Slide 1: Presentation for Business Update
Presentation for Business Update FEBRUARY 25, 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 December 31, 2024
Key Indicators as of December 31, 2024 REVENUES GAAP NET EARNINGS $24m $42m ($87m) $18m Q3 2024 Q4 2024 Q3 2024 Q4 2024 ADJUSTED EARNINGS SELF-MINING HASHRATE ($3m) $51m ~13.5 EH/s ~23.0 EH/s Q3 2024 Q4 2024 Q4 2024 Q3 2025(1) CURRENT SITE OPERATIONS SELF-MINING EFFICIENCY POWER PRICE ~327 MW ~18.9
Slide 4: A Data Center Developer with a Built-in Offtake
A DATA CENTER DEVELOPER WITH A BUILT-IN OFFTAKE • HPC – focus on large power interconnects available in next three years with large parcels of available land and favorable HPC conditions – Acquired 337 acres adjacent to Barber Lake Growth of AI/HPC – Signed MOU for additional 500 MW Barber Lake data
Slide 5: Steady Scaling – Pipeline Capacity
Steady Scaling – Pipeline Capacity ~153% Increase 3,000 ~2.6 GW 2,500 CAGR: ~100% 2,000 ~11% 1,500 ~183% Capacity, MW Increase 1,500 Increase ~1.0 GW ~927 MW 70 1,000 100 100 300 300 300 500 ~327 MW 300 300 300 120 120 120 120 207 207 207 207 0 Current 2025 2026 2027 Odessa Alborz, Bear, Chief (1) B
Slide 6: Current Portfolio
Current Portfolio
Slide 7: Overview
Overview 2024 Operations Update Steady Scaling ~23.0 EH/s ~$20,281 All-in Electricity Cost per BTC in 2024 Self-Mining Hashrate Odessa ~$19,454 all-in electricity cost per BTC in 2024(1) ~87% of January 2025 BTC production ~13.5 EH/s ~9.3 EH/s Cipher JV Data Centers Alborz, Bear & Chief ~$26,247 all
Slide 8: Odessa Operational Highlights
ODESSA Operational Highlights Odessa – 87% of BTC Production(1) ~11.3 EH/s 207 MW Current Operating Total Power Hashrate Capacity ~$20,298 ~17.6 J/TH All-in Electricity Odessa Cost per BTC Fleet Efficiency(3) January 2025(2) (1) Reflects approximate percentage of Cipher’s January 2025 BTC production
Slide 9: Cipher JV Data Centers Operational Highlights
CIPHER JV DATA CENTERS Operational Highlights Alborz, Bear & Chief – 13% of BTC Production(1) ~4.4 EH/s 120 MW Current Operating Total Power Hashrate(2) Capacity ~$34,542 ~25.7 J/TH All-in Electricity JV Sites Cost per BTC Fleet Efficiency(4) Q4-2024(3) (1) Reflects approximate percentage of Cipher’
Slide 10: Development Pipeline
Development Pipeline
Slide 11: 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 – Commenced point of interconnection construction, successfully manufactured the first substation transformer, and finalizing c
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Slide 13: Barber Lake
2025 GROWTH Barber Lake Barber Lake 300 MW 587 Acres Approved Total Power Capacity Acreage • Site is energized and ready for construction Barber Lake Site • Site features: Colorado City – 587 acres of owned land in West Texas – Newly constructed high-to-mid voltage substation – Approvals for 300 MW
Slide 14: Stingray
2026 GROWTH Stingray Stingray Stingray Site 100 MW 250 Acres Approved Total Power Capacity Acreage • Closed acquisition of new site in Andrews County, Texas Andrews Stingray Site • Site features: – 250 acres of owned land located in LZ_West – Approvals for 100 MW of interconnection / agreements nece
Slide 15: 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 293 Acres Total
Slide 16: Financial Update
Financial Update
Slide 17: Q4 2024 Quarter Over Quarter Financial Highlights
Q4 2024 REVENUES Quarter Over Quarter Financial Highlights $24m $42m Q3 2024 Q4 2024 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE ($87m) $18m ($0.26) $0.05 Q3 2024 Q4 2024 Q3 2024 Q4 2024 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE ($3m) $51m ($0.01) $0.14 Q3 2024 Q4 2024 Q3 2024 Q4 2024 Note: Va
Slide 18: Q4 2024 Fiscal Year Over Fiscal Year Financial Highlights
Q4 2024 REVENUES Fiscal Year Over Fiscal Year Financial Highlights $127m $151m FY 2023 FY 2024 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE ($26m) ($45m) ($0.10) ($0.14) FY 2023 FY 2024 FY 2023 FY 2024 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $46m $107m $0.17 $0.33 FY 2023 FY 2024 FY 2023 FY 2
Slide 19: Results of Operations QoQ and YoY Comparison
Results of Operations QoQ and YoY Comparison Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 2024 2023 Revenue - bitcoin mining $ 42,222 $ 24,102 $ 151,270 $ 126,842 Costs and operating (expenses) income Cost of revenue (18,200) (15,063) (62,364) (50,309) Compensation
Slide 20: Non-GAAP Adjusted Earnings QoQ and YoY Comparison
Non-GAAP Adjusted Earnings QoQ and YoY Comparison Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 2024 2023 Reconciliation of Adjusted Earnings: Net loss $ 17,511 $ (86,754) $ (44,635) $ (25,777) Change in fair value of derivative asset (11,260) 48,520 7,921 (26,836)
Slide 21: Consolidated Balance Sheets
December 31, 2024 December 31, 2023 Consolidated ASSETS Current assets Cash and cash equivalents $ 5,585 $ 86,105 Balance Sheets Accounts receivable 596 622 Receivables, related party 2,090 245 Prepaid expenses and other current assets 3,387 3,670 Bitcoin 92,651 32,978 Receivable for bitcoin collate
Slide 22: Appendix
Appendix
Slide 23: Statements of Changes in Stockholders’ Equity (Deficit)
Statements of Changes in Stockholders’ Equity (Deficit) Year Ended December 31, 2024 Common Stock Additional Treasury Stock Total Shares Amount Paid-in Capital Accumulated Deficit Shares Amount Stockholders’ Equity Balance as of December 31, 2023 296,276,536 $ 296 $ 627,822 $ (136,777) (5,318,674) $
Slide 24: Consolidated Statement of Cash Flows
Year Ended December 31, 2024 2023 Consolidated Cash flows from operating activities Net loss $ (44,635) $ (25,777) Adjustments to reconcile net loss to net cash used in operating activities: Statement of Depreciation Amortization of intangible assets 101,798 650 58,972 121 Cash Flows Amortization of
Slide 25: Consolidated Statement of Cash Flows Cont.
Year Ended December 31, 2024 2023 Consolidated Cash flows from investing activities Proceeds from sale of bitcoin 148,870 111,188 Deposits on equipment (162,958) (33,906) Statement of Purchases of property and equipment Purchases and development of software (139,495) (1,423) (20,480) (634) Cash Flow
Slide 26: Consolidated Statement of Cash Flows Cont.
Year Ended December 31, 2024 2023 Consolidated Supplemental disclosure of noncash investing and financing activities Reclassification of deposits on equipment to property and equipment $ 154,898 $ 74,186 $ 42,192 $ - Statement of Property and equipment purchases in accounts payable and accrued expen