In This Article:
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Total Revenue: $95.4 million for the third quarter.
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Bitcoin Mined: 1,115 Bitcoin in the third quarter.
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Digital Asset Self Mining Revenue: $68.1 million.
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Digital Asset Hosted Mining Revenue: $16.9 million.
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HPC Hosting Revenue: $10.3 million.
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Gross Loss: $0.2 million for the quarter.
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Operating Loss: $41 million for the quarter.
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Net Loss: $455.3 million, primarily due to noncash mark-to-market adjustments.
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Adjusted EBITDA: $10.1 million, representing 11% of revenue.
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Power Cost: $0.038 per kilowatt hour, with an expected average of $0.042 to $0.044 per kilowatt hour for 2024.
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Self Mining Fleet: Approximately 175,000 miners operated as of September 30, 2024.
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Convertible Note Offering: $460 million completed, reducing interest rate to 3%.
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Cash and Cash Equivalents: $253 million at the end of the quarter.
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HPC Hosting Contract Value: Projected aggregate total potential revenue of approximately $8.7 billion over 12 years.
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Direct Cash Cost to Mine Bitcoin: $42,351 per Bitcoin.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Core Scientific Inc (NASDAQ:CORZ) successfully contracted all 500 megawatts of critical IT load for HPC hosting, securing significant revenue potential.
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The company completed a $460 million convertible note offering, which improved its capital structure by refinancing debt and increasing cash reserves.
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Core Scientific Inc (NASDAQ:CORZ) expanded its capacity through new site acquisitions and existing site expansions, including a new data center in Alabama.
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The company reported a 117% increase in the price of Bitcoin, which positively impacted its digital asset self-mining revenue.
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Core Scientific Inc (NASDAQ:CORZ) is actively pursuing additional power allocations at existing sites, potentially adding up to 300 megawatts of critical IT load.
Negative Points
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Core Scientific Inc (NASDAQ:CORZ) reported a net loss of $455 million for the third quarter, primarily due to non-cash mark-to-market adjustments.
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The company faced a 62% decrease in the number of Bitcoin earned during the quarter, impacting digital asset self-mining revenue.
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Operating expenses increased by $13.5 million year-over-year, driven by personnel expenses, site startup costs, and stock-based compensation.
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Gross margins for digital asset self-mining were negative, reflecting challenging Bitcoin mining economics post-halving.
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The company anticipates no further CapEx for Bitcoin mining this year, indicating potential limitations in expanding its mining fleet.