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Core Scientific Inc (CORZ)
NASDAQ:CORZ
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Earnings Data
Report Date
Apr 01, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.08Last Year’s EPS
$0.75Same Quarter Last Year
Strong Buy
Based on 11 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: -1.40%
|Next Earnings Date:Apr 01, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted strong growth and strategic partnerships in the HPC hosting sector, alongside successful financial restructuring. However, these positives were counterbalanced by challenges in the Bitcoin mining segment, including a significant net loss and negative gross margin. The company is positioned for future growth but faces hurdles in mining economics.Company Guidance
During the third quarter of 2024, Core Scientific demonstrated significant progress in its strategic initiatives, which included securing a full 500 megawatts of critical IT load contracted with CoreWeave, an achievement that represents a key 2024 catalyst. The company allocated an additional 100 megawatts of infrastructure from Bitcoin mining to high-performance computing (HPC), raising its total HPC hosting capacity to approximately 570 megawatts. Financially, Core Scientific generated a total revenue of $95.4 million, with $68.1 million from digital asset self-mining, $16.9 million from hosted mining, and $10.3 million from HPC hosting. Despite a challenging post-halving Bitcoin mining environment leading to a gross loss of $0.2 million and an operating loss of $41 million, the company completed a successful $460 million convertible note offering, strengthening its capital structure and eliminating previous debt restrictions. Core Scientific anticipates that the transition to HPC hosting will generate significant revenue over the 12-year contracts with CoreWeave, with potential aggregate revenue of approximately $8.7 billion and non-GAAP profit margins between 75% and 80%.CoreWeave Commitment and HPC Expansion
CoreWeave exercised its final 2 options for an additional 232 megawatts, securing all 500 megawatts of critical IT load offered by Core Scientific. This increased HPC hosting capacity to approximately 570 megawatts.
Successful Financial Restructuring
Completed a $460 million convertible note offering, refinancing debt, adding cash to the balance sheet, and reducing the interest rate from 12.5% to 3%.
Revenue from HPC Hosting Boosts Performance
HPC hosting contributed $10.3 million to the third quarter revenue, showcasing strong growth in this segment.
Strategic Site Acquisitions
Leased an existing data center in Alabama with 11 megawatts of critical IT load, expandable to 66 megawatts.
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CORZ Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CORZ Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $14.33 | $16.46 | +14.86% |
| Aug 07, 2024 | $9.82 | $10.14 | +3.26% |
| May 08, 2024 | $3.48 | $3.90 | +12.07% |
| Mar 12, 2024 | $3.54 | $3.32 | -6.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Core Scientific Inc (CORZ) report earnings?
Core Scientific Inc (CORZ) is schdueled to report earning on Apr 01, 2025, TBA Not Confirmed.
What is Core Scientific Inc (CORZ) earnings time?
Core Scientific Inc (CORZ) earnings time is at Apr 01, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CORZ EPS forecast?
CORZ EPS forecast for the fiscal quarter 2024 (Q4) is -$0.08.
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