$ (84,756)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	38,379	87,554
Amortization of operating right-of-use asset	1,418	1,335
Share-based compensation	57,574	19,625
Equity in losses of equity investees	1,601	6,993
Write-down of assets held for sale	7,437	0
Loss on disposal of assets	10,408	633
Amortization of debt discount and issuance costs	125,894	0
Income taxes	774	1,061
Non-cash consideration received for services	(59,675)	(92,524)
Change in fair value of power purchase agreement	34,130	8,150
Change in fair value of warrant liability	106,900	0
Change in fair value of investments at fair value	24,325	0
Change in fair value of bitcoin collateral	0	(5,731)
Change in fair value of bitcoin loan	0	782
Change in unrealized (gains) losses on fair value of bitcoin	(20,661)	3,035
Realized losses (gains) on sale of bitcoin	47,732	(8,557)
Increase in operating assets	509	11,893
Decrease in operating liabilities	(146,907)	(52,948)
Net cash used in operating activities	(152,007)	(103,455)
Cash flows from investing activities
Proceeds from sale of bitcoin	123,428	121,352
Proceeds from disposal of assets	52,798	0
Purchases of property and equipment	(964,261)	(218,245)
Purchases and development of software	0	(735)
Distributions paid to non-controlling interest	(4,640)	0
Investment in equity investees	(4,374)	(12,842)
Net cash used in investing activities	(797,049)	(110,470)
Cash flows from financing activities
Proceeds from notes, net of issuance costs	2,766,437	167,113
Proceeds from the issuance of common stock, net of offering costs	129,193	85,665
Proceeds from treasury stock reissued for PIPE investment	0	50,000
Repurchase of common shares to pay employee withholding taxes	(49,000)	(4,317)
Principal payments on loan	0	(25,000)
Principal payments on financing lease	(2,418)	(2,417)
Net cash provided by financing activities	2,844,212	271,044
Net increase in cash, cash equivalents, and restricted cash	1,895,156	57,119
Cash, cash equivalents, and restricted cash, beginning of the period	2,664,631	19,977
Cash and cash equivalents, and restricted cash, end of the period	4,559,787	77,096
Supplemental information
Cash paid for interest	63,933	0
Supplemental disclosure of non-cash investing and financing activities
Property and equipment purchases in accounts payable and accrued expenses	542,730	3,676
Investments acquired at fair value for sale of equity in investees interests	29,400	0
Right-of-use asset obtained in exchange for operating lease liability	29,021	491
Miners reclassified from held for sale to in service	25,816	0
Interest capitalized on construction in progress	23,203	0
Derecognition of asset retirement obligation and asset retirement cost	11,433	0
Investments acquired at fair value for sale of miners	10,355	0
Sales tax accrual on machines placed in service	3,503	2,132
Bitcoin received from equity investees	2,772	13,857
Land asset adjustment on derecognition of lease liability and right-of-use asset	1,618	0
Reclassification of deposits on equipment to property and equipment	0	7,480
Bitcoin purchase option	0	8,820
Initial estimate of asset retirement obligation and related capitalized costs	0	10,743
Bitcoin received as a loan	0	16,551
Bitcoin transferred for rehypothecated collateral	0	31,720
Bitcoin loan payments	0	26,987
Treasury stock reissued for PIPE investment	$ 0	$ 10

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 831,829	$ 628,263
Restricted cash, current	3,188,452	1,761,292
Prepaid expenses and other current assets	34,477	7,977
Bitcoin	37,802	125,400
Miners held for sale	0	94,879
Derivative asset, current	19,436	34,090
Total current assets	4,132,080	2,652,859
Restricted cash, noncurrent	539,506	275,076
Property and equipment, net	2,132,585	633,417
Intangible assets, net	76,929	77,388
Investment in equity investees	0	29,400
Derivative asset, non-current	3,244	22,720
Operating lease right-of-use asset	36,212	11,321
Security deposits	27,489	27,732
Other noncurrent assets	553,409	561,995
Total assets	7,501,454	4,291,908
Current liabilities
Accounts payable	289,091	40,064
Accrued expenses and other current liabilities	356,746	90,086
Finance lease liability, current portion	4,475	4,237
Operating lease liability, current portion	2,242	1,731
Warrant liability	632,060	525,160
Short-term borrowings	94,484	37,793
Total current liabilities	1,379,098	699,071
Deferred revenue	25,512	0
Long-term borrowings, net	5,446,866	2,711,648
Asset retirement obligations	23,509	33,696
Finance lease liability	795	3,094
Operating lease liability	37,938	8,545
Total liabilities	6,913,718	3,456,054
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest	25,679	30,319
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2026, and December 31, 2025	0	0
Common stock, $0.001 par value, 1,000,000,000 and 1,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively, 423,575,369 and 412,074,529 shares issued as of June 30, 2026 and December 31, 2025, respectively, and 414,253,564 and 404,963,061 shares outstanding as of June 30, 2026, and December 31, 2025, respectively	424	412
Additional paid-in capital	1,947,143	1,808,786
Accumulated deficit	(1,385,501)	(1,003,656)
Treasury stock, at par, 9,321,805 and 7,111,468 shares at June 30, 2026 and December 31, 2025, respectively	(9)	(7)
Total stockholders’ equity	562,057	805,535
Total liabilities, redeemable noncontrolling interest, and stockholders’ equity	7,501,454	4,291,908
Nonrelated Party
Current assets
Accounts receivable	20,084	687
Related Party
Current assets
Accounts receivable	$ 0	$ 271