Core Scientific Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered board elections, executive compensation, and auditor ratification, with all proposals approved. A quorum was present, and voting results will be published in a Form 8-K.
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Colocation revenue now covers operating costs, with 243 MW billable and a $3.3B capital raise fueling expansion. Major site developments in Texas and Oklahoma are underway, with strong demand from hyperscalers and AI customers.
Fiscal Year 2025
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Energized 350 MW of capacity and expanded the pipeline by 600 MW, with a strong focus on colocation growth and disciplined capital allocation. Ended the year with $530M liquidity and expect colocation revenue to inflect as more MW begin billing.
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Shareholders rejected the CoreWeave merger, positioning the company to pursue independent growth with a robust pipeline and strong execution. Major buildouts remain on track, new customer and power contracts are expected soon, and financing options are solid, leveraging a $10B+ contract base.
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The company has rapidly shifted from Bitcoin mining to large-scale data centers, securing a $5B+ contract and targeting further growth through both organic and inorganic expansion. Strategic focus includes reducing customer concentration, advancing high-density capacity, and managing utility-related risks.
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Q1 revenue fell 16% sequentially to $79.5M as the business transitions from mining to high-density co-location, with strong progress on CoreWeave contracts and a robust pipeline of large enterprise deals. CapEx was $90M, over half funded by CoreWeave, and liquidity stood at $780M.
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Exited Chapter 11, secured a landmark CoreWeave HPC contract, and restructured capital in 2024. Plans for over 1 GW of HPC infrastructure by 2027 are underway, with strong Bitcoin mining and financial flexibility supporting growth.
Fiscal Year 2024
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Revenue fell 33% YoY in Q4 as the business pivoted from Bitcoin mining to HPC hosting, highlighted by a $10B+ contract with CoreWeave. Balance sheet strength improved with major debt reduction and $830M in cash, while 2025 priorities include customer diversification and capacity expansion.
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Secured a $8.7B, 12-year HPC hosting contract with CoreWeave, expanded capacity with new sites, and improved capital structure via a $460M convertible note. Q3 revenue was $95.4M, but net loss reached $455.3M due to non-cash adjustments. Strong demand and rising lease rates support future growth.
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With 1.2 GW of contracted power and nearly 400 MW in new HPC contracts, the company is transitioning from a Bitcoin mining leader to a major data center operator. Financial restructuring and innovative contract models support strong cash flow and future growth.
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Emerging from restructuring, the company has secured a major HPC contract with CoreWeave, is retrofitting sites for AI compute, and is phasing out Bitcoin hosting by 2025. High cash margins are expected, with a robust pipeline in Texas and plans for international expansion.
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Q2 2024 saw $141M in revenue, strong cash flow, and major HPC hosting contracts totaling 382 MW and $6.7B in potential revenue. Net loss was $805M due to non-cash equity adjustments, while debt was significantly reduced. The company is expanding both its infrastructure and client base.
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A major strategic shift is underway, reallocating significant infrastructure from Bitcoin mining to high-margin, long-term HPC hosting, highlighted by a $3.5B, 12-year, client-funded contract with CoreWeave. This transformation leverages unique operational strengths and positions the business for stable, recurring revenue while maintaining a leading Bitcoin mining presence.