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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