Cipher Mining Inc
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(44,635) | $(25,777) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 101,798 | 58,972 |
| Amortization of intangible assets | 650 | 121 |
| Amortization of operating right-of-use asset | 1,249 | 822 |
| Share-based compensation | 42,132 | 38,470 |
| Equity in losses (gains) of equity investees | 384 | 2,530 |
| Loss on disposal of assets | 290 | - |
| Non-cash lease expense | 919 | 1,940 |
| Deferred income taxes | (937) | 3,366 |
| Bitcoin received as payment for services | (151,296) | (126,319) |
| Change in fair value of derivative asset | 7,921 | (26,836) |
| Change in fair value of warrant liability | (250) | 243 |
| Change in fair value of bitcoin collateral | (546) | - |
| Change in fair value of bitcoin loan | (669) | - |
| Unrealized gains on fair value of bitcoin | (11,313) | (3,299) |
| Realized gains on sale of bitcoin | (51,548) | (7,739) |
| Changes in assets and liabilities: | ||
| Accounts receivable | 26 | (524) |
| Receivables, related party | (1,845) | (1,203) |
| Prepaid expenses and other current assets | 283 | 3,531 |
| Security deposits | 12,370 | (6,125) |
| Other non-current assets | (3,958) | - |
| Accounts payable | 7,997 | (9,306) |
| Accounts payable, related party | - | (1,529) |
| Accrued expenses and other current liabilities | 3,467 | 5,311 |
| Lease liabilities | - | (890) |
| Net cash used in operating activities | (87,511) | (94,241) |
| Cash flows from investing activities | ||
| Proceeds from sale of bitcoin | 148,870 | 111,188 |
| Deposits on equipment | (162,958) | (33,906) |
| Purchases of property and equipment | (139,495) | (20,480) |
| Purchases and development of software | (1,423) | (634) |
| Capital distributions from equity investees | - | 3,808 |
| Investment in equity investees | (37,123) | (3,545) |
| Prepayments on financing lease | - | (3,676) |
| Net cash (used in) provided by investing activities | (192,129) | 52,755 |
| Cash flows from financing activities | ||
| Proceeds from the issuance of common stock | 225,181 | 135,848 |
| Offering costs paid for the issuance of common stock | (3,487) | (3,404) |
| Repurchase of common shares to pay employee withholding taxes | (27,641) | (3,902) |
| Proceeds from loans | 25,000 | - |
| Principal payments on financing lease | (5,541) | (12,878) |
| Net cash provided by financing activities | 213,512 | 115,664 |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (66,128) | 74,178 |
| 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 | $19,977 | $86,105 |
The accompanying notes are an integral part of these consolidated financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED
(in thousands)
| Year Ended December 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Supplemental disclosure of noncash investing and financing activities | ||||
| Reclassification of deposits on equipment to property and equipment | $154,898 | $74,186 | ||
| Property and equipment purchases in accounts payable and accrued expenses | $42,192 | $ | - | |
| Bitcoin transferred for rehypothecated collateral | $31,702 | $ | - | |
| Bitcoin received from equity investees | $18,089 | $317 | ||
| Bitcoin received as a loan | $9,976 | $ | - | |
| Bitcoin paid for interest on loan | $1,977 | $ | - | |
| Sales tax accrual on machine purchases | $2,219 | $1,209 | ||
| Right-of-use asset obtained in exchange for operating lease liability | $6,733 | $2,812 | ||
| 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 | $ | - | $14,212 | |
| Issuance of common stock in exchange for intangible assets | $ | - | $7,000 | |
The following table provides a reconciliation of Cash and cash equivalents together with Restricted cash as reported within the Consolidated Balance Sheets to the sum of the same such amounts shown in the Consolidated Statements of Cash Flows.
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash and cash equivalents | $5,585 | $86,105 |
| Restricted cash | 14,392 | - |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $19,977 | $86,105 |
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