Slide 1: Presentation for Business Update
Presentation for Business Update MAY 6, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained i
Slide 3: Key Indicators as of March 31, 2025
Key Indicators as of March 31, 2025 CIPHER TOTAL BITCOIN MINED REVENUES 585 BTC 602 BTC $42m $49m Q4 2024 Q1 2025 Q4 2024 Q1 2025 SELF-MINING EFFICIENCY POWER PRICE COST PER BITCOIN 18.9 J/TH 2.7 c/kwh $23,379 Operating Fleet Efficiency Weighted Average Power Price(1) Q1 All-In Electricity Cost per
Slide 4: First Quarter Growth Update
First Quarter Growth Update Steady Progress Amid Market Uncertainty Steady Scaling ~23.1 EH/s Self-Mining Hashrate • Bitcoin Mining – Black Pearl Phase I o Nearing completion of substation and buildings ~16.0 EH/s o On track for early deployment of ~2.5 EH/s in 2Q 2025 – Expanding with focus on low-
Slide 5: Active Treasury Management
Active Treasury Management LIQUIDITY STRATEGY OUTPERFORMANCE Q1 METRICS +16% +2% 9.6% $90m vs Hold Bitcoin vs Daily Liquidation Avg. % Hedged(1) Liquidity Unlocked WEIGHTED AVERAGE SPOT PRICE (Q1 2025) $95,991 $82,500 $93,703 Cipher Strategy(2) Hold Bitcoin(3) Daily Liquidation(4) PERFORMANCE ENHANC
Slide 6: Current Portfolio
Current Portfolio
Slide 7: Operational Highlights: Odessa
ODESSA Operational Highlights Odessa – 86% of BTC Production(1) ~11.3 EH/s 207 MW Current Operating Total Power Hashrate Capacity ~$20,899 ~17.6 J/TH All-in Electricity Odessa Cost per BTC Fleet Efficiency(3) Q1-2025(2) (1) Reflects approximate percentage of Cipher’s April 2025 BTC production (2) Re
Slide 8: Operational Highlights: Cipher JV Data Centers
CIPHER JV DATA CENTERS Operational Highlights Alborz, Bear & Chief – 14% of BTC Production(1) ~4.4 EH/s 120 MW Current Operating Total Power Hashrate(2) Capacity ~$39,988 ~25.7 J/TH All-in Electricity JV Sites Cost per BTC Fleet Efficiency(4) Q1-2025(3) (1) Reflects approximate percentage of Cipher’
Slide 9: Development Pipeline
Development Pipeline
Slide 10: Black Pearl
2025 GROWTH Black Pearl Black Pearl 300 MW 70 Acres Total Power Total Capacity Acreage • Energization expected in 2Q 2025 • Data center construction progressing on schedule – Received all four substation transformers – Substantially completed the core and shell and ready to receive rigs for first 50
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Slide 12: Barber Lake
2025 GROWTH Barber Lake Barber Lake 300 MW 587 Acres Approved Total Power Capacity Acreage • Signed Fortress as JV financing partner Barber Lake Site • Site is energized and ready for construction Colorado City • Site features: – Newly constructed high-to-mid voltage substation – Approvals for 300 M
Slide 13: Stingray
2026 GROWTH Stingray Stingray Stingray Site 100 MW 250 Acres Approved Total Power Capacity Acreage • Energization expected in 3Q 2026 Andrews Stingray Site • Site features: – 250 acres of owned land in West Texas – Approvals for 100 MW of interconnection / agreements necessary to participate in the
Slide 14: Reveille, Mikeska, Milsing, McLennan
2027 GROWTH Reveille, Mikeska, Milsing, McLennan Reveille 70 MW 55 Acres Total Power Capacity Total Acreage Mikeska 500 MW 100 Acres Mikeska Total Power Capacity(1) Total Acreage McLennan Milsing Milsing 500 MW 187 Acres Total Power Capacity(1) Total Acreage McLennan Reveille 500 MW 319 Acres Total
Slide 15: Financial Update
Financial Update
Slide 16: Q1 2025 Quarter Over Quarter Financial Highlights
Q1 2025 REVENUES Quarter Over Quarter Financial Highlights $42m $49m Q4 2024 Q1 2025 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE $18m ($39m) $0.05 ($0.11) Q4 2024 Q1 2025 Q4 2024 Q1 2025 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $51m $6m $0.14 $0.02 Q4 2024 Q1 2025 Q4 2024 Q1 2025 Note: Values
Slide 17: Q1 2025 Year Over Year Financial Highlights
Q1 2025 REVENUES Year Over Year Financial Highlights $48m $49m Q1 2024 Q1 2025 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE $40m ($39m) $0.13 ($0.11) Q1 2024 Q1 2025 Q1 2024 Q1 2025 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $63m $6m $0.21 $0.02 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Note: Values repre
Slide 18: Results of Operations QoQ and YoY Comparison
Results of Operations QoQ and YoY Comparison Three Months Ended Three Months Ended March 31, March 31, 2025 December 31, 2024 2025 2024 Revenue - bitcoin mining $ 48,959 $ 42,222 $ 48,959 $ 48,137 Costs and operating (expenses) income Cost of revenue (14,894) (18,200) (14,894) (14,820) Compensation
Slide 19: Non-GAAP Adjusted Earnings QoQ and YoY Comparison
Non-GAAP Adjusted Earnings QoQ and YoY Comparison Three Months Ended Three Months Ended March 31, March 31, 2025 December 31, 2024 2025 2024 Reconciliation of Adjusted Earnings: Net (loss) income $ (38,975) $ 17,511 $ (38,975) $ 39,900 Change in fair value of derivative asset (7,330) (11,260) (7,330
Slide 20: Consolidated Balance Sheets
March 31, 2025 December 31, 2024 Consolidated ASSETS Current assets Cash and cash equivalents $ 23,173 $ 5,585 Balance Sheets Accounts receivable 758 596 Receivables, related party 300 2,090 Prepaid expenses and other current assets 2,970 3,387 Bitcoin 52,024 92,651 Receivable for bitcoin collateral