Core Scientific Inc ( (CORZ) ) has released its Q4 earnings. Here is a breakdown of the information Core Scientific Inc presented to its investors.
Core Scientific, Inc. is a leading provider of digital infrastructure for bitcoin mining and high-performance computing, operating purpose-built facilities and offering hosting services for digital asset mining and AI computing.
In its fiscal fourth quarter of 2024, Core Scientific reported a net loss of $265.5 million, primarily due to a significant non-cash mark-to-market adjustment related to its warrants and contingent value rights. The company also secured $625 million through a convertible note offering and ended the quarter with $836.2 million in cash and cash equivalents.
Key financial metrics for the quarter included a total revenue of $94.9 million, a decrease from the previous year, and an operating loss of $39.8 million. The company mined 974 bitcoins at an average cost of $51,035 each and operated a total hash rate of 20.1 EH/s. The decrease in revenue and profitability was attributed to a shift towards high-performance computing hosting and a decrease in bitcoin mined due to halving.
Looking forward, Core Scientific aims to capitalize on the growing demand for HPC infrastructure and strengthen its position in digital asset mining. The company plans to leverage its expanded infrastructure and operational expertise to drive accelerated growth and deliver value to shareholders.