Slide 1: First Quarter 2025 Earnings Presentation
First Quarter 2025 Earnings Presentation Adam Sullivan, CEO Jim Nygaard, CFO Matt Brown, COO May 7, 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: Key investment highlights
Key investment highlights 1 12-year contracts with CoreWeave provide >$10 Billion in recurring revenue 2 High-density colocation contracts deliver compelling economics and structurally higher margins compared to the mining business 3 Sales pipeline continues to expand and includes a healthy mix of h
Slide 4: Our mission is to power the future of the accelerated compute era
Our mission is to power the future of the accelerated compute era 4
Slide 5: Evolution of the next generation data center platform
Evolution of the next generation data center platform Successful transformation from bitcoin mining to leading high-density colocation provider February: Leased Austin, TX site and signed first CoreWeave colocation1 contract for 16 MW of billable capacity March: Delivered 16 MW of billable capacity
Slide 6: Expanding our portfolio of powered digital infrastructure
Expanding our portfolio of powered digital infrastructure Contracted power on a gross capacity basis1 Grand Forks, ND Colocation under development ~100 MW Calvert City, KY ~150 MW Marble, NC Muskogee, OK CoreWeave CoreWeave ~100 MW ~100 MW Dalton, GA CoreWeave ~200 MW Pecos, TX Atlanta ~250 MW Dalla
Slide 7: Building one of the largest public data center platforms in the United States
Core Scientific is building one of the largest public data center platforms in the United States Leveraging our experience, talent and asset portfolio to strategically grow the high-density colocation business Pathway to 1.3 GW+ of Billable Power Capacity by 2027 ~590 MW ~16 MW ~300 MW 400 MW Contra
Slide 8: On track to deliver 250 MW by the end of 2025
On track to deliver 250 MW by the end of 2025 … Expect to deliver 8 MW of billable capacity at Denton this month and an 250 MW delivered + ~95 MW additional 40 MW by the end of the second quarter ~155 MW delivered + ~90 MW ~25 MW delivered ~65 MW delivered + 8 MW Denton + ~40 MW Denton ~17 MW delive
Slide 9: And a total of ~590 MW by early 2027
… And a total of ~590 MW by early 2027 Estimated contracted high-density colocation MW by Site Site Delivery Plan Target Austin, TX ~20 MW Denton, TX ~260 MW Dalton, GA ~175 MW Muskogee, OK ~70 MW Marble, NC ~65 MW Total ~590 MW Cumulative ~20 MW 250 MW ~590 MW infrastructure delivery 2025 2026 time
Slide 10: CoreWeave transaction summary
CoreWeave transaction summary ~590 MW 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 202
Slide 11: A closer look at the CoreWeave Colocation contracts
A closer look at the CoreWeave Colocation contracts 1 2 3 4 Customer Contract Executed Pay Vendors for Assets and Services Site Revenue and Billing Commencement 1 Pass Through and Variable Service Execute Order Form Pay Vendors for Assets and Services Available for Use and Ready for Service Power, U
Slide 12: CoreWeave contract detail
CoreWeave contract detail Key Contract Features Contract Detail Contract type Take-or-pay Customer is committed to paying for contracted capacity, regardless of utilization Ability to terminate No ability to unilaterally terminate the contract Cost Fixed price Price is set upfront, including an annu
Slide 13: The Denton conversion continues to gain momentum
The Denton conversion continues to gain momentum Mid-December 2024 – began conversion from Bitcoin mining • Denton • Construction Progress May 2025 – current state 13
Slide 14: Data center team with 150+ years of combined expertise
Data center team with 150+ years of combined expertise Rob Hepler Matt Brown Matt Tyndall Head of Data Center Operations Chief Operations Officer Head of Site Development Trip Guinan Chip Scaglione Kelsey Gallagher JP Balajadia Jon Gibbs VP of Site Development VP of Site Development VP of Site Devel
Slide 15: Diversified business poised for growth
Diversified business poised for growth Q1 2025 Revenue Mix Revenue by Segment Gross Margin by Segment (In Millions) Colocation Q1 2024 Hosting Q1 2025 $29 Self-Mining 5% 46% 46% 11% $150 $9 $4 84% 32% $67 9% 0% 5% Self-Mining Hosting Colocation Q1 2024 Q1 2025 Self-Mining Hosting Colocation 15
Slide 16: Pro forma share count – March 31, 2025
Pro forma share count – March 31, 2025 Number of shares in millions ~204M Shares 28 502 42 17 3 17 98 298 Tranche 1 Warrants Restricted Stock and August 2024 Total Pro Forma Performance Based Convertible Note Diluted Share Count Sharecount Tranche 2 Warrants Units Other 1 December 2024 @ May 1, 2025
Slide 17: 2025 catalysts
1 Diversify our customer base 2025 catalysts 2 Execute on existing CoreWeave contract Expand colocation capacity through organic 3 growth and M&A activity 17 CORE SCIENTIFIC
Slide 18: Appendix
Appendix 18 CORE SCIENTIFIC
Slide 19: Debt Summary – March 31, 2025
Debt Summary – March 31, 2025 ($ Millions) 3% Convertible 0% Convertible Infrastructure and Instrument Miner Equipment Financing Leases Total Note Note Construction 0% Cash / Interest Rate 3% Cash 0% Cash ~ 5% - 5.5% Various - 15% Effective December 31, 2024 $ 460 $ 625 $ 3 $ 34 $ 2 $ 1,124 Addition
Slide 20: Total Debt QoQ – March 31, 2025
Total Debt QoQ – March 31, 2025 (in Millions) ($5M) $1,124 $- $- $1,119 $(1) $(3) $(1) December 31, 2024 3% Convertible Note 0% Convertible Note Miner Equipment Infrastructure Finance Leases March 31, 2025 & Construction $1,124 $460 $625 $3 $34 $2 - $460 $625 $2 $31 $1 $1,119 For December 31, 2024,
Slide 21: 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 22: Cash Cost to self-mine a bitcoin in first quarter
Cash Cost to self-mine a bitcoin in first quarter First Quarter 2025 First Quarter 2025 Cash Cost Per Bitcoin1 Cash-Based Hash Cost2 Direct Power Cost $42,178 2.4¢ Operational Cost3 $14,449 0.8¢ Total Direct Cash Cost $56,627 3.2¢ 1 Represents our direct, cash costs of power and facilities operation
Slide 23: Cash cost to mine bitcoin: three months ended March 31, 2025
Cash cost to mine bitcoin: three months ended March 31, 2025 Three Months Ended March 31, 2025 2024 Cash Costs per Bitcoin Direct power cost per bitcoin self-mined $ 42,178 $ 15,925 Operational costs per bitcoin self-mined1 14,449 2,928 Total cost to self-mine one bitcoin2 $ 56,627 $ 18,853 Cash-Bas
Slide 24: Consolidated Statement Of Operations: Three Months Ended March 31, 2025
Consolidated Statement Of Operations: Three Months Ended March 31, 2025 Three Months Ended March 31, Period over Period Change 2025 2024 Dollar Percentage Revenue: (in thousands, except percentages) Digital asset self-mining revenue $ 67,179 $ 149,959 $ (82,780) (55)% Digital asset hosted mining rev
Slide 25: Adjusted EBITDA Reconciliation - Three Months Ended March 31, 2025
Adjusted EBITDA Reconciliation - Three Months Ended March 31, 2025 Three Months Ended March 31, ($ Millions) 2025 2024 Net income $ 580.7 $ 210.7 Interest (income) expense, net (2.2) 14.1 Income tax expense 0.2 0.2 Earnings Before Interest and Taxes (EBIT) $ 578.7 $ 225.0 Depreciation and amortizati
Slide 26: Segment Reporting - Three Months Ended March 31, 2025
Segment Reporting - Three Months Ended March 31, 2025 Three Months Ended March 31, 2025 2024 Digital Asset Self-Mining Segment (in thousands, except percentages) Digital asset self-mining revenue $ 67,179 $ 149,959 Cost of digital asset self-mining: Power fees 30,319 44,983 Depreciation expense 19,2
Slide 27: Segment Reporting - Three Months Ended March 31, 2025
Segment Reporting - Three Months Ended March 31, 2025 Three Months Ended March 31, 2025 2024 Colocation Segment (in thousands, except percentages) Colocation revenue: License fees $ 5,995 $ — Maintenance and other (8) — Licensing revenues 5,987 — Power fees passed through to customer 2,586 — Total C
Slide 28: Balance Sheet: As of March 31, 2025 - Total Assets
Balance Sheet: As of March 31, 2025 Total Assets ($ Thousands) Assets March 31, 2025 December 31, 2024 (Unaudited) Current Assets: Cash and cash equivalents $ 697,942 $ 836,197 Restricted cash 783 783 Accounts receivable 1,018 1,025 Digital assets 80,646 23,893 Prepaid expenses and other current ass
Slide 29: Balance Sheet: As of March 31, 2025 - Liabilities and Stockholders' Deficit
Balance Sheet: As of March 31, 2025 Total Liabilities and Stockholders’ Deficit ($ Thousands) Liabilities and Stockholders’ Deficit March 31, 2025 December 31, 2024 (Unaudited) Current Liabilities: Accounts payable $ 6,328 $ 19,265 Accrued expenses and other current liabilities 95,492 69,230 Deferre
Slide 30: Condensed Consolidated Statement of Cash Flows: Three Months Ended March 31, 2025
Condensed Consolidated Stmt. Of Cash Flows: Three Months Ended March 31, 2025 Three Months Ended March 31, ($ Thousands) 2025 2024 Cash flows from Operating Activities: Net income $ 580,693 $ 210,691 Adjustments to reconcile net loss to net cash provided by operating activities (637,887) (169,158) C
Slide 31: Core Scientific
oO; CORE SCIENTIFIC CORE SCIENTIFIC