Net debt and capitalization -- $6.9 million in cash as of June 30, 2025, $6.6 million in debt facilities available as of June 30, 2025, $6.5 million in net debt as of June 30, 2025, and net debt/adjusted EBITDA ratio of 0.7x as of June 30, 2025.

Q2 2025 Earnings Call Transcript August 7, 2025 Cipher Mining Inc. reports earnings inline with expectations. Reported EPS is $-0.12 EPS, expectations were $-0.12. Courtney Knight: Good morning, and thank you for joining us on this conference call to address Cipher Mining’s business update for the second quarter of 2025.