Slide 1: Presentation for Business Update
Presentation for Business Update AUGUST 7, 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
Key Indicators BITCOIN HELD NEAR-TERM HASHRATE GROWTH ~1,034 BTC ~1,063 BTC ~16.8 EH/s ~23.5 EH/s Q1 2025 Q2 2025 Q2 2025 Q3 2025 SELF-MINING FLEET EFFICIENCY POWER PRICE POWER COST PER BTC ~20.8 J/TH ~16.8 J/TH 3.1 c/kwh $27,324 Q2 2025 Q3 2025 Weighted Avg. Price(1) Q2 2025(2) CURRENT OPERATIONS P
Slide 4: Second Quarter Growth Update
Second Quarter Growth Update Consistent Execution & Thoughtful Expansion Steady Scaling Self-Mining Hashrate ~23.5 EH/s • Bitcoin Mining ~20.4 EH/s – Black Pearl Phase I o Construction and energization successfully completed ~16.8 EH/s with ~6.9 EH/s currently deployed o Purchased ~1.5 EH/s of Canaa
Slide 5: Black Pearl Phase II
AI DATA CENTER GROWTH “The United States is on track to require at least 50 gigawatts of electric capacity for AI by 2028 to sustain its AI leadership.” Anthropic PBC “Build AI in America” Report on 07/21/2025 “We now expect to invest approximately $85 billion in CapEx in 2025, up from a previous es
Slide 6: Current Portfolio
Current Portfolio
Slide 7: Operational Highlights: Odessa
ODESSA Operational Highlights Odessa – 85% of BTC Production(1) ~11.3 EH/s 207 MW Current Operating Total Power Hashrate Capacity ~$24,686 ~17.6 J/TH All-in Electricity Odessa Cost per BTC Fleet Efficiency(3) Q2 2025(2) (1) Reflects approximate percentage of Cipher’s Q2 ‘25 BTC production (2) Reflec
Slide 8: Operational Highlights: Cipher JV Data Centers
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 ~$44,594 ~25.7 J/TH All-in Electricity JV Sites Cost per BTC Fleet Efficiency(4) Q2 2025(3) (1) Reflects approximate percentage of Cipher’
Slide 9: Development Pipeline
Development Pipeline
Slide 10: Black Pearl
2025 GROWTH Black Pearl Black Pearl Phase I – 2% of BTC Production(1) 300 MW 70 Acres Total Power Total Capacity Acreage • Phase I – 150 MW – Construction and energization completed on schedule in Q2 2025 – Current hashrate of ~6.9 EH/s(2) and efficiency of ~19.9 J/TH(2) – With addition of new rigs
Slide 11: Barber Lake
2025 GROWTH 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 – Newly constructed high-to-mid voltage substation – Approvals for 300 MW of interconnection / agreements necessary to partici
Slide 12: Stingray
2026 GROWTH Stingray Stingray Site 100 MW 250 Acres Approved Total Power Capacity Acreage • Energization expected in Q3 2026 Andrews Stingray Site • Initiated development of substation and secured long-lead items including transformers and high-voltage breakers • Site features: – 250 acres of owned
Slide 13: Reveille, Mikeska, Milsing, McLennan
FUTURE 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 Tota
Slide 14: Financial Update
Financial Update
Slide 15: Q2 2025 Quarter Over Quarter Financial Highlights
Q2 2025 REVENUES Quarter Over Quarter Financial Highlights $49m $44m Q1 2025 Q2 2025 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE ($39m) ($46m) ($0.11) ($0.12) Q1 2025 Q2 2025 Q1 2025 Q2 2025 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $6m $30m $0.02 $0.08 Q1 2025 Q2 2025 Q1 2025 Q2 2025 Note: Va
Slide 16: Q2 2025 Year Over Year Financial Highlights
Q2 2025 REVENUES Year Over Year Financial Highlights $37m $44m Q2 2024 Q2 2025 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE ($15m) ($46m) ($0.05) ($0.12) Q2 2024 Q2 2025 Q2 2024 Q2 2025 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE ($3m) $30m ($0.01) $0.08 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Note: Valu
Slide 17: Results of Operations QoQ and YoY Comparison
Results of Operations QoQ and YoY Comparison Three Months Ended Three Months Ended June 30, 2025 March 31, 2025 June 30, 2025 June 30, 2024 Revenue - bitcoin mining $ 43,565 $ 48,959 $ 43,565 $ 36,808 Costs and operating (expenses) income Cost of revenue (15,330) (14,894) (15,330) (14,281) Compensat
Slide 18: Non-GAAP Adjusted Earnings QoQ and YoY Comparison
Non-GAAP Adjusted Earnings QoQ and YoY Comparison Three Months Ended Three Months Ended June 30, June 30, 2025 March 31, 2025 2025 2024 Reconciliation of Adjusted Earnings: Net (loss) income $ (45,781) $ (38,975) $ (45,781) $ (15,291) Change in fair value of derivative asset 15,480 (7,330) 15,480 (2
Slide 19: Consolidated Balance Sheets
June 30, 2025 December 31, 2024 Consolidated ASSETS Current assets Cash and cash equivalents $ 62,704 $ 5,585 Balance Sheets Accounts receivable 1,575 596 Receivables, related party 249 2,090 Prepaid expenses and other current assets 7,417 3,387 Bitcoin 112,089 92,651 Receivable for bitcoin collater