Cipher Mining Inc
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
View on SEC.govAbout this filing
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.
Sep 30, 2024 · Filed Oct 31, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(62,145) | $(36,372) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 65,661 | 42,284 |
| Amortization of intangible assets | 470 | - |
| Amortization of operating right-of-use asset | 888 | 688 |
| Share-based compensation | 31,865 | 28,687 |
| Equity in losses (gains) of equity investees | (1,008) | 4,179 |
| Non-cash lease expense | 429 | 1,477 |
| Other | (1,235) | - |
| Deferred income taxes | 1,358 | (555) |
| Bitcoin received as payment for services | (109,443) | (83,161) |
| Change in fair value of derivative asset | 19,181 | (13,294) |
| Change in fair value of warrant liability | (250) | 49 |
| Gains on fair value of bitcoin | (22,336) | (3,276) |
| Changes in assets and liabilities: | ||
| Accounts receivable | 396 | (262) |
| Receivables, related party | 186 | (958) |
| Prepaid expenses and other current assets | 182 | 3,238 |
| Security deposits | 16,851 | 144 |
| Other non-current assets | (210) | - |
| Accounts payable | 565 | 2,366 |
| Accounts payable, related party | - | (1,529) |
| Accrued expenses and other current liabilities | 62 | 10,732 |
| Lease liabilities | - | (762) |
| Net cash used in operating activities | (58,533) | (46,325) |
| Cash flows from investing activities | ||
| Proceeds from sale of bitcoin | 79,786 | 78,729 |
| Deposits on equipment | (135,263) | (4,533) |
| Purchases of property and equipment | (92,373) | (32,980) |
| Purchases and development of software | (1,059) | - |
| Purchase of strategic contracts | (17,044) | - |
| Capital distributions from equity investees | - | 3,807 |
| Investment in equity investees | (29,194) | (3,545) |
| Prepayments on financing lease | - | (3,676) |
| Net cash (used in) provided by investing activities | (195,147) | 37,802 |
| Cash flows from financing activities | ||
| Proceeds from the issuance of common stock | 225,181 | 11,644 |
| Offering costs paid for the issuance of common stock | (3,487) | (298) |
| Repurchase of common shares to pay employee withholding taxes | (10,760) | (3,224) |
| Principal payments on financing lease | (3,625) | (8,184) |
| Net cash provided by (used in) financing activities | 207,309 | (62) |
| Net decrease in cash, cash equivalents, and restricted cash | (46,371) | (8,585) |
| Cash, cash equivalents, and restricted cash, beginning of the period | 86,105 | 11,927 |
| Cash and cash equivalents, and restricted cash, end of the period | $39,734 | $3,342 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED
(in thousands)
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Supplemental disclosure of noncash investing and financing activities | ||||
| Reclassification of deposits on equipment to property and equipment | $21,502 | $74,186 | ||
| Property and equipment purchases in accounts payable and accrued expenses | $17,422 | $ | - | |
| Bitcoin received from equity investees | $10,487 | $317 | ||
| Settlement of related party payable related to master services and supply agreement | $1,554 | $ | - | |
| Right-of-use asset obtained in exchange for finance lease liability | $4,375 | $14,212 | ||
| Sales tax accrual on machine purchases | $1,388 | $1,837 | ||
| Equity method investment acquired for non-cash consideration | $ | - | $1,926 | |
| Finance lease cost in accrued expenses | $ | - | $2,060 | |
The following table provides a reconciliation of Cash and cash equivalents together with Restricted cash as reported within the Condensed Consolidated Balance Sheets to the sum of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash and cash equivalents | $25,342 | $3,342 |
| Restricted cash | 14,392 | - |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $39,734 | $3,342 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.