Business
Core Scientific Announces Full Fiscal Year 2021 Results
AUSTIN, Texas--(BUSINESS WIRE)-- Core Scientific, Inc. (NASDAQ: CORZ), a leader in high-performance, net carbon neutral blockchain infrastructure and
About this update from Core Scientific, Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nCore Scientific, Inc. (NASDAQ: CORZ), a leader in high-performance, net carbon neutral blockchain infrastructure and software solutions, reported its consolidated financial results for the fiscal year ended December 31, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220329005911/en/\nFiscal Year 2021 Financial Highlights (Compared to Fiscal Year 2020)\n\n\nTotal revenue increased by 803% to $544.5 million\n\n\nGross profit increased by 2,443% to $238.9 million\n\n\nNet Income increased to $47.3 million\n\n\nAdjusted EBITDA1 increased by 3,849% to $238.9 million\n\n\nSelf-mining operations increased BTC production 350% to 5,769 BTC2\n\n\n5,296 BTC held at year end\n\n\nTotal hashrate of 13.5 EH/s consisting of 6.6 EH/s self-mining and 6.9 EH/s hosting\n\n\n“Our team produced strong results in 2021, highlighted by revenue of $544.5 million, net income of $47.3 million and adjusted EBITDA of $238.9 million,” said Mike Levitt, Core Scientific Chief Executive Officer. “Our total hashrate increased from less than 3.0 EH/s at year end 2020 to 13.5 EH/s at year end 2021. This market-leading growth generated over 5,700 self-mined bitcoins in 2021. In the first two months of 2022 our total hashrate grew to 15.9 EH/s and we self-mined over 2,000 bitcoins. Across our business we are executing our plans effectively and remain well positioned to continue expanding our capacity and creating shareholder value.”\n\nFISCAL YEAR 2021 FULL YEAR FINANCIAL RESULTS\n\nTotal revenue increased by $484.2 million or 803%, to $544.5 million in 2021 from $60.3 million in 2020.\n\nTotal hosting revenue increased by $37.7 million, or 91%, to $79.3 million in 2021 from $41.6 million in 2020. The increase was driven by the execution of new customer hosting contracts for miners deployed during the year ended December 31, 2021.\n\nTotal equipment sales increased by $235.6 million, or 1,871%, to $248.2 million in 2021 from $12.6 million in 2020. The increase was driven by higher demand for new generation mining equipment.\n\nDigital asset mining income increased by $210.8 million, or 3,440%, to $216.9 million in 2021 from $6.1 million in 2020. The year over year growth in mining income was driven by an increase in our self-mining hash rate and higher bitcoin pri...