Cipher Mining Inc
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
CIFR$6.53-4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three months ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income (loss) | $39,900 | $(4,553) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation | 17,097 | 11,655 |
| Amortization of intangible assets | 147 | - |
| Amortization of operating right-of-use asset | 254 | 222 |
| Share-based compensation | 8,317 | 8,810 |
| Equity in (gains) losses of equity investees | (738) | 750 |
| Non-cash lease expense | 392 | 401 |
| Other operating activities | 1,958 | - |
| Income taxes | 5,564 | 53 |
| Bitcoin received as payment for services | (48,079) | (21,717) |
| Change in fair value of derivative asset | (7,359) | (5,328) |
| Change in fair value of warrant liability | (250) | 37 |
| Gains on fair value of bitcoin | (40,556) | (4,264) |
| Changes in assets and liabilities: | ||
| Accounts receivable | (58) | (183) |
| Receivables, related party | (185) | (189) |
| Prepaid expenses and other current assets | 760 | 2,975 |
| Security deposits | - | (12) |
| Accounts payable | 2,540 | 2,913 |
| Accounts payable, related party | - | (1,529) |
| Accrued expenses and other current liabilities | (6,123) | 65 |
| Lease liabilities | (217) | (248) |
| Net cash used in operating activities | (26,636) | (10,142) |
| Cash flows from investing activities | ||
| Proceeds from sale of bitcoin | - | 20,958 |
| Deposits on equipment | (4,536) | (1,106) |
| Purchases of property and equipment | (7,902) | (17,947) |
| Purchases and development of software | (200) | - |
| Capital distributions from equity investees | - | 3,807 |
| Investment in equity investees | (18,319) | (3,094) |
| Net cash (used in) provided by investing activities | (30,957) | 2,618 |
| Cash flows from financing activities | ||
| Proceeds from the issuance of common stock | 66,171 | - |
| Offering costs paid for the issuance of common stock | (1,623) | - |
| Repurchase of common shares to pay employee withholding taxes | (3,177) | (481) |
| Principal payments on financing lease | (1,208) | - |
| Net cash provided by (used in) financing activities | 60,163 | (481) |
| Net increase (decrease) in cash and cash equivalents | 2,570 | (8,005) |
| Cash and cash equivalents, beginning of the period | 86,105 | 11,927 |
| Cash and cash equivalents, end of the period | $88,675 | $3,922 |
| Three months ended March 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Supplemental disclosure of noncash investing and financing activities | ||||
| Reclassification of deposits on equipment to property and equipment | $5,161 | $71,533 | ||
| Bitcoin received from equity investees | $1,694 | $317 | ||
| Settlement of related party payable related to master services and supply agreement | $1,554 | $ | - | |
| Equity method investment acquired for non-cash consideration | $ | - | $1,925 | |
| Property and equipment purchases in accounts payable, accounts payable, related party and accrued expenses | $ | - | $5,940 | |
| Deposits on equipment in accounts payable, accounts payable, related party and accrued expenses | $ | - | $691 | |
| Finance lease cost in accrued expenses | $ | - | $1,017 | |
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