Cipher Digital Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(822,244) | (44,635) | (25,777) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 198,973 | 102,448 | 59,093 |
| Amortization of operating right-of-use asset | 1,646 | 1,249 | 822 |
| Share-based compensation | 52,787 | 42,132 | 38,470 |
| Equity in losses of equity investees | 20,822 | 384 | 2,530 |
| Write-down of assets held for sale | 96,056 | - | - |
| Loss on disposal of assets | 31,427 | 290 | - |
| Impairment of property and equipment | 45,317 | - | - |
| Amortization of debt discount and issuance costs | 17,932 | - | - |
| Non-cash lease expense | 1,036 | 919 | 1,940 |
| Deferred income taxes | (4,269) | (937) | 3,366 |
| Non-cash consideration received for services | (223,851) | (151,296) | (126,319) |
| Change in fair value of derivative assets | (16,201) | 7,921 | (26,836) |
| Change in fair value of warrant liability | (19,290) | (250) | 243 |
| Change in fair value of embedded derivative | 450,440 | - | - |
| Change in fair value of bitcoin collateral | (5,731) | (546) | - |
| Change in fair value of bitcoin loan | 781 | (669) | - |
| Unrealized gains on fair value of bitcoin | 41,603 | (11,313) | (3,299) |
| Realized gains on sale of bitcoin | (7,126) | (51,548) | (7,739) |
| Changes in operating assets and liabilities | (68,046) | 18,340 | (10,735) |
| Net cash used in operating activities | (207,938) | (87,511) | (94,241) |
| Cash flows from investing activities | |||
| Proceeds from sale of bitcoin | 214,737 | 148,870 | 111,188 |
| Purchases of bitcoin | (2,430) | - | - |
| Deposits on equipment | (4,874) | (162,958) | (33,906) |
| Purchases of property and equipment | (487,921) | (139,495) | (20,480) |
| Purchases and development of software | (1,442) | (1,423) | (634) |
| Purchases of strategic contracts | (32,554) | - | - |
| Investment in equity investees | (22,127) | (37,123) | (3,545) |
| Capital distributions from equity investees | - | - | 3,808 |
| Prepayments on financing lease | - | - | (3,676) |
| Net cash (used in) provided by investing activities | (336,611) | (192,129) | 52,755 |
| Cash flows from financing activities | |||
| Proceeds from notes, net of issuance costs | 3,145,829 | - | - |
| Proceeds from the issuance of common stock, net of offering costs | 195,473 | 221,694 | 132,444 |
| Proceeds from treasury stock reissued for PIPE investment | 50,000 | - | - |
| Purchase of capped call options | (82,680) | - | - |
| Repurchase of common shares to pay employee withholding taxes | (89,585) | (27,641) | (3,902) |
| Proceeds from loan | - | 25,000 | - |
| Principal payments on loan | (25,000) | - | - |
| Principal payments on financing lease | (4,834) | (5,541) | (12,878) |
| Net cash provided by financing activities | 3,189,203 | 213,512 | 115,664 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 2,644,654 | (66,128) | 74,178 |
| Cash, cash equivalents, and restricted cash, beginning of the period | $19,977 | 86,105 | 11,927 |
| Cash and cash equivalents, and restricted cash, end of the period | $2,664,631 | $19,977 | $86,105 |
The accompanying notes are an integral part of these consolidated financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS - CONTINUED
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | ||||||
| Supplemental information | ||||||
| Cash paid for interest | $1,451 | $ | - | $ | - | |
| Supplemental disclosure of non-cash investing and financing activities | ||||||
| Reclassification of embedded derivative liability to equity | $737,019 | $ | - | $ | - | |
| Issuance of warrant liability | $544,450 | $ | - | $ | - | |
| Property and equipment purchases in accounts payable and accrued expenses | $67,241 | $42,192 | $ | - | ||
| Bitcoin transferred for rehypothecated collateral | $31,720 | $31,702 | $ | - | ||
| Reclassification of deposits on equipment to property and equipment | $31,453 | $154,898 | $74,186 | |||
| Recognition of redeemable noncontrolling interest upon consolidation | $30,319 | $ | - | $ | - | |
| Bitcoin loan payments | $26,847 | $ | - | $ | - | |
| Bitcoin received from equity investees | $25,813 | $18,089 | $317 | |||
| Bitcoin received as a loan | $16,551 | $9,976 | $ | - | ||
| Non-cash consideration transferred in acquisition of intangible asset | $14,650 | $ | - | $ | - | |
| Initial estimate of asset retirement obligation and related capitalized costs | $10,743 | $ | - | $ | - | |
| Sales tax accrual on machines placed in service | $4,496 | $2,219 | $1,209 | |||
| Right-of-use asset obtained in exchange for operating lease liability | $491 | $6,733 | $2,812 | |||
| Bitcoin paid for interest on loan | $140 | $1,977 | $ | - | ||
| Treasury stock reissued for PIPE investment | $10 | $ | - | $ | - | |
| 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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $628,263 | $5,585 | $74,178 |
| Restricted cash, current | 1,761,292 | - | - |
| Restricted cash, noncurrent | 275,076 | 14,392 | 11,927 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $2,664,631 | $19,977 | $86,105 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.