Core Scientific(CORZ) - 2024 Q2 - Quarterly Results

Financial Performance - Net loss of $804.9 million, primarily due to a$ 796.0 million non-cash mark-to-market adjustment for warrants and contingent value rights[1] - Generated operating income of $6.6 million, a decrease of$ 2.9 million compared to Q2 2023[1] - Adjusted EBITDA of $46.0 million, an increase of$ 1.0 million compared to Q2 2023[1] - Total revenue of $141.1 million, consisting of$ 110.7 million from digital asset self-mining, $24.8 million from hosted mining, and$ 5.5 million from HPC hosting[4] - Total revenue for Q2 2024 increased to $141.1 million, up from$ 126.9 million in Q2 2023[23] - Gross profit for Q2 2024 was $38.8 million, slightly higher than$ 37.0 million in Q2 2023[23] - Net loss for Q2 2024 was $804.9 million, significantly higher than$ 9.3 million in Q2 2023[23] - Adjusted EBITDA for Q2 2024 was $46.04 million, compared to$ 44.99 million for the same period in 2023[29] - Net loss for Q2 2024 was $804.90 million, compared to a net loss of$ 9.26 million for the same period in 2023[29] Revenue Breakdown - Digital asset self-mining revenue in excess of mining cost was $30.7 million (28% gross margin), an increase of$ 0.5 million compared to Q2 2023[5] - Digital asset hosted mining revenue in excess of hosting cost was $7.4 million (30% gross margin), an increase of$ 0.7 million compared to Q2 2023[6] - HPC hosting revenue in excess of hosting cost was $0.6 million (11% gross margin), with operations commencing in Q2 2024[6] - Digital asset self-mining revenue grew to$ 110.7 million in Q2 2024, compared to $97.1 million in Q2 2023[23] - Digital Asset Self-Mining revenue for Q2 2024 was$ 97.08 million, compared to $260.70 million for the six months ended June 30, 2024, with a gross margin of 31% for Q2 2024 and 38% for the six-month period[25] - Digital Asset Hosted Mining revenue for Q2 2024 was$ 29.83 million, with a gross margin of 23%, compared to $54.17 million and a 31% gross margin for the six-month period[25] - Consolidated total revenue for Q2 2024 was$ 126.91 million, with a gross margin of 29%, compared to $320.39 million and a 36% gross margin for the six-month period[25] - HPC hosting revenue for the six months ended June 30, 2024, was$ 5.52 million, with a gross margin of 11%[25] Operational Highlights - Contracted 382 megawatts of infrastructure for HPC hosting, representing potential revenue of approximately $6.7 billion over 12 years[1] - Earned 1,680 self-mined bitcoin in Q2 2024[1] Cash and Assets - Cash and cash equivalents of$ 96.1 million as of June 30, 2024[3] - Cash and cash equivalents increased to $96.1 million as of June 30, 2024, up from$ 50.4 million at the end of 2023[22] - Total assets grew to $761.5 million as of June 30, 2024, compared to$ 712.2 million at the end of 2023[22] - Total liabilities increased to $1.85 billion as of June 30, 2024, up from$ 1.31 billion at the end of 2023[22] Expenses - Research and development expenses for Q2 2024 were $2.2 million, up from$ 1.6 million in Q2 2023[23] - Sales and marketing expenses for Q2 2024 were $3.0 million, compared to$ 1.1 million in Q2 2023[23] - General and administrative expenses for Q2 2024 were $26.2 million, up from$ 24.4 million in Q2 2023[23] - Depreciation and amortization for Q2 2024 was $29.48 million, compared to$ 20.47 million for the same period in 2023[29] - Stock-based compensation expense for Q2 2024 was $8.49 million, compared to$ 14.28 million for the same period in 2023[29] - Reorganization items, net for Q2 2024 were $0, compared to$ 18.46 million for the same period in 2023[29] - Change in fair value of warrant and contingent value rights for Q2 2024 was $796.04 million, compared to$ 0 for the same period in 2023[29]