Fiscal Year 2023 Highlights
- A total of 19,274 bitcoin earned in our data centers; 13,762
bitcoin by self-mining for our account, more than any other
publicly listed miner in North America, and an estimated 5,512 for
our hosting clients’ accounts
- Operated total hash rate of 23.2 EH/s, consisting of 16.9 EH/s
self-mining and 6.3 EH/s hosting
- Owned and managed 724 megawatts of infrastructure, the largest
owned infrastructure footprint among publicly listed miners in
North America
- Improved average self-mining fleet energy efficiency to 27.94
joules per terahash
- Developed organic growth plan for more than 20 EH/s of new
self-mining hash rate
Core Scientific, Inc. (NASDAQ: CORZ), a leader in
bitcoin mining and digital infrastructure for emerging high-value
compute, reported its financial results for the fiscal fourth
quarter and year ended December 31, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240312355454/en/
Core Scientific is a leader in bitcoin
mining and digital infrastructure for emerging high-value compute
(Graphic: Business Wire)
Fiscal Fourth Quarter 2023 Compared to Fiscal Fourth Year
2022
- Total revenue of $141.9 million, an increase of $20.7
million
- Net loss of $195.7 million, an improvement of $239.2
million
- Adjusted EBITDA of $57.5 million, an increase of $51.2
million
Fiscal Year 2023 Financial Highlights Compared to Fiscal Year
2022
- Total revenue of $502.4 million, a decrease of $137.9
million
- Net loss of $246.5 million, an improvement of $1.90
billion
- Adjusted EBITDA of $170.0 million, an increase of $180.7
million
“In 2023, Core Scientific earned more self-mined bitcoin than
any other listed miner in North America, positioning us for
continued strong performance in 2024 based on current bitcoin
prices and operating performance,” said Adam Sullivan, Core
Scientific Chief Executive Officer. “We own and operate the largest
bitcoin mining infrastructure in the industry in terms of operating
megawatts, and we have demonstrated superior hash rate utilization.
We have now emerged from our restructuring a stronger, more focused
and more productive company with a plan for self-mining growth of
more than 20 exahash.”
“We believe our growth plan and diversified platform give us the
ability to refresh our fleet with more efficient miners, scale our
business with favorable economics and position ourselves well for
the upcoming halving and beyond,” Mr. Sullivan continued. “Coming
off our strong operating performance in the fourth quarter, we have
seen bitcoin prices rise and our self-mining operation continue to
perform well as we are able to take advantage of excellent industry
fundamentals.”
The Company has completed all 2024 payments for new bitcoin
miners ordered for the current year and is accelerating the
delivery and deployment of new Bitmain S21 miners. In addition,
Core Scientific has improved financial results by rationalizing its
hosting client base, instituting proceeds sharing contracts,
reducing operating expenses and optimizing the location of miners
in its data centers to increase profitability.
“Our strong momentum continued into 2024 as we recently
announced the expansion of our hosting business with a strategic,
long-term contract with CoreWeave, Inc., a leading specialized GPU
cloud provider. While our continued focus remains squarely on
bitcoin mining, this new contract broadens our revenue model to
customers engaged in rapidly growing, high-performance computing
supporting the rapid expansion of AI computing demands. More
importantly, this contract enhances shareholder value,” added Mr.
Sullivan. “We could not be more excited at this point in Core
Scientific’s history, as we have secured a renewed opportunity to
demonstrate the value of our platform and the strategic nature of
our footprint to the future of high-value compute.”
Fiscal Fourth Quarter 2023 Financial Results (Compared to
Fiscal Fourth Quarter 2022)
Total revenue of $141.9 million in the fiscal fourth quarter of
2023 increased by $20.7 million, or 17%, from $121.3 million for
the same period in the prior year. The increase in total revenue
was driven primarily by a $37.7 million increase in digital asset
mining revenue due to new miners deployed in 2023 and the increase
in the price of bitcoin, partially offset by a $12.9 million
decrease in hosting revenue due primarily to the termination of
contracts for several customers in the portfolio with less
profitable hosting rates, and a $4.2 million decrease in equipment
sales driven by the Company’s exit from the equipment sales
business.
Cost of revenue of $102.6 million in the fiscal fourth quarter
of 2023 decreased by $65.9 million, or 39%, from $168.5 million for
the same period in the prior year. As a percentage of total
revenue, cost of revenue totaled 72% and 139% for the years ended
December 31, 2023 and 2022, respectively. The decrease in cost of
revenue was primarily attributable to $37.6 million of decreased
depreciation expense driven by a fiscal 2022 non-cash impairment
adjustment to the depreciable base for the deployed self-mining
units, $23.7 million of lower power costs, and $3.1 million of
lower equipment sales costs due to our exit from the equipment
sales business in 2022.
Total operating expenses of $30.0 million in fiscal fourth
quarter 2023 decreased $12.6 million from total operating expenses
of $42.6 million for the fiscal fourth quarter 2022. This decrease
was due primarily to a $10.0 million decrease in advisor fees, a
$4.3 million reduction in professional fees primarily related to
investments made to support public company compliance and $3.1
million of lower bad debt expense, partially offset by a $1.6
million increase in corporate taxes due primarily to increased
property taxes.
Net loss of $195.7 million in the fiscal fourth quarter 2023
improved $239.2 million from a net loss of $434.8 million for the
same period in the prior year. This decrease was driven primarily
by a $531.4 million non-cash impairment charge to property, plant
and equipment recognized in the fiscal fourth quarter 2022,
partially offset by an increase in Reorganization items, net of
$310.3 million.
Adjusted EBITDA improved to $57.5 million in the fiscal fourth
quarter 2023 compared to $6.3 million in the fiscal fourth quarter
of 2022, an improvement of $51.2 million. This increase was driven
by a $23.7 million decrease in power costs, a $20.7 million
increase in total revenue, and the elimination of $3.1 million of
cost of revenue associated with equipment sales.
Fiscal Year 2023 Financial Results (Compared to Fiscal Year
2022)
Total revenue of $502.4 million in fiscal year 2023 decreased by
$137.9 million, or 22%, from $640.3 million for the same period in
the prior year. The decrease in total revenue was driven primarily
by a $82.8 million decrease due to the Company’s exit from the
equipment sales business in fiscal year 2022, a decrease of $47.6
million in hosting revenue due primarily to the termination of
contracts for several customers in the portfolio with less
profitable hosting rates, and $7.5 million decrease in digital
asset mining revenue driven primarily by increased mining
difficulty associated with the growth in the global Bitcoin network
hash rate in fiscal year 2023 relative to fiscal year 2022,
partially offset by the increase in the number of mining units
deployed in our self-mining fleet.
Cost of revenue of $378.9 million in fiscal year 2023 decreased
by $253.0 million, or 40%, from $631.9 million for the same period
in the prior year. As a percentage of total revenue, cost of
revenue totaled 75% and 99% for the years ended December 31, 2023
and 2022, respectively. The decrease in cost of revenue was
primarily attributable to $128.1 million of decreased depreciation
expense driven by a fiscal 2022 non-cash impairment adjustment to
the depreciable base for the deployed self-mining units, $67.1
million of lower equipment sales costs due to our exit from the
equipment sales business in 2022, $41.8 million of lower power
costs, and lower stock-based compensation of $20.7 million as the
prior year included accelerated vesting of awards, as well as a
decrease in equity awards granted during fiscal year 2023.
Total operating expenses of $108.1 million in fiscal year 2023
decreased $144.9 million from total operating expenses of $253.0
million for the same period in fiscal 2022. This decrease was
primarily driven by lower stock-based compensation of $103.1
million, as the prior year included accelerated vesting of awards
and a decrease in equity awards granted during the current fiscal
year, $14.1 million of lower professional fees primarily related to
investments made to support public company compliance, $10.0
million of lower advisor fees in the prior year and a $9.0 million
decrease in bad debt expense.
Net loss of $246.5 million in fiscal year 2023 decreased by
$1.90 billion, or 89%, from a net loss of $2.15 billion for the
same period in the prior year. The decrease in net loss was
primarily due to non-cash impairments totaling $1.88 billion which
included a $1.06 billion impairment of goodwill and other
intangibles, a $590.7 million impairment of property, plant and
equipment in fiscal year 2022, as well as a $226.9 million decrease
in impairment of digital assets year over year, an improvement in
gross margin of $115.1 million, lower operating expenses of $144.9
million, partially offset by bankruptcy-related reorganization
expenses of $191.1 million in 2023.
Adjusted EBITDA of $170.0 million in fiscal year 2023 increased
by $180.7 million from $(10.7) million for the same period in the
prior year. The increase was driven by lower non-cash impairments
on digital assets of $226.9 million, the elimination of $67.1
million of cost of revenue associated with equipment sales, a $41.8
million decrease in power costs, a $30.0 million reduction in
operating expenses, partially offset by a $137.9 million decrease
in total revenue and a decrease in gain from sales of digital
assets of $40.4 million.
CONFERENCE CALL AND LIVE WEBCAST
In conjunction with this release, Core Scientific, Inc. will
host a conference call today, Tuesday, March 12, 2024, at 4:30 pm
Eastern Time that will be webcast live. Adam Sullivan, Chief
Executive Officer, Denise Sterling, Chief Financial Officer and
Steven A. Gitlin, Senior Vice President Investor Relations, will
host the call.
Investors may dial into the call by using the following
telephone numbers, +1 833 470 1428 (U.S. toll free) and +1 404 975
4839 (U.S. local), and providing the Access Code 619354 five to ten
minutes prior to the start time to allow for registration.
Investors with Internet access may listen to the live audio
webcast via the Investor Relations page of the Core Scientific,
Inc. website, http://investors.corescientific.com. Please allow 10
minutes prior to the call to download and install any necessary
audio software. A replay of the audio webcast will be available for
one year.
A supplementary investor presentation for the full fiscal year
2023 may be accessed at
https://investors.corescientific.com/investors/events-and-presentations/default.aspx.
AUDIO REPLAY
An audio replay of the event will be archived on the Investor
Relations section of the Company's website at
http://investors.corescientific.com and via telephone by dialing +1
866 813 9403 (U.S. toll free), 1 (929) 458-6194 (U.S. local) or 44
(204) 525-0658 (international) and entering Access Code 426935.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest bitcoin miners and hosting
solutions providers for bitcoin mining in North America.
Transforming energy into high-value compute with superior
efficiency at scale, we employ our own large fleet of computers
(“miners”) to earn bitcoin for our own account and provide hosting
services for large bitcoin mining customers at our seven
operational data centers in Georgia (2), Kentucky (1), North
Carolina (1), North Dakota (1) and Texas (2). We derive the
majority of our revenue from earning bitcoin for our own account
(“self-mining”). To learn more, visit www.corescientific.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release 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 financial and performance metrics, projections of
market opportunity and expectations, the Company’s ability to scale
and grow its business, source clean and renewable energy, the
advantages and expected growth of the Company and the Company’s
ability to source and retain talent. You can identify
forward-looking statements by the fact that they do not relate
strictly to historical or current facts. These statements may
include words such as “aim,” “estimate,” “plan,” “project,”
“forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. All forward-looking statements
are subject to risks and uncertainties that may cause actual
results to differ materially, including: our ability to earn
digital assets profitably and to attract customers for our hosting
capabilities; our ability to maintain our competitive position as
digital asset networks experience increases in total network hash
rate; our ability to raise additional capital to continue our
expansion efforts or other operations; our need for significant
electric power and the limited availability of power resources; the
potential failure in our critical systems, facilities or services
we provide; the physical risks and regulatory changes relating to
climate change; potential significant changes to the method of
validating blockchain transactions; our vulnerability to physical
security breaches, which could disrupt our operations; a potential
slowdown in market and economic conditions, particularly those
impacting the blockchain industry and the blockchain hosting
market; the identification of material weaknesses in our internal
control over financial reporting; price volatility of digital
assets and bitcoin in particular; the “halving” of rewards
available on the Bitcoin network, or the reduction of rewards on
other networks, affecting our ability to generate revenue as our
customers may not have an adequate incentive to continue mining and
customers may cease mining operations altogether; the potential
that insufficient awards from digital asset mining could
disincentivize transaction processors from expending processing
power on a particular network, which could negatively impact the
utility of the network and further reduce the value of its digital
assets; the requirements of our existing debt agreements for us to
sell our digital assets earned from mining as they are received,
preventing us from recognizing any gain from appreciation in the
value of the digital assets we hold; potential changes in the
interpretive positions of the SEC or its staff with respect to
digital asset mining firms; the increasing likelihood that U.S.
federal and state legislatures and regulatory agencies will enact
laws and regulations to regulate digital assets and digital asset
intermediaries; increasing scrutiny and changing expectations with
respect to our ESG policies; the effectiveness of our compliance
and risk management methods; the adequacy of our sources of
recovery if the digital assets held by us are lost, stolen or
destroyed due to third-party digital asset services; the effects of
our emergence from bankruptcy on our financial results, business
and business relationships; and our substantial level of
indebtedness and our current liquidity constraints affecting our
financial condition and ability to service our indebtedness. Any
such forward-looking statements represent management’s estimates
and beliefs as of the date of this press release. While we may
elect to update such forward-looking statements at some point in
the future, we disclaim any obligation to do so, even if subsequent
events cause our views to change.
Although the Company believes that in making such
forward-looking statements its expectations are based upon
reasonable assumptions, such statements may be influenced by
factors that could cause actual outcomes and results to be
materially different from those projected. The Company cannot
assure you that the assumptions upon which these statements are
based will prove to have been correct. Additional important factors
that may affect the Company’s business, results of operations and
financial position are described from time to time in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023,
Quarterly Reports on Form 10-Q and the Company’s other filings with
the Securities and Exchange Commission. The Company does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as may be required by applicable law.
Core Scientific, Inc.
(Debtor-in-Possession)
Consolidated Balance
Sheets
(in thousands, except par
value)
(Unaudited)
December 31,
2023
December 31,
2022
Assets
Current Assets:
Cash and cash equivalents
$
50,409
$
15,884
Restricted cash
19,300
36,356
Accounts receivable, net of allowance of
$— and $8,724, respectively
1,001
234
Accounts receivable from related
parties
—
23
Digital assets
2,284
724
Prepaid expenses and other current
assets
24,022
31,881
Total Current Assets
97,016
85,102
Property, plant and equipment, net
585,431
691,134
Operating lease right-of-use assets
7,844
20,430
Intangible assets, net
2,247
1,704
Other noncurrent assets
19,618
9,316
Total Assets
$
712,156
$
807,686
Liabilities and Stockholders’
Deficit
Current Liabilities:
Accounts payable
$
154,751
$
53,641
Accrued expenses and other current
liabilities
179,636
17,952
Operating lease liabilities, current
portion
77
769
Deferred revenue
9,830
77,689
Deferred revenue from related parties
—
496
Finance lease liabilities, current
portion
19,771
—
Notes payable, current portion
124,358
36,242
Total Current Liabilities
488,423
186,789
Finance lease liabilities, net of current
portion
35,745
—
Operating lease liabilities, net of
current portion
1,512
720
Notes payable, net of current portion
684,082
—
Other noncurrent liabilities
—
2,210
Total liabilities not subject to
compromise
1,209,762
189,719
Liabilities subject to compromise
99,335
1,027,313
Total Liabilities
1,309,097
1,217,032
Commitments and contingencies
Stockholders’ Deficit:
Common stock; $0.00001 par value;
10,000,000 and 10,000,000 shares authorized at December 31, 2023
and 2022, respectively; 386,883 and 375,225 shares issued and
outstanding at December 31, 2023 and 2022, respectively
36
36
Additional paid-in capital
1,823,260
1,764,368
Accumulated deficit
(2,420,237
)
(2,173,750
)
Total Stockholders’ Deficit
(596,941
)
(409,346
)
Total Liabilities and Stockholders’
Deficit
$
712,156
$
807,686
Core Scientific, Inc.
(Debtor-in-Possession)
Consolidated Statements of
Operations
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue:
Hosting revenue from customers
$
29,760
$
35,827
$
102,005
$
130,234
Hosting revenue from related parties
—
6,795
10,062
29,454
Equipment sales to customers
—
—
—
11,391
Equipment sales to related parties
—
4,169
—
71,438
Digital asset mining revenue
112,169
74,459
390,333
397,796
Total revenue
141,929
121,250
502,400
640,313
Cost of revenue:
Cost of hosting services
23,058
49,867
87,245
169,717
Cost of equipment sales
—
3,121
—
67,114
Cost of digital asset mining
79,571
115,506
291,696
395,082
Total cost of revenue
102,629
168,494
378,941
631,913
Gross profit (loss)
39,300
(47,244
)
123,459
8,400
Gain from sales of digital assets
1,535
19,291
3,893
44,298
Impairment of digital assets
(1,542
)
(19,131
)
(4,406
)
(231,315
)
Change in fair value of derivative
instruments
(3,918
)
—
(3,918
)
—
Impairment of goodwill and other
intangibles
—
—
—
(1,059,265
)
Impairment of property, plant and
equipment
—
(531,414
)
—
(590,673
)
Losses on exchange or disposal of
property, plant and equipment
(1,442
)
(14,968
)
(1,956
)
(28,025
)
Operating expenses:
Research and development
1,876
2,657
7,184
26,962
Sales and marketing
3,886
1,056
7,019
12,731
General and administrative
24,237
38,900
93,908
213,280
Total operating expenses
29,999
42,613
108,111
252,973
Operating income (loss)
3,934
(636,079
)
8,961
(2,109,553
)
Non-operating expenses, net:
(Gain) loss on debt extinguishment
1,070
287
(20,065
)
287
Interest expense, net
83,921
22,092
86,238
96,826
Fair value adjustment on convertible
notes
—
—
—
186,853
Fair value adjustment on derivative
warrant liabilities
—
(4,952
)
—
(37,937
)
Reorganization items, net
112,852
(197,405
)
191,122
(197,405
)
Other non-operating (income) expenses,
net
1,448
235
(2,530
)
5,232
Total non-operating expense (income),
net
199,291
(179,743
)
254,765
53,856
Loss before income taxes
(195,357
)
(456,336
)
(245,804
)
(2,163,409
)
Income tax expense (benefit)
336
(21,489
)
683
(17,091
)
Net loss
(195,693
)
(434,847
)
(246,487
)
(2,146,318
)
Net loss per share:
Basic
$
(0.51
)
$
(1.17
)
$
(0.65
)
$
(6.30
)
Diluted
$
(0.51
)
$
(1.17
)
$
(0.65
)
$
(6.30
)
Weighted average shares outstanding:
Basic
385,074
371,357
379,863
340,647
Diluted
385,074
371,357
379,863
340,647
Core Scientific, Inc.
(Debtor-in-Possession)
Segment Results
(in thousands, except
percentages)
(Unaudited)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Hosting Segment
Revenue:
Hosting revenue
$
29,760
$
42,622
$
112,067
$
159,688
Equipment sales
—
4,169
—
82,829
Total revenue
29,760
46,791
112,067
242,517
Cost of revenue:
Cost of hosting services
23,058
49,867
$
87,245
$
169,717
Cost of equipment sales
—
3,121
—
67,114
Total cost of revenue
$
23,058
$
52,988
$
87,245
$
236,831
Gross profit (loss)
$
6,702
$
(6,197
)
$
24,822
$
5,686
Gross margin1
23
%
(13
)%
22
%
2
%
Mining Segment
Digital asset mining revenue
$
112,169
$
74,459
$
390,333
$
397,796
Total revenue
112,169
74,459
390,333
397,796
Cost of revenue
79,571
115,506
291,696
395,082
Gross profit (loss)
$
32,598
$
(41,047
)
$
98,637
$
2,714
Gross margin1
29
%
(55
)%
25
%
1
%
Consolidated
Consolidated total revenue
$
141,929
$
121,250
$
502,400
$
640,313
Consolidated cost of revenue
$
102,629
$
168,494
$
378,941
$
631,913
Consolidated gross profit (loss)
$
39,300
$
(47,244
)
$
123,459
$
8,400
Consolidated gross margin1
28
%
(39
)%
25
%
1
%
_______________
1 Gross margin is calculated as gross
profit as a percentage of total revenue.
Core Scientific, Inc. and
Subsidiaries
Non-GAAP Financial
Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial
measure defined as our net income or (loss), adjusted to eliminate
the effect of (i) interest income, interest expense, and other
income (expense), net; (ii) provision for income taxes; (iii)
depreciation and amortization; (iv) stock-based compensation
expense; (v) restructuring charges; (vi) Reorganization items, net;
(vii) unrealized changes in fair value of derivative instruments;
and (viii) certain additional non-cash or non-recurring items, that
do not reflect the performance of our ongoing business operations.
For additional information, including the reconciliation of net
income (loss) to Adjusted EBITDA, please refer to the table below.
We believe Adjusted EBITDA is an important measure because it
allows management, investors, and our Board of Directors to
evaluate and compare our operating results, including our return on
capital and operating efficiencies, from period-to-period by making
the adjustments described above. In addition, it provides useful
information to investors and others in understanding and evaluating
our results of operations, as well as provides a useful measure for
period-to-period comparisons of our business, as it removes the
effect of net interest expense, taxes, certain non-cash items,
variable charges, and timing differences. Moreover, we have
included Adjusted EBITDA in this earnings release because it is a
key measurement used by our management internally to make operating
decisions, including those related to operating expenses, evaluate
performance, and perform strategic and financial planning.
The above items are excluded from our
Adjusted EBITDA measure because these items are non-cash in nature
or because the amount and timing of these items are not related to
the current results of our core business operations which renders
evaluation of our current performance, comparisons of performance
between periods and comparisons of our current performance with our
competitors less meaningful. However, you should be aware that when
evaluating Adjusted EBITDA, we may incur future expenses similar to
those excluded when calculating this measure. Our presentation of
this measure should not be construed as an inference that its
future results will be unaffected by unusual or non-recurring
items. Further, this non-GAAP financial measure should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”). We compensate for
these limitations by relying primarily on GAAP results and using
Adjusted EBITDA on a supplemental basis. Our computation of
Adjusted EBITDA may not be comparable to other similarly titled
measures computed by other companies because not all companies
calculate this measure in the same fashion. You should review the
reconciliation of net loss to Adjusted EBITDA below and not rely on
any single financial measure to evaluate our business.
The following table reconciles the
non-GAAP financial measure to the most directly comparable U.S.
GAAP financial performance measure, which is net loss, for the
periods presented (in thousands):
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
20221,2
Reconciliation of Net loss to Adjusted
EBITDA
(Unaudited)
Net loss
$
(195,693
)
$
(434,847
)
$
(246,487
)
$
(2,146,318
)
Adjustments:
Interest expense, net
83,921
22,092
86,238
96,826
Income tax expense (benefit)
336
(21,489
)
683
(17,091
)
Depreciation and amortization
31,203
68,715
96,003
225,259
Amortization of operating lease
right-of-use assets
(261
)
410
442
834
(Gain) loss on debt extinguishment
1,070
287
(20,065
)
287
Stock-based compensation expense3
17,478
16,346
58,892
182,894
Fair value adjustment on derivative
warrant liabilities
—
(4,952
)
—
(37,937
)
Fair value adjustment on convertible
notes
—
—
—
186,853
Impairment of goodwill and other
intangibles
—
—
—
1,059,265
Impairment of property, plant and
equipment
—
531,414
—
590,673
Losses on exchange or disposal of
property, plant and equipment
1,442
14,968
1,956
28,025
Gain on sale of intangible assets
—
—
—
(5,904
)
Cash restructuring charges
—
—
—
1,320
Reorganization items, net
112,852
(197,405
)
191,122
(197,405
)
Fair value adjustment on acquired vendor
liability
—
—
—
9,498
Equity line of credit expenses
—
237
—
1,668
Unrealized change in fair value of
derivative instruments
2,262
—
2,262
—
Other non-operating (income) expenses,
net
1,448
235
(2,530
)
5,232
Other items
1,474
10,300
1,474
5,276
Adjusted EBITDA
$
57,532
$
6,311
$
169,990
$
(10,745
)
1 Certain prior year amounts have been
reclassified for consistency with the current year
presentation.
2 Previously, the Company had held the
bitcoin it earned as an investment for long-term appreciation. This
strategy was outside our primary operations and the results of
impairments and realized gains and losses had been excluded from
adjusted EBITDA. With our current strategy of monetizing our
bitcoin revenue soon after earning it and changes in accounting
standards, Management is no longer excluding these amounts from its
Adjusted EBITDA.
3 Includes $1.0 million of stock-based
compensation that was provided in severance as part of
restructuring charges incurred during the year ended December 31,
2022.
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