Core Scientific Earnings Call Transcripts
Fiscal Year 2026
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Expansion is centered on five new sites with aggressive land and power acquisition, adapting to evolving hyperscaler and neocloud requirements. Rising labor costs and supply chain constraints are impacting build costs, while proactive design and credit strategies aim to secure long-term contracts and position for industry consolidation.
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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.