Cipher Digital Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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, 2026 · Filed May 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net loss | $(114,316) | (38,975) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 19,014 | 43,467 |
| Amortization of operating right-of-use asset | 592 | 369 |
| Share-based compensation | 27,048 | 9,132 |
| Equity in losses of equity investees | 1,601 | 5,292 |
| Write-down of assets held for sale | 7,437 | - |
| Loss on disposal of assets | 10,434 | 633 |
| Amortization of debt discount and issuance costs | 59,158 | - |
| Income taxes | 407 | 144 |
| Non-cash consideration received for services | (34,838) | (48,797) |
| Change in fair value of power purchase agreement | 28,230 | (7,330) |
| Change in fair value of warrant liability | (43,610) | - |
| Change in fair value of investments at fair value | 16,529 | - |
| Change in fair value of bitcoin collateral | - | 2,755 |
| Change in fair value of bitcoin loan | - | (1,046) |
| Change in unrealized (gains) losses on fair value of bitcoin | (3,760) | 20,178 |
| Realized losses (gains) on sale of bitcoin | 24,223 | (12,196) |
| Changes in operating assets and liabilities | ||
| Decrease in operating assets | 10,070 | 1,316 |
| Increase / (decrease) in operating liabilities | 83,312 | (22,180) |
| Net cash provided by (used in) operating activities | 91,531 | (47,238) |
| Cash flows from investing activities | ||
| Proceeds from sale of bitcoin | 66,771 | 90,005 |
| Proceeds from disposal of assets | 22,031 | - |
| Purchases of property and equipment | (553,990) | (99,675) |
| Purchases and development of software | - | (352) |
| Distributions paid to non-controlling interest | (4,640) | - |
| Investment in equity investees | (4,374) | (7,276) |
| Net cash used in investing activities | (474,202) | (17,298) |
| Cash flows from financing activities | ||
| Proceeds from notes, net of issuance costs | 1,969,780 | - |
| Proceeds from the issuance of common stock, net of offering costs | - | 34,179 |
| Proceeds from treasury stock reissued for PIPE investment | - | 50,000 |
| Repurchase of common shares to pay employee withholding taxes | (3,781) | (1,144) |
| Principal payments on financing lease | (1,621) | (911) |
| Net cash provided by financing activities | 1,964,378 | 82,124 |
| Net increase in cash, cash equivalents, and restricted cash | 1,581,707 | 17,588 |
| 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 | $4,246,338 | $37,565 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED
(in thousands)
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2026 · 2025 | ||||
| Supplemental information | ||||
| Cash paid for interest | $ | - | $ | - |
| Supplemental disclosure of non-cash investing and financing activities | ||||
| Property and equipment purchases in accounts payable and accrued expenses | $124,945 | $26,374 | ||
| Investments acquired at fair value for sale of equity in investees interests | $29,400 | $ | - | |
| Miners reclassified from held for sale to in service | $25,816 | $ | - | |
| Investments acquired at fair value for sale of miners | $10,355 | $ | - | |
| Interest capitalized on construction in progress | $6,753 | $ | - | |
| Bitcoin received from equity investees | $2,772 | $7,394 | ||
| Sales tax accrual on machines placed in service | $2,221 | $ | - | |
| Land asset adjustment on de-recognition of lease liability and right-of-use asset | $1,618 | $ | - | |
| Bitcoin transferred for rehypothecated collateral | $ | - | $3,005 | |
| Bitcoin loan payments | $ | - | $14,830 | |
| Bitcoin received as a loan | $ | - | $16,551 | |
| Treasury stock reissued for PIPE investment | $ | - | $10 | |
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.
| March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash and cash equivalents | $715,203 | $23,173 |
| Restricted cash, current | 3,011,874 | - |
| Restricted cash, noncurrent | 519,261 | 14,392 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $4,246,338 | $37,565 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.