Core Scientific, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Core Scientific Q4 and FY 2024 Earnings Summary

  • Revenue: Q4 2024 revenue was $94.9 million, down 33% year-over-year. Total FY 2024 revenue reached just over $500 million.
  • Adjusted EBITDA: $13.3 million in Q4 2024.
  • Net Loss: Q4 2024 net loss was $265 million, compared to $195.7 million in Q4 2023.
  • Digital Asset Self-Mining Revenue: $79.9 million in Q4 2024, a 29% decrease YOY due to fewer Bitcoins mined (974 vs. 3,042 in Q4 2023), partially offset by a 130% increase in BTC price.
  • Digital Asset Hosting Revenue: $6.5 million for Q4 2024; down from $30 million in Q4 2023 as hosted mining contracts were phased out.
  • HPC Hosting Revenue: $8.5 million in Q4 2024; company ended the year with 16.5MW IT load online.
  • Fleet Power Rate: Q4 average fleet-wide power rate was $0.037/kWh, better than the FY target ($0.042–0.044/kWh).
  • Gross Margins: Self-mining: 2%, Hosting: 36%, HPC: 9%; HPC non-GAAP cash gross margin was 16%.
  • Balance Sheet: Core significantly reduced debt ($1B to ~$0.47B) through Chapter 11 restructuring and multiple convertible note offerings. Entered 2025 with $830M in cash and no senior debt.

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Operator: Greetings. And welcome to the Core Scientific Fourth 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 for replay purposes. It is now my pleasure to turn the floor to Jon Charbonneau, Vice President, Investor Relations at Core Scientific. Jon, please go ahead. Jon Charbonneau : Good afternoon, ladies and gentlemen. And welcome to Core Scientific’s fourth quarter fiscal year 2024 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, 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 materially. For further information on these risks and uncertain

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