Core Scientific, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Date of Call: May 8, 2024
  • Quarter Covered: Q1 Fiscal Year 2024
  • CEO: Adam Sullivan
  • CFO: Denise Sterling

Q1 2024 Financial Highlights

  • Total Revenue: $179 million, up 49% YoY (Q1 2023: $120.2 million)
  • Self-Mining Revenue: $150 million (previous year: $98 million; +53%)
  • Hosting Revenue: $29.3 million (previous year: $22.6 million; +30%)
  • Net Income: $210.7 million, up from a $388K loss YoY
  • Adjusted EBITDA: $88 million, up 118% YoY (Q1 2023: $40.3 million)
  • Gross Margin: 43% overall; 46% for Digital Mining, 32% for Hosting
  • Operating Margin: 31%
  • Bitcoin Produced: 2,825 BTC – more than any other listed miner
  • Cash & Equivalents: $98 million, up from $50 million at year-end
  • Debt Reduction: Reduced from $1 billion to $608 million

Operational Highlights

  • Total Infrastructure: 745 MW operational, with contracts for 1.2 GW
  • Fleet Efficiency: Improved from 26.85 J/TH (March) to 25.78 J/TH (April)

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Operator: Good afternoon, ladies and gentlemen. Thank you for joining today's Core Scientific's First Quarter Fiscal Year 2024 Earnings Conference Call. My name is Tia, and I will be your moderator for today's call. [Operator Instructions] I would now like to pass the call over to your host, Steve Gitlin. Please proceed. Steven Gitlin: Good afternoon, ladies and gentlemen, and welcome to Core Scientific's First Quarter Fiscal Year 2024 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 safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statements other than historical or current facts that predict or indicate future events or trends, forecasts, performance, or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan, or words or phrases of similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that may cause actual results to differ materially. For further information on

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