Core Scientific Earnings Call Transcripts
Fiscal Year 2026
-
Announced a landmark 15-year, $14B+ partnership with AMD for 530 MW of data center capacity, expanding to 2.5 GW. Q2 saw $137M in colocation revenue and 437 MW billable capacity, with strong liquidity and disciplined capital deployment supporting further growth.
-
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.
-
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.
-
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
-
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.
-
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.
-
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.
-
AI-driven demand is fueling a shift to high-density data centers, with strong progress on CoreWeave contracts and a growing pipeline of large enterprise customers. Q1 revenue declined 16% sequentially to $79.5M as mining operations wind down, but construction and capital allocation remain on track for long-term growth.
-
Exited Chapter 11, secured major HPC contracts, and restructured finances in 2024, setting up for aggressive growth in 2025 and beyond. Plans include over 1 GW of HPC infrastructure by 2027, continued strong Bitcoin mining, and further contract expansion, supported by a top-tier team and robust financial strategy.
Fiscal Year 2024
-
Revenue fell 33% year-over-year in Q4 as the business pivoted from Bitcoin mining to HPC data centers, highlighted by a $10B+ CoreWeave contract and major infrastructure expansion. The company improved its balance sheet, targets further customer diversification, and expects robust HPC growth through 2027.
-
Achieved full 500 MW IT load contract with CoreWeave, expanded HPC hosting, and improved capital structure with a $460M convertible note. Q3 revenue was $95.4M, but net loss reached $455M due to non-cash adjustments. Positioned for growth in digital infrastructure and data center capacity.
-
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.
-
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.
-
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.
-
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.