Slide 1: Presentation for Business Update
Presentation for Business Update NOVEMBER 3, 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: Amazon Web Services Transaction Overview
Amazon Web Services Transaction Overview Executed 15-Year Data Center Campus Lease with Amazon Web Services to Support AI Workloads 300 MW ~$5.5Bn 15 Years Aug. 2026 Gross Capacity Estimated Base Lease Lease Start Contract Value Term Date • 15-year lease agreement with Amazon Web Services will provi
Slide 4: New Site: Colchis
New Site: Colchis Secured 1 GW Site Expected to Energize in 2028 Barber Lake 1 GW 620 Acres Fully Executed Total Acreage DCA with AEP(1) Under Option Colchis • Cipher expects to own ~95% of joint venture equity assuming standard HPC lease and development assumptions • 1 GW of capacity supported by a
Slide 5: Third Quarter Growth Update
Third Quarter Growth Update Transformational Transactions Unlock HPC Opportunity Total Pro-Forma MW Mix Operating & Contracted Gross Capacity • HPC – Signed 15-year data center campus lease with Amazon BTC Mining Web Services to support AI workloads ~33% – Signed 10-year lease with Fluidstack includ
Slide 6: Energy Portfolio Overview
Energy Portfolio Overview Operating Capacity Contracted AI Hosting Capacity Pipeline Capacity Timeline (1) Odessa Alborz, Bear, Chief Black Pearl Fluidstack/Google Amazon Web Services 2,500 MW 544 MW ~477 MW ~423 MW 150 MW 300 MW 96 MW 120 MW 120 MW 500 MW 244 MW 207 MW 207 MW 56 MW 100 MW 70 MW 0 M
Slide 7: Current Portfolio
Current Portfolio
Slide 8: Barber Lake
Barber Lake Barber Lake Site Signed 10-Year Lease with Fluidstack and Google 300 MW 587 Acres Highway I-20 Approved Total Power Capacity Acreage • Signed 10-year lease with Fluidstack including $1.4Bn backstop from Google – 244 MW gross (168 IT MW) – ~$3.0Bn of minimum contracted revenue • Construct
Slide 9: Bitcoin Mining Portfolio Snapshot
40 MW Bitcoin Mining Portfolio Snapshot Alborz Odessa - 56% of BTC Production(1) 207 MW ~11.3 EH/s Total Operating Power Capacity Total Operating Hashrate 40 MW ~17.6 J/TH $25,414 Bear Fleet Efficiency Q3 2025 All-In Electricity Cost per BTC(2) 40 MW Chief Black Pearl - 36% of BTC Production(1) 150
Slide 10: Development Pipeline
Development Pipeline
Slide 11: Stingray
Stingray 2026 Currently Available Power Capacity Stingray Site 100 MW 250 Acres Approved Total Power Capacity Acreage • Energization expected in Q4 2026 Andrews Stingray Site • Continued development of substation and secured long-lead items including transformers and high-voltage breakers • Site fea
Slide 12: Future Pipeline Capacity
Future Pipeline Capacity Reveille 70 MW 55 Acres Total Power Capacity Total Acreage Mikeska 500 MW 100 Acres Total Power Capacity(1) Total Acreage Milsing Colchis McLennan 500 MW 187 Acres Total Power Capacity(1) Total Acreage Milsing Mikeska McLennan 500 MW 319 Acres Total Power Capacity(1) Total A
Slide 13: Financial Update
Financial Update
Slide 14: Q3 2025 Quarter Over Quarter Financial Highlights
Q3 2025 Quarter Over Quarter Financial Highlights Metric Q3 2025 Q2 2025 % Variance QoQ Comments End of Period Self-Mining Hashrate ~23.6 EH/s ~16.8 EH/s ~40% Increase Driven by completion of Black Pearl Phase I 150 MW Bitcoin Self-Mined ~689 BTC(1) ~509 BTC(2) ~35% Increase Driven by first full qua
Slide 15: Results of Operations QoQ and YoY Comparison
Results of Operations QoQ and YoY Comparison Three Months Ended Three Months Ended September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024 Revenue - bitcoin mining $ 71,707 $ 43,565 $ 71,707 $ 24,102 Costs and operating (expenses) income Cost of revenue (26,733) (15,330) (26,733) (15,
Slide 16: Non-GAAP Adjusted Earnings QoQ and YoY Comparison
Non-GAAP Adjusted Earnings QoQ and YoY Comparison Three Months Ended Three Months Ended September 30, September 30, 2025 June 30, 2025 2025 2024 Reconciliation of Adjusted Earnings: Net loss $ (3,283) $ (45,781) $ (3,283) $ (86,754) Change in fair value of power purchase agreement 9,030 15,480 9,030
Slide 17: Consolidated Balance Sheets
Consolidated September 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 1,207,440 $ 5,585 Balance Sheets Accounts receivable 696 596 Receivables, related party 308 2,090 Prepaid expenses and other current assets 3,966 3,387 Bitcoin 170,303 92,651 Receivable for bitcoin co