Core Scientific, Inc. · NASDAQ:CORZ
Core Scientific — Q4 2024 Earnings Presentation
24 slides from Core Scientific's earnings presentation, Feb 26, 2025
Slide 1: Fourth Quarter Fiscal 2024 Earnings Presentation
Fourth Quarter Fiscal 2024 Earnings Presentation Adam Sullivan, CEO Denise Sterling, CFO February 26, 2025
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, delivering digital infrastructure at scale
Core Scientific is well positioned for continued growth and market leadership, delivering digital infrastructure at scale Approximately 1,300 MW of contracted power HPC Hosting | ~900 MW Bitcoin Mining | ~400 MW ~700 MW Critical IT Load1 ~ 590 MW critical IT load ~70 MW critical IT load contracted t
Slide 4: Accomplishments
Accomplishments Q1 Q2 Q3 Q4 Q1 1 Critical IT load figures are estimates based on current engineering and design plans and are subject to change 4
Slide 5: 2024 snapshot
2024 snapshot Strategic Operational Financial (2024) (Q4) (Q4) • Signed aggregate ~500 MW HPC • Earned 974 bitcoin • $94.9 million revenue hosting contracts with anticipated • Operated 19.1 EH/s self-mining • $265.5 million net loss, mainly potential revenue of $8.7 billion hash rate driven by non-c
Slide 6: 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 Dalton, GA 195 MW Pecos, TX ~250 MW Auburn, AL 16 MW3 Austin, TX ~20 MW Denton, TX 394 MW2 6 1 All figures are as of 12/31/24; 2 Incl
Slide 7: Diversified business poised for growth
Diversified business poised for growth Q4 2024 Revenue Mix Revenue by Segment Gross Margin by Segment (In Millions) HPC Q4 2023 Hosting Q4 2024 Self-Mining $30 $9 7% $7 36% 9% $112 29% 84% 23% $80 9% 2% 0% Self-Mining Hosting HPC Q4 2023 Q4 2024 Self-Mining Hosting HPC 7
Slide 8: Cash Cost to self-mine a bitcoin in fourth quarter 2024
Cash Cost to self-mine a bitcoin in fourth quarter 2024 Fourth Quarter 2024 Fourth Quarter 2024 Cash Cost Per Bitcoin1 Cash-Based Hash Cost2 Direct Power Cost $37,661 2.4¢ Operational Cost3 $13,374 0.9¢ Total Direct Cash Cost $51,035 3.3¢ 1 Represents our direct, cash costs of power and facilities o
Slide 9: Change in Debt Position YoY – December 31, 2024
Change in Debt Position YoY – December 31, 2024 $625 $1,124 ($959M) $998 $460 ($560) ($4) ($99) ($177) ($28) ($37) ($54) Equitization and Miner Equipment December 31, 2023 Liabilities Subject to Infrastructure and Financing Lease August Convertible December Refinancing of Sec. & DIP Financing Loans
Slide 10: Pro forma share count – December 31, 2024
Pro forma share count – December 31, 2024 Shares in millions ~207M Shares 28 501 42 18 3 18 98 294 Tranche 1 Warrants Restricted Stock and August Total Pro Forma Performance Based Convertible Note Diluted Share Count Sharecount Tranche 2 Warrants Units Other December @ February 20, 2025 Reserve Shar
Slide 11: CoreWeave transaction summary
CoreWeave transaction summary ~590 MW HPC Over $10 billion ~$850 million infrastructure In revenue potential over avg. annual run rate (~800 MW gross) contracts’ term revenue1 75% to 80% 12-year Client pays anticipated profit margin2 contracts with two for capex4, power and utilities 5-year options3
Slide 12: Building one of the largest public data center companies in the United States
Core Scientific is building one of the largest public data center companies in the United States Levering our experience, talent and asset portfolio to launch and grow this business Pathway to 1.3 GW+ of Critical IT Load by 2027 18 MW ~570 MW 11 MW ~300 MW 400 MW Austin HPC Contracted with Alabama H
Slide 13: 2025 catalysts
1 Diversify our customer base 2025 catalysts 2 Execute on existing HPC contracts Expand HPC capacity through organic growth 3 and M&A activity 13 CORE SCIENTIFIC
Slide 14: Appendix
Appendix
Slide 15: Summary of New Senior Unsecured Convertible Notes
Summary of New Senior Unsecured Convertible Notes Description Terms August Convertible Note December Convertible Note Principal • $460 million • $625 million Interest Rate • 3% cash interest • 0% cash interest Interest Payments • Semi-annually in arrears: March 1st and September 1st • None Maturity
Slide 16: Debt Summary – December 31, 2024
Debt Summary – December 31, 2024 ($ Millions) Mechanics Liens 3% Convertible 0% Convertible Instrument Miner Equipment (Infrastructure and Financing Leases Total Note Note Construction 0% Cash / Interest Rate 3% Cash 0% Cash ~ 5% - 5.5% Various - 15% Effective September 30, 2024 $ 460 $ - $ 11 $ 39
Slide 17: Total Debt – December 31, 2024
Total Debt – December 31, 2024 ($ Millions) ~$612M $625 $1,124 $(8) $(0) $(5) $512 $- 3% Convertible Note Miner Equipment Loans Infrastructure and (Due 2029) Construction Total Debt - 0% Convertible Note Finance Leases Total Debt - 12/31/24 September 30, 2024 (Due 2031) 9/30/24 $ 512 $ 460 $ - $ 11
Slide 18: Cash cost to mine bitcoin: three and twelve months ended December 31, 2024
Cash cost to mine bitcoin: three and twelve months ended December 31, 2024 Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Cash Costs per Bitcoin Direct power cost per bitcoin self-mined $ 37,661 $ 14,032 $ 24,375 $ 12,464 Operational costs per bitcoin self-mined
Slide 19: Consolidated Statement Of Operations: three and twelve months ended December 31, 2024
Consolidated Statement Of Operations: three and twelve months ended December 31, 2024 Three Months Ended December 31, Period over Period Change Year Ended December 31, Period over Period Change ($ Thousands) 2024 2023 Dollar Percentage 2024 2023 Dollar Percentage Revenue: (in thousands, except perce
Slide 20: Adjusted EBITDA Reconciliation - three and twelve months ended December 31, 2024
Adjusted EBITDA Reconciliation - three and twelve months ended December 31, 2024 Three Months Ended Year Ended ($ Millions) December 31, 2024 December 31, 2024 Net loss $ (265.5) $ (1,315.0) Interest expense, net 1.1 37.1 Income tax expense 0.4 0.9 Earnings Before Interest and Taxes (EBIT) $ (264.0)
Slide 21: Segment Reporting - three and twelve months ended December 31, 2024
Segment Reporting - three and twelve months ended December 31, 2024 Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Digital Asset Self-Mining Segment (in thousands, except percentages) Digital asset self-mining revenue $ 79,900 $ 112,169 $ 408,740 $ 390,333 Cost of digita
Slide 22: Segment Reporting - three and twelve months ended December 31, 2024
Segment Reporting - three and twelve months ended December 31, 2024 Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 HPC Hosting Segment (in thousands, except percentages) HPC hosting revenue: License fees $ 5,873 $ — $ 17,498 $ — Maintenance and other (9) — 73 — Licensing
Slide 23: Balance Sheet: As of December 31, 2024 - Total Assets
Balance Sheet: As of December 31, 2024 Total Assets December 31, 2024 December 31, 2023 ($ Thousands) Assets Unaudited Current Assets: Cash and cash equivalents $ 836,197 $ 50,409 Restricted cash 783 19,300 Accounts receivable 1,025 1,001 Digital assets 23,893 2,284 Prepaid expenses and other curren
Slide 24: Balance Sheet: As of December 31, 2024 - Liabilities and Stockholders' Deficit
Balance Sheet: As of December 31, 2024 Total Liabilities and Stockholders’ Deficit ($ Thousands) December 31, 2024 Dec 31, 2023 Liabilities and Stockholders’ Deficit Unaudited Current Liabilities: Accounts payable $ 19,265 $ 154,751 Accrued expenses and other current liabilities 69,230 179,636 Defer