Financial Performance - Net loss for the fiscal third quarter of 2024 was $455.3 million, compared to a net loss of $41.1 million for the same period in 2023, representing an increase of $414.1 million[11]. - Total revenue for the fiscal third quarter of 2024 was $95.4 million, a decrease of $17.6 million compared to $112.9 million in the third quarter of 2023[5]. - Adjusted EBITDA for the fiscal third quarter of 2024 was $10.1 million, down from $27.8 million in the same period last year, a decrease of $17.6 million[13]. - Operating loss for the fiscal third quarter of 2024 was $41.2 million, an increase of $29.2 million over the same period in 2023[5]. - Basic net loss per share was $1.17, compared to a loss of $0.11 per share in Q3 2023[33]. - The company reported a gross loss of $156 thousand for the quarter, compared to a gross profit of $15.419 million in Q3 2023[33]. - Consolidated gross loss was $156, compared to a gross profit of $15,419 in Q3 2023, indicating a significant decline in profitability[35]. - Adjusted EBITDA for Q3 2024 was $10,132, down from $27,758 in Q3 2023[38]. - The net loss for Q3 2024 was $455,259, compared to a net loss of $41,146 in the same quarter last year[38]. Revenue Breakdown - Digital asset self-mining revenue for the fiscal third quarter of 2024 was $68.1 million, while hosted mining revenue was $16.9 million, and HPC hosting revenue was $10.3 million[6]. - Digital asset self-mining revenue was $68.138 million, down from $83.056 million year-over-year[33]. - Digital asset hosted mining revenue from customers was $16.878 million, a decline from $27.020 million in the same quarter last year[33]. - Digital asset self-mining gross loss was $6,417, compared to a gross profit of $10,453 in the same quarter last year[35]. - Digital asset hosted mining revenue decreased by 43% to $16,878 from $29,848 year-over-year[35]. - HPC hosting revenue was $10,338, with a gross margin of 13%[35]. Operational Metrics - The company contracted approximately 500 megawatts of critical IT load, expected to generate total potential revenue of approximately $8.7 billion over 12-year contracts[3]. - The company operated a total hash rate of 23.4 EH/s, consisting of 20.4 EH/s from self-mining and 3.0 EH/s from hosting[5]. - The company improved its average actual self-mining fleet energy efficiency to 24.5 joules per terahash[5]. - Digital asset hosted mining gross margin improved to 29% from 17% year-over-year[35]. Assets and Liabilities - Total current assets increased to $277.856 million from $97.016 million at the end of Q4 2023[32]. - Total liabilities rose to $1.651 billion, compared to $1.309 billion at the end of Q4 2023[32]. - Cash and cash equivalents increased significantly to $253.019 million from $50.409 million at the end of Q4 2023[32]. - The company ended the quarter with cash and cash equivalents of $253.0 million as of September 30, 2024[5]. Adjustments and Other Notes - The company reported a significant adjustment of $408,520 in the fair value of warrants and contingent value rights for Q3 2024[38]. - Operating expenses for the fiscal third quarter of 2024 totaled $40.3 million, compared to $26.8 million for the same period in the prior year, an increase of $13.5 million[10]. - Operating expenses totaled $40.348 million, up from $26.805 million in the same quarter last year[33].
Core Scientific(CORZ) - 2024 Q3 - Quarterly Results