Core Scientific, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Date of Call: March 29, 2022
  • CEO: Mike Levitt | CFO: Michael Trzupek | SVP IR: Steven Gitlin
  • Core Business: Blockchain infrastructure and digital asset mining

FY 2021 Financial Highlights (Compared to FY 2020)

  • Total Revenue: $544.5 million (up from $60.3 million)
  • Net Income: $47.3 million (compared to a net loss of $12.2 million)
  • Adjusted EBITDA: $238.9 million (up from $6 million)
  • Cost of Revenue: $305.6 million (up $254.7 million YoY)
  • Sales, Marketing, G&A Expenses: $64.7 million (tripled YoY)
  • Non-operating Expenses: $68.4 million (up from $5.9 million)
  • Cash & Cash Equivalents (End of 2021): $131.7 million (excluding $200.7 million raised from SPAC merger in Jan 2022)
  • Bitcoin Holdings (as of Dec 31, 2021): 5,296 BTC ($224.8 million)
  • Capital Expenditures for mining gear in 2021: $584 million (with $258 million balance remaining for 2022 deliveries)

Operational Highlights

  • Hash Rate: Grew from under 3 EH/s to 13.5 EH/s in 2021

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Steven Gitlin: Good afternoon, ladies and gentlemen, and welcome to Core Scientific’s Full Fiscal Year 2021 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 definitive proxy statement filed with the SEC on January 3, 2022, and other subsequent filings we filed with the SEC from time to time,

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