CIPHER MINING INC earnings calls

build cost inflation and rents

Q (Mike Grondahl · UBS): He asked how build cost inflation (Barber Lake and industry) affects future CapEx per megawatt and whether Cipher can raise rental rates with higher financing costs.

A: Management said tenants recognize rising costs and so far are willing to increase rent to match higher financing costs. They also noted tenants accept new structures like CapEx reimbursement and are trimming designs to reduce cost. Cipher expects to continue financing projects with access to capital markets because their bonds trade tightly.

"Thus far, what we have seen is a willingness to increase rent in line with increased financing costs." — Rodney Tyler Page (CEO)

Odessa site and Texas concentration

Q (Bill Papanastasiou · Wells Fargo): He asked whether New Era Energy's PPA changes monetization at Odessa and how Cipher thinks about geographic concentration in Texas versus other states.

A: Management said their position at Odessa is strong for monetization to HPC and they are in ongoing discussions with tenants; they do not expect to inject equity and expect to earn returns by unlocking tenant interest. On geography, they said Texas faces scrutiny but is not materially different from other locations and they remain confident in Texas while still evaluating sites elsewhere.

"So I think our position at that site remains very strong to monetize it for HPC." — Rodney Tyler Page (CEO)

on-site gas laterals and equipment

Q (Gregory Lewis · BTIG): He asked about lateral natural gas pipelines, time to power, and how equipment to convert gas to power is addressed.

A: Management said tenants value speed to power and prefer sites that allow on-site generation with a path to grid connection. They plan deals where a creditworthy IPP will provide and operate generation equipment and sell power to the tenant under a PPA; Cipher will finance and build the data center while the IPP and tenant handle generation details.

"The way we are thinking about our laterals is that we have sites that are located near large pipelines." — Rodney Tyler Page (CEO)

Barber Lake cost timing and audits

Q (Brett Knoblauch · Cantor Fitzgerald): He asked when costs get locked in for Barber Lake (change orders vs labor/supply) and whether tenants wait for December audits or interconnects before leasing.

A: Management said early tenants moved quickly which left designs less advanced and caused more change orders and cost variability; for future leases they will wait until 30% to 60% design sets to reduce cost variability. On large sites, they said tenants are advancing diligence but final signed leases will likely require the interconnect or be conditional on it.

"We have held off on executing them until we have agreed 30% to 60% design sets, that vastly narrows the scope of the variability of those costs." — Rodney Tyler Page (CEO)

on-site generation vs batteries and yield

Q (Michael Donovan · Compass Point): He asked if Cipher is considering batteries and what tenants prefer, and whether yields on on-site generation projects differ from grid-connected projects.

A: Management said they are considering batteries and think ERCOT designations like PCLR will matter; tenants care about time to availability and may engineer for curtailment and on-site generation. They do not expect yields to be priced materially different versus front-of-the-meter grid-connected sites; lease talks will focus on SLAs for different generation sources.

"I do not expect it to be priced materially different." — Gregory Mumford (CFO)

closing remarks / end of call

Q: No question—operator handed the conference back for closing remarks.

A: There was no substantive question or management answer in this exchange; the call was closed.