Core Scientific, Inc. Q1 FY2025 Earnings Call

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Core Scientific Q1 FY2025 Earnings Summary

  • Total Revenue: $79.5 million, a decline of 16% sequentially from Q4 FY2024, primarily due to reduced Bitcoin mining operations and site conversions to colocation.
  • Adjusted EBITDA: -$6.1 million, reflecting the shift from mining to high-density colocation and transitional investment.
  • Bitcoin Production: 719 BTC this quarter vs. 974 BTC in Q4 FY2024. Core plans to discontinue BTC production updates going forward.
  • Liquidity: $780 million in cash, equivalents, and Bitcoin holdings by the end of Q1 FY2025.
  • CapEx: ~$90 million in Q1, with majority funded by CoreWeave under contractual terms. CapEx aligns with infrastructure expansion, not expected to recur at this level in future quarters.
  • GPU Transition: Core is executing a major shift from Bitcoin mining to colocation infrastructure for GPU-based workloads, with 570 megawatts billable capacity under contract with CoreWeave.
  • Denton Development: Rapid buildout with 8 MW to be delivered this month, 40 MW more by quarter-end. On track for 250 MW by year-end and 590 MW by early 2027.

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Operator: Good day, ladies and gentlemen, and welcome to Core Scientific First Quarter Fiscal Year 2025 Earnings Conference Call. All lines have been placed on a listen-only mode, and the floor will be open for the question-and-answer session following the presentation. [Operator Instructions]. At this time, it is my pleasure to turn the floor over to your host, Jon Charbonneau, Vice President of Investor Relations. Sir, the floor is yours. Jon Charbonneau : Good afternoon, ladies and gentlemen, and welcome to Core Scientific's first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management's remarks. 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 statement 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 with 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 these risks and uncertainties, we encourage you to review the

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