Core Scientific, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $164 million, up 118% from $75.3 million in Q2 2021. Driven primarily by growth in self-mining revenue.
  • Bitcoin Mined: 3,365 in Q2 2022 vs. 180 in Q2 2021.
  • Bitcoin Average Price: $32,500, down 30% from $46,500 year-over-year.
  • Hosting Revenue: Increased 110% to $38.9 million; Equipment Sales decreased 90% to $30.5 million as customers sourced hardware directly.
  • Cost of Revenue: $151.3 million (up from $50.8 million in Q2 2021) driven by increased power, depreciation, labor, and facility costs.
  • Digital Asset Gain: $11.8 million from sales of bitcoin (~$265.8 million sales price vs. $254.0 million carrying value).
  • Impairments: $150.2 million impairment on digital assets; $840 million goodwill write-down due to industry downturn and declining bitcoin prices.
  • Converted Notes FV Adjustment: $195 million favorable due to stock price decline.
  • Operating Expenses: $115.9 million, up $106.9 million (including $92 million in stock-based comp from RSU vesting changes).
  • Net Loss: $861.7 million vs. $3.4 million loss in Q2 2021. Driven by non-cash impairments and compensation impacts.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Steven Gitlin: Good afternoon, ladies and gentlemen, and welcome to Core Scientific’s Second 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 the Form 8-K filed today with the SEC, along with t

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional