Cipher Mining Inc
For the period ended Jun 30, 2024. Filed Aug 13, 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.
Jun 30, 2024 · Filed Aug 13, 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)
| Six months ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income (loss) | $24,609 | $(17,751) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation | 37,192 | 26,067 |
| Amortization of intangible assets | 303 | - |
| Amortization of operating right-of-use asset | 565 | 452 |
| Share-based compensation | 21,654 | 17,988 |
| Equity in (gains) losses of equity investees | (161) | 2,181 |
| Non-cash lease expense | 762 | 878 |
| Other operating activities | (1,839) | - |
| Income taxes | 5,371 | 637 |
| Bitcoin received as payment for services | (85,281) | (52,836) |
| Change in fair value of derivative asset | (29,339) | (8,550) |
| Change in fair value of warrant liability | (250) | 59 |
| Gains on fair value of bitcoin | (24,247) | (5,124) |
| Changes in assets and liabilities: | ||
| Accounts receivable | 336 | (282) |
| Receivables, related party | 69 | (512) |
| Prepaid expenses and other current assets | 71 | 4,994 |
| Security deposits | 1,609 | (12) |
| Other non-current assets | (203) | - |
| Accounts payable | (47) | (185) |
| Accounts payable, related party | - | (1,529) |
| Accrued expenses and other current liabilities | (2,745) | 6,323 |
| Lease liabilities | (417) | (594) |
| Net cash used in operating activities | (51,988) | (27,796) |
| Cash flows from investing activities | ||
| Proceeds from sale of bitcoin | 10,334 | 52,475 |
| Deposits on equipment | (35,748) | (2,932) |
| Purchases of property and equipment | (15,766) | (28,541) |
| Purchases and development of software | (698) | - |
| Prepayments on financing leases | - | (3,676) |
| Capital distributions from equity investees | - | 3,807 |
| Investment in equity investees | (20,435) | (3,095) |
| Net cash (used in) provided by investing activities | (62,313) | 18,038 |
| Cash flows from financing activities | ||
| Proceeds from the issuance of common stock | 163,276 | 2,821 |
| Offering costs paid for the issuance of common stock | (2,868) | (76) |
| Repurchase of common shares to pay employee withholding taxes | (7,237) | (1,114) |
| Principal payments on financing lease | (2,418) | (2,059) |
| Net cash provided by (used in) financing activities | 150,753 | (428) |
| Net increase (decrease) in cash and cash equivalents | 36,452 | (10,186) |
| Cash and cash equivalents, beginning of the period | 86,105 | 11,927 |
| Cash and cash equivalents, end of the period | $122,557 | $1,741 |
| Six months ended June 30, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Supplemental disclosure of noncash investing and financing activities | ||||
| Reclassification of deposits on equipment to property and equipment | $13,799 | $72,130 | ||
| Bitcoin received from equity investees | $5,907 | $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 | $3,414 | $14,212 | ||
| Equity method investment acquired for non-cash consideration | $ | - | $1,926 | |
| Sales tax accrual on machine purchases | $ | - | $1,837 | |
| Finance lease cost in accrued expenses | $ | - | $2,034 | |
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