Fiscal Second Quarter 2024
Highlights
- Incurred net loss of $804.9 million due primarily to a net
$796.0 million non-cash mark-to-market adjustment to our warrants
and other contingent value right liabilities required as a result
of significant quarter-over-quarter increase in the value of our
equity
- Generated operating income of $6.6 million, a decrease of $2.9
million over second quarter 2023
- Produced adjusted EBITDA of $46.0 million
- Contracted 382 megawatts of infrastructure to host
high-performance computing (“HPC”), including latest contract
option exercise, for total potential revenue of approximately $6.7
billion over 12 years
- Achieved mandatory conversion of convertible notes, removing
$260 million in debt from balance sheet
- Earned 1,680 self-mined bitcoin
Core Scientific, Inc. (NASDAQ: CORZ), a leader in
digital infrastructure for bitcoin mining and HPC, today announced
financial results for the fiscal second quarter of 2024. Net loss
was $804.9 million, as compared to a net loss of $9.3 million for
the same period in 2023. Total revenue was $141.1 million, as
compared to $126.9 million for the same period last year. Operating
income was $6.6 million, as compared to $9.5 million for the same
period in 2023. Adjusted EBITDA was $46.0 million, as compared to
$45.0 million for the same period in the prior year. Second quarter
Net loss resulted from a net $796 million mark-to-market adjustment
in the value of our tranche 1 and tranche 2 warrants and other
contingent value rights required as a result of the significant
quarter-over-quarter increase in the value of our equity.
“We continue to demonstrate progress on the execution of our
strategy to maximize the value of our high-power digital
infrastructure portfolio through bitcoin mining and
high-performance computing,” said Adam Sullivan, Core Scientific
Chief Executive Officer. “Key achievements in and after the quarter
include successfully navigating the April halving and emerging with
favorable quarterly cash cost to mine of approximately $29,900 per
bitcoin, converting $260 million in convertible notes during and
shortly after the end of the quarter, commencing HPC hosting
operations and revenue generation at our 16-megawatt Austin data
center, and signing long-term contracts to host 382 megawatts of
high-performance computing with our current client. These long-term
contracts represent total potential revenue of approximately $6.7
billion over 12 years.”
“Our highly experienced digital infrastructure team is preparing
to modify several of our data centers to support HPC hosting,
including working diligently to address supply chain challenges as
they emerge. We also continue discussions with our existing client
and other counterparties to contract our remaining 118 megawatts of
infrastructure for HPC hosting while we work to execute on our
pipeline of opportunities to increase our 1,200 MW of contracted
power. We are building meaningful momentum in each of our
businesses as we enter the second half of the year and believe we
are well positioned to drive continued value creation for our
shareholders,” Mr. Sullivan added.
Fiscal Second Quarter Financial and Operational
Achievements
- Total revenue of $141.1 million, an increase of $14.2 million
over second quarter 2023
- Net loss of $804.9 million, an increase of $795.6 million over
second quarter 2023
- Operating income of $6.6 million, a decrease of $2.9 million
over second quarter 2023
- Adjusted EBITDA of $46.0 million, an increase of $1.0 million
over second quarter 2023
- Cash and cash equivalents of $96.1 million as of June 30,
2024
- Additional 72 megawatts of infrastructure completed at Denton,
Texas data center, expanding operational infrastructure to
approximately 830 megawatts
- Voluntary conversion of $26.4 million in convertible notes,
with the mandatory conversion of the remaining $233.6 million in
convertible notes outstanding shortly after the end of the second
quarter
- Operated total hash rate of 24.6 EH/s, consisting of 19.4 EH/s
self-mining and 5.2 EH/s hosting
- Improved average actual self-mining fleet energy efficiency to
24.7 joules per terahash
- Strengthened the balance sheet, ending the quarter with $96.1
million in cash and cash equivalents
Fiscal Second Quarter 2024 Financial Results (Compared to
Fiscal Second Quarter 2023)
Total revenue for the fiscal second quarter of 2024 was $141.1
million, and consisted of $110.7 million in digital asset
self-mining revenue, $24.8 million in digital asset hosted mining
revenue and $5.5 million in HPC hosting revenue.
Digital asset self-mining revenue in excess of mining cost of
revenue for the fiscal second quarter of 2024 was $30.7 million
(28% gross margin), as compared to $30.2 million (31% gross margin)
for the same period in the prior year, an increase of $0.5 million.
The increase in Digital asset self-mining revenue in excess of
Digital asset mining cost of revenue was driven by a 134% increase
in the price of bitcoin, a 28% increase in our self-mining hash
rate and an increase in the number of mining units deployed, offset
by the 52% decrease in bitcoin mined due to the halving and higher
network difficulty.
Digital asset hosted mining revenue in excess of hosting cost of
revenue for the fiscal second quarter of 2024 was $7.4 million (30%
gross margin), as compared to $6.7 million (23% gross margin) for
the same period in the prior year, an increase of $0.7 million. The
increase in Digital asset hosted mining revenue in excess of
Digital asset hosted mining cost of revenue was primarily due to a
larger share of more profitable hosting arrangements.
HPC hosting revenue in excess of HPC hosting cost of revenue for
the fiscal second quarter of 2024 was $0.6 million (11% gross
margin). HPC hosting started operations during the fiscal second
quarter of 2024. HPC hosting costs consisted primarily of lease
expense and direct electricity costs.
Operating expenses for the fiscal second quarter of 2024 totaled
$31.4 million, as compared to $27.1 million for the same period in
the prior year. The increase of $4.3 million was primarily
attributable a $7.2 million increase in personnel and related
expenses and $4.6 million of HPC startup costs incurred during the
current period, partially offset by lower stock-based compensation
of $6.5 million due to cancellations and forfeitures of
equity-based awards.
Net loss for the fiscal second quarter of 2024 was $804.9
million, as compared to a net loss of $9.3 million for the same
period in the prior year. Net loss for the fiscal second quarter of
2024 increased by $795.6 million driven primarily by a net $796.0
million mark-to-market adjustment on our warrants and other
contingent value rights comprising a $827.7 million increase in the
fair value of warrant liabilities, partially offset by a $31.7
million decrease in fair value of contingent value rights. These
mark-to-market adjustments were driven by the increase in our stock
price during the period. Also contributing to the increase in Net
loss was a $14.8 million increase in Interest expense, net
resulting from the Bankruptcy Court ordered stay on payment of
pre-petition obligations, including interest during the same period
in 2023, partially offset by $18.5 million in Reorganization items,
net with no comparable activity for the same period in fiscal 2024
due to the Company’s emergence from bankruptcy during the first
quarter 2024.
Non-GAAP Adjusted EBITDA for the fiscal second quarter 2024 was
$46.0 million, as compared to Non-GAAP Adjusted EBITDA of $45.0
million for the same period in the prior year. This $1.0 million
increase was driven by a $14.2 million increase in total revenue
and a $1.1 million decrease in impairment of digital assets,
partially offset by a $7.6 million increase in cash operating
expenses, a $3.2 million increase in cash cost of revenue, a $2.0
million increase in realized losses on energy derivatives, a $0.9
million decrease in gain from sales of digital assets and a $0.6
million decrease in the change in fair value of digital assets.
Fiscal Year-to-Date 2024 Financial Results (Compared to
Fiscal Year-to-Date 2023)
Total revenue for the six months ended June 30, 2024 was $320.4
million, and consisted of $260.7 million in digital asset
self-mining revenue, $54.2 million in digital asset hosted mining
revenue and $5.5 million in HPC hosting revenue.
Digital asset self-mining revenue in excess of mining cost of
revenue for the six months ended June 30, 2024 was $99.1 million
(38% gross margin), as compared to $55.6 million (28% gross margin)
for the same period in the prior year, an increase of $43.6
million. The increase in Digital asset self-mining revenue in
excess of Digital asset self-mining cost of revenue was primarily
due to a 34% increase in mining revenue driven by a 134% increase
in the price of bitcoin, a 28% increase in our self-mining hash
rate, driven by our fleet mix and efficiency, and an increase in
the number of mining units deployed, partially offset by the 42%
decrease in bitcoin mined due to the halving and higher network
difficulty.
Digital asset hosted mining revenue in excess of hosting cost of
revenue for the six months ended June 30, 2024 was $16.7 million
(31% gross margin), as compared to $13.2 million (25% gross margin)
for the same period in the prior year, an increase of $3.5 million.
The increase in Digital asset hosted mining revenue in excess of
Digital asset hosted mining cost of revenue was primarily due to a
larger share of more profitable hosting arrangements.
HPC hosting revenue in excess of HPC hosting cost of revenue for
the six months ended June 30, 2024 was $0.6 million (11% gross
margin). HPC hosting started operations during the fiscal second
quarter of 2024. HPC hosting costs consisted primarily of lease
expense and direct electricity costs.
Operating expenses for the six months ended June 30, 2024
totaled $48.3 million, as compared to $51.3 million for the same
period in the prior year. The decrease of $3.0 million was
primarily attributable to lower stock-based compensation of $20.2
million due to cancellations and forfeitures of equity-based
awards, partially offset by a $11.1 million increase in personnel
and related expenses and $4.6 million of HPC startup costs incurred
during the current period.
Net loss for the six months ended June 30, 2024 was $594.2
million, as compared to a net loss of $9.6 million for the same
period in the prior year. Net loss for the six months ended June
30, 2024 increased by $584.6 million driven primarily by a net
$735.9 million mark-to-market adjustment on our warrants and other
contingent value rights comprising a $809.3 million increase in the
fair value of warrant liabilities, partially offset by a $73.4
million decrease in fair value of contingent value rights. These
mark-to-market adjustments were driven by the increase in our stock
price during the period. Also contributing to the increase in Net
loss was a $28.7 million increase in Interest expense, net
resulting from the Bankruptcy Court ordered stay on payment of
pre-petition obligations, including interest during the same period
in 2023, and a $20.9 million decrease in (Loss) gain on
extinguishment of debt compared to the same period in the prior
year, partially offset by a decrease of $161.5 million in
Reorganization items, net, which included gains on extinguishment
of pre-emergence obligations of $143.8 million.
Non-GAAP Adjusted EBITDA for the six months ended June 30, 2024
was $134.0 million, as compared to Non-GAAP Adjusted EBITDA of
$85.3 million for the same period in the prior year. This $48.7
million increase was driven by a $72.8 million increase in total
revenue and a $2.2 million decrease in impairment of digital
assets, partially offset by a $12.0 million increase in cash
operating expenses, a $7.2 million increase in cash cost of
revenue, a $5.0 million increase in realized losses on energy
derivatives, and a $2.0 million decrease in gain from sales of
digital assets.
CONFERENCE CALL AND LIVE WEBCAST
In conjunction with this release, Core Scientific, Inc. will
host a conference call today, Wednesday, August 7, 2024, at 4:30 pm
Eastern Time that will be webcast live. Adam Sullivan, Chief
Executive Officer, Denise Sterling, Chief Financial Officer and
Steven A. Gitlin, Senior Vice President Investor Relations, will
host the call.
Investors may dial into the call by using the following
telephone numbers: +1 (877) 407-1875 (U.S. toll free) and +1 (215)
268-9909 (U.S. local) and providing the Access Code 13747858 five
to ten minutes prior to the start time to allow for
registration.
Investors with Internet access may listen to the live audio
webcast via the Investor Relations page of the Core Scientific,
Inc. website, http://investors.corescientific.com or by clicking
here. Please allow 10 minutes prior to the call to download and
install any necessary audio software. A replay of the audio webcast
will be available for one year.
A supplementary investor presentation for the fiscal second
quarter 2024 may be accessed at
https://investors.corescientific.com/investors/events-and-presentations/default.aspx.
AUDIO REPLAY
An audio replay of the event will be archived on the Investor
Relations section of the Company's website at
http://investors.corescientific.com and via telephone by dialing +1
(877) 660-6853 (U.S. toll free) or +1 (201) 612-7415 (U.S. local)
and entering Access Code 13747858.
ABOUT CORE SCIENTIFIC
Core Scientific is a leader in digital infrastructure for
bitcoin mining and high-performance computing. Transforming energy
into high-value compute with superior efficiency at scale, we
employ our own large fleet of computers (“miners”) to earn bitcoin
for our own account and provide hosting services for bitcoin mining
and high-performance computing customers at our eight operational
data centers in Georgia (2), Kentucky (1), North Carolina (1),
North Dakota (1) and Texas (3). We derive the majority of our
revenue from earning bitcoin for our own account (“self-mining”).
To learn more, visit www.corescientific.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding projections, estimates and forecasts of
revenue and other financial and performance metrics, projections of
market opportunity and expectations, the Company’s ability to
scale, grow its business and execute on its growth plans and
hosting contracts, source clean and renewable energy, the
advantages, expected growth, and anticipated future revenue of the
Company, and the Company’s ability to source and retain talent. You
can identify forward-looking statements by the fact that they do
not relate strictly to historical or current facts. These
statements may include words such as “aim,” “estimate,” “plan,”
“project,” “forecast,” “goal,” “intend,” “will,” “expect,”
“anticipate,” “believe,” “seek,” “target” or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. All forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including: our ability to earn
digital assets profitably and to attract customers for our digital
asset and high performance compute hosting capabilities; our
ability to perform under our existing colocation agreements, our
ability to maintain our competitive position in our existing
operating segments, the impact of increases in total network hash
rate; our ability to raise additional capital to continue our
expansion efforts or other operations; our need for significant
electric power and the limited availability of power resources; the
potential failure in our critical systems, facilities or services
we provide; the physical risks and regulatory changes relating to
climate change; potential significant changes to the method of
validating blockchain transactions; our vulnerability to physical
security breaches, which could disrupt our operations; a potential
slowdown in market and economic conditions, particularly those
impacting high performance computing, the blockchain industry and
the blockchain hosting market; the identification of material
weaknesses in our internal control over financial reporting; price
volatility of digital assets and bitcoin in particular; the
“halving” of rewards available on the Bitcoin network, affecting
our ability to generate revenue; the potential that insufficient
awards from digital asset mining could disincentivize transaction
processors from expending processing power on a particular network,
which could negatively impact the utility of the network and
further reduce the value of its digital assets; the requirements of
our existing debt agreements for us to sell our digital assets
earned from mining as they are received, preventing us from
recognizing any gain from appreciation in the value of the digital
assets we hold; potential changes in the interpretive positions of
the SEC or its staff with respect to digital asset mining firms;
the increasing likelihood that U.S. federal and state legislatures
and regulatory agencies will enact laws and regulations to regulate
digital assets and digital asset intermediaries; increasing
scrutiny and changing expectations with respect to our ESG
policies; the effectiveness of our compliance and risk management
methods; the adequacy of our sources of recovery if the digital
assets held by us are lost, stolen or destroyed due to third-party
digital asset services; the effects of our emergence from
bankruptcy and our substantial level of indebtedness and our
current liquidity constraints affecting our financial condition and
ability to service our indebtedness. Any such forward-looking
statements represent management’s estimates and beliefs as of the
date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change.
Although the Company believes that in making such
forward-looking statements its expectations are based upon
reasonable assumptions, such statements may be influenced by
factors that could cause actual outcomes and results to be
materially different from those projected. The Company cannot
assure you that the assumptions upon which these statements are
based will prove to have been correct. Additional important factors
that may affect the Company’s business, results of operations and
financial position are described from time to time in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023,
Quarterly Reports on Form 10-Q and the Company’s other filings with
the Securities and Exchange Commission. The Company does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as may be required by applicable law.
Core Scientific, Inc.
Condensed Consolidated Balance
Sheets
(in thousands, except par
value)
(Unaudited)
June 30, 2024
December 31,
2023
Assets
Current Assets:
Cash and cash equivalents
$
96,122
$
50,409
Restricted cash
983
19,300
Accounts receivable
4,676
1,001
Digital assets
—
2,284
Prepaid expenses and other current
assets
16,082
24,022
Total Current Assets
117,863
97,016
Property, plant and equipment, net
549,994
585,431
Operating lease right-of-use assets
75,783
7,844
Other noncurrent assets
17,816
21,865
Total Assets
$
761,456
$
712,156
Liabilities and Stockholders’
Deficit
Current Liabilities:
Accounts payable
$
8,491
$
154,751
Accrued expenses and other current
liabilities
28,949
179,636
Deferred revenue
7,912
9,830
Operating lease liabilities, current
portion
5,427
77
Finance lease liabilities, current
portion
2,717
19,771
Notes payable, current portion
18,370
124,358
Contingent value rights, current
portion
2,958
—
Total Current Liabilities
74,824
488,423
Operating lease liabilities, net of
current portion
67,068
1,512
Finance lease liabilities, net of current
portion
553
35,745
Convertible and other notes payable, net
of current portion
526,756
684,082
Contingent value rights, net of current
portion
9,988
—
Warrant liabilities
1,155,103
—
Other noncurrent liabilities
11,038
—
Total liabilities not subject to
compromise
1,845,330
1,209,762
Liabilities subject to compromise
—
99,335
Total Liabilities
1,845,330
1,309,097
Commitments and contingencies
Stockholders’ Deficit:
Preferred stock; $0.00001 par value;
2,000,000 and nil shares authorized at June 30, 2024 and December
31, 2023, respectively; none issued and outstanding at June 30,
2024 and December 31, 2023
—
—
Common stock; $0.00001 par value;
10,000,000 shares authorized at June 30, 2024 and December 31,
2023; 187,892 and 386,883 shares issued and outstanding at June 30,
2024 and December 31, 2023, respectively
2
36
Additional paid-in capital
1,930,542
1,823,260
Accumulated deficit
(3,014,418
)
(2,420,237
)
Total Stockholders’ Deficit
(1,083,874
)
(596,941
)
Total Liabilities and Stockholders’
Deficit
$
761,456
$
712,156
Core Scientific, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue:
Digital asset self-mining revenue
$
110,743
$
97,082
$
260,702
$
195,108
Digital asset hosted mining revenue from
customers
24,840
26,316
54,172
45,225
Digital asset hosted mining revenue from
related parties
—
3,514
—
7,234
HPC hosting revenue
5,519
—
5,519
—
Total revenue
141,102
126,912
320,393
247,567
Cost of revenue:
Cost of digital asset self-mining
80,001
66,846
161,565
139,522
Cost of digital asset hosted mining
services
17,393
23,107
37,474
39,305
Cost of HPC hosting services
4,891
—
4,891
—
Total cost of revenue
102,285
89,953
203,930
178,827
Gross profit
38,817
36,959
116,463
68,740
Change in fair value of digital assets
(584
)
—
(41
)
—
Gain from sale of digital assets
—
931
—
1,995
Impairment of digital assets
—
(1,127
)
—
(2,183
)
Change in fair value of energy
derivatives
(539
)
—
(2,757
)
—
Gain (loss) on disposal of property, plant
and equipment
268
(174
)
(3,552
)
(174
)
Operating expenses:
Research and development
2,174
1,640
3,973
3,055
Sales and marketing
2,966
1,084
3,948
2,092
General and administrative
26,243
24,396
40,386
46,160
Total operating expenses
31,383
27,120
48,307
51,307
Operating income
6,579
9,469
61,806
17,071
Non-operating (income) expenses, net:
Loss (gain) on debt extinguishment
120
—
170
(20,761
)
Interest expense (income), net
14,775
(36
)
28,862
121
Reorganization items, net
—
18,455
(111,439
)
50,014
Change in fair value of warrant and
contingent value rights
796,035
—
735,921
—
Other non-operating expense (income),
net
401
181
2,147
(2,888
)
Total non-operating expenses, net
811,331
18,600
655,661
26,486
Loss before income taxes
(804,752
)
(9,131
)
(593,855
)
(9,415
)
Income tax expense
144
129
350
233
Net loss
$
(804,896
)
$
(9,260
)
$
(594,205
)
$
(9,648
)
Net loss per share:
Basic
$
(4.51
)
$
(0.02
)
$
(2.87
)
$
(0.03
)
Diluted
$
(4.51
)
$
(0.02
)
$
(2.87
)
$
(0.03
)
Weighted average shares outstanding:
Basic
178,505
375,779
207,092
375,875
Diluted
178,505
375,779
207,092
375,875
Core Scientific, Inc.
Segment Results
(in thousands, except
percentages)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Digital Asset Self-Mining
Segment
(in thousands, except
percentages)
Digital asset self-mining revenue
$
110,743
$
97,082
$
260,702
$
195,108
Cost of digital asset self-mining
80,001
66,846
161,565
139,522
Digital Asset Self-Mining gross profit
$
30,742
$
30,236
$
99,137
$
55,586
Digital Asset Self-Mining gross margin
28
%
31
%
38
%
28
%
Digital Asset Hosted Mining
Segment
Digital asset hosted mining revenue from
customers
$
24,840
$
29,830
$
54,172
$
52,459
Cost of digital asset hosted mining
services
17,393
23,107
37,474
39,305
Digital Asset Hosted Mining gross
profit
$
7,447
$
6,723
$
16,698
$
13,154
Digital Asset Hosted Mining gross
margin
30
%
23
%
31
%
25
%
HPC Hosting Segment
HPC hosting revenue
$
5,519
$
—
$
5,519
$
—
Cost of HPC hosting services
4,891
—
4,891
—
HPC Hosting gross profit
$
628
$
—
$
628
$
—
HPC Hosting gross margin
11
%
—
%
11
%
—
%
Consolidated
Consolidated total revenue
$
141,102
$
126,912
$
320,393
$
247,567
Consolidated cost of revenue
$
102,285
$
89,953
$
203,930
$
178,827
Consolidated gross profit
$
38,817
$
36,959
$
116,463
$
68,740
Consolidated gross margin
28
%
29
%
36
%
28
%
Core Scientific, Inc. and
Subsidiaries
Non-GAAP Financial
Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial
measure defined as our net income or (loss), adjusted to eliminate
the effect of (i) interest income, interest expense, and other
income (expense), net; (ii) provision for income taxes; (iii)
depreciation and amortization; (iv) stock-based compensation
expense; (v) Reorganization items, net; (vi) change in fair value
of energy derivatives; (vii) change in the fair value of warrant
and contingent value rights, (viii) business or site startup costs
which are not reflective of the ongoing costs incurred after
startup, (ix) bankruptcy advisory costs incurred related to
reorganization which are not reflective of the ongoing costs
incurred in post-emergence operations, and (x) certain additional
non-cash items that do not reflect the performance of our ongoing
business operations. For additional information, including the
reconciliation of net income (loss) to Adjusted EBITDA, please
refer to the table below. We believe Adjusted EBITDA is an
important measure because it allows management, investors, and our
Board of Directors to evaluate and compare our operating results,
including our return on capital and operating efficiencies, from
period-to-period by making the adjustments described above. In
addition, it provides useful information to investors and others in
understanding and evaluating our results of operations, as well as
provides a useful measure for period-to-period comparisons of our
business, as it removes the effect of net interest expense, taxes,
certain non-cash items, variable charges and timing differences.
Moreover, we have included Adjusted EBITDA in this earnings release
because it is a key measurement used by our management internally
to make operating decisions, including those related to operating
expenses, evaluate performance, and perform strategic and financial
planning.
The above items are excluded from our
Adjusted EBITDA measure because these items are non-cash in nature
or because the amount and timing of these items are not related to
the current results of our core business operations which renders
evaluation of our current performance, comparisons of performance
between periods and comparisons of our current performance with our
competitors less meaningful. However, you should be aware that when
evaluating Adjusted EBITDA, we may incur future expenses similar to
those excluded when calculating this measure. Our presentation of
this measure should not be construed as an inference that its
future results will be unaffected by unusual items. Further, this
non-GAAP financial measure should not be considered in isolation
from, or as a substitute for, financial information prepared in
accordance with accounting principles generally accepted in the
United States (“GAAP”). We compensate for these limitations by
relying primarily on GAAP results and using Adjusted EBITDA on a
supplemental basis. Our computation of Adjusted EBITDA may not be
comparable to other similarly titled measures computed by other
companies because not all companies calculate this measure in the
same fashion. You should review the reconciliation of net loss to
Adjusted EBITDA below and not rely on any single financial measure
to evaluate our business.
The following table reconciles the
non-GAAP financial measure to the most directly comparable U.S.
GAAP financial performance measure, which is net loss, for the
periods presented (in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2024
20231
2024
20231
Adjusted EBITDA
Net loss
$
(804,896
)
$
(9,260
)
$
(594,205
)
$
(9,648
)
Adjustments:
Interest expense, net
14,775
(36
)
28,862
121
Income tax expense
144
129
350
233
Depreciation and amortization
29,477
20,473
58,473
40,567
Stock-based compensation expense
8,494
14,280
7,434
26,553
Unrealized fair value adjustment on energy
derivatives
(1,465
)
—
(2,262
)
—
Gain (loss) on disposal of property, plant
and equipment
(268
)
174
3,552
174
HPC startup costs
4,601
—
4,601
—
Bankruptcy advisory costs
(1,380
)
—
307
—
Loss (gain) on debt extinguishment
120
—
170
(20,761
)
Reorganization items, net
—
18,455
(111,439
)
50,014
Change in fair value of warrant and
contingent value rights
796,035
—
735,921
—
Other non-operating expenses (income),
net
401
181
2,147
(2,888
)
Other
(2
)
594
121
962
Adjusted EBITDA
$
46,036
$
44,990
$
134,032
$
85,327
1 Certain prior year amounts have been
reclassified for consistency with the current year
presentation.
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version on businesswire.com: https://www.businesswire.com/news/home/20240807926379/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
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