Core Scientific, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $502 million in FY 2023, a 22% decrease from $640.3 million in FY 2022 due to hosting customer rationalization and exiting equipment sales.
  • Adjusted EBITDA: $170 million positive in 2023 versus negative $10.7 million in 2022.
  • Net loss: $246.5 million in 2023 vs. $2.1 billion in 2022, with 2023 driven largely by $190 million in restructuring charges.
  • Bitcoin Production: 19,274 bitcoin mined, including 13,762 from self-mining — more than any other public North American miner.
  • Self-mining Hash Rate: 16.9 exahash at year-end 2023, 25.2 exahash as of February 29, 2024. Hosting hash rate of 6.3 exahash.
  • Fleet Energy Efficiency: 26.79 joules/terahash as of February 2024, improved from 27.94 J/TH at end of 2023. More S21 deliveries to further improve performance.
  • Power Costs: Averaged $4.04/kWh in 2023. Forecasted range of $4.05–$4.07/kWh in 2024. Hedging implemented in Texas on 50MW.
  • CapEx Plans: $20 million planned in 2024 to complete 72MW of infrastructure in Denton, TX funded from operating cash flow.
  • Balance Sheet: Debt reduced to $608 million at emergence from over $1 billion. Potential full deleveraging through stock warrants and convertible note conversions.

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Operator: Hello and welcome to the Core Scientific Incorporated Fiscal Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Harry and I'll be coordinating your call today. [Operator Instructions] I will now hand you over to Steven Gitlin, Senior Vice President, Investor Relations and Marketing at Core Scientific to begin. Please go ahead. Steven Gitlin: Good afternoon, ladies and gentlemen, and welcome to Core Scientific's fiscal year 2023 earnings conference 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 assumptions that involve risks and uncertainties that may cause actual results to differ mate

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