Slide 1: First Quarter Fiscal Year 2022 Earnings Presentation
Exhibit 99.2 First Quarter Fiscal Year 2022 Earnings Presentation May 12, 2022 MAY 12, 2022 1
Slide 2: Legal Disclaimer: Forward-Looking Statements
Legal Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements'' within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “est
Slide 3: Core Scientific Snapshot
Core Scientific Snapshot Digital Asset Self-Mining | Hosting | Blockchain Technology $(466.2)M Nasdaq: $93M $192.5M First Quarter 2022 Net Loss First Quarter 2022 First Quarter 2022 Revenue Driven by $440M in Non-Cash, CORZ Adjusted EBITDA Mark-to-Market Adjustments Nearly 300 Approx. 1 GW 37.4 BTC/
Slide 4: Key Highlights
First Quarter 2022 Key Highlights Strong operational results Market-leading scale Continued progress toward achieving 2022 growth projections Strong market position MA APRYI L1 2 22 , ,2022 2022 4 4
Slide 5: Core Scientific Mined More Bitcoins in the First Quarter than Other Publicly Traded Miners
Core Scientific Mined More Bitcoins in the First Quarter than Other Publicly Traded Digital Asset Miners BTC Mined First Quarter 2022 3,202 1,405 1,259 962 942 898 Core Scientific Riot Blockchain Marathon Digital Bitfarms Hut8 Cleanspark Sources - BTC mined from monthly update press releases dated:
Slide 6: Performance Summary
First Quarter 2022 Performance Summary Metric (dollars in millions) First Quarter 2022 Notes Total ending hashrate 16.2 EH/s Increased from 13.5 EH/s as of 12/31/21 Bitcoins produced 3,202 Produced 1,143 bitcoins in March $307.2 million carrying value as of 3/31/22, including Bitcoins held 8,497 eff
Slide 7: First Quarter Net Loss Driven Primarily by $440 Million in Non-Cash Adjustments
First Quarter Net Loss Driven Primarily by $440 Million in Non-Cash Adjustments First Quarter 2022 Income (loss) Drivers (In Millions, Unaudited) $466 in non-cash $300 adjustments $200 $100 $0 -$100 -$200 -$300 -$400 $(466.2) -$500 Net Loss -$600 Revenue Cost of Gain from Sale Impairment of Operatin
Slide 8: Digital Asset Mining Revenue Represented 69% of First Quarter Revenue
Digital Asset Mining Revenue Represented 69% of First Quarter Revenue and Grew +13x Year-Over-Year First Quarter 2022 Revenue Mix First Quarter Revenue by Segment (Unaudited) (In Millions, Unaudited) $250 $200 17% $150 $133.0 14% $100 69% $9.6 $50 $26.3 $31.9 $33.2 $12.7 $0 Q1 2021 Q1 2022 Hosting E
Slide 9: Expanding Our Distributed Footprint Across Multiple Geographies
Expanding Our Distributed Footprint Across Multiple Geographies MAY 12, 2022 9
Slide 10: Denton, Texas Data Center Development Progress
Denton, Texas Data Center Development Progress MAY 12, 2022 10
Slide 11: Select Results
Select First Quarter 2022 Results (Thousands) First Second Third Fourth Fiscal Year Fiscal Year Quarter Quarter Quarter Quarter 2022 YTD 2021 Unaudited Revenue $192,519 - - - $192,519 $544,483 122,516 - - - 122,516 305,621 Cost of Revenue 70,003 238,862 Gross Profit 70,003 3,340 7,674 Research and D
Slide 12: Revised Expectations For Fiscal Year 2022
Revised Expectations For Fiscal Year 2022 2021 Initial 2022 Revised 2022 Metric Results Expectations Expectations Hashrate 13.5 EH/s 40 to 42 EH/s 30 to 32 EH/s 450+ MW 1.2 to 1.3 GW Approximately 1 GW Power MAY 12, 2022 12 12
Slide 13: Visibility toward Revised 2022 Hashrate Goal
Visibility toward Revised 2022 Hashrate Goal Build-Up to Projected Year-End 2022 Hashrate (EH/s) 31 EH/s Middle of Guidance Range 14 0.8 2.7 13.5 Year-End 2021 New HasNe hra w te Ha As ch tirv aa te te d in Q1 New Hashrate HashrHa ate s h fr ro at m e fMi rom ne Mi rs n O errd s ered Activated in th
Slide 14: Why Core Scientific?
Why Core Scientific? A MARKET LEADER FULL SPECTRUM TRACK RECORD TEAM IP A Blockchain Integrated Self- Consistent Deep, Proprietary Infrastructure Mining and Growth in Experienced Technology Developer at Hosting Capacity and Team Leading Scale Capability MAY 12, 2022 14
Slide 15: Infrastructure to Power the World's New Financial System
Infrastructure to Power the World’s New Financial System 15
Slide 16: Appendix A: Reconciliation of Adjusted EBITDA
Appendix A Reconciliation of First Quarter Fiscal Year 2021-2022 Adjusted EBITDA (Unaudited, Thousands) Three Months Ended March 31, 2022 2021 Net (loss) income $ (466,204) $ 6,849 Adjustments: 21,676 2,135 Interest expense, net 42,406 — Income tax expense 42,139 2,916 Depreciation and amortization
Slide 17: Appendix B: Reconciliation of Adjusted Earnings per Share
Appendix B Reconciliation of First Quarter Fiscal Year 2021-2022 Adjusted earnings per share (Unaudited, Thousands) Three Months Ended March 31, 2022 2021 Net (loss) income per diluted share $ (1.52) $ 0.04 Adjustments: 0.07 0.01 Interest expense, net 0.14 — Income tax expense 0.14 0.01 Depreciation