Financial Data and Key Metrics Changes - The company faced significant headwinds in 2022, including a drop in Bitcoin prices and a rise in energy prices, leading to a Chapter 11 filing in December 2022 [5][6] - The company reemerged in January 2024 and has since signed contracts worth over $5 billion to build out 590 megawatts of data center capacity [7][8] - The company has approximately $800 million in cash and liquidity, with the potential to leverage contracts for an additional $4 billion, totaling nearly $5 billion in equity capital for new deals [11] Business Line Data and Key Metrics Changes - The company transitioned from Bitcoin mining to a data center business model, aiming to capture significant market share in the high-density colocation space [10] - The company is developing data centers with power densities of 150 kilowatts per rack for 2025 and plans to increase this to over 200 kilowatts for future deliveries [21][22] Market Data and Key Metrics Changes - The company is focusing on low-latency sites, with many of its contracted sites achieving sub-10 millisecond latency, which is critical for their end customers [14][15] - The company is exploring opportunities in markets outside major metros, recognizing pockets of opportunity in areas like Northern Virginia [17] Company Strategy and Development Direction - The long-term vision is to build a large-scale data center platform that rivals Digital Realty and QTS, leveraging unique capital structures to facilitate growth [10] - The company aims to reduce customer concentration below 50% by 2028 through both organic and inorganic growth strategies [11][42] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by utilities, including the ability to change power agreements even after contracts are signed, which poses risks to data center operations [61][62] - The company is optimistic about signing new contracts to diversify its customer base and reduce reliance on a single customer, targeting significant EBITDA contributions from new deals [74] Other Important Information - The company achieved a 3700% internal rate of return (IRR) on a unique data center deal, which management believes is unprecedented in the industry [28] - The company is actively engaged with multiple hyperscalers and has undergone onboarding processes to position itself for future contracts [56] Q&A Session Summary Question: What is the company's long-term growth strategy? - The company aims to grow market share while maintaining attractive return profiles, recognizing the need to diversify its customer base and increase its footprint [36][37] Question: How does the company plan to manage customer concentration? - The company plans to add incremental customers and potentially crystallize value from existing data center builds to reduce exposure to large customers [40][42] Question: What keeps management up at night regarding data center capacity? - The primary concern is the unpredictability of utilities changing power agreements, which can impact the company's ability to deliver on contracts [61][62] Question: How does the company view the current demand from hyperscalers? - Management noted that hyperscalers have become more specific in their geographical requirements, moving away from broad demand to location-specific needs [31][32]

In our previous report we argued the investment case of Core Scientific. We highlighted how CORZ transformed itself from a struggling bitcoin miner to a key AI -Infrastructure with the help of the contracts and capex commitmentsWe are a group of experienced investors that like to dig deeper into stocks to find growth stories at a reasonable price with strong economic moats. We also aim to conduct high-quality analysis by deep diving into valuations, key business drivers, risk/reward, and different future sc ...

Core Viewpoint - Applied Digital (APLD) and Core Scientific (CORZ) are positioned as key players in the AI infrastructure sector, responding to the increasing demand for high-performance data centers [1] - Both companies have formed significant partnerships, with APLD collaborating with Nvidia and Macquarie, while CORZ partners with CoreWeave [1] Financial Comparison - APLD reported Q3 fiscal 2025 revenues of $52.9 million, a 22% year-over-year increase, but missed estimates by $9.99 million; loss per share was 16 cents, lagging estimates by 45.5% [2] - CORZ posted Q1 2025 revenues of $79.5 million, down 55.7% year-over-year, with a loss per share of 10 cents, beating expectations by 16.7% [3] Strength of AI Strategy - APLD's AI strategy focuses on its Cloud Services segment and the Ellendale campus, which is under construction; however, it plans to divest its Cloud business due to conflicts with its data center leasing model [4] - CORZ has integrated AI infrastructure into its operations, with a partnership with CoreWeave that includes a take-or-pay structure for up to 590MW of AI capacity by 2027 [5] Growth Prospects - APLD's growth is tied to its 400MW+ Ellendale development, with 100MW expected online by Q4 2025 and a 1.4GW pipeline supported by Macquarie and SMBC [8] - CORZ aims to deliver 250MW to CoreWeave by the end of 2025 and expand 300MW at existing sites, with plans for an additional 400MW in new locations [8] Estimates Comparison - The Zacks Consensus Estimate for APLD's fiscal 2025 sales implies a 52.8% year-over-year improvement, while EPS estimates have remained stable [9] - For CORZ, the 2025 sales estimate implies an 18.5% decline, but EPS estimates have been trending upward [11] Price Performance & Valuation - In the past month, APLD shares surged by 63.1%, outperforming CORZ, which rose by 49.5%, driven by increased demand for AI services [15] Investment Considerations - Both APLD and CORZ currently hold a Zacks Rank 3 (Hold), complicating the investment decision [17] - APLD has a style score of 'D' indicating strong growth prospects but an expensive valuation, while CORZ's style score of 'F' reflects its expensive valuation and low growth potential [18] - CORZ is ahead in AI strategy execution and customer partnerships, while APLD faces strategic uncertainty due to its Cloud divestiture [19] - APLD shows stronger revenue growth momentum and EBITDA improvement, suggesting better potential for wealth generation for investors compared to CORZ [20]

Core Scientific, Inc. (CORZ) came out with a quarterly loss of $0.10 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this company would post a loss of $0.10 per share when it actually produced a loss of $0.01, delivering a surprise of 90%.Over the last four quarters, the company has s ...

Core Scientific (CORZ) Q1 2025 Earnings Call May 07, 2025 04:30 PM ET Company Participants Jon Charbonneau - VP - Investor RelationsAdam Sullivan - CEO & PresidentMatt Brown - COOJim Nygaard - CFOBrett Knoblauch - Managing DirectorWill Johnston - VP - Equity ResearchBill Papanastasiou - Director - Equity Research Conference Call Participants Joe Flynn - Senior Research AnalystDarren Aftahi - Senior Research Analyst-Internet, Media and Enabling TechnologiesNick Giles - Senior Research AnalystJohn Todaro - Se ...

Core Scientific (CORZ) Q1 2025 Earnings Call May 07, 2025 04:30 PM ET Speaker0 Good day, ladies and gentlemen, and welcome to Core Scientific First Quarter Fiscal Year twenty twenty five Earnings Conference Call. All lines have been placed on a listen only mode and the floor will be open for questions and comments following the presentation. At this time, it is my pleasure to turn the floor over to your host, John Charbonneau, Vice President of Investor Relations. Sir, the floor is yours. Speaker1 Good afte ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40046 Core Scientific, Inc. (Exact name of registrant as specified in its charter) Delaware 86-1243837 (State ...

First Quarter 2025 Earnings Presentation Adam Sullivan, CEO Jim Nygaard, CFO May 7, 2025 Matt Brown, COO FORWARD-LOOKING STATEMENTS This presentation also contains non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and adjusted earnings (loss) per diluted share. The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial conditi ...

Exhibit 99.1 Core Scientific Announces Fiscal First Quarter 2025 Results First Quarter 2025 Highlights AUSTIN, Texas, May 7, 2025 - Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services and digital asset mining, today announced financial results for the fiscal first quarter of 2025. Net income was $580.7 million, as compared to $210.7 million for the same period in 2024. Total revenue was $79.5 million, as compared to $179.3 million for the same period ...

Group 1: Core Scientific, Inc. (CORZ) - Core Scientific's shares increased by 5.3% to close at $8.42, following a period of 16.6% loss over the past four weeks, indicating a strong trading volume [1] - The company is benefiting from securing long-term high-performance computing (HPC) contracts, expanding infrastructure capacity, and diversifying its customer base, positioning it for strong growth and higher profit margins in the future [1] - The consensus EPS estimate for the upcoming quarter is a loss of $0.10 per share, reflecting a year-over-year change of -152.6%, with expected revenues of $99.39 million, down 44.6% from the previous year [2] Group 2: Industry Insights - Core Scientific is part of the Zacks Financial - Miscellaneous Services industry, which includes WisdomTree, Inc. (WT), whose shares increased by 0.3% to $9.13, with a 5.1% return over the past month [3] - WisdomTree's consensus EPS estimate for the upcoming report is $0.16, representing a year-over-year change of +33.3%, with the estimate remaining unchanged over the past month [4]