Core Scientific, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Core Scientific Q1 2022 Earnings Summary

  • Quarter Revenue: $192.5 million, a 255% increase compared to Q1 2021.
  • Adjusted EBITDA: $93 million, up 644% year-over-year.
  • Net Loss: $466.2 million, driven by:
    • $386 million non-cash mark-to-market increase on private market convertible notes.
    • $54 million impairment of digital assets due to required quarterly revaluation (impairment only).
    • $25.8 million in stock-based compensation expenses.
  • Bitcoin Self-Mining: 3,202 Bitcoins mined in Q1, with an additional 1,121 mined in April (average of 37.4 BTC/day).
  • Total Holdings: Over 10,000 self-mined Bitcoins held as of April 30, 2022.
  • Hash Rate: Increased from 13.5 exahash (end of 2021) to 16.2 exahash by end of Q1 2022; grew further to 17 exahash in April.
  • Segment Revenue Breakdown:
    • Digital Asset Mining: $133 million (69%)
    • Hosting: $33.2 million (17%) – up 162% YoY
    • Equipment Sales: $26.3 million (14%) – down 18% YoY
  • Electric Costs & Infrastructure:
    • Average cost: $0.04 to $0.045 per kilowatt hour, up ~15%-20% from earlier assumptions.

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Steven Gitlin: Good afternoon, ladies and gentlemen, and welcome to Core Scientific’s First Quarter Fiscal Year 2022 Earnings Call. This is Steven Gitlin, Senior Vice President of Investor Relations for Core Scientific. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management’s remarks. As a reminder, this conference is being recorded for replay purposes. Before we begin, please note that on this call certain information presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include without limitation, any statement that may predict forecast, indicate or imply future results, performance or achievements, and may contain words such as believe, anticipate, expect, estimates, intend, project, plan, or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including but not limited to, economic, competitive, governmental and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements. For further information on these risks, we encourage you to review the risk factors discussed in Core Scientific’s periodic reports on Form 10-K and Form 10-Q filed with the SEC, and Form 8-K filed today with the SEC, along with the associat

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