First Quarter 2024 GAAP Net Income of $40m, and Non-GAAP Adjusted Earnings of $63m First Quarter 2024 Revenues of $48m Current Self-Mining Hash Rate of ~7.7 EH/s and on track to reach ~9.3 EH/s by end of Third Quarter 2024, with plans to grow to ~25.1 EH/s by end of 2025 NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) ("Cipher" or the "Company") today announced results for its first quarter ended March 31, 2024, with an update on its operations and deployment strategy. "We are delighted to announce results for the first quarter of 2024 in which we delivered another quarter of record net income on both a GAAP and Non-GAAP basis," said Tyler Page, CEO of Cipher. "We continue to invest heavily in our expansion, and the early stages of construction at our new Black Pearl data center are well underway. We've already cleared and leveled over 50 acres, and we will start laying concrete foundations this month. Because of this progress, and our strong financial position, we have decided to accelerate our plans and build the entire 300 MW data center in 2025. We expect to be at ~9.3 EH/s by the end of Q3 2024, and at least ~25.1 EH/s by the end of 2025." "We are confident our team's proven execution and the Company's best-in-class unit economics will continue to position Cipher as a top miner in this new post-halving environment." Finance and Operations Highlights Produced first quarter 2024 GAAP net income of $40 million, and non-GAAP adjusted earnings of $63 million 30 MW expansion at each of Bear and Chief JV data centers, delivering an additional ~1.25 EH/s of self-mining capacity, on track for completion in second quarter 2024 300 MW data center at Black Pearl on track for energization in 2025 with land cleared and leveled for construction Business Update Call and Webcast Cipher will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss the first quarter 2024 results and management's outlook for operations and growth plans. The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher's website at https://investors.ciphermining.com. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call. About Cipher Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/. Forward Looking Statements This press release 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 in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of and additional bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words "may," "will," "should," "expects," "plans," "anticipates," "could," "seeks," "intends," "targets," "projects," "contemplates," "believes," "estimates," "strategy," "future," "forecasts," "opportunity," "predicts," "potential," "would," "will likely result," "continue," and similar expressions (including the negative versions of such words or expressions). These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher's securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher's business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 5, 2024, and in Cipher's subsequent filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Contacts:Investor Contact:Josh KaneHead of Investor Relations at Cipher Media Contact:Ryan Dicovitsky / Kendal TillDukas Linden Public CIPHER MINING INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except for share and per share amounts)     March 31, 2024     December 31, 2023     (unaudited)         ASSETS           Current assets           Cash and cash equivalents $ 88,675     $ 86,105   Accounts receivable   680       622   Receivables, related party   430       245   Prepaid expenses and other current assets   2,910       3,670   Bitcoin   123,307       32,978   Derivative asset   34,228       31,878   Total current assets   250,230       155,498   Property and equipment, net   238,541       243,815   Deposits on equipment   30,187       30,812   Intangible assets, net   8,162       8,109   Investment in equity investees   52,621       35,258   Derivative asset   66,722       61,713   Operating lease right-of-use asset   6,823       7,077   Security deposits   23,855       23,855   Total assets $ 677,141     $ 566,137   LIABILITIES AND STOCKHOLDERS' EQUITY           Current liabilities           Accounts payable $ 7,520     $ 4,980   Accounts payable, related party   -       1,554   Accrued expenses and other current liabilities   18,661       22,439   Finance lease liability, current portion   3,595       3,404   Operating lease liability, current portion   1,204       1,166   Warrant liability   -       250   Total current liabilities   30,980       33,793   Asset retirement obligation   18,708       18,394   Finance lease liability   10,121       11,128   Operating lease liability   6,025       6,280   Deferred tax liability   10,383       5,206   Total liabilities   76,217       74,801   Commitments and contingencies (Note 13)           Stockholders' equity