Cipher Mining Inc(:CIFR)
Cipher Mining Inc., together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc. operates as a subsidiary of Bitfury Holding B...
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At a glance:
- Large-Scale Bitcoin Mining Operations: Cipher Mining operates industrial-scale data centers primarily focused on mining Bitcoin, aiming for high hash rate capacity and operational efficiency.
- Performance Tied to Bitcoin Price & Energy Costs: The company's revenue and profitability are highly sensitive to fluctuations in Bitcoin's market price and the cost of electricity, which represents its primary operational expense.
- Strategic Hash Rate Expansion: Cipher has been actively expanding its mining fleet and data center infrastructure to increase its total operational hash rate, aiming to capture a larger share of Bitcoin block rewards.
- Emphasis on Low-Cost Energy Sources: The company strategically locates and develops its facilities to leverage access to abundant and low-cost energy, often including sustainable sources, to optimize mining profitability.
Bull Thesis:
- Scalable and Efficient Operations: Cipher Mining's strategy of developing large-scale, high-efficiency data centers positions it well to achieve lower operating costs per Bitcoin mined, enhancing profitability as it scales its operations.
- Favorable Power Infrastructure and Agreements: The company's strategic locations and potentially favorable long-term power purchase agreements provide a competitive edge by securing stable and cost-effective energy, a critical input for Bitcoin mining, which helps to stabilize operating expenses.
- Leverage to Bitcoin Price Appreciation: As a pure-play Bitcoin miner, CIFR offers direct leverage to the price of Bitcoin. Any significant appreciation in BTC's value directly boosts the company's revenue, the value of its mined BTC holdings, and overall profitability.
- Consistent Hashrate Expansion and Fleet Modernization: Cipher Mining's ongoing deployment of new, more efficient mining rigs and consistent expansion of its operational hashrate demonstrates strong execution, positioning the company for increased Bitcoin production and market share, even amidst rising network difficulty.
Bear Thesis:
- High Exposure to Bitcoin Price Volatility: Cipher Mining's revenue and profitability are highly dependent on the volatile price of Bitcoin. A significant or sustained downturn in BTC's value would severely impact the company's financial performance, asset valuations, and ability to cover operational costs.
- Rising Bitcoin Network Difficulty: The ever-increasing Bitcoin network difficulty means that Cipher Mining must continuously invest in more powerful and efficient hardware just to maintain its share of block rewards. This puts constant pressure on margins and requires significant, ongoing capital expenditure.
- Vulnerability to Energy Price Fluctuations: Energy costs represent a substantial portion of Cipher Mining's operating expenses. Volatility or sustained increases in electricity prices, especially in its operating regions, could significantly erode profit margins and operational efficiency, even with favorable agreements.
- Intense Capital Expenditure Requirements: To remain competitive and expand its hashrate, Cipher Mining requires continuous, substantial capital expenditures for new mining rigs and infrastructure. This can strain cash flow, necessitate debt financing, or lead to shareholder dilution through equity raises.
- Evolving Regulatory Landscape: The cryptocurrency mining industry faces significant regulatory uncertainty. Potential future regulations regarding energy consumption, environmental impact, or the legality of mining could impose substantial costs, operational restrictions, or even outright bans, negatively impacting Cipher Mining's business model.
Main Competitors:
- Marathon Digital Holdings ($MARA) (Bitcoin Mining), One of the largest publicly traded Bitcoin miners globally, Marathon competes with Cipher on scale, hash rate, and strategic partnerships for energy and hosting. They focus on deploying a massive fleet of miners across proprietary and co-located sites, aiming for low-cost power.
- Riot Platforms ($RIOT) (Bitcoin Mining), A major US-based Bitcoin miner with large-scale, vertically integrated operations. Riot competes with Cipher through its ownership of infrastructure, significant power agreements, and a focus on low-cost, often renewable energy sources at its massive facilities like Whinstone.
- CleanSpark ($CLSK) (Bitcoin Mining), A rapidly expanding Bitcoin miner known for its operational efficiency and aggressive growth strategy through acquisitions and organic expansion. CleanSpark competes with Cipher on cost-efficiency per Bitcoin mined, speed of deployment, and ability to scale operations quickly across multiple sites.
- Hut 8 Corp ($HUT) (Bitcoin Mining, High-Performance Computing), A prominent North American Bitcoin miner with a diversified strategy, including self-mining and high-performance computing (HPC) services. Hut 8 competes with Cipher on hash rate, energy strategy (often leveraging diverse sources), and operational efficiency across its multiple sites.
Moat:
Cipher Mining Inc. operates in the highly competitive and capital-intensive Bitcoin mining industry. Its main competitors are other large-scale, publicly traded mining companies that vie for market share based on several key factors. Competition primarily revolves around securing low-cost, reliable, and often sustainable energy sources, deploying and operating a massive fleet of efficient mining hardware (hash rate), achieving operational excellence to minimize downtime and maximize output, and having access to capital for continuous expansion and upgrades. Cipher's competitive advantage, like its peers, is built on its ability to efficiently scale operations, manage energy costs, and optimize its mining infrastructure to produce Bitcoin profitably amidst fluctuating prices and increasing network difficulty. The industry is characterized by a constant race for scale, efficiency, and strategic energy partnerships to maintain profitability and growth.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue - bitcoin mining | 59,711,000 | 71,707,000 | 43,565,000 | 48,959,000 | 42,223,000 | 24,102,000 | 36,808,000 | 48,137,000 | 43,419,000 | 30,304,000 | 31,224,000 | 21,895,000 | ||||||
yoy | 41.42% | 197.51% | 18.36% | 1.71% | -2.75% | -20.47% | 17.88% | 119.85% | ||||||||||
qoq | -16.73% | 64.60% | -11.02% | 15.95% | 75.18% | -34.52% | -23.53% | 10.87% | 43.28% | -2.95% | 42.61% | |||||||
costs and operating (expenses) income | ||||||||||||||||||
cost of revenue | -24,259,000 | -26,733,000 | -15,330,000 | -14,894,000 | -106,528,000 | 15,063,000 | 14,281,000 | 14,820,000 | 13,292,000 | 13,008,000 | 15,868,000 | 8,141,000 | ||||||
compensation and benefits | -34,722,000 | -14,445,000 | -15,659,000 | -14,303,000 | -104,854,000 | 14,738,000 | 16,285,000 | 13,036,000 | ||||||||||
general and administrative | -10,186,000 | -8,167,000 | -9,078,000 | -8,951,000 | -56,017,000 | 8,919,000 | 8,365,000 | 6,077,000 | 22,542,000 | 23,898,000 | 21,335,000 | 17,420,000 | 18,987,000 | 17,755,000 | 16,704,000 | 17,390,000 | 2,282,256 | |
depreciation and amortization | -51,871,000 | -59,549,000 | -44,086,000 | -43,467,000 | -168,579,000 | 28,636,000 | 20,251,000 | 17,244,000 | ||||||||||
change in fair value of power purchase agreement | -11,680,000 | -9,030,000 | ||||||||||||||||
power sales | 3,168,000 | 2,335,000 | 1,376,000 | 991,000 | 9,131,000 | -1,444,000 | -1,109,000 | -1,173,000 | -1,472,000 | -2,720,000 | -5,651,000 | -98,000 | ||||||
equity in (losses) income of equity investees | -2,118,000 | -1,479,000 | -1,701,000 | |||||||||||||||
unrealized gains on fair value of bitcoin | -38,676,000 | 108,000 | 17,143,000 | -20,178,000 | ||||||||||||||
realized gains on sale of bitcoin | -8,966,000 | 7,535,000 | -3,639,000 | 12,196,000 | ||||||||||||||
other operating gains | -170,784,000 | 101,000 | ||||||||||||||||
total costs and operating expenses | -360,326,000 | -109,324,000 | -88,808,000 | -87,047,000 | -364,795,000 | 115,496,000 | 52,979,000 | 1,351,000 | 27,577,000 | 48,500,000 | 42,816,000 | 28,064,000 | 52,811,000 | -59,233,000 | ||||
operating income | -300,615,000 | -37,617,000 | -45,243,000 | -38,088,000 | 17,080,000 | -91,394,000 | -16,171,000 | 46,786,000 | 15,842,000 | -18,196,000 | -11,592,000 | -6,169,000 | -49,774,000 | 59,233,000 | -29,326,000 | -17,401,000 | -2,283,147 | |
yoy | -1860.04% | -58.84% | 179.78% | -181.41% | 7.81% | 402.28% | 39.50% | -858.40% | -131.83% | -130.72% | -60.47% | -64.55% | -2694.36% | |||||
qoq | 699.15% | -16.86% | 18.79% | -323.00% | -118.69% | 465.17% | -134.56% | 195.33% | -187.06% | 56.97% | 87.91% | -87.61% | -184.03% | -301.98% | 68.53% | |||
operating margin % | -503.45% | -52.46% | -103.85% | -77.80% | 40.45% | -379.20% | -43.93% | 97.19% | 36.49% | -60.04% | -37.13% | -28.18% | -Infinity% | Infinity% | -Infinity% | -Infinity% | NaN% | -Infinity% |
other income | 1,016,000 | 3,000,000 | 1,220,000 | 727,000 | ||||||||||||||
interest income | 18,536,000 | 457,000 | 296,000 | 190,000 | 357,000 | 1,188,000 | 1,053,000 | 786,000 | 52,000 | 11,000 | 25,000 | 76,000 | 109,000 | 55,000 | 44,000 | 7,000 | 775 | |
interest expense | -33,359,000 | -1,286,000 | -1,137,000 | -777,000 | -590,000 | -346,000 | -372,000 | -400,000 | -486,000 | -627,000 | -485,000 | -401,000 | -26,119 | |||||
change in fair value of warrant liability | -12,570,000 | 31,860,000 | 250,000 | -194,000 | 10,000 | -22,000 | -37,000 | 15,000 | 4,000 | 63,000 | 48,000 | -112,692 | ||||||
total other income | 8,416,750 | 34,031,000 | 379,000 | -1,542,000 | 838,000 | 1,408,000 | -1,322,000 | -627,000 | -612,000 | -494,000 | -362,000 | -13,000 | 59,000 | 107,000 | -98,000 | |||
loss before taxes | -738,276,000 | -3,586,000 | 15,538,000 | -90,556,000 | -12,086,000 | -6,531,000 | ||||||||||||
current income tax benefit | -289,250 | 767,000 | ||||||||||||||||
deferred income tax benefit | 3,870,000 | -464,000 | 228,000 | 635,000 | 2,295,000 | 4,013,000 | 138,750 | 1,192,000 | ||||||||||
total income tax benefit | 4,071,000 | 303,000 | 1,972,000 | 3,802,000 | 103,000 | 1,097,000 | ||||||||||||
net income | -734,205,000 | -3,283,000 | -45,781,000 | -38,975,000 | 17,510,000 | -86,754,000 | -15,291,000 | 39,900,000 | 11,236,000 | -17,711,000 | -12,701,000 | -6,601,000 | -51,627,000 | 59,292,000 | -29,219,000 | -17,499,000 | -2,421,183 | |
yoy | -4293.06% | -96.22% | 199.40% | -197.68% | 55.84% | 389.83% | 20.39% | -704.45% | -121.76% | -129.87% | -56.53% | -62.28% | -2548.89% | |||||
qoq | 22263.84% | -92.83% | 17.46% | -322.59% | -120.18% | 467.35% | -138.32% | 255.11% | -163.44% | 39.45% | 92.41% | -87.21% | -187.07% | -302.92% | 66.98% | |||
net income margin % | -1229.60% | -4.58% | -105.09% | -79.61% | 41.47% | -359.95% | -41.54% | 82.89% | 25.88% | -58.44% | -40.68% | -30.15% | -Infinity% | Infinity% | -Infinity% | -Infinity% | NaN% | -Infinity% |
loss per share - basic and diluted | -1.92 | -0.01 | 0.06 | -0.26 | ||||||||||||||
weighted-average shares outstanding - basic | 393,191,623 | 375,052,248 | 360,514,620 | 332,680,037 | 314,353,742 | 296,641,499 | 251,789,350 | 247,508,745 | ||||||||||
weighted-average shares outstanding - diluted | 393,191,623 | 375,052,248 | 360,514,620 | 332,680,037 | 314,353,742 | 304,397,979 | 251,789,350 | 248,342,200 | ||||||||||
change in fair value of derivative asset | -15,480,000 | 7,330,000 | -27,102,000 | 48,520,000 | -21,980,000 | -7,359,000 | -13,542,000 | -4,744,000 | -3,222,000 | -5,328,000 | 12,179,000 | -85,658,000 | ||||||
other operating losses | -2,354,000 | |||||||||||||||||
income before taxes | -44,864,000 | -38,831,000 | -14,763,000 | 45,464,000 | -9,356,250 | -18,808,000 | ||||||||||||
current income tax expense | -1,145,000 | -779,000 | -323,000 | -211,000 | -335,000 | -386,000 | -58,000 | -95,000 | -31,000 | -17,000 | ||||||||
total income tax expense | -917,000 | -144,000 | -528,000 | -5,564,000 | -615,000 | -70,000 | ||||||||||||
income per share - basic and diluted | -0.12 | -0.11 | ||||||||||||||||
equity in income (losses) of equity investees | -5,292,000 | |||||||||||||||||
other gains | -479,000 | -95,000 | -2,260,000 | |||||||||||||||
other expense | -156,000 | -1,309,000 | -4,000 | -1,958,000 | 1,000 | -6,000 | -12,000 | |||||||||||
total other expense | -743,000 | -138,036 | ||||||||||||||||
costs and operating expenses | ||||||||||||||||||
equity in losses of equity investees | 624,000 | -847,000 | 577,000 | -738,000 | -1,649,000 | 1,998,000 | 1,431,000 | 750,000 | ||||||||||
losses on fair value of bitcoin | -5,584,000 | 1,911,000 | 16,309,000 | |||||||||||||||
deferred income tax expense | -193,000 | -5,178,000 | -584,000 | -53,000 | ||||||||||||||
net income per share | -0.05 | 0.13 | 0.05 | -0.07 | -0.05 | -0.03 | -0.21 | 0.24 | ||||||||||
gains on fair value of bitcoin | -40,556,000 | |||||||||||||||||
depreciation | 10,571,000 | 16,217,000 | 14,412,000 | 11,655,000 | 4,352,000 | 11,000 | 8,000 | 7,000 | 891 | |||||||||
realized gain on sale of bitcoin | -2,677,750 | -2,505,000 | -4,185,000 | -4,021,000 | ||||||||||||||
impairment of bitcoin | 2,019,000 | 3,443,000 | 2,828,000 | 1,805,000 | ||||||||||||||
weighted-average shares outstanding - basic and diluted | 381,602,904 | 323,103,303 | 252,439,461 | 249,127,664 | 248,654,082 | 248,227,458 | ||||||||||||
realized gain on sale of cryptocurrencies | -1,500 | -6,000 | ||||||||||||||||
impairment of cryptocurrencies | 214,750 | 320,000 | 535,000 | 4,000 | ||||||||||||||
equity in loss of equity investment | 5,144,250 | 8,345,000 | 12,079,000 | -153,000 | ||||||||||||||
costs and expenses | ||||||||||||||||||
total costs and expenses | 29,326,000 | 17,401,000 | 2,283,147 | |||||||||||||||
basic and diluted net loss per share | -0.12 | -0.07 | -0.01 | |||||||||||||||
basic and diluted weighted-average number of shares outstanding | 247,730,410 | 250,174,255 | 218,026,424 | 217,644,991 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets | ||||||||||||||||||||
cash and cash equivalents | 628,263,000 | 1,207,440,000 | 62,704,000 | 23,173,000 | 5,585,000 | 25,342,000 | 122,557,000 | 88,675,000 | 86,105,000 | 3,342,000 | 1,741,000 | 3,922,000 | 11,927,000 | 28,111,000 | 37,042,000 | 99,495,000 | 209,841,257 | 282,276,578 | ||
restricted cash, current | 1,761,292,000 | |||||||||||||||||||
accounts receivable | 687,000 | 696,000 | 1,575,000 | 758,000 | 596,000 | 226,000 | 286,000 | 680,000 | 622,000 | 360,000 | 380,000 | 281,000 | 98,000 | |||||||
receivables, related party | 271,000 | 308,000 | 249,000 | 300,000 | 2,090,000 | 59,000 | 176,000 | 430,000 | 245,000 | 1,614,000 | 1,291,000 | 1,102,000 | 731,000 | 467,000 | ||||||
prepaid expenses and other current assets | 7,977,000 | 3,966,000 | 7,417,000 | 2,970,000 | 3,387,000 | 3,488,000 | 3,599,000 | 2,910,000 | 3,670,000 | 3,962,000 | 2,260,000 | 4,279,000 | 7,254,000 | 8,276,000 | 9,554,000 | |||||
bitcoin | 125,400,000 | 170,303,000 | 112,089,000 | 52,024,000 | 92,651,000 | 95,459,000 | 138,079,000 | 123,307,000 | 32,978,000 | 13,667,000 | 10,536,000 | 9,576,000 | 6,283,000 | |||||||
receivable for bitcoin collateral | 32,497,000 | 32,248,000 | ||||||||||||||||||
miners held for sale | 94,879,000 | |||||||||||||||||||
derivative asset | 34,090,000 | 36,766,000 | 35,629,000 | 42,835,000 | 31,648,000 | 27,185,000 | 44,702,000 | 34,228,000 | 31,878,000 | 33,087,000 | 25,786,000 | 17,129,000 | 21,071,000 | 30,393,000 | ||||||
total current assets | 2,652,859,000 | 1,419,479,000 | 219,663,000 | 154,557,000 | 168,205,000 | 151,759,000 | 309,399,000 | 250,230,000 | 155,498,000 | 54,418,000 | 42,317,000 | 36,478,000 | 47,735,000 | 69,774,000 | 47,850,000 | 111,086,000 | 223,660,082 | 297,625,387 | 375,315 | 912,833 |
restricted cash, noncurrent | 275,076,000 | |||||||||||||||||||
property and equipment | 622,455,000 | 649,877,000 | 473,887,000 | 477,972,000 | 480,865,000 | 310,699,000 | 239,075,000 | 238,541,000 | 243,815,000 | 258,295,000 | 267,790,000 | 263,027,000 | 191,784,000 | 40,751,000 | 23,637,000 | 15,178,000 | 5,124,266 | 130,451 | ||
deposits on equipment | 10,962,000 | 7,683,000 | 183,028,000 | 122,502,000 | 38,872,000 | 144,573,000 | 58,063,000 | 30,187,000 | 30,812,000 | 1,220,000 | 1,675,000 | 1,143,000 | 73,018,000 | 200,033,000 | 196,707,000 | 207,164,000 | 114,856,314 | 74,345,874 | ||
intangible assets | 77,388,000 | 9,425,000 | 9,229,000 | 9,043,000 | 8,881,000 | 25,742,000 | 8,503,000 | 8,162,000 | 8,109,000 | |||||||||||
investment in equity investees | 29,400,000 | 42,289,000 | 45,901,000 | 48,499,000 | 53,908,000 | 54,973,000 | 49,949,000 | 52,621,000 | 35,258,000 | 33,609,000 | 33,098,000 | 34,529,000 | 37,478,000 | |||||||
operating lease right-of-use asset | 11,321,000 | 11,867,000 | 12,288,000 | 12,192,000 | 12,561,000 | 10,564,000 | 9,926,000 | 6,823,000 | 7,077,000 | 4,399,000 | 4,635,000 | 4,865,000 | 5,087,000 | |||||||
security deposits | 27,732,000 | 12,045,000 | 13,794,000 | 19,776,000 | 19,782,000 | 15,301,000 | 22,246,000 | 23,855,000 | 23,855,000 | 17,586,000 | 17,742,000 | 17,742,000 | 17,730,000 | 11,455,000 | 11,417,000 | 11,362,000 | 10,352,306 | 9,381,172 | ||
other noncurrent assets | 561,995,000 | 552,758,000 | 4,686,000 | 4,694,000 | 3,958,000 | 210,000 | 203,000 | |||||||||||||
total assets | 4,291,908,000 | 2,840,866,000 | 1,018,759,000 | 913,792,000 | 855,446,000 | 775,438,000 | 775,592,000 | 677,141,000 | 566,137,000 | 416,490,000 | 416,723,000 | 412,685,000 | 418,463,000 | 407,493,000 | 341,951,000 | 357,881,000 | 354,167,218 | 381,657,134 | 170,407,906 | 170,977,831 |
liabilities, redeemable noncontrolling interest, and stockholders’ equity | ||||||||||||||||||||
current liabilities | ||||||||||||||||||||
accounts payable | 40,064,000 | 12,462,000 | 14,871,000 | 29,879,000 | 22,699,000 | 13,154,000 | 13,733,000 | 7,520,000 | 4,980,000 | 4,604,000 | 2,053,000 | 10,667,000 | 14,286,000 | 4,665,000 | 4,739,000 | 1,991,000 | 241,764 | 127,878 | ||
accrued expenses and other current liabilities | 90,086,000 | 37,549,000 | 30,180,000 | 66,300,000 | 69,824,000 | 40,764,000 | 17,855,000 | 18,661,000 | 22,439,000 | 24,813,000 | 22,746,000 | 17,341,000 | 19,353,000 | |||||||
finance lease liability, current portion | 4,237,000 | 4,123,000 | 4,011,000 | 3,903,000 | 3,798,000 | 3,695,000 | 3,595,000 | 3,595,000 | 3,404,000 | 6,749,000 | 11,189,000 | 2,638,000 | 2,567,000 | |||||||
operating lease liability, current portion | 1,731,000 | 3,523,000 | 3,444,000 | 3,200,000 | 3,127,000 | 1,479,000 | 1,262,000 | 1,204,000 | 1,166,000 | 1,117,000 | 1,087,000 | 1,058,000 | 1,030,000 | 1,002,000 | 975,000 | 557,000 | ||||
warrant liability | 525,160,000 | 512,590,000 | 250,000 | 56,000 | 66,000 | 44,000 | 7,000 | 22,000 | 26,000 | 89,000 | 136,800 | 271,320 | 199,402 | 16,694,840 | ||||||
short-term borrowings | 37,793,000 | 35,459,000 | 32,330,000 | |||||||||||||||||
total current liabilities | 699,071,000 | 570,247,000 | 52,506,000 | 138,741,000 | 131,778,000 | 59,092,000 | 36,445,000 | 30,980,000 | 33,793,000 | 38,893,000 | 38,695,000 | 33,302,000 | 40,326,000 | 19,609,000 | 23,563,000 | 10,022,000 | 499,251 | 1,407,094 | 918,867 | 410,781 |
long-term borrowings | 2,711,648,000 | 1,023,075,000 | 167,113,000 | |||||||||||||||||
asset retirement obligations | 33,696,000 | 32,903,000 | 32,110,000 | 20,801,000 | 20,282,000 | |||||||||||||||
finance lease liability | 3,094,000 | 4,197,000 | 5,270,000 | 6,315,000 | 7,331,000 | 8,319,000 | 9,281,000 | 10,121,000 | 11,128,000 | 12,014,000 | 10,836,000 | 11,542,000 | 12,229,000 | |||||||
operating lease liability | 8,545,000 | 9,058,000 | 9,450,000 | 9,506,000 | 9,833,000 | 9,662,000 | 9,181,000 | 6,025,000 | 6,280,000 | 3,645,000 | 3,936,000 | 4,218,000 | 4,494,000 | |||||||
deferred tax liability | 3,871,000 | 3,406,000 | 3,634,000 | 4,269,000 | 6,564,000 | 10,577,000 | 10,383,000 | 5,206,000 | 1,285,000 | 2,508,000 | 1,893,000 | 1,840,000 | ||||||||
total liabilities | 3,456,054,000 | 2,057,671,000 | 269,855,000 | 178,997,000 | 173,493,000 | 103,447,000 | 84,821,000 | 76,217,000 | 74,801,000 | 73,803,000 | 73,513,000 | 68,065,000 | 75,571,000 | 24,393,000 | 28,612,000 | 15,387,000 | 636,051 | 1,678,414 | 1,118,269 | 17,105,621 |
commitments and contingencies | ||||||||||||||||||||
redeemable noncontrolling interest | 30,319,000 | |||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||
preferred stock, 0.001 par value... | ||||||||||||||||||||
common stock, 0.001 par value... | 412,000 | 395,000 | 388,000 | 371,000 | 361,000 | 356,000 | 336,000 | 313,000 | 296,000 | 259,000 | 254,000 | 253,000 | 251,000 | 251,000 | 251,000 | 254,000 | 252,132 | 246,381 | 4,478 | 6,591 |
additional paid-in capital | 1,808,786,000 | 1,052,253,000 | 1,014,686,000 | 954,812,000 | 863,015,000 | 870,565,000 | 802,610,000 | 697,494,000 | 627,822,000 | 490,655,000 | 473,471,000 | 462,181,000 | 453,854,000 | 442,435,000 | 431,966,000 | 431,899,000 | 425,437,931 | 384,508,122 | 1,451,170 | 12,313,299 |
accumulated deficit | -1,003,656,000 | -269,451,000 | -266,168,000 | -220,387,000 | -181,412,000 | -198,922,000 | -112,168,000 | -96,877,000 | -136,777,000 | -148,222,000 | -130,511,000 | -117,810,000 | -111,209,000 | -59,582,000 | -118,874,000 | -89,655,000 | -72,156,044 | -3,085,432 | -2,166,011 | |
restricted cash | 13,779,000 | 14,392,000 | 14,392,000 | 14,392,000 | 14,392,000 | |||||||||||||||
derivative assets | 121,664,000 | |||||||||||||||||||
liabilities and stockholders’ equity | ||||||||||||||||||||
derivative liability | 414,320,000 | |||||||||||||||||||
treasury stock | -2,000 | -2,000 | -1,000 | -11,000 | -8,000 | -7,000 | -6,000 | -5,000 | -5,000 | -4,000 | -4,000 | -4,000 | -4,000 | -4,000 | -4,000 | -2,852 | ||||
total stockholders’ equity | 783,195,000 | 748,904,000 | 734,795,000 | 681,953,000 | 671,991,000 | 690,771,000 | 600,924,000 | 491,336,000 | 342,687,000 | 343,210,000 | 344,620,000 | 342,892,000 | 383,100,000 | 313,339,000 | 342,494,000 | -710,363 | 5,000,010 | |||
total liabilities and stockholders’ equity | 2,840,866,000 | 1,018,759,000 | 913,792,000 | 855,446,000 | 775,438,000 | 775,592,000 | 677,141,000 | 566,137,000 | 416,490,000 | 416,723,000 | 412,685,000 | 418,463,000 | 407,493,000 | 341,951,000 | 357,881,000 | 170,407,906 | 170,977,831 | |||
accounts payable, related party | 1,554,000 | 1,554,000 | 1,554,000 | 1,554,000 | 3,083,000 | 3,216,000 | 12,038,000 | 3,863,000 | ||||||||||||
asset retirement obligation | 19,810,000 | 19,337,000 | 18,708,000 | 18,394,000 | 17,966,000 | 17,538,000 | 17,110,000 | 16,682,000 | ||||||||||||
deferred investment costs | 174,250 | 174,250 | ||||||||||||||||||
cryptocurrencies | 2,263,000 | 787,000 | 191,000 | |||||||||||||||||
investment in equity investee | 31,690,000 | 56,828,000 | 7,373,000 | |||||||||||||||||
right-of-use asset | 5,303,000 | 5,512,000 | 5,718,000 | |||||||||||||||||
accrued expenses | 10,726,000 | 5,811,000 | 3,611,000 | 257,487 | 76,923 | |||||||||||||||
operating lease liability, net of current portion | 4,762,000 | 5,023,000 | 5,276,000 | |||||||||||||||||
prepaid expenses | 11,400,000 | 13,818,825 | 15,348,809 | 247,593 | 299,227 | |||||||||||||||
deferred offering costs | ||||||||||||||||||||
liabilities and stockholders' equity | ||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||
subscription receivable | -1,690,351 | |||||||||||||||||||
total stockholders' equity | 353,531,167 | 379,978,720 | ||||||||||||||||||
total liabilities and stockholders' equity | 354,167,218 | 381,657,134 | ||||||||||||||||||
accrued legal costs | 1,202,293 | |||||||||||||||||||
cash | 127,722 | 613,606 | ||||||||||||||||||
cash and securities held in trust account | 170,032,591 | 170,064,998 | ||||||||||||||||||
accounts payable and accrued expenses | 918,867 | 410,781 | ||||||||||||||||||
commitments | ||||||||||||||||||||
common stock subject to possible redemption, 17,000,000 shares at june 30,2021; 16,634,861 shares at december 30, 2020 at redemption value | 170,000,000 | |||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
common stock subject to possible redemption, 14,887,220 shares at march 31, 2021; 15,730,400 shares at december 31, 2020, at redemption value | 148,872,200 | |||||||||||||||||||
retained earnings | -7,319,880 | |||||||||||||||||||
operating expenses | 232,452 | |||||||||||||||||||
business combination expenses | 709,842 | |||||||||||||||||||
income from operations | -942,294 | |||||||||||||||||||
other income | ||||||||||||||||||||
interest income | 37,656 | |||||||||||||||||||
change in warrant liability | -7,527,162 | |||||||||||||||||||
total other income | -7,489,506 | |||||||||||||||||||
net income | -8,431,800 | |||||||||||||||||||
basic and diluted weighted-average redeemable common shares outstanding | 15,720,926 | |||||||||||||||||||
basic and diluted net income per redeemable common share | ||||||||||||||||||||
basic and diluted weighted-average non-redeemable common shares outstanding | 5,757,074 | |||||||||||||||||||
basic and diluted net income per non-redeemable common share | -1.47 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 | 2021-06-30 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||
net loss | -734,205,000 | 17,510,000 | -12,701,000 | -6,601,000 | -29,219,000 | -17,499,000 | -3,081,952 | ||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||
depreciation and amortization | |||||||||||||||||||
amortization of operating right-of-use asset | 441,000 | 440,000 | 396,000 | 369,000 | 361,000 | 323,000 | 311,000 | 254,000 | 134,000 | 236,000 | 230,000 | 222,000 | |||||||
share-based compensation | 24,957,000 | 8,205,000 | 10,493,000 | 9,132,000 | 10,267,000 | 10,211,000 | 13,337,000 | 8,317,000 | 9,783,000 | 10,699,000 | 9,178,000 | 8,810,000 | 11,432,000 | 10,494,000 | 10,064,000 | 9,514,000 | |||
equity in losses of equity investees | 12,350,000 | 1,479,000 | 1,701,000 | 5,292,000 | 1,392,000 | -847,000 | 577,000 | -738,000 | -1,649,000 | 1,998,000 | 1,431,000 | 750,000 | |||||||
write-down of assets held for sale | |||||||||||||||||||
loss on disposal of assets | 30,761,000 | 33,000 | 0 | 633,000 | |||||||||||||||
impairment of property and equipment | |||||||||||||||||||
amortization of debt discount and issuance costs | |||||||||||||||||||
non-cash lease expense | 219,000 | 247,000 | 490,000 | -333,000 | 370,000 | 392,000 | 463,000 | 599,000 | 477,000 | 401,000 | |||||||||
deferred income taxes | -2,295,000 | 3,921,000 | -1,192,000 | 584,000 | 53,000 | ||||||||||||||
non-cash consideration received for services | -59,720,000 | -72,587,000 | -42,747,000 | -48,797,000 | |||||||||||||||
change in fair value of derivative assets | -26,122,000 | ||||||||||||||||||
change in fair value of warrant liability | 12,570,000 | 0 | 0 | 0 | -250,000 | 194,000 | -10,000 | 22,000 | 37,000 | -15,000 | -4,000 | -63,000 | -48,000 | 112,692 | |||||
change in fair value of embedded derivative | |||||||||||||||||||
change in fair value of bitcoin collateral | 0 | 0 | -8,486,000 | 2,755,000 | |||||||||||||||
change in fair value of bitcoin loan | -1,000 | 0 | 1,828,000 | -1,046,000 | |||||||||||||||
unrealized gains on fair value of bitcoin | |||||||||||||||||||
realized gains on sale of bitcoin | 8,966,000 | -7,535,000 | 3,639,000 | -12,196,000 | |||||||||||||||
changes in operating assets and liabilities | |||||||||||||||||||
net cash from operating activities | -54,432,000 | -50,051,000 | -56,217,000 | -47,238,000 | -28,978,000 | -6,545,000 | -25,352,000 | -26,636,000 | -126,645,000 | 7,725,000 | 13,863,000 | 10,816,000 | -12,024,000 | 1,041,000 | -6,611,000 | -3,321,000 | -27,100,321 | -1,145,066 | -3,576 |
capital expenditures | -225,886,000 | -206,168,000 | -31,297,000 | -24,570,000 | -47,122,000 | -76,607,000 | -7,864,000 | -7,902,000 | 12,500,000 | -4,439,000 | -10,594,000 | -17,947,000 | -10,857,000 | -15,889,000 | -6,010,000 | -7,059,000 | -130,237 | 0 | 0 |
free cash flows | -280,318,000 | -256,219,000 | -87,514,000 | -71,808,000 | -76,100,000 | -83,152,000 | -33,216,000 | -34,538,000 | -114,145,000 | 3,286,000 | 3,269,000 | -7,131,000 | -22,881,000 | -14,848,000 | -12,621,000 | -10,380,000 | -27,230,558 | -1,145,066 | -3,576 |
cash flows from investing activities | |||||||||||||||||||
proceeds from sale of bitcoin | 64,511,000 | 28,874,000 | 31,347,000 | 90,005,000 | 69,084,000 | 69,452,000 | 32,459,000 | 26,255,000 | 31,516,000 | 20,958,000 | |||||||||
purchases of bitcoin | |||||||||||||||||||
deposits on equipment | -3,940,000 | 161,444,000 | -87,273,000 | -75,105,000 | -27,695,000 | -99,515,000 | -31,212,000 | -4,536,000 | -29,373,000 | -1,601,000 | -1,826,000 | -1,106,000 | -4,008,000 | -27,284,000 | -59,897,000 | -96,914,000 | -74,345,874 | ||
purchases of property and equipment | -225,886,000 | -206,168,000 | -31,297,000 | -24,570,000 | -47,122,000 | -76,607,000 | -7,864,000 | -7,902,000 | 12,500,000 | -4,439,000 | -10,594,000 | -17,947,000 | -10,857,000 | -15,889,000 | -6,010,000 | -7,059,000 | -130,237 | ||
purchases and development of software | -299,000 | -408,000 | -383,000 | -352,000 | -364,000 | -361,000 | -498,000 | -200,000 | |||||||||||
purchases of strategic contracts | |||||||||||||||||||
investment in equity investees | -4,559,000 | -4,726,000 | -5,566,000 | -7,276,000 | -7,929,000 | -8,759,000 | -2,116,000 | -18,319,000 | 0 | -450,000 | -1,000 | -3,094,000 | |||||||
capital distributions from equity investees | 1,000 | 0 | 0 | 3,807,000 | |||||||||||||||
prepayments on financing lease | 0 | 0 | |||||||||||||||||
net cash from investing activities | -205,157,000 | 3,018,000 | -132,834,000 | -31,356,000 | -30,957,000 | 93,682,000 | -6,490,000 | -16,097,000 | -18,340,000 | -4,147,000 | -9,947,000 | -55,842,000 | -103,973,000 | -74,476,111 | |||||
cash flows from financing activities | |||||||||||||||||||
proceeds from notes, net of issuance costs | |||||||||||||||||||
proceeds from the issuance of common stock, net of offering costs | |||||||||||||||||||
proceeds from treasury stock reissued for pipe investment | 0 | 0 | 0 | 50,000,000 | |||||||||||||||
purchase of capped call options | 0 | ||||||||||||||||||
repurchase of common shares to pay employee withholding taxes | -82,300,000 | -2,968,000 | -3,173,000 | -1,144,000 | -16,881,000 | -3,523,000 | -4,060,000 | -3,177,000 | -678,000 | -2,110,000 | -633,000 | -481,000 | -13,000 | -25,000 | 0 | -3,052,000 | |||
proceeds from loan | |||||||||||||||||||
principal payments on loan | 0 | 0 | |||||||||||||||||
principal payments on financing lease | -1,209,000 | -1,208,000 | -1,506,000 | -911,000 | -1,916,000 | -1,207,000 | -1,210,000 | -1,208,000 | -4,694,000 | -6,125,000 | |||||||||
net cash from financing activities | 1,703,001,000 | 1,215,158,000 | 188,920,000 | 82,124,000 | 6,203,000 | 56,556,000 | 90,590,000 | 60,163,000 | 115,726,000 | 366,000 | 53,000 | -481,000 | -13,000 | -25,000 | 0 | -3,052,000 | 383,853,010 | 40,391 | |
net increase in cash, cash equivalents, and restricted cash | 1,443,412,000 | 1,144,123,000 | 39,531,000 | 17,588,000 | |||||||||||||||
cash, cash equivalents, and restricted cash, beginning of the period | 0 | 0 | 0 | 19,977,000 | 0 | ||||||||||||||
cash and cash equivalents, and restricted cash, end of the period | 1,443,412,000 | 1,144,123,000 | 39,531,000 | 37,565,000 | -19,757,000 | ||||||||||||||
depreciation | 59,337,000 | 43,889,000 | 43,277,000 | 36,137,000 | 28,469,000 | 20,095,000 | 17,097,000 | 16,688,000 | 16,217,000 | 14,412,000 | 11,655,000 | 4,352,000 | 11,000 | 8,000 | 7,000 | 1,423 | |||
amortization of intangible assets | 211,000 | 199,000 | 189,000 | 180,000 | 167,000 | 156,000 | 147,000 | ||||||||||||
other operating activities | -3,797,000 | 1,958,000 | |||||||||||||||||
income taxes | 464,000 | -1,007,000 | 144,000 | -193,000 | 5,564,000 | ||||||||||||||
unrealized loss on fair value of bitcoin | |||||||||||||||||||
changes in assets and liabilities: | |||||||||||||||||||
accounts receivable | 879,000 | -817,000 | -162,000 | -370,000 | 60,000 | 394,000 | -58,000 | -262,000 | 20,000 | -99,000 | -183,000 | ||||||||
receivables, related party | -59,000 | 51,000 | 1,790,000 | -2,031,000 | 117,000 | 254,000 | -185,000 | -245,000 | -446,000 | -323,000 | -189,000 | -371,000 | -264,000 | ||||||
prepaid expenses and other current assets | -5,370,000 | 4,373,000 | 418,000 | 101,000 | 111,000 | -689,000 | 760,000 | 293,000 | -1,756,000 | 2,019,000 | 2,975,000 | 1,021,000 | 1,278,000 | ||||||
security deposits | 1,749,000 | 5,981,000 | 7,000 | -4,481,000 | 15,242,000 | -6,269,000 | 156,000 | 0 | -12,000 | -6,275,000 | -38,000 | -55,000 | -1,010,000 | -9,381,172 | |||||
other non-current assets | -3,622,000 | 9,000 | -737,000 | -3,748,000 | -7,000 | ||||||||||||||
accounts payable | -2,529,000 | -2,695,000 | -8,745,000 | 7,432,000 | 612,000 | -2,587,000 | 2,540,000 | -11,672,000 | 2,550,000 | -3,097,000 | 2,913,000 | 492,000 | 296,000 | -16,000 | 120,000 | 86,986 | |||
accounts payable, related party | 0 | 0 | 0 | -1,529,000 | |||||||||||||||
accrued expenses and other liabilities | 2,421,000 | ||||||||||||||||||
lease liabilities | -334,000 | -282,000 | -255,000 | -200,000 | -217,000 | -128,000 | -168,000 | -346,000 | -248,000 | ||||||||||
purchase of strategic contracts | |||||||||||||||||||
proceeds from the issuance of common stock | 32,052,000 | 52,274,000 | 34,524,000 | 0 | 61,905,000 | 97,105,000 | 66,171,000 | 124,204,000 | 8,823,000 | 5 | |||||||||
offering costs paid for the issuance of common stock | -320,000 | -788,000 | -345,000 | 0 | -619,000 | -1,245,000 | -1,623,000 | -3,106,000 | -222,000 | ||||||||||
proceeds from issuance of convertible notes, net of issuance costs | 1,270,282,000 | ||||||||||||||||||
net income | -45,781,000 | -38,975,000 | -15,291,000 | 39,900,000 | -2,055,406 | -3,576 | |||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||
change in fair value of derivative asset | 15,480,000 | -7,330,000 | -11,260,000 | 48,520,000 | -21,980,000 | -7,359,000 | -13,542,000 | -4,744,000 | -3,222,000 | -5,328,000 | 12,179,000 | ||||||||
unrealized loss (gains) on fair value of bitcoin | -17,143,000 | 20,178,000 | |||||||||||||||||
net cash from provided by investing activities | -93,172,000 | -17,298,000 | |||||||||||||||||
accrued expenses and other current liabilities | -13,179,000 | 3,405,000 | 2,807,000 | 3,378,000 | -6,123,000 | -5,421,000 | 4,409,000 | 6,258,000 | 65,000 | ||||||||||
bitcoin received as payment for services | -41,853,000 | -24,162,000 | -37,202,000 | -48,079,000 | -43,158,000 | -30,325,000 | -31,119,000 | -21,717,000 | |||||||||||
proceeds from loans | |||||||||||||||||||
other | |||||||||||||||||||
gains on fair value of bitcoin | 1,911,000 | 16,309,000 | -40,556,000 | ||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | |||||||||||||||||||
prepayments on financing leases | |||||||||||||||||||
net increase in cash and cash equivalents | 33,882,000 | 2,570,000 | -16,184,000 | -8,931,000 | -62,453,000 | -110,346,000 | 282,276,578 | ||||||||||||
cash and cash equivalents, beginning of the period | 0 | 86,105,000 | 0 | 0 | 0 | 11,927,000 | 0 | 0 | 0 | 209,841,000 | |||||||||
cash and cash equivalents, end of the period | 33,882,000 | 88,675,000 | 82,763,000 | 1,601,000 | -2,181,000 | 3,922,000 | -16,184,000 | -8,931,000 | -62,453,000 | 99,495,000 | 282,276,578 | ||||||||
impairment of bitcoin | 3,443,000 | 2,828,000 | 1,805,000 | ||||||||||||||||
proceeds from power sales | -1,000 | ||||||||||||||||||
proceeds from reduction of scheduled power | 0 | ||||||||||||||||||
realized gain on sale of bitcoin | -2,505,000 | -4,185,000 | -4,021,000 | ||||||||||||||||
net decrease in cash and cash equivalents | 1,601,000 | -2,181,000 | -8,005,000 | ||||||||||||||||
supplemental disclosure of noncash investing and financing activities | |||||||||||||||||||
reclassification of deposits on equipment to property and equipment | 2,056,000 | 597,000 | 71,533,000 | ||||||||||||||||
right-of-use asset obtained in exchange for finance lease liability | 0 | ||||||||||||||||||
reclassification of receivables, related party to investment in equity investees | |||||||||||||||||||
equity method investment acquired for non-cash consideration | 0 | 1,000 | 1,925,000 | 17,275,000 | 68,815,000 | 7,118,000 | |||||||||||||
sales tax accruals reversed due to exemption | 0 | ||||||||||||||||||
bitcoin received from equity investees | 0 | 0 | 317,000 | ||||||||||||||||
common stock cancelled | 0 | ||||||||||||||||||
property and equipment purchases in accounts payable, accounts payable, related party and accrued expenses | 5,940,000 | ||||||||||||||||||
right-of-use asset obtained in exchange for operating lease liability | 0 | 0 | 5,859,000 | ||||||||||||||||
investment in equity investees in accrued expenses | |||||||||||||||||||
deposits on equipment in accounts payable, accounts payable, related party and accrued expenses | |||||||||||||||||||
reclassification of deferred investment costs to investment in equity investees | |||||||||||||||||||
finance lease costs in accrued expenses | 1,017,000 | 1,017,000 | |||||||||||||||||
deposits on equipment in accounts payable and accounts payable, related party | 691,000 | ||||||||||||||||||
amortization of right-of-use assets | 216,000 | 209,000 | 207,000 | 140,000 | |||||||||||||||
income tax expense | |||||||||||||||||||
accrued expenses | -660,000 | 199,000 | -1,695,000 | 2,904,000 | 73,725 | ||||||||||||||
payments for deferred investment costs | |||||||||||||||||||
business combination, net of issuance costs paid | 383,853,005 | ||||||||||||||||||
proceeds from borrowings on related party loan | 7,038,038 | ||||||||||||||||||
repayments under related party loan | -7,038,038 | ||||||||||||||||||
equity in loss of equity investment | 8,345,000 | ||||||||||||||||||
realized gain on sale of cryptocurrencies | |||||||||||||||||||
impairment of cryptocurrencies | 320,000 | 535,000 | 4,000 | ||||||||||||||||
proceeds from sale of cryptocurrencies | |||||||||||||||||||
lease liability | -234,000 | 165,000 | 106,000 | ||||||||||||||||
capital distributions from equity investee | |||||||||||||||||||
investment in equity investee in accrued expenses | 971,000 | 3,917,000 | 428,000 | ||||||||||||||||
property and equipment purchases in accounts payable | -62,000 | 2,409,000 | 1,624,000 | ||||||||||||||||
deposits on equipment in accrued expenses | |||||||||||||||||||
cryptocurrencies received from equity method investment | 1,813,000 | 1,131,000 | 195,000 | ||||||||||||||||
property and equipment purchases in accounts payable, related party | 1,298,000 | 69,000 | 1,357,000 | ||||||||||||||||
deposits on equipment in accounts payable, related party | -10,120,000 | 8,106,000 | 2,506,000 | ||||||||||||||||
reclassification of deferred investment costs to equity method investment | 0 | 0 | 174,000 | ||||||||||||||||
prepaid rent reclassified to lease liability | |||||||||||||||||||
deposits on equipment in accounts payable | -309,000 | 355,000 | 5,000 | ||||||||||||||||
business combination costs included in accrued expenses | |||||||||||||||||||
net assets assumed from gwac in the business combination | 433,186 | ||||||||||||||||||
non-cash fair value of private warrants | 261,060 | ||||||||||||||||||
deferred investment costs included in accrued expenses | |||||||||||||||||||
business combination costs included in accounts payable | 38,973 | ||||||||||||||||||
capital distribution from equity investee | |||||||||||||||||||
payments for deferred offering costs | |||||||||||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||||
cash paid for interest | 89 | ||||||||||||||||||
cash paid for income taxes | |||||||||||||||||||
property and equipment purchases in related party loan | |||||||||||||||||||
deferred offering costs included in accrued expenses | |||||||||||||||||||
deferred offering costs included in accounts payable | |||||||||||||||||||
equity in earnings of equity investment | 153,000 | ||||||||||||||||||
prepaid expenses | 2,288,000 | -14,915,623 | |||||||||||||||||
property and equipment purchases in accrued expenses | 22,000 | ||||||||||||||||||
accrued legal costs | 3,600 | ||||||||||||||||||
business combination costs included in accrued legal costs | 1,024,443 | ||||||||||||||||||
deferred investment costs included in accrued legal costs | 174,250 | ||||||||||||||||||
cash flows from operating activities: | |||||||||||||||||||
change in warrant liability | |||||||||||||||||||
interest earned on cash and marketable securities held in trust account | |||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||
accounts payable and accrued expenses | |||||||||||||||||||
net change in cash | -1,185,457 | 36,815 | |||||||||||||||||
cash, beginning of the period | 1,251,364 | 25,000 | |||||||||||||||||
cash, end of period | 65,907 | 61,815 | |||||||||||||||||
supplemental disclosure of cash flow information: | |||||||||||||||||||
non-cash investing and financing transactions: | |||||||||||||||||||
change in common stock subject to possible redemption | |||||||||||||||||||
level 1 — | |||||||||||||||||||
level 2 — | |||||||||||||||||||
level 3 — | |||||||||||||||||||
cash flows from financing activities: | |||||||||||||||||||
proceeds from sale of common stock to initial stockholders | |||||||||||||||||||
proceeds from note payable-related party | 85,000 | ||||||||||||||||||
payments of offering costs | -44,609 | ||||||||||||||||||
non-cash financing transactions: | |||||||||||||||||||
accrued deferred offering costs | 125,000 | ||||||||||||||||||
● | |||||||||||||||||||
interest earned on treasury securities held in trust account | |||||||||||||||||||
prepaid expense | |||||||||||||||||||
cash flows from investing activities: | |||||||||||||||||||
investments held in trust | |||||||||||||||||||
proceeds from sale of units, net of offering costs | |||||||||||||||||||
proceeds from sale of private placement units | |||||||||||||||||||
sale of shares to gw sponsor 2, llc | |||||||||||||||||||
payment of note payable-related party | |||||||||||||||||||
supplemental disclosure of non-cash financing activities: | |||||||||||||||||||
value of common stock subject to possible redemption |