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8-K: Core Scientific Announces Fiscal Fourth Quarter and Full Fiscal Year 2024 Results

SEC ·  Feb 26 21:11

Summary by Moomoo AI

Core Scientific reported Q4 2024 net loss of $265.5M, primarily due to a $224.7M non-cash mark-to-market adjustment in warrant values driven by share price increases. Total revenue declined to $94.9M from $141.9M YoY. The company generated adjusted EBITDA of $13.3M, down from $56.7M in Q4 2023.The company strengthened its financial position by securing a $625M convertible note offering with 0% interest terms and ended Q4 with $836.2M in cash. Digital asset self-mining revenue was $79.9M with a 2% gross margin, while hosting revenue totaled $15M. Core Scientific mined 974 bitcoin at an average cash cost of $51,035 per bitcoin.Looking ahead in 2025, Core Scientific is executing its growth strategy focused on HPC infrastructure and Bitcoin mining operations. The company has expanded its total portfolio capacity to 1,300 MW through strategic site acquisitions and expansions, positioning itself to capture opportunities in AI computing and digital asset mining.
Core Scientific reported Q4 2024 net loss of $265.5M, primarily due to a $224.7M non-cash mark-to-market adjustment in warrant values driven by share price increases. Total revenue declined to $94.9M from $141.9M YoY. The company generated adjusted EBITDA of $13.3M, down from $56.7M in Q4 2023.The company strengthened its financial position by securing a $625M convertible note offering with 0% interest terms and ended Q4 with $836.2M in cash. Digital asset self-mining revenue was $79.9M with a 2% gross margin, while hosting revenue totaled $15M. Core Scientific mined 974 bitcoin at an average cash cost of $51,035 per bitcoin.Looking ahead in 2025, Core Scientific is executing its growth strategy focused on HPC infrastructure and Bitcoin mining operations. The company has expanded its total portfolio capacity to 1,300 MW through strategic site acquisitions and expansions, positioning itself to capture opportunities in AI computing and digital asset mining.
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