Core Scientific Inc Stock Price, News & Analysis

Core Scientific (NASDAQ: CORZ) has announced two significant leadership changes: the appointment of Elizabeth Crain to its Board of Directors and the election of Jordan Levy as Chairman of the Board. Crain, who will serve as Chair of the Audit Committee, brings over 30 years of financial expertise as a Co-Founder and former COO of Moelis & Company and former Managing Director at UBS Investment Banking Americas. She currently serves as a Partner at the Consello Group and is a board member of Nokia (NYSE: NOK). Levy succeeds Jarrod Patten, who did not seek reelection at the 2025 Annual Meeting.

Core Scientific (NASDAQ: CORZ) announced the immediate departure of Todd Becker from its Board of Directors. Becker, who joined in January 2024 and served as Audit Committee Chair, played a crucial role during his tenure by overseeing two major capital raises that strengthened the company's balance sheet and supporting the hiring of a new CFO. His leadership was particularly significant during Core Scientific's post-bankruptcy transformation.

CEO Adam Sullivan praised Becker's contributions, highlighting his financial expertise and disciplined governance approach. The company confirmed that Becker's resignation was not due to any disagreements with the Board, Company, or management. Core Scientific has begun searching for a new independent director to fill the position.

Core Scientific (NASDAQ: CORZ) reported its Q1 2025 financial results, marking a significant transition in its business model. The company posted net income of $580.7 million, up from $210.7 million in Q1 2024, primarily due to a $621.5 million non-cash mark-to-market adjustment. Total revenue decreased to $79.5 million from $179.3 million year-over-year, with operating loss at $42.6 million compared to operating income of $55.2 million in Q1 2024.

The company is shifting focus to colocation services, targeting 250MW of billable capacity for CoreWeave by year-end, with expected annualized colocation revenue of $360 million entering 2026. Core Scientific maintains a strong liquidity position with $778.6 million in cash and digital assets. Digital asset self-mining gross margin declined to 9% from 46% year-over-year, largely due to the bitcoin halving and operational shift to colocation services.

Core Scientific (NASDAQ: CORZ), a leader in digital infrastructure for high-performance computing and bitcoin mining, has scheduled its first quarter fiscal year 2025 earnings release and conference call.

The financial results will be released after market close on Wednesday, May 7, 2025, followed by a conference call and live audio webcast at 3:30 p.m. Central Time. The presentation will be led by CEO Adam Sullivan, CFO Jim Nygaard, and VP of Investor Relations Jon Charbonneau.

Investors can join via phone (888-428-7458 / 862-298-0702) or access the live webcast through the company's investor relations website. An audio replay will be available until May 21, 2025, through the website or by phone using Access ID: 13753188.

Core Scientific (NASDAQ: CORZ) has released its March 2025 production and operations update, highlighting significant mining achievements. The company self-mined 247 Bitcoin in March, bringing the year-to-date total to 718 Bitcoin, while maintaining an average daily production rate of 8.0 Bitcoin.

The company's operational metrics show a total energized hash rate of 19.1 EH/s, with self-mining accounting for 18.1 EH/s through approximately 156,000 owned bitcoin miners. The hosting services segment operates about 7,000 customer-owned miners, which earned an estimated 17 Bitcoin in March.

Core Scientific demonstrated its grid support capabilities by reducing power consumption at its data centers, contributing 35,295 megawatt hours to local electrical grids. The company maintains an efficient operation with an average self-mining fleet efficiency of 24.3 J/TH.

Core Scientific (NASDAQ: CORZ) has released its unaudited production and operations updates for February 2025. The company, a leader in digital infrastructure for high-performance computing and bitcoin mining, reported mining 215 self-mined Bitcoin in February, bringing the year-to-date total to 471 Bitcoin.

The company operated approximately 166,000 bitcoin miners across its data centers, achieving a total energized hash rate of 19.4 EH/s. Of these, about 159,000 were company-owned miners (96%) generating 18.4 EH/s, while the remaining 7,000 (4%) were customer-hosted miners that produced an estimated 16 Bitcoin in February.

Core Scientific demonstrated its grid support capabilities by reducing power consumption at its data centers multiple times, contributing 50,373 megawatt hours to local electrical grids.

Core Scientific (NASDAQ: CORZ) announced the appointment of Jim Nygaard as new Executive Vice President and Chief Financial Officer, effective March 17, 2025. Nygaard brings nearly 30 years of investment banking expertise, including extensive M&A and corporate finance experience from his roles at XMS Capital Partners and Morgan Stanley.

The transition follows a previously announced CFO succession plan, with Nygaard replacing Denise Sterling, who will remain until May 1st to ensure a smooth handover. Sterling, who became CFO before the Company's Chapter 11 filing, played a important role in Core Scientific's restructuring and emergence from bankruptcy. Under her leadership, the company raised over $1 billion through two convertible note transactions, strengthening its capital structure.

Core Scientific (NASDAQ: CORZ) has expanded its partnership with CoreWeave through a new $1.2 billion agreement at its Denton, TX facility. The deal adds 70 MW of contracted power, bringing the site's total critical IT load to approximately 260 MW. CoreWeave's total contracted HPC infrastructure with Core Scientific now reaches about 590 MW across six sites.

The expansion increases Core Scientific's total projected revenue to $10.2 billion over 12-year contract terms. Core Scientific will invest $104 million ($1.5M per MW) in capital expenditure for the expansion, with CoreWeave covering additional costs. The agreement includes options for two five-year renewal terms.

Core Scientific's total contracted power of 1.3 gigawatts is allocated between 900 MW for HPC hosting and 400 MW for bitcoin mining operations. The company is actively seeking additional sites to expand its HPC hosting capacity, focusing on locations near major cities and fiber lines.

Core Scientific (NASDAQ: CORZ) reported Q4 2024 financial results with a net loss of $265.5 million, primarily due to a $224.7 million non-cash mark-to-market adjustment to warrants. Total revenue was $94.9 million, down from $141.9 million in Q4 2023.

Key Q4 highlights include:

• Operating loss of $39.8 million
• Adjusted EBITDA of $13.3 million
• Secured $625 million through 0% interest convertible notes
• Cash position of $836.2 million as of December 31, 2024
• Mined 974 bitcoin at $51,035 average cost per coin
• Operated 20.1 EH/s total hash rate

For full year 2024, Core Scientific generated total revenue of $510.7 million with Adjusted EBITDA of $157.4 million. The company expanded its infrastructure capacity to 1,300 MW and is focusing on growth in both HPC and Bitcoin mining operations.