Q3 2024 Core Scientific Inc Earnings Call Transcript
Key Points
- Core Scientific Inc (CORZ) successfully contracted all 500 megawatts of critical IT load for HPC hosting, securing significant revenue potential.
- The company completed a $460 million convertible note offering, which improved its capital structure by refinancing debt and increasing cash reserves.
- Core Scientific Inc (CORZ) expanded its capacity through new site acquisitions and existing site expansions, including a new data center in Alabama.
- The company reported a 117% increase in the price of Bitcoin, which positively impacted its digital asset self-mining revenue.
- Core Scientific Inc (CORZ) is actively pursuing additional power allocations at existing sites, potentially adding up to 300 megawatts of critical IT load.
- Core Scientific Inc (CORZ) reported a net loss of $455 million for the third quarter, primarily due to non-cash mark-to-market adjustments.
- The company faced a 62% decrease in the number of Bitcoin earned during the quarter, impacting digital asset self-mining revenue.
- Operating expenses increased by $13.5 million year-over-year, driven by personnel expenses, site startup costs, and stock-based compensation.
- Gross margins for digital asset self-mining were negative, reflecting challenging Bitcoin mining economics post-halving.
- The company anticipates no further CapEx for Bitcoin mining this year, indicating potential limitations in expanding its mining fleet.
Greetings and welcome to the Core Scientific third quarter, fiscal year 2024 earnings conference call. (Operator Instructions)As a reminder, this conference is being recorded.
It's now my pleasure to introduce you to your host, Steve Gitlin, Senior Vice President, Director of Investor Relations. Thank you, Steve. You may begin.
Good afternoon, ladies and gentlemen and welcome to Core Scientific's third quarter, fiscal year 2024 earnings call. This is Steven Gitlin, Senior Vice President of Investor Relations for Core Scientific. At this time, all participants are in a listen-only mode. We will conduct a question and answer session after management's remarks. As a reminder, this conference is being recorded for replay purposes before we begin.
Please note that on this call, certain information presented contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.
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