Business
Core Scientific Announces Fiscal Fourth Quarter and Full Fiscal Year 2024 Results
Fourth Quarter 2024 Highlights Incurred net loss of $265.5 million due primarily to a $224.7 million non-cash mark-to-market adjustment to warrants and other
About this update from Core Scientific, Inc.
[{"type":"text","content":"\nFourth Quarter 2024 Highlights\n\n\n\nIncurred net loss of $265.5 million due primarily to a $224.7 million non-cash mark-to-market adjustment to warrants and other contingent value right liabilities required by the significant year-over-year increase in our share price\n\n\n\nReported operating loss of $39.8 million, a decrease of $43.7 million over fourth quarter 2023\n\n\n\nGenerated adjusted EBITDA of $13.3 million, a decrease of $43.4 million over fourth quarter 2023\n\n\n\nSecured $625 million through a convertible note offering with favorable 0% interest terms\n\n\n\nStrengthened the balance sheet, ending the quarter with cash and cash equivalents of $836.2 million as of December 31, 2024\n\n\n\nEarned 974 self-mined bitcoin with an average cash cost to self-mine one bitcoin of $51,035\n\n\n\nOperated total hash rate of 20.1 EH/s, consisting of 19.1 EH/s self-mining and 1.0 EH/s hosting\n\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCore Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for bitcoin mining and HPC, today announced financial results for the fiscal fourth quarter of 2024. Net loss was $265.5 million, as compared to a net loss of $195.7 million for the same period in 2023. Total revenue was $94.9 million, as compared to $141.9 million for the same period last year. Operating loss was $39.8 million, as compared to Operating income of $3.9 million for the same period in 2023. Adjusted EBITDA was $13.3 million, as compared to $56.7 million for the same period in the prior year. Fourth quarter net loss of $265.5 million resulted primarily from a net $224.7 million non-cash mark-to-market adjustment in the value of our tranche 1 and tranche 2 warrants and other contingent value rights required as a result of the significant quarter-over-quarter increase in our share price.\n\n\n\"In the fourth quarter, Core Scientific continued to build on what was a transformational year for our business,\" said Adam Sullivan, Core Scientific’s Chief Executive Officer. \"We successfully executed our growth strategy across multiple fronts, achieving significant milestones in both our HPC and Bitcoin mining operations. Our infrastructure expansion efforts were particularly strong - through strategic site acquisitions and existing site expansions, we increased our total portfolio capacity to 1,300 MW of powered infras...