0001839341FALSECore Scientific, Inc./tx838 Walker RoadSuite 21-2105DoverDelaware00018393412025-02-262025-02-260001839341us-gaap:CommonStockMember2025-02-262025-02-260001839341core:WarrantExercisePriceOf6.81PerShareMember2025-02-262025-02-260001839341core:WarrantExercisePriceOf0.01PerShareMember2025-02-262025-02-26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2025
Core Scientific, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-40046 86-1243837
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
838 Walker Road, Suite 21-2105
Dover, Delaware
 
19904
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (512) 402-5233

(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.00001 per share
CORZ
The Nasdaq Global Select Market
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $6.81 per share         
CORZW
The Nasdaq Global Select Market
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $0.01 per share
CORZZ
The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition

On February 26, 2025, the Company issued a press release announcing its financial results for the fourth fiscal quarter and full year ended December 31, 2024. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

On February 26, 2025, the Company also released a corporate presentation reporting such results. A copy of the presentation is furnished hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 7.01    Regulation FD Disclosure
The information contained in Item 2.02 is incorporated herein by reference.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statement and Exhibits
(d) Exhibits:
  
Exhibit
No.		Description
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Core Scientific, Inc.
Dated: February 26, 2024
By:/s/ Todd M. DuChene
Name:Todd M. DuChene
Title:Chief Legal Officer and Chief Administrative Officer


press release
image1.jpg
Exhibit 99.1

corescientific.com
Core Scientific Announces Fiscal Fourth Quarter and Full Fiscal Year 2024 Results
Fourth Quarter 2024 Highlights
•Incurred net loss of $265.5 million due primarily to a $224.7 million non-cash mark-to-market adjustment to warrants and other contingent value right liabilities required by the significant year-over-year increase in our share price
•Reported operating loss of $39.8 million, a decrease of $43.7 million over fourth quarter 2023
•Generated adjusted EBITDA of $13.3 million, a decrease of $43.4 million over fourth quarter 2023
•Secured $625 million through a convertible note offering with favorable 0% interest terms
•Strengthened the balance sheet, ending the quarter with cash and cash equivalents of $836.2 million as of December 31, 2024
•Earned 974 self-mined bitcoin with an average cash cost to self-mine one bitcoin of $51,035
•Operated total hash rate of 20.1 EH/s, consisting of 19.1 EH/s self-mining and 1.0 EH/s hosting
AUSTIN, Texas, Feb 26, 2025 - Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for bitcoin mining and HPC, today announced financial results for the fiscal fourth quarter of 2024. Net loss was $265.5 million, as compared to a net loss of $195.7 million for the same period in 2023. Total revenue was $94.9 million, as compared to $141.9 million for the same period last year. Operating loss was $39.8 million, as compared to Operating income of $3.9 million for the same period in 2023. Adjusted EBITDA was $13.3 million, as compared to $56.7 million for the same period in the prior year. Fourth quarter net loss of $265.5 million resulted primarily from a net $224.7 million non-cash mark-to-market adjustment in the value of our tranche 1 and tranche 2 warrants and other contingent value rights required as a result of the significant quarter-over-quarter increase in our share price.

"In the fourth quarter, Core Scientific continued to build on what was a transformational year for our business," said Adam Sullivan, Core Scientific’s Chief Executive Officer. "We successfully executed our growth strategy across multiple fronts, achieving significant milestones in both our HPC and Bitcoin mining operations. Our infrastructure expansion efforts were particularly strong - through strategic site acquisitions and existing site expansions, we increased our total portfolio capacity to 1,300 MW of powered infrastructure by year-end. Additionally, we strengthened our financial foundation through an upsized $625 million senior convertible note offering, demonstrating the market's confidence in our vision and providing us with the capital to accelerate our growth initiatives."

"Looking ahead in 2025, we are executing on a clear strategy for accelerated growth, driven by unprecedented demand for HPC infrastructure and the continued strength of our Bitcoin mining operations. With our expanded infrastructure capacity, industry-leading operational expertise, and commitment to technological innovation, Core Scientific is uniquely positioned to capture the growing opportunities in AI computing and digital asset mining. We remain focused on delivering value to our shareholders and reinforcing our position as an industry leader in scalable, high-density computing solutions."

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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 2
Fiscal Fourth Quarter 2024 Financial Results (Compared to Fiscal Fourth Quarter 2023)
Total revenue for the fiscal fourth quarter of 2024 was $94.9 million, consisting of $79.9 million in Digital asset self-mining revenue, $6.5 million in digital asset hosted mining revenue and $8.5 million in HPC hosting revenue.

Digital asset self-mining gross profit for the fiscal fourth quarter of 2024 was $1.7 million (2% gross margin), compared to $32.6 million (29% gross margin) for the same period in the prior year, a decrease of $30.9 million. The decrease in Digital asset self-mining gross profit was primarily driven by a $32.3 million decrease in self-mining revenue, the result of a 68% decrease in bitcoin mined due to the halving and the operational shift to HPC hosting, partially offset by a 130% increase in the average price of bitcoin.

Digital asset hosted mining gross profit for the fiscal fourth quarter of 2024 was $2.3 million (36% gross margin), as compared to $6.7 million (23% gross margin) for the same period in the prior year. The decrease in Digital asset hosted mining gross profit was primarily due to a $23.3 million decrease in hosted mining revenue driven by the termination of contracts with several customers since 2023 in support of our shift to HPC hosting, partially offset by a 82% decrease in power costs due to lower rates and usage.

HPC hosting gross profit for the fiscal fourth quarter of 2024 was $0.7 million (9% gross margin). HPC hosting revenue includes a base license fee as well as the direct pass-through of power costs to our client, with no margin added. HPC hosting costs at our Austin, Texas data center consist primarily of lease expense, the direct pass-through of power costs, and direct and indirect facilities operations expenses, including personnel and benefit costs and stock-based compensation. The non-GAAP gross margin for the fiscal fourth quarter of 2024, which excludes the direct pass-through of power costs, was 13%.

Operating expenses for the fiscal fourth quarter of 2024 totaled $43.6 million, as compared to $30.0 million for the same period in the prior year. The increase of $13.6 million was primarily attributable to a $5.7 million increase in stock-based compensation, a $5.0 million increase in personnel and related expenses due to increased employee headcount to support our transition to HPC operations, and $2.7 million in post-emergence bankruptcy advisor fees. During fiscal 2023, pre-emergence bankruptcy advisor fees were included in Reorganization items, net.

Net loss for the fiscal fourth quarter of 2024 was $265.5 million, as compared to a net loss of $195.7 million for the same period in the prior year. Net loss for the fiscal fourth quarter of 2024 increased by $69.8 million driven primarily by a net $224.7 million mark-to-market adjustment on our warrants and other contingent value rights comprising a $227.4 million increase in the fair value of warrant liabilities, partially offset by a $2.7 million decrease in fair value of contingent value rights. These mark-to-market adjustments were driven by the increase in our stock price during the period. Also contributing to the increase in net loss was a $47.0 million decrease in total revenue. These increases to net loss were partially offset by a decrease of $112.9 million in Reorganization items, net with no comparable activity for the same period in fiscal 2024 due the Company’s emergence from bankruptcy during the first quarter 2024 and a $82.8 million decrease in Interest expense, net due primarily to the one-time recognition of interest expense in the fourth quarter of 2023 for amounts not previously recorded due to our bankruptcy proceedings, in anticipation of our emergence from bankruptcy and our improved capital structure throughout 2024.

Non-GAAP Adjusted EBITDA for the fiscal fourth quarter 2024 was $13.3 million, as compared to Non-GAAP Adjusted EBITDA of $56.7 million for the same period in the prior year. This $43.4 million decrease was driven by a $47.0 million decrease in total revenue, a $2.4 million increase in HPC site startup costs, a
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 3
$2.7 million increase in cash operating expenses, a $1.5 million decrease in gain from sales of digital assets, and a $0.8 million decrease in the change in fair value of digital assets, partially offset by a $7.9 million decrease in cash cost of revenue, a $1.7 million decrease in realized losses on energy derivatives and a $1.5 million decrease in impairment of digital assets.

Full Fiscal Year Financial and Operational Achievements
•Total revenue of $510.7 million, a increase of $8.3 million compared to 2023
•Operating loss of $19.2 million, a decrease of $28.2 million over 2023
•Net loss of $1.3 billion, a decrease of $1.1 billion over 2023, due primarily to a $1.4 billion non-cash mark-to-market adjustment to warrants and other contingent value right liabilities required by the significant year-over-year increase in our share price
•Adjusted EBITDA of $157.4 million, a decrease of $12.1 million over 2023
•Average actual self-mining fleet energy efficiency of 25.1 joules per terahash
Fiscal Year 2024 Financial Results (Compared to Fiscal Year 2023)
Total revenue for the year ended December 31, 2024 was $510.7 million, consisting of $408.7 million in digital asset self-mining revenue, $77.6 million in digital asset hosted mining revenue and $24.4 million in HPC hosting revenue.

Digital asset self-mining gross profit for the year ended December 31, 2024 was $94.4 million (23% gross margin), as compared to $98.6 million (25% gross margin) for the same period in the prior year, a decrease of $4.2 million. The decrease in Digital asset self-mining gross profit was primarily driven by an 8% increase in cost of revenue due primarily to a $19.9 million increase in depreciation expense which was driven primarily by new generation miners placed in service during the current year, and a $9.3 million increase in employee compensation due to increases in bonuses and salaries driven primarily by an increase in employee headcount. The negative impact of the increase in Digital asset self-mining cost of revenue was partially offset by a 5% increase in mining revenue driven by a 128% increase in the average price of bitcoin, a 13% increase in our self-mining hash rate, driven by our fleet mix and efficiency, and an increase in the number of mining units deployed, partially offset by a 52% decrease in bitcoin mined due to the halving and the conversion to HPC hosting.

Digital asset hosted mining gross profit for the year ended December 31, 2024 was $24.0 million (31% gross margin), as compared to $24.8 million (22% gross margin) for the same period in the prior year, a decrease of $0.8 million. The decrease in Digital asset hosted mining gross profit was primarily due to a $34.5 million decrease in Digital asset hosted mining revenue due to the termination of contracts with several customers since 2023, as we convert to HPC hosting. The decrease in Digital asset hosted mining revenue was partially offset by a $33.7 million decrease in Digital asset hosted mining cost of revenue primarily driven by lower power costs from lower rates and usage.

HPC hosting gross profit for the year ended December 31, 2024 was $2.7 million (11% gross margin). The non-GAAP gross margin for the year ended December 31, 2024, was 15%, which excludes the direct pass-through of power costs.

Operating expenses for the year ended December 31, 2024 totaled $132.2 million, compared to $108.1 million for the same period in the prior year. The increase of $24.1 million was primarily attributable to a $21.9 million
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 4
increase in personnel and related expenses due to increased employee headcount to support our transition to HPC operations, a $5.1 million increase in professional services, $4.8 million of post-emergence bankruptcy advisory fees and a $2.0 million increase in advertising and marketing, partially offset by lower stock-based compensation of $9.9 million due to cancellations and forfeitures of equity-based awards. During fiscal 2023, pre-emergence bankruptcy advisor fees were included in Reorganization items, net.

Net loss for the year ended December 31, 2024 was $1.3 billion, as compared to a net loss of $246.5 million for the same period in the prior year. Net loss for the year ended December 31, 2024 increased by $1.1 billion driven primarily by a net $1.4 billion mark-to-market adjustment on our warrants and other contingent value rights comprising a $1.5 billion increase in the fair value of warrant liabilities, partially offset by a $82.1 million decrease in fair value of contingent value rights. These non-cash mark-to-market adjustments were driven by the increase in our stock price during the period. Also contributing to the increase in net loss was a $20.6 million decrease in gain on extinguishment of debt compared to the same period in the prior year, partially offset by a decrease of $302.6 million in Reorganization items, net, which included gains on extinguishment of pre-emergence obligations of $238.4 million, and a $49.2 million decrease in Interest expense, due to lower average debt balances during the year.

Non-GAAP Adjusted EBITDA for the year ended December 31, 2024 was $157.4 million, as compared to Non-GAAP Adjusted EBITDA of $169.5 million for the same period in the prior year. This $12.1 million decrease was driven by a $20.0 million increase in cash operating expenses, a $4.1 million increase in HPC site startup costs, a $3.9 million decrease in gain from sales of digital assets, a $3.4 million increase in realized losses on energy derivatives, and a $1.1 million decrease in change in fair value of digital assets, partially offset by a $8.3 million increase in total revenue, a $7.6 million decrease in cash cost of revenue, and a $4.4 million decrease in impairment of digital assets.
CONFERENCE CALL AND LIVE WEBCAST
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Wednesday, February 26, 2025, at 4:30 pm Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Denise Sterling, Chief Financial Officer and Jon Charbonneau,Vice President Investor Relations, will host the call.
Investors may dial into the call by using the following telephone numbers: +1 (877) 407-1875 (U.S. toll free) or +1 (215) 268-9909 (U.S. local) five to ten minutes prior to the start time to allow for registration.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=ymDjLEm1. Please allow 10 minutes prior to the call to download and install any necessary audio software. A replay of the audio webcast will be available for one year.
A supplementary investor presentation for the fiscal fourth quarter 2024 may be accessed at https://investors.corescientific.com/investors/events-and-presentations/default.aspx.


AUDIO REPLAY

An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com and via telephone by dialing +1 (877) 660-6853 (U.S. toll free) or +1 (201) 612-7415 (U.S. local) and entering Access Code 13749193.


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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 5

ABOUT CORE SCIENTIFIC

Core Scientific, Inc. (“Core Scientific” or the “Company”) is a leader in digital infrastructure for bitcoin mining and high-performance computing. We operate dedicated, purpose-built facilities for digital asset mining and are a premier provider of digital infrastructure, software solutions and services to our third-party customers. We employ our own large fleet of computers (“miners”) to earn digital assets for our own account and to provide hosting services for large bitcoin mining customers and we are in the process of allocating and converting a significant portion of our ten facilities in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (3) to support artificial intelligence-related workloads under a series of contracts that entail the modification of certain of our data centers to deliver hosting services for high-performance computing (“HPC”). We derive the majority of our revenue from earning bitcoin for our own account (“self-mining”). To learn more, visit www.corescientific.com.


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale, grow its business and execute on its growth plans and hosting contracts, source energy at reasonable rates, the advantages, expected growth, and anticipated future revenue of the Company, and the Company’s ability to source and retain talent. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to earn digital assets profitably and to attract customers for our digital asset and high performance compute hosting capabilities; our ability to perform under our existing colocation agreements, our ability to maintain our competitive position in our existing operating segments, the impact of increases in total network hash rate; our ability to raise additional capital to continue our expansion efforts or other operations; our need for significant electric power and the limited availability of power resources; the potential failure in our critical systems, facilities or services we provide; the physical risks and regulatory changes relating to climate change; potential significant changes to the method of validating blockchain transactions; our vulnerability to physical security breaches, which could disrupt our operations; a potential slowdown in market and economic conditions, particularly those impacting high performance computing, the blockchain industry and the blockchain hosting market; the identification of material weaknesses in our internal control over financial reporting; price volatility of digital assets and bitcoin in particular; potential changes in the interpretive positions of the SEC or its staff with respect to digital asset mining firms; the increasing likelihood that U.S. federal and state legislatures and regulatory agencies will enact laws and regulations to regulate digital assets and digital asset intermediaries; increasing scrutiny and changing expectations with respect to ESG policies; the effectiveness of our compliance and risk management methods; the adequacy of our sources of recovery if the digital assets held by us are lost, stolen or destroyed due to third-party digital asset services; the effects of our emergence from bankruptcy and our substantial level of indebtedness and our current liquidity constraints affecting our financial condition and ability to service our indebtedness. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While we may elect to update such forward-looking statements at
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 6
some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law.
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 7
Core Scientific, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
(Unaudited)
December 31,
2024		December 31,
2023
Assets

Current Assets:
Cash and cash equivalents$836,197 $50,409 
Restricted cash783 19,300 
Accounts receivable1,025 1,001 
Digital assets23,893 2,284 
Prepaid expenses and other current assets42,064 24,022 
Total Current Assets903,962 97,016 
Property, plant and equipment, net556,342 585,431 
Operating lease right-of-use assets114,472 7,844 
Other noncurrent assets24,039 21,865 
Total Assets$1,598,815 $712,156 
Liabilities and Stockholders’ Deficit
Current Liabilities:
Accounts payable$19,265 $154,751 
Accrued expenses and other current liabilities
69,230 179,636 
Deferred revenue18,134 9,830 
Operating lease liabilities, current portion9,974 77 
Finance lease liabilities, current portion1,669 19,771 
Notes payable, current portion 16,290 124,358 
Total Current Liabilities134,562 488,423 
Operating lease liabilities, net of current portion97,843 1,512 
Finance lease liabilities, net of current portion3 35,745 
Convertible and other notes payable, net of current portion 1,073,990 684,082 
Contingent value rights, net of current portion
4,272 — 
Warrant liabilities
1,097,285 — 
Other noncurrent liabilities11,040 — 
Total liabilities not subject to compromise2,418,995 1,209,762 
Liabilities subject to compromise— 99,335 
Total Liabilities2,418,995 1,309,097 
Commitments and contingencies
Stockholders’ Deficit:
Preferred stock; $0.00001 par value; 2,000,000 and nil shares authorized at December 31, 2024 and December 31, 2023, respectively; none issued and outstanding at December 31, 2024 and December 31, 2023— — 
Common stock; $0.00001 and $0.0001 par value at December 31, 2024 and December 31, 2023, respectively; 10,000,000 shares authorized at December 31, 2024 and December 31, 2023; 292,606 and 386,883 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively3 36 
Additional paid-in capital2,915,035 1,823,260 
Accumulated deficit(3,735,218)(2,420,237)
Total Stockholders’ Deficit(820,180)(596,941)
Total Liabilities and Stockholders’ Deficit$1,598,815 $712,156 
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 8
Core Scientific, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)

Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenue:
Digital asset self-mining revenue
$79,900 $112,169 $408,740 $390,333 
Digital asset hosted mining revenue from customers
6,504 29,760 77,554 102,005 
Digital asset hosted mining revenue from related parties
— — — 10,062 
HPC hosting revenue8,521 — 24,378 — 
Total revenue
94,925 141,929 510,672 502,400 
Cost of revenue:
Cost of digital asset self-mining
78,215 79,571 314,335 291,696 
Cost of digital asset hosted mining services
4,170 23,058 53,558 87,245 
Cost of HPC hosting services7,777 — 21,709 — 
Total cost of revenue
90,162 102,629 389,602 378,941 
Gross profit
4,763 39,300 121,070 123,459 
Change in fair value of digital assets
(805)— (1,052)— 
Gain from sale of digital assets
— 1,535 — 3,893 
Impairment of digital assets— (1,542)— (4,406)
Change in fair value of energy derivatives
— (3,918)(2,757)(3,918)
Losses on exchange or disposal of property, plant and equipment(149)(1,442)(4,210)(1,956)
Operating expenses:
Research and development
5,016 1,876 11,830 7,184 
Sales and marketing
2,870 3,886 9,969 7,019 
General and administrative
35,706 24,237 110,448 93,908 
Total operating expenses
43,592 29,999 132,247 108,111 
Operating (loss) income
(39,783)3,934 (19,196)8,961 
Non-operating expenses (income), net:
Loss (gain) on debt extinguishment
— 1,070 487 (20,065)
Interest expense, net
1,136 83,921 37,070 86,238 
Reorganization items, net— 112,852 (111,439)191,122 
Change in fair value of warrants and contingent value rights
224,716 — 1,369,157 — 
Other non-operating (income) expense, net
(469)1,448 (325)(2,530)
Total non-operating expenses, net
225,383 199,291 1,294,950 254,765 
Loss before income taxes
(265,166)(195,357)(1,314,146)(245,804)
Income tax expense375 336 859 683 
Net loss
$(265,541)$(195,693)$(1,315,005)$(246,487)
Net loss per share, basic and diluted
$(0.60)$(0.51)$(4.39)$(0.65)
Weighted average shares outstanding, basic and diluted
306,146 385,074 255,832 379,863 
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 9
Core Scientific, Inc.
Segment Results
(in thousands, except percentages)
(Unaudited)
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Digital Asset Self-Mining Segment(in thousands, except percentages)
Digital asset self-mining revenue
$79,900 $112,169 $408,740 $390,333 
Cost of digital asset self-mining:
Power fees37,249 42,810 160,833 165,848 
Depreciation expense25,432 27,746 108,499 88,628 
Employee compensation10,417 4,419 26,129 16,853 
Facility operations expense3,580 3,359 13,274 14,055 
Other segment items1,537 1,237 5,600 6,312 
Total cost of digital asset self-mining78,215 79,571 314,335 291,696 
Digital Asset Self-Mining gross profit$1,685 $32,598 $94,405 $98,637 
Digital Asset Self-Mining gross margin2 %29 %23 %25 %
Digital Asset Hosted Mining Segment
Digital asset hosted mining revenue from customers$6,504 $29,760 $77,554 $112,067 
Cost of digital asset hosted mining services:
Power fees2,738 14,834 35,408 62,366 
Depreciation expense359 3,195 3,604 6,806 
Employee compensation689 1,531 4,933 6,337 
Facility operations expense266 1,164 2,765 5,285 
Other segment items118 2,334 6,848 6,451 
Total cost of digital asset hosted mining services4,170 23,058 53,558 87,245 
Digital Asset Hosted Mining gross profit$2,334 $6,702 $23,996 $24,822 
Digital Asset Hosted Mining gross margin36 %23 %31 %22 %
HPC Hosting Segment
HPC hosting revenue:
License fees$5,873 $— $17,498 $— 
Maintenance and other(9)— 73 — 
Licensing revenue
5,864 — 17,571 — 
Power fees passed through to customer2,657 — 6,807 — 
Total HPC hosting revenue8,521 — 24,378 — 
Cost of HPC hosting services:
Depreciation expense3 — 3 — 
Employee compensation
1,037 — 2,514 — 
Facility operations expense3,943 — 11,907 — 
Other segment items137 — 478 — 
Cost of licensing revenue5,120 — 14,902 — 
Power fees passed through to customer
2,657 — 6,807 — 
Total cost of HPC hosting services7,777 — 21,709 — 
HPC Hosting gross profit$744 $— $2,669 $— 
HPC Hosting licensing gross margin13 %— %15 %— %
HPC Hosting gross margin9 %— %11 %— %
Consolidated
Consolidated total revenue$94,925 $141,929 $510,672 $502,400 
Consolidated cost of revenue$90,162 $102,629 0$389,602 — $378,941 
Consolidated gross profit$4,763 $39,300 $121,070 $123,459 
Consolidated gross margin5 %28 %24 %25 %
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 10

Core Scientific, Inc.
Non-GAAP Financial Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial measure defined as our net loss, adjusted to eliminate the effect of (i) interest income, interest expense, and other income (expense), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) Reorganization items, net; (vi) unrealized fair value adjustment on energy derivatives; (vii) change in the fair value of warrant and contingent value rights, (viii) HPC organizational startup costs which are not reflective of the ongoing costs incurred after startup, (ix) post-emergence bankruptcy advisory costs incurred related to reorganization which are not reflective of the ongoing costs incurred in post-emergence operations, and (x) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net income (loss) to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA is an important measure because it allows management, investors, and our Board of Directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non-cash items, variable charges and timing differences. Moreover, we have included Adjusted EBITDA in this earnings release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning.
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature or because the amount and timing of these items are not related to the current results of our core business operations which renders evaluation of our current performance, comparisons of performance between periods and comparisons of our current performance with our competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating this measure. Our presentation of this measure should not be construed as an inference that its future results will be unaffected by unusual items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. You should review the reconciliation of net loss to Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.
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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 11

The following table reconciles the non-GAAP financial measure to the most directly comparable U.S. GAAP financial performance measure, which is net loss, for the periods presented (in thousands):
Three Months Ended December 31,Year Ended December 31,
2024
20231
2024
20231
Adjusted EBITDA
Net loss$(265,541)$(195,693)$(1,315,005)$(246,487)
Adjustments:
Interest expense, net1,136 83,921 37,070 86,238 
Income tax expense375 336 859 683 
Depreciation and amortization26,041 31,203 113,205 96,003 
Stock-based compensation expense24,202 17,478 51,924 58,892 
Unrealized fair value adjustment on energy derivatives— 2,262 (2,262)2,262 
Losses on exchange or disposal of property, plant and equipment149 1,442 4,210 1,956 
HPC organizational startup costs— — 4,611 — 
Post-emergence bankruptcy advisory costs2,662 — 4,822 — 
Loss (gain) on debt extinguishment— 1,070 487 (20,065)
Reorganization items, net— 112,852 (111,439)191,122 
Change in fair value of warrants and contingent value rights
224,716 — 1,369,157 — 
Other non-operating expenses (income), net(469)1,448 (325)(2,530)
Other2 369 123 1,474 
Adjusted EBITDA$13,273 $56,688 $157,437 $169,548 
1 Certain prior year amounts have been omitted for consistency with the current year presentation.

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Core Scientific, Inc. Fiscal Fourth Quarter 2024 Earnings Release - 12
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-end-
Fourth Quarter Fiscal 2024 Earnings Presentation Adam Sullivan, CEO Denise Sterling, CFO February 26, 2025

 
2 FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale, and grow its business and execute on its growth plans and hosting contracts, source clean and renewable energy, the advantages, and expected growth, and anticipated future revenue of the Company, and the Company’s ability to source and retain talent. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to earn digital assets profitably and to attract customers for our digital asset and high performance compute hosting capabilities; our ability to perform under our existing colocation agreements, our ability to maintain our competitive position in our existing operating segments, the impact of increases in total network hash rate; our ability to raise additional capital to continue our expansion efforts or other operations; our need for significant electric power and the limited availability of power resources; the potential failure in our critical systems, facilities or services we provide; the physical risks and regulatory changes relating to climate change; our vulnerability to physical security breaches, which could disrupt our operations; a potential slowdown in market and economic conditions, particularly those impacting high performance computing, the blockchain industry and the blockchain hosting market; the identification of material weaknesses in our internal control over financial reporting; price volatility of digital assets and bitcoin in particular; potential changes in the interpretive positions of the SEC or its staff with respect to digital asset mining firms; the increasing likelihood that U.S. federal and state legislatures and regulatory agencies will enact laws and regulations to regulate digital assets and digital asset intermediaries; increasing scrutiny and changing expectations with respect to our ESG policies; the effectiveness of our compliance and risk management methods. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Year over year comparisons are based on the combined results of Core Scientific and its acquired entities. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. NON-GAAP FINANCIAL MEASURES This presentation also contains non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and adjusted earnings (loss) per diluted share. The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses certain of these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses and for budgeting and planning purposes. The Company urges investors not to rely on any single financial measure to evaluate its business.

 
3 Approximately 1,300 MW of contracted power ~700 MW Critical IT Load1 Core Scientific is well positioned for continued growth and market leadership, delivering digital infrastructure at scale HPC Hosting | ~900 MW Bitcoin Mining | ~400 MW Optimizing operations at two sites with favorable power costs ~70 MW critical IT load available to contract1 Pursuing growth through existing site expansions and new site acquisitions ~ 590 MW critical IT load contracted to CoreWeave for delivery 2025 - 20271 Well positioned for an increase in hash price Seeking to diversify client base Note: All figures are as of 2/26/25; Includes ~100 MW gross capacity / ~70 MW critical IT load expansion at Denton site; Also includes Austin, Texas site representing 20MW gross capacity / ~18 MW critical IT load. 1 Critical IT load figures are estimates based on current engineering and design plans and are subject to change.

 
4 Accomplishments 1 Critical IT load figures are estimates based on current engineering and design plans and are subject to change Q2Q1 Q3 Q4 Q1

 
5 2024 snapshot Financial (Q4) • $94.9 million revenue • $265.5 million net loss, mainly driven by non-cash adjustments • $13.3 million adjusted EBITDA • $836.2 million in cash • $23.9 million in digital assets • Strengthened balance sheet and positioned well for growth, with the 0% interest rate convertible note issued in Q4 Operational (Q4) • Earned 974 bitcoin • Operated 19.1 EH/s self-mining hash rate • Migrated all miners from two data centers designated for HPC hosting • Continued sunset of hosted mining to ~4% of total fleet2 • Signed a lease (includes option to buy) for an existing data center with 11 MW of current critical IT load in Auburn, Alabama • Signed aggregate ~500 MW HPC hosting contracts with anticipated potential revenue of $8.7 billion over 12-year contracts • Refinanced debt, added cash to balance sheet and eliminated covenants • Added 100 MW of infrastructure at Pecos, TX bitcoin mining data center • Approved for ~100 MW gross capacity / ~70 MW critical IT load expansion at Denton, TX HPC data center1 Strategic (2024) 1 Critical IT load figures are estimates based on current engineering and design plans and are subject to change 2 As of December 31, 2024

 
6 Expanding our portfolio of powered digital infrastructure Gross capacity by site1 Grand Forks, ND 100 MW Muskogee, OK 100 MW Pecos, TX ~250 MW Austin, TX ~20 MW Denton, TX 394 MW2 Calvert City, KY 150 MW Marble, NC 103 MW Dalton, GA 195 MW Auburn, AL 16 MW3 1 All figures are as of 12/31/24; 2 Includes the ~100 MW expansion announced on 11/20/24, 3 Includes additional capacity currently under development.

 
7 Q4 2024 Revenue Mix (In Millions) Revenue by Segment Diversified business poised for growth 84% 7% 9% Self-Mining Hosting HPC $112 $80 $30 $7 $9 Q4 2023 Q4 2024 HPC Hosting Self-Mining Gross Margin by Segment 29% 23% 0%2% 36% 9% Self-Mining Hosting HPC Q4 2023 Q4 2024

 
8 Cash Cost to self-mine a bitcoin in fourth quarter 2024 1 Represents our direct, cash costs of power and facilities operations divided by total bitcoin self-mined in 2024 Q4 of 974 Future changes in power cost, operational cost or self-mining/hosting mix could change the cash cost to mine 2 Represents our direct, cash costs of power and facilities operations divided by our self-mining fleet hash rate, in terahash, per day 3 Includes personnel and related costs, software, telecommunications, security, etc. Excludes stock-based compensation and depreciation Fourth Quarter 2024 Cash Cost Per Bitcoin1 $37,661 Fourth Quarter 2024 Cash-Based Hash Cost2 2.4¢ $13,374 0.9¢ $51,035 3.3¢ Direct Power Cost Operational Cost3 Total Direct Cash Cost

 
9 $998 ($560) ($4) ($99) ($177) ($28) ($37) ($54) $460 $625 $1,124 December 31, 2024 December Convertible Note August Convertible Note Financing Lease Repayment Other Infrastructure and Construction Miner Equipment Loans Equitized and Paid Down Liabilities Subject to Compromise DIP Financing Equitization and Refinancing of Sec. & Sec. Convertible Notes December 31, 2023 $ -$ -$ -$ 56 $ 37 $ 62 $ 180$ 99 $ 4 $ 560 $ 998 12/31/23 $ 1,124$ 625 $ 460$ 2$ -$ 34 $ 3$ -$ -$ --12/31/24 $ 836$ 50Cash Bal. For December 31, 2023, amount represents Notes Payable current ($124.4M) and non-current ($684.1M), Finance Lease Liabilities current ($19.8M) and non-current ($35.7M), unamortized discounts – post petition ($4.2M), LSTC ($41.8M) and Accrued Liabilities ($87.5M) For December 31, 2024, amount represents Notes Payable current ($16.3M) and non-current ($1,074.0M), Finance Lease Liabilities current ($1.7M) and unamortized discount and debt issuance costs – post petition ($31.8M) Change in Debt Position YoY – December 31, 2024 ($959M)

 
10 294 98 18 18 3 42 28 501 Sharecount @ February 20, 2025 Tranche 1 Warrants Tranche 2 Warrants Restricted Stock and Performance Based Units Other Reserve Shares August Convertible Note December Convertible Note Total Pro Forma Diluted Share Count Pro forma share count – December 31, 2024 Shares in millions ~207M Shares 1 1 Represents the remaining 3.3 million (originally ~4.8 million) shares and warrants reserved for distribution to holders of Allowed Claims and Existing Common Interests (as defined in the Company’s Plan of Reorganization). Please refer to the Debtor’s Fourth Amended Joint Chapter 11 Plan of Reorganization of Core Scientific, Inc. dated January 15, 2024, included as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated January 23, 2024.

 
11 CoreWeave transaction summary 1. Represents the estimated average annual revenue over the 12-year contract periods; Austin, Texas contract term is a 7-year period. 2. Expenses include facilities operations, repairs & maintenance, security, FTEs, insurance, property taxes, etc. 3. Austin, Texas HPC contract term is 7 years with elective extensions. 4. Up to $1.5 million per HPC MW (or approximately $750 million) of data center build out costs are funded by CoreWeave and credited against hosting payments at no more than 50% of monthly fees until fully repaid. The balance of modification costs relate to items purchased directly by CoreWeave and contributed for use in the facility. For the additional 70MW expansion, Core Scientific is responsible for funding $104 million of capex ($1.5M per MW) for the powered core and shell with no capex credit associated with this new agreement. ~$850 million avg. annual run rate revenue1 Over $10 billion In revenue potential over contracts’ term ~590 MW HPC infrastructure (~800 MW gross) 2026 250MW ~590MW Cumulative infrastructure delivery timeline Client pays for capex4, power and utilities 12-year contracts with two 5-year options3 75% to 80% anticipated profit margin2 2025

 
12 Core Scientific is building one of the largest public data center companies in the United States Levering our experience, talent and asset portfolio to launch and grow this business Evaluating new sites for new customers Pursuing additional power at existing sites for existing or new customers ~$10 Billion1 In potential revenue over 12-year contracts ~570 MW Contracted with CoreWeave ~300 MW of additional power available at existing sites 400 MW of potential additional power available at new sites ~$25 Million1 annual revenue run rate 18 MW Austin HPC Data Center Currently in discussion with multiple potential clients 11 MW Alabama HPC Data Center 1 Does not include power pass-through Pathway to 1.3 GW+ of Critical IT Load by 2027

 
CORE SCIENTIFIC13 2025 catalysts Diversify our customer base Execute on existing HPC contracts Expand HPC capacity through organic growth and M&A activity 1 2 3

 
Appendix

 
15 Summary of New Senior Unsecured Convertible Notes Description Terms December Convertible NoteAugust Convertible Note • $625 million• $460 millionPrincipal • 0% cash interest• 3% cash interestInterest Rate • None• Semi-annually in arrears: March 1st and September 1stInterest Payments • June 15, 2031• September 1, 2029Maturity • 42.5% Conversion Premium • Stock Price = $15.7844 • Conversion Price = $22.49 / Share • Conversion ratio – initial conversion rate of 44.4587 shares per $1,000 in principal • Underlying shares = 27,786,688 • 30% Conversion Premium • Stock Price = $8.46 • Conversion Price = $11.00 / Share • Conversion ratio – initial conversion rate of 90.9256 shares per $1,000 in principal • Underlying shares = 41,825,776 Conversion Rate • After March 31, 2025, noteholders may convert if price per share exceeds 130% of the conversion price ($29.237 / share) for at least 20 non-consecutive trading days during the 30 consecutive trading days ending on, and including, the last trading day of the preceding quarter • The company has the right to settle conversion in cash, common stock or a combination of both • Noteholders may require the Company to repurchase their Notes on December 15, 2027, at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special and additional interest • After December 31, 2024, noteholders may convert if price per share exceeds 130% of the conversion price ($14.30 / share) for at least 20 non-consecutive trading days during the 30 consecutive trading days ending on, and including, the last trading day of the preceding quarter • The company has the right to settle conversion in cash, common stock or a combination of both Conversion Terms • On or after June 22, 2028, Company has the right to redeem any portion of the Notes if: (i) the price per share exceeds 130% of the conversion price ($29.237 / share) for 20 non-consecutive trading days and (ii) the Company cannot redeem less than all Notes unless at least $100 million in principal remains outstanding after the Redemption • On or after September 7, 2027, Company has the right to redeem any portion of the Notes if: (i) the price per share exceeds 130% of the conversion price ($14.30 / share) for 20 non-consecutive trading days and (ii) the Company cannot redeem less than all Notes unless at least $100 million in principal remains outstanding after the Redemption Company call feature • None, except change of control• None, except change of controlCovenants

 
16 Debt Summary – December 31, 2024 TotalFinancing Leases Mechanics Liens (Infrastructure and Construction Miner Equipment 0% Convertible Note 3% Convertible NoteInstrument -Various~ 5% - 5.5%0% Cash / 15% Effective0% Cash3% CashInterest Rate $ 512 $ 2 $ 39 $ 11$ -$ 460 September 30, 2024 612(0.5) (5) (8)625-Additions and (Paydown) $ 1,124 $ 2$ 34$ 3 $ 625 $ 460 December 31, 2024 Note: The two recently issued convertible were recorded entirely as debt at par, less issuance costs. No allocation of value was made to an embedded derivative nor to paid in capital. Issuance costs will be amortized over the term of the notes as part of interest expense. ($ Millions)

 
17 Total Debt – December 31, 2024 -$ 39 $ 2 $ 11 $ -$ 460 $ 512 9/30/24 $ 1,124 $ 34$ 2 $ 3 $ 625 $ 460 -12/31/24 For September 30, 2024, amount represents Notes Payable Current ($17.9M) and Non-Current ($474.6M), Finance Lease Liabilities Current ($2.4M) and Non-Current ($-M), plus unamortized discount and debt issuance costs ($17.0M) For December 31, 2024, amount represents Notes Payable Current ($16.3M) and Non-Current ($1,074.0M), Finance Lease Liabilities Current ($1.7M) and Non-Current ($0.0M), plus unamortized discount and debt issuance costs ($31.8M) $512 $- $625 $(0) $(5) $1,124 $(8) Total Debt - September 30, 2024 3% Convertible Note (Due 2029) 0% Convertible Note (Due 2031) Miner Equipment Loans Finance Leases Infrastructure and Construction Total Debt - 12/31/24 ~$612M ($ Millions)

 
18 Twelve Months Ended December 31,Three Months Ended December 31, 2023202420232024 Cash Costs per Bitcoin $ 12,464$ 24,375$ 14,032$ 37,661Direct power cost per bitcoin self-mined 2,4436,0122,51613,374Operational costs per bitcoin self-mined1 $ 14,907$ 30,387$ 16,548$ 51,035Total cost to self-mine one bitcoin2 Cash-Based Hash Cost3 $ 0.033$ 0.025$ 0.031$ 0.024Direct power cost per terahash, per day 0.0060.0060.0060.009Operational costs per terahash, per day1 $ 0.039$ 0.031$ 0.037$ 0.033Total cash-based hash cost3 Cash cost to mine bitcoin: three and twelve months ended December 31, 2024 1 Includes personnel and related costs, software, telecommunications, security, etc. Amount excludes stock-based compensation and depreciation. 2 Represents our direct cash costs of power and operational costs based on our self-mining/hosting mix divided by total bitcoin self-mined during the periods presented. 3 Represents the cash expense of power and facilities operation cost divided by our self-mining fleet hash rate, in terahash, per day.

 
19 Period over Period ChangeYear Ended December 31,Period over Period ChangeThree Months Ended December 31, PercentageDollar20232024PercentageDollar20232024 (in thousands, except percentages)Revenue: 5%$ 18,407$ 390,333$ 408,740(29)%$ (32,269)$ 112,169$ 79,900Digital asset self-mining revenue (24)%(24,451)102,00577,554(78)%(23,256)29,7606,504Digital asset hosted mining revenue from customers (100)%(10,062)10,062——%———Digital asset hosted mining revenue from related parties 100%24,378—24,378100%8,521—8,521HPC hosting revenue 2%8,272502,400510,672(33)%(47,004)141,92994,925Total revenue Cost of revenue: 8%22,639291,696314,335(2)%(1,356)79,57178,215Cost of digital asset self-mining (39)%(33,687)87,24553,558(82)%(18,888)23,0584,170Cost of digital asset hosted mining services 100%21,709—21,709100%7,777—7,777Cost of HPC hosting services 3%10,661378,941389,602(12)%(12,467)102,62990,162Total cost of revenue (2)%(2,389)123,459121,070(88)%(34,537)39,3004,763Gross profit (100)%(1,052)—(1,052)(100)%(805)—(805)Change in fair value of digital assets (100)%(3,893)3,893—(100)%(1,535)1,535—Gain from sale of digital assets 100%4,406(4,406)—100%1,542(1,542)—Impairment of digital assets 30%1,161(3,918)(2,757)100%3,918(3,918)—Change in fair value of energy derivatives (115)%(2,254)(1,956)(4,210)90%1,293(1,442)(149)Losses on exchange or disposal of property, plant and equip. Operating expenses: 65%4,6467,18411,830167%3,1401,8765,016Research and development 42%2,9507,0199,969(26)%(1,016)3,8862,870Sales and marketing 18%16,54093,908110,44847%11,46924,23735,706General and administrative 22%24,136108,111132,24745%13,59329,99943,592Total operating expenses (314)%(28,157)8,961(19,196)(1,111)%(43,717)3,934(39,783)Operating (loss) income Non-operating (income) expenses, net: 102%20,552(20,065)487(100)%(1,070)1,070—Loss (gain) on debt extinguishment (57)%(49,168)86,23837,070(99)%(82,785)83,9211,136Interest expense, net (158)%(302,561)191,122(111,439)(100)%(112,852)112,852—Reorganization items, net 100%1,369,157—1,369,157100%224,716—224,716Change in fair value of warrants and contingent value rights 87%2,205(2,530)(325)(132)%(1,917)1,448(469)Other non-operating (income) expense, net 408%1,040,185254,7651,294,95013%26,092199,291225,383Total non-operating expenses, net (435)%(1,068,342)(245,804)(1,314,146)(36)%(69,809)(195,357)(265,166)Loss before income taxes 26%17668385912%39336375Income tax expense (benefit) (433)%$ (1,068,518)$ (246,487)$ (1,315,005)(36)%$ (69,848)$ (195,693)$ (265,541)Net loss Consolidated Statement Of Operations: three and twelve months ended December 31, 2024 ($ Thousands)

 
20 Adjusted EBITDA Reconciliation - three and twelve months ended December 31, 2024 Year Ended December 31, 2024 Three Months Ended December 31, 2024 ($ Millions) $ (1,315.0)$ (265.5)Net loss 37.11.1Interest expense, net 0.90.4Income tax expense $ (1,277.1)$ (264.0)Earnings Before Interest and Taxes (EBIT) 113.226.0Depreciation and amortization $ (1,163.9)$ (238.0)Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Adjustments: 51.924.2Stock-based compensation expense (2.3)—Unrealized fair value adjustment on energy derivatives 4.20.1Losses on exchange or disposal of property, plant and equipment 4.6—HPC advisory startup costs 4.82.7Post-emergence bankruptcy advisory costs 0.5—Loss (gain) on debt extinguishment (111.4)—Reorganization items, net 1,369.2224.7Change in fair value of warrants and contingent value rights (0.3)(0.5)Other non-operating income, net 0.1—Other $ 157.4$ 13.3 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) $ 0.62$ 0.04Adjusted EPS – Basic and Diluted1 1 For the three months ended December 31, 2024, weighted average shares of approximately 306M used in basic and diluted EPS. For the year ended December 31, 2024, weighted average shares of approximately 256M used in basic and diluted EPS.

 
21 Year Ended December 31,Three Months Ended December 31, 2023202420232024 (in thousands, except percentages)Digital Asset Self-Mining Segment $ 390,333$ 408,740$ 112,169$ 79,900Digital asset self-mining revenue Cost of digital asset self-mining: 165,848160,83342,81037,249Power fees 88,628108,49927,74625,432Depreciation expense 16,85326,1294,41910,417Employee compensation 14,05513,2743,3593,580Facility operations expense 6,3125,6001,2371,537Other segment items 291,696314,35579,57178,215Total cost of digital asset self-mining $ 98,637$ 94,405$ 32,598$ 1,685Digital Asset Self-Mining gross profit 25 %23 %29 %2 %Digital Asset Self-Mining gross margin Digital Asset Hosted Mining Segment $ 112,067$ 77,554$ 29,760$ 6,504Digital asset hosted mining revenue from customers Cost of digital asset hosted mining services: 62,36635,40814,8342,738Power fees 6,8063,6043,195359Depreciation expense 6,3374,9331,531689Employee compensation 5,2852,7651,164266Facility operations expense 6,4516,8482,334118Other segment items 87,24553,55823,0584,170Total cost of digital asset hosted mining services $ 24,822$ 23,996$ 6,702$ 2,334Digital Asset Hosted Mining gross profit 22 %31 %23 %36 %Digital Asset Hosted Mining gross margin Segment Reporting - three and twelve months ended December 31, 2024

 
22 Year Ended December 31,Three Months Ended December 31, 2023202420232024 (in thousands, except percentages)HPC Hosting Segment HPC hosting revenue: $ —$ 17,498$ —$ 5,873License fees —73—(9)Maintenance and other —17,571—5,864Licensing revenues —6,807—2,657Power fees passed through to customer $ —$ 24,378$ —$ 8,521Total HPC hosting revenue Cost of HPC hosting services: —3—3Depreciation expense —2,514—1,037Employee compensation —11,907—3,943Facility operations expense —478—137Other segment items —14,902—5,120Cost of licensing revenues —6,807—2,657Power fees passed through to customer —21,709—7,777Total cost of HPC hosting services $ —$ 2,669$ —$ 744HPC Hosting gross profit — %15 %— %13 %HPC Licensing gross margin — %11 %— %9 %HPC Hosting gross margin Consolidated $ 502,400$ 510,672$ 141,929$ 94,925Consolidated total revenue $ 378,941$ 389,602$ 102,629$ 90,162Consolidated cost of revenue $ 123,459$ 121,070$ 39,300$ 4,763Consolidated gross profit 25%24%28%5%Consolidated gross margin Segment Reporting - three and twelve months ended December 31, 2024

 
23 Balance Sheet: As of December 31, 2024 Total Assets December 31, 2023December 31, 2024 ($ Thousands) UnauditedAssets Current Assets: $ 50,409$ 836,197Cash and cash equivalents 19,300783Restricted cash 1,0011,025Accounts receivable 2,28423,893Digital assets 24,02242,064Prepaid expenses and other current assets 97,016903,962Total Current Assets 585,431556,342Property, plant and equipment, net 7,844114,472Operating lease right-of-use assets 21,86524,039Other noncurrent assets $ 712,156$ 1,598,815Total Assets

 
24 Dec 31, 2023December 31, 2024($ Thousands) UnauditedLiabilities and Stockholders’ Deficit Current Liabilities: $ 154,751$ 19,265Accounts payable 179,63669,230Accrued expenses and other current liabilities 9,83018,134Deferred revenue 779,974Operating lease liabilities, current portion 19,7711,669Finance lease liabilities, current portion 124,35816,290Notes payable, current portion 488,423134,562Total Current Liabilities 1,51297,843Operating lease liabilities, net of current portion 35,7453Finance lease liabilities, net of current portion 684,0821,073,990Convertible and other notes payable, net of current portion —4,272Contingent value rights, net of current portion —1,097,285Warrant liabilities —11,040Other noncurrent liabilities 1,209,7622,418,995Total liabilities not subject to compromise 99,335—Liabilities subject to compromise 1,309,0972,418,995Total Liabilities Stockholders’ Deficit: ——Preferred stock; $0.00001 par value; 2,000,000 and nil shares authorized at December 31, 2024 and December 31, 2023, respectively; none issued and outstanding at December 31, 2024 and December 31, 2023 363Common stock; $0.00001 and $0.0001 par value at December 31, 2024 and December 31, 2023; 10,000,000 shares authorized at December 31, 2024 and December 31, 2023; 292,606 and 386,883 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 1,823,2602,915,035Additional paid-in capital (2,420,237)(3,735,218)Accumulated deficit (596,941)(820,180)Total Stockholders’ Deficit $ 712,156$ 1,598,815Total Liabilities and Stockholders’ Deficit Balance Sheet: As of December 31, 2024 Total Liabilities and Stockholders’ Deficit

 
v3.25.0.1
Cover
Feb. 26, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name Core Scientific, Inc./tx
Entity Incorporation, State or Country Code DE
Entity File Number 001-40046
Entity Tax Identification Number 86-1243837
Entity Address, Address Line One 838 Walker Road
Entity Address, Address Line Two Suite 21-2105
Entity Address, City or Town Dover
Entity Address, State or Province DE
Entity Address, Postal Zip Code 19904
City Area Code 512
Local Phone Number 402-5233
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Ex Transition Period false
Entity Central Index Key 0001839341
Amendment Flag false
Common stock, par value $0.00001 per share  
Document Information [Line Items]  
Title of 12(b) Security Common stock, par value $0.00001 per share
Trading Symbol CORZ
Security Exchange Name NASDAQ
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $6.81 per share  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $6.81 per share
Trading Symbol CORZW
Security Exchange Name NASDAQ
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $0.01 per share
Trading Symbol CORZZ
Security Exchange Name NASDAQ
Core Scientific (PK) (USOTC:CORZR)
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