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Core Scientific Announces Fiscal Second Quarter 2024 Results
Fiscal Second Quarter 2024 Highlights Incurred net loss of $804.9 million due primarily to a net $796.0 million non-cash mark-to-market adjustment to our
About this update from Core Scientific, Inc.
[{"type":"text","content":"\nFiscal Second Quarter 2024 Highlights\n\n\n\nIncurred net loss of $804.9 million due primarily to a net $796.0 million non-cash mark-to-market adjustment to our warrants and other contingent value right liabilities required as a result of significant quarter-over-quarter increase in the value of our equity\n\n\n\nGenerated operating income of $6.6 million, a decrease of $2.9 million over second quarter 2023\n\n\n\nProduced adjusted EBITDA of $46.0 million\n\n\n\nContracted 382 megawatts of infrastructure to host high-performance computing (“HPC”), including latest contract option exercise, for total potential revenue of approximately $6.7 billion over 12 years\n\n\n\nAchieved mandatory conversion of convertible notes, removing $260 million in debt from balance sheet\n\n\n\nEarned 1,680 self-mined bitcoin\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 second quarter of 2024. Net loss was $804.9 million, as compared to a net loss of $9.3 million for the same period in 2023. Total revenue was $141.1 million, as compared to $126.9 million for the same period last year. Operating income was $6.6 million, as compared to $9.5 million for the same period in 2023. Adjusted EBITDA was $46.0 million, as compared to $45.0 million for the same period in the prior year. Second quarter Net loss resulted from a net $796 million 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 the value of our equity.\n\n\n“We continue to demonstrate progress on the execution of our strategy to maximize the value of our high-power digital infrastructure portfolio through bitcoin mining and high-performance computing,” said Adam Sullivan, Core Scientific Chief Executive Officer. “Key achievements in and after the quarter include successfully navigating the April halving and emerging with favorable quarterly cash cost to mine of approximately $29,900 per bitcoin, converting $260 million in convertible notes during and shortly after the end of the quarter, commencing HPC hosting operations and revenue generation at our 16-megawatt Austin data center, and signing long-term contracts to h...