Core Scientific, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Date: November 6, 2024
  • Company Representatives:
    • Adam Sullivan – CEO
    • Denise Sterling – CFO
    • Steve Gitlin – SVP, Investor Relations

Key Financial Highlights (Q3 FY 2024 vs. Q3 FY 2023)

  • Total Revenue: $95.4 million (down slightly YoY)
  • Self-Mining Revenue: $68.1 million (↓ 18% YoY)
  • Hosted Mining Revenue: $16.9 million
  • HPC Hosting Revenue: $10.3 million (new business segment)
  • Gross Margin:
    • Self-Mining: -9%
    • Digital Asset Hosting: 29%
    • HPC Hosting: 13% GAAP, 27% non-GAAP excluding power and stock-based comp
  • Operating Loss: $41 million
  • Net Loss: $455.3 million (↑ from $41.1 million YoY), primarily due to non-cash mark-to-market equity adjustments
  • Adjusted EBITDA: $10.1 million (↓ $18 million YoY)
  • Cash & Equivalents: $253 million (↑ from $50 million at 2023 end)
  • Total Debt: $512 million, reduced via $460M convertible note offering in August

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Operator: Greetings, and welcome to the Core Scientific Third Quarter Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Steve Gitlin, Senior Vice President, Investor Relations. Thank you, Steve. You may begin. Steve Gitlin: Good afternoon, ladies and gentlemen, and welcome to Core Scientific’s third 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 statement other than historical or current facts that predict or indicate future events or trends, forecast, 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 assum

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