Business
Core Scientific Announces First Quarter 2022 Results
AUSTIN, Texas--(BUSINESS WIRE)-- Core Scientific, Inc. (NASDAQ: CORZ), a leader in high-performance blockchain data centers and software solutions, reported
About this update from Core Scientific, Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nCore Scientific, Inc. (NASDAQ: CORZ), a leader in high-performance blockchain data centers and software solutions, reported its financial results for the first quarter ended March 31, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220512006011/en/Core Scientific's Marble, NC Data Center (Graphic: Business Wire)\nFirst Quarter 2022 Financial Highlights (Compared to First Quarter 2021)\n\n\nTotal revenue increased by 255% to $192.5 million\n\n\nGross profit increased by 382% to $70.0 million\n\n\nNet loss of $466.2 million, driven by a noncash mark-to-market adjustment on convertible notes of $386.0 million and an impairment on digital assets of $54.0 million\n\n\nAdjusted EBITDA1 increased by 644% to $93.0 million\n\n\nSelf-mining bitcoin production increased 1,454% to 3,202 bitcoins\n\n\n8,497 bitcoins held as of March 31, 2022\n\n\nTotal hashrate of 16.2 EH/s consisting of 8.3 EH/s self-mining and 7.9 EH/s hosting\n\n\n“By continuing to focus on execution, we delivered first quarter revenue of $193 million, an increase of more than 250 percent over the prior year period,” said Mike Levitt, Core Scientific Chief Executive Officer. “In the quarter we expanded our total hashrate to 16.2 exahash, self-mined 3,202 bitcoins and maintained our leadership position in the North American blockchain data center and digital asset mining category. Driven primarily by two non-cash, mark-to-market adjustments and stock-based compensation expense totaling $466 million, first quarter net loss was $466 million, while adjusted EBITDA of $93.0 million grew by more than 600 percent.”\n\n“We have worked to de-risked our 2022 growth to between 30 and 32 exahash, fully supported by our existing capital structure. We preserve the flexibility to expand beyond our plan, should capital market conditions improve,” added Mr. Levitt.\n\nFirst Quarter 2022 Financial Results (Compared to First Quarter 2021)\n\nTotal revenue of $192.5 million increased by $138.3 million, or 255%, from $54.2 million. The increase in total revenue was driven primarily by increases in digital asset mining revenue and hosting revenue, partially offset by a decrease in equipment sales.\n\nTotal hosting revenue of $33.2 million increased by $20.5 million or 162%, from $12.7 million...