Slide 1: First Quarter Fiscal 2024 Earnings Presentation
First Quarter Fiscal 2024 Earnings Presentation Adam Sullivan, CEO Denise Sterling, CFO MAY 8, 2024 1 MAY 8, 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: A market leader positioned for continued growth
A market leader positioned for continued growth . Top producer Diversifying Experienced of bitcoin Largest owned hosting team and among public infrastructure customer base trusted partner self-mining capacity by into high- of choice for peers since operating MWs performance industry players 2021 com
Slide 4: 745 Megawatts Largest Owned Infrastructure Capacity
Marble, NC Dalton, GA 104 MW 145 MW Dalton, GA 50 MW Calvert City, KY 150 MW 745 Megawatts Grand Forks, ND 100 MW Largest Owned Infrastructure Capacity First Qtr. 2024 Average Power Cost $0.043/kWh Denton, TX Pecos, TX (Cottonwood) 125 MW1 71 MW2 1 72 MW expansion underway 4 4 MAY8,8,2024 MAY 2024 2
Slide 5: Leading the industry in bitcoin mining
Leading the industry in bitcoin mining . 2021 2022 2023 Q1 2024 5,000 10,000 15,000 20,000 25,000 30,000 35,000 ARGO 2,045 2,157 1,760 BITFARMS 3,452 5,168 4,928 CLEANSPARK 4,621 7,391 CORE SCIENTIFIC 5,769 14,438 13,762 2,825 HIVE 3,260 3,205 HUT 8 2,786 3,536 2,159 IRIS ENERGY 2,295 4,123 MARATHON
Slide 6: Core Scientific Q1 2024 Snapshot
Core Scientific Q1 2024 Snapshot Strategic Operational Financial • Approximately 745 MW of • Earned 2,825 self-mined bitcoin • $179 million revenue, up 49% YOY owned, energized infrastructure • 19.3 EH/s self-mining energized hash • $211 million net income2, up 100% YOY • Additional 372 MW of partia
Slide 7: Continue to deliver hash rate utilization higher than peer averages
Continue to deliver hash rate utilization higher than peer averages 100 Hash Rate Utilization: Bitcoin Mined per Energized Exahash 88.5 90 Self-mined Bitcoin per Two-Month Average 86.0 79.0 80.4 80 76.1 75.3 72.9 73.3 Energized Hash Rate Capacity 68.9 68.1 70 70.7 65.7 66.3 63.0 64.1 64.1 60.5 63.0
Slide 8: Unique opportunity to capitalize on owned infrastructure for high-performance compute
Unique opportunity to capitalize on owned infrastructure for high-performance compute Market opportunity drivers: Benefits to Core Scientific: • 160% expected growth in U.S. data center • Predictable, stable, recurring cash flows power demand from 2023 to 20301 • Diversifies customers base and reven
Slide 9: Financial summary
Financial summary 9 MAY 8, 2024
Slide 10: Strong revenue and improved gross margin
Leading bitcoin mining and hosting business generated strong revenue and improved gross margin Q1 2024 Revenue Mix Revenue by Segment Gross Margin by Segment (Unaudited) (In Millions, Unaudited) (Unaudited) $29 16% $23 46% $150 84% 26% 28% 32% $98 Self-Mining Q1 2023 Q1 2024 Self-Mining Hosting Host
Slide 11: Self-mining fleet composition (as of 3/31/23)
Self-mining fleet composition (as of 3/31/23) 2% 10% S21 S19 (17.5 J/TH) 24% (34.2 J/TH) Refreshing our S19, S19 Pro and S19j Pro miners with S21s would increase our hash rate by more than 10 EH/s without additional infrastructure S19j XP (21.5 J/TH) S19 Pro and S19j Pro 64% (29.5 J/TH) Antminer S19
Slide 12: Total Debt Decreased by $390M between year end 2023 and first quarter 2024
Total Debt Decreased by $390M between year end 2023 and first quarter 2024 - $390M $998 $(150) $57 $(120) $(51) $(11) $608 $(99) $(15) Secured and Sec. Exit Facility / Infrastructure Other Convertible Notes DIP Financing and Construction Total Debt - Miner Equipment Finance Leases Liab. Subject to T
Slide 13: Cash Cost to self-mine a bitcoin in First Quarter 2024
Cash Cost to self-mine1 a bitcoin in First Quarter 2024 First Quarter 2024 First Quarter 2024 Cash Cost Per Bitcoin1 Cash-Based Hash Cost2 Direct Power Cost $ 15,977 2.75¢ Operational Cost3 $ 2,938 0.51¢ Total Direct Cash Cost $ 18,915 3.26¢ 1 Represents our direct, cash costs of power and facilitie
Slide 14: 2024 goals and targets
2024 goals and targets 21.8 EH/s self-mining hash rate 796 megawatts of owned operational infrastructure 4.5 to 4.7 cents per kilowatt hour average fleet power price 14 MAY 8, 2024
Slide 15: Key investment highlights
Key investment highlights Well positioned for continued market leadership Top producer Diversifying Experienced of bitcoin Largest owned hosting team and among public infrastructure customer base trusted partner self-mining capacity by into high- of choice for peers since operating MWs performance i
Slide 16: Thank you!
Thank you! Investor Relations Leader in bitcoin (737) 931-1351 mining, specializing in ir@corescientific.com digital infrastructure Corescientific.com for emerging high- value compute
Slide 17: Appendix
Appendix 17 MAY 8, 2024
Slide 18: Selected quarterly financial results (unaudited)
Selected quarterly financial results (unaudited) Three Months Ended March 31, 2024 2023 Revenue: Digital asset mining revenue $ 149,959 $ 98,026 Hosting revenue from customers 29,332 18,909 Hosting revenue from related parties — 3,720 Total revenue 179,291 120,655 Cost of revenue: Cost of digital as
Slide 19: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Three Months Ended March 31, 2024 2023 Reconciliation of Net income (loss) to Adjusted EBITDA (Unaudited) Net income (loss) $ 210,691 $ (388) Adjustments: Interest expense, net 14,087 157 Income tax expense 206 104 Depreciation and amortization 28,996 20,094 Stock-base
Slide 20: Pathway to de-levering balance sheet
Pathway to de-levering balance sheet Conversion/ Exercise/ Shares (M) Debt ($M) Cash ($M) Notes Trigger Price Actual issued and Actual - 178 $ 608 $ 98 outstanding share count as of March 31, 2024 Mandatory conversion at Convertible Notes1 $ 5.83 45 $ (260) - $7.79 Total proceeds of $670M, a Tranche
Slide 21: Debt service $70 million in 2024; amortization weighted to 2027-2029
Debt service $70 million in 2024; amortization of principal weighted heavily to 2027 - 2029 (in $millions) • New Delayed Draw Term Loan • New Secured Notes • New Secured Convertible Notes (if not converted) $267 • Miner Equipment Loans • Other debt (Non-miner equipment financing, Mechanic’s Liens Ta