Slide 1: Second Quarter Fiscal 2024 Earnings Presentation
Second Quarter Fiscal 2024 Earnings Presentation Adam Sullivan, CEO Denise Sterling, CFO August 7, 2024
Slide 2: Forward-Looking Statements
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 and other
Slide 3: Well positioned for continued growth and market leadership
Secured long-term HPC A leading producer of hosting contracts totaling bitcoin generating adjusted 382 Megawatts (MW) EBITDA as HPC hosting business ramps Well positioned for continued growth and Effectively managing post- Diversifying hosting market leadership halving impacts customer base into hig
Slide 4: Accomplishments this year
Accomplishments this year Q1 Q2 Q3 4
Slide 5: We design and build application-specific digital infrastructure
We design and build application-specific digital infrastructure Marble, NC Dalton 1, GA 104 MW 50 MW Calvert City, KY Grand Forks, ND 150 MW 100 MW Approximately 830 Operational Megawatts Pecos, TX 250MW (Cottonwood 1 & 2) Commentary Cottonwood Dalton 3, GA Denton, TX • Greenfield Buildout in 2022 1
Slide 6: We have earned more bitcoin since 2021 than any other public company in North America
We have earned more bitcoin since 2021 than any other public company in North American company 2021 2022 2023 1H 2024 RIOT MARATHON IRIS ENERGY HUT8 HIVE CORE SCIENTIFIC CLEANSPARK BITFARMS ARGO 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 6
Slide 7: 2024 snapshot
2024 snapshot Strategic Operational Financial (YTD) (Q2) (Q2) • Signed aggregate 382 MW • Earned 1,680 bitcoin • $141 million revenue HPC hosting contracts • Operated 19.4 EH/s self- • $804.9 million net loss, with anticipated potential mining hash rate mainly driven by non-cash revenue of $6.7 bill
Slide 8: Leading bitcoin mining and hosting business poised for growth
Leading bitcoin mining and hosting business poised for growth Q2 2024 Revenue Mix Revenue by Segment Gross Margin by Segment (Unaudited) (In Millions, Unaudited) (Unaudited) $6 18% $25 $30 4% 31% 30% 28% 23% $111 $97 78% 11% 0% Self-M ining Self-Mining Hosting HPC Q2 2023 Q2 2024 Hosting Self-Mining
Slide 9: Self-mining fleet composition (as of 6/30/24)
Self-mining fleet composition (as of 6/30/24) • Operated approximately 7% 7% 163,500 self-miners1 • Average self-miner S21 S19 (34.2 J/TH) energy efficiency (17.5 J/TH) of 24.1 Joules/TH1 23% • Planning to procure 10,000 to15,000 self-miners in second half of 2024 • Block 3nm ASICs to support refres
Slide 10: Total debt decreased by $290M between first quarter and July 2024
Total debt decreased by $290M between first quarter and July 2024 ($ millions) ~$(56M) ~$(234M) $608 $1 $- $(26) $(1) $(9) $552 $(21) $318 $(234) Secured Convertible Notes mandatory conversion triggered 7/5/24, resulting in equitization of remaining $234M Total Debt - Secured and Sec. Miner Equipmen
Slide 11: Cash Cost to self-mine a bitcoin in second quarter 2024
Cash Cost to self-mine a bitcoin in second quarter 2024 Second Quarter 2024 Second Quarter 2024 Cash Cost Per Bitcoin1 Cash-Based Hash Cost2 Direct Power Cost $24,533 2.46¢ Operational Cost3 $5,346 0.54¢ Total Direct Cash Cost $29,879 3.00¢ 1 Represents our direct, cash costs of power and facilities
Slide 12: CoreWeave HPC contracts - illustrative key financials, timeline
CoreWeave HPC contracts - illustrative key financials, timeline Year 1 Year 2 Year 3 Year 4 – 13 Total GAAP Revenue1 $ 392 $ 558 $ 558 $ 5,192 $ 6,700 Expenses (78) (112) (112) (1,038) (1,340) Profit $ 313 $ 447 $ 447 $ 4,153 $ 5,360 Profit Margin 80% 80% 80% 80% 80% Capex Credit2 (196) (279) (97) (
Slide 13: CoreWeave HPC contracts - flow of capex funding
CoreWeave HPC contracts - flow of capex funding 1 2 3 4 5 6 Customer Contract Draw on Escrow Pay Vendors for Financial Statements HPC MW Fully Pass Through and Executed Assets and Services at Energization Energized Variable Services Power, Utilities and Place Data Center into Execute Order Form Fund
Slide 14: 2024 catalysts
Contract remaining 118 MW of infrastructure 1 available for HPC hosting Execute on pipeline of opportunities to increase 2024 catalysts 2 our infrastructure capacity for HPC hosting and bitcoin mining 3 Diversify HPC hosting clients 14 CORE SCIENTIFIC
Slide 15: 382 MW HPC application-specific data center infrastructure estimated delivery timeline
382 MW HPC application-specific data center (ASDC) infrastructure estimated delivery timeline H2 2024 H1 2025 H2 2025 H1 2026 ASDC 1 80MW Delivery Development, Construction ASDC 2 40MW Delivery Installation, Operational Readiness ASDC 3 80MW Delivery ASDC 4 70MW Delivery 112MW Delivery ASDC 5 15
Slide 16: 2024 goals and targets
2024 goals and targets Self-mining hash rate (EH/s) 21.8 MW operational HPC infrastructure 16 MW operational bitcoin infrastructure ~800 Bitcoin mining fleet average power price (cents/kWh) 4.2 - 4.4 16
Slide 17: Summary
Summary Executing on our diversification strategy to create long term shareholder value | Capturing AI compute market growth | Fortifying our strong bitcoin mining franchise Creating a new Building on our Strengthening Expanding our Balancing our category in assets and our our earnings platform for
Slide 18: Appendix
Appendix 18
Slide 19: Cash cost to mine bitcoin: three and six months ended June 30, 2024
Cash cost to mine bitcoin: three and six months ended June 30, 2024 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Cash Costs per Bitcoin Direct power cost per bitcoin self-mined $ 24,553 $ 11,253 $ 19,136 $ 10,775 Operational costs per bitcoin self-mined1 5,346 2,218 3,83
Slide 20: Consolidated statement of operations: three and six months ended June 30, 2024
Consolidated statement of operations: three and six months ended June 30, 2024 Three Months Ended June 30, Period over Period Change Six Months Ended June 30, Period over Period Change ($ Millions) 2024 2023 Dollar Percentage 2024 2023 Dollar Percentage Revenue: Digital asset mining revenue $ 110,74
Slide 21: Adjusted EBITDA reconciliation - three and six months ended June 30, 2024
Adjusted EBITDA reconciliation - three and six months ended June 30, 2024 $ Millions Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Net loss $ (804.9) $ (594.2) Interest expense, net 14.8 28.9 Income tax expense 0.1 0.4 Earnings Before Interest and Taxes (EBIT) $ (790.0) $ (565.0) D
Slide 22: Segments - three and six months ended June 30, 2024
Segments - three and six months ended June 30, 2024 Three Months Ended June 30, Period over Period Change Six Months Ended June 30, Period over Period Change 2024 2023 Dollar Percentage 2024 2023 Dollar Percentage Digital Asset Self-Mining Segment Digital asset self-mining revenue $ 110,743 $ 97,082
Slide 23: De-levering balance sheet – Q2 2024 snapshot
De-levering balance sheet – Q2 2024 snapshot @ 6/30/24 @ 8/2/24 Debt ($M) Cash ($M) Notes & Financial Statement Impact Shares (M) Shares (M) Actual 183 258 $552 $96 • Actual issued and outstanding share count as of June 30, 2024 Convertible Notes1 ~40 - $(234) - • Voluntary conversion price of $5.83