Financial Performance - Net loss for Q4 2024 was $265.5 million, compared to a net loss of $195.7 million in Q4 2023, primarily due to a $224.7 million non-cash mark-to-market adjustment[2][9] - Total revenue for Q4 2024 was $94.9 million, down from $141.9 million in Q4 2023, with digital asset self-mining revenue at $79.9 million[2][4] - Adjusted EBITDA for Q4 2024 was $13.3 million, a decrease of $43.4 million from $56.7 million in Q4 2023[2][10] - Operating loss for Q4 2024 was $39.8 million, a decrease of $43.7 million compared to an operating income of $3.9 million in Q4 2023[2][8] - Net loss for the full fiscal year 2024 was $1.3 billion, a decrease of $1.1 billion from the previous year, primarily due to a $1.4 billion non-cash mark-to-market adjustment[18] - Consolidated total revenue for the year ended December 31, 2024, was $510.7 million, a slight increase from $502.4 million in 2023[35] Revenue Breakdown - Digital asset self-mining revenue was $79.9 million, down 29% from $112.2 million year-over-year[33] - Digital asset hosted mining revenue from customers fell to $6.5 million in Q4 2024, down 78% from $29.8 million in Q4 2023[35] - Digital asset self-mining gross profit for the full fiscal year 2024 was $94.4 million, with a gross margin of 23%, compared to $98.6 million and 25% in the prior year[14] - Consolidated gross profit for Q4 2024 was $4.8 million, down 88% from $39.3 million in Q4 2023, resulting in a gross margin of 5%[35] Costs and Expenses - The average cash cost to self-mine one bitcoin was $51,035, with 974 self-mined bitcoins earned in Q4 2024[3][4] - Operating expenses rose to $43.6 million in Q4 2024, up from $30.0 million in Q4 2023[33] - Research and development expenses were $5.0 million, compared to $1.9 million in the same quarter last year[33] - The total cost of digital asset self-mining for the year ended December 31, 2024, was $314.3 million, an increase from $291.7 million in 2023[35] - Employee compensation in the digital asset self-mining segment increased to $10.4 million in Q4 2024, up from $4.4 million in Q4 2023[35] Assets and Liabilities - Total current assets increased significantly to $904.0 million from $97.0 million in the previous year[31] - Cash and cash equivalents increased to $836.2 million from $50.4 million year-over-year[31] - Total liabilities increased to $2.4 billion, up from $1.3 billion in the previous year[31] - The company has a substantial accumulated deficit of $3.7 billion as of December 31, 2024[31] Strategic Developments - The company increased its total portfolio capacity to 1,300 MW of powered infrastructure by year-end 2024 through strategic site acquisitions and expansions[3] - The company secured $625 million through a convertible note offering with favorable 0% interest terms, strengthening its balance sheet[3] - The HPC hosting segment generated $8.5 million in revenue for Q4 2024, with a gross profit of $744, marking the first revenue reported in this segment[35]
Core Scientific(CORZ) - 2024 Q4 - Annual Results