Core Scientific, Inc. · NASDAQ:CORZ
Core Scientific — Investor Presentation (December 2024)
20 slides from Core Scientific's investor presentation, December 2024
Slide 1: Company Presentation
Company Presentation December 2024
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding projections, estimates and forecasts of revenue
Slide 3: Disclaimer (continued)
Disclaimer (continued) NON-GAAP FINANCIAL MEASURES This presentation also contains non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA. The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regardi
Slide 4: Core Scientific is well positioned for continued growth and market leadership
Core Scientific is well positioned for continued growth and market leadership, delivering digital infrastructure at scale Approximately 1,300 contracted MW of powered infrastructure HPC Hosting | ~900 MW Bitcoin Mining | ~400 MW Over 600 MW Critical IT Load1 Over 500 MW critical IT load Over 100 MW
Slide 5: Accomplishments this year
Accomplishments this year Stock price CoreWeave 70 MW Successful Approved for ~100 appreciation Stock price CoreWeave HPC HPC hosting contract convertible note Completed 100 MW MW gross capacity / Successfully triggered mandatory appreciation hosting contract for with total potential offering raised
Slide 6: 2024 snapshot
2024 snapshot Strategic Operational Financial (YTD) (Q3) (Q3) • Signed aggregate ~500 MW HPC • Earned 1,115 bitcoin • $95 million revenue hosting contracts with anticipated • Operated 20.4 EH/s self-mining • $455.3 million net loss, mainly potential revenue of $8.7 billion hash rate driven by non-ca
Slide 7: Expanding our portfolio of powered digital infrastructure
Expanding our portfolio of powered digital infrastructure Gross capacity by site1 Grand Forks, ND 100 MW Calvert City, KY 150 MW Marble, NC Muskogee, OK 103 MW 100 MW In Development Dalton, GA 195 MW Pecos, TX 250 MW Auburn, AL 16 MW Austin, TX 20 MW Denton, TX 391 MW2 7 1 All figures are as of 12/1
Slide 8: Refinanced debt, reduced interest rate and removed covenants
Refinanced debt, reduced interest rate and removed covenants ($ millions) ~$(40M) $460 $(150) $552 $(49) $512 $(61) $(1) $(4) $(1) $(234) Total Debt - Mandatory Conversion August 2024 Secured Notes Miner Equipment Exit Facilities Finance Leases Infrastructure and Other Total Debt - 6/30/24 of Secure
Slide 9: Cash Cost to self-mine a bitcoin in third quarter 2024
Cash Cost to self-mine a bitcoin in third quarter 2024 Third Quarter 2024 Third Quarter 2024 Cash Cost Per Bitcoin1 Cash-Based Hash Cost2 Direct Power Cost $33,946 2.5¢ Operational Cost3 $8,405 0.6¢ Total Direct Cash Cost $42,351 3.1¢ 1 Represents our direct, cash costs of power and facilities opera
Slide 10: CoreWeave transaction summary
CoreWeave transaction summary ~500 MW HPC $8.7 billion $725 million infrastructure potential revenue over avg. annual run rate (700 MW gross) contracts’ term revenue1 75% to 80% 12-year Client pays anticipated profit contracts with two 5- for capex3, power and margin2 year options utilities 1 Repres
Slide 11: 2024 catalysts
Contracted remaining 118 MW of 1 infrastructure available for HPC hosting Executed on pipeline of opportunities to 2024 catalysts 2 increase our infrastructure capacity 3 Continue to diversify HPC hosting clients 11 CORE SCIENTIFIC
Slide 12: Summary
Summary Executing on our diversification strategy to create long term shareholder value | Capturing AI compute market growth | Fortifying our strong bitcoin mining franchise Leading a new Building on our Strengthening Expanding our Balancing our category in assets and our our earnings platform for b
Slide 13: Appendix
Appendix
Slide 14: Debt summary - September 30, 2024
Debt summary - September 30, 2024 ($ Millions) Unsecured Secured Mechanics Liens Miner Financing Instrument Convertible Convertible Exit Facility Secured Note (Infrastructure & Other Total Equipment Leases Notes Notes Construction) 3.0% cash / Secured Facility 6.0% cash / 6.0% 10.0% PIK for 2 Intere
Slide 15: Cash cost to mine bitcoin - three and nine months ended September 30, 2024
Cash cost to mine bitcoin - three and nine months ended September 30, 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cash Costs per Bitcoin Direct power cost per bitcoin self-mined $ 33,946 $ 14,550 $ 22,099 $ 12,019 Operational costs per bitcoin self-mined
Slide 16: Consolidated statement of operations - three and nine months ended September 30, 2024
Consolidated statement of operations - three and nine months ended September 30, 2024 Three Months Ended September 30, Period over Period Change Nine Months Ended September 30, Period over Period Change ($ Thousands) 2024 2023 Dollar Percentage 2024 2023 Dollar Percentage Revenue: (in thousands, exc
Slide 17: Adjusted EBITDA reconciliation - three and nine months ended September 30, 2024
Adjusted EBITDA reconciliation - three and nine months ended September 30, 2024 Three Months Ended Nine Months Ended ($ Thousands) September 30, 2024 September 30, 2024 Net loss $ (455,259) $ (1,049,464) Interest expense, net 7,072 35,934 Income tax expense 134 484 Earnings Before Interest and Taxes
Slide 18: Segment reporting - three and nine months ended September 30, 2024
Segment reporting - three and nine months ended September 30, 2024 Three Months Ended Sept. 30, Period over Period Change Nine Months Ended Sept. 30, Period over Period Change 2024 2023 Dollar Percentage 2024 2023 Dollar Percentage Digital Asset Self-Mining Segment (in thousands, except percentages)
Slide 19: Balance sheet - as of September 30, 2024
Balance sheet - as of September 30, 2024 Total Assets ($ Thousands) September 30, 2024 December 31, 2023 Assets Unaudited Current Assets: Cash and cash equivalents $ 253,019 $ 50,409 Restricted cash 783 19,300 Accounts receivable 6,244 1,001 Digital assets — 2,284 Prepaid expenses and other current
Slide 20: Balance sheet - as of September 30, 2024
Balance sheet - as of September 30, 2024 Total Liabilities and Stockholders’ Deficit ($ Thousands) September 30, 2024 December 31, 2023 Liabilities and Stockholders’ Deficit Unaudited Current Liabilities: Accounts payable $ 6,504 $ 154,751 Accrued expenses and other current liabilities 31,726 179,63
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