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Core Scientific, Inc. (NASDAQ: CORZ) is a leading provider of blockchain infrastructure, software solutions, and services in North America. Operating prominent facilities for digital asset mining and colocation services, Core Scientific is at the forefront of integrating cutting-edge technology with robust operational capabilities.
The company’s business activities are primarily divided into two key segments: Equipment Sales and Hosting and Mining. The Equipment Sales and Hosting segment encompasses blockchain infrastructure, third-party hosting services, and equipment sales to a diverse range of customers. Core Scientific's robust blockchain infrastructure supports third-party clients by offering consumption-based contracts and premium hosting services, ensuring high uptime and efficiency.
The Mining segment is dedicated to digital asset mining, leveraging the company’s owned computer equipment to process blockchain transactions. In return, Core Scientific earns digital currency assets, reinforcing its position in the blockchain ecosystem.
Core Scientific is also pioneering in the field of Artificial Intelligence, offering blockchain technology and AI infrastructure services. These services cater to various industry needs, from data processing to advanced computational tasks, thereby broadening its technological footprint.
The firm continuously strives for innovation and growth, evident from its recent partnerships and projects aimed at enhancing blockchain technology and AI capabilities. Core Scientific's solid financial condition and strategic initiatives highlight its commitment to leading the digital transformation in blockchain and AI sectors.
Core Scientific (Nasdaq: CORZ) has appointed Scott Brueggeman as Chief Marketing Officer to strengthen its brand presence and drive market expansion. Brueggeman brings over 20 years of experience in digital infrastructure and technology businesses. In his previous role at Logix Fiber Networks, he achieved a 50% increase in sales productivity and led a 60-person team. Prior to that, he held leadership positions at CyrusOne during its IPO and $1 billion worth of acquisitions.
Brueggeman's background includes roles at CoreLink Data Centers, CareerBuilder, and AT&T. He holds an MBA from Northwestern University's Kellogg School of Management. CEO Adam Sullivan emphasized that Brueggeman's expertise aligns with Core Scientific's growth strategy in high-performance computing and digital asset mining.
Core Scientific (NASDAQ: CORZ) has released its December 2024 operations update, reporting 291 self-mined Bitcoin for the month, bringing the total to 6,595 Bitcoin year-to-date and 974 in Q4. The company's hosted customers earned an estimated 18 Bitcoin at their data centers.
Key operational metrics include an average of 9.4 self-mined Bitcoin per day, with a total energized hash rate of 20.1 EH/s. The company operated approximately 171,000 bitcoin miners, with 164,000 being self-owned (96%) and 7,000 customer-owned (4%). Core Scientific sold 79 Bitcoin in December, generating approximately $7.7 million in proceeds.
The company demonstrated grid support by reducing power consumption at its data centers, delivering 30,985 megawatt hours to local electrical grids. The self-mining fleet maintained an efficiency of 24.6 J/TH.
Core Scientific (CORZ) released its November 2024 operations update, reporting 314 self-mined Bitcoin and an estimated 29 Bitcoin earned by hosting customers. The company operated approximately 172,000 bitcoin miners across its data centers, achieving a total energized hash rate of 20.3 EH/s. Core Scientific sold 272 Bitcoin for approximately $23.2 million in proceeds.
The company's self-mining fleet consisted of about 165,000 miners (96% of total) with 19.3 EH/s hash rate, while hosting services supported roughly 7,200 customer-owned miners (4%). During November, the company contributed to grid stability by reducing power consumption and delivering 23,309 megawatt hours to local electrical grids. Additionally, Core Scientific secured approval from Denton City Council to expand operations with up to 394 MW power allocation.
Core Scientific (NASDAQ: CORZ) has priced an upsized offering of $550 million convertible senior notes due 2031, increased from the previously announced $500 million. The zero-interest notes will mature on June 15, 2031, with an initial conversion rate of 44.4587 shares per $1,000 principal amount, representing a conversion price of approximately $22.49 per share. The company granted initial purchasers an option to buy an additional $75 million in notes. The net proceeds, estimated at $535.6 million (or $608.7 million if the option is exercised), will be used for general corporate purposes including working capital, operating expenses, and capital expenditures.
Core Scientific (NASDAQ: CORZ) has announced plans to offer $500 million in convertible senior notes due 2031 through a private offering to qualified institutional buyers. The company may grant initial purchasers an option for an additional $75 million in notes. The notes will be senior, unsecured obligations with semi-annual interest payments. Noteholders can convert their notes to cash, common stock, or a combination thereof. The notes will be redeemable after June 22, 2028, subject to conditions, and holders can request repurchase on December 15, 2027. Proceeds will fund general corporate purposes, including working capital, operations, acquisitions, and security repurchases.
Core Scientific (Nasdaq: CORZ) announced the Denton City Council's approval of amendments to its Power Purchase Agreements and land leases. The changes expand the company's leased land from 31 to 78 acres and increase power access from 297 to 394 megawatts. The expansion is expected to bring a $6.1 billion real property investment. The company plans to host one of North America's largest GPU supercomputers for AI computing at the Denton facility. Core Scientific currently operates nine data centers across six states, with an additional center under development in Oklahoma.
Core Scientific (Nasdaq: CORZ) has broken ground on a new 100-megawatt high-performance computing data center in Muskogee, Oklahoma, in partnership with CoreWeave and Port Muskogee. The facility will host CoreWeave's NVIDIA GPUs, providing 70 MW for GPU operations and 30 MW for ancillary systems. This project is part of a larger 500 MW contract with CoreWeave, valued at $8.7 billion over 12 years. The facility, expected to be operational in 2026, will generate approximately $182 million in local economic benefits, create 150 jobs with average salaries over $65,000, and contribute over $12 million in tax revenue.
Core Scientific (NASDAQ: CORZ) reported fiscal Q3 2024 results with a net loss of $455.3 million, primarily due to a $408.5 million non-cash mark-to-market adjustment to warrants. Total revenue was $95.4 million, down from $112.9 million year-over-year. The company generated adjusted EBITDA of $10.1 million and earned 1,115 self-mined bitcoin. Core Scientific completed a $460 million convertible note offering, using $211.2 million to repay existing senior debt, reducing interest rates from 12.5% to 3%. The company secured approximately 500 megawatts of HPC contracts, potentially generating $8.7 billion over 12-year contracts.
Core Scientific (Nasdaq: CORZ) released its October 2024 operations update, reporting 369 self-mined Bitcoin and an estimated 52 Bitcoin earned by hosting customers. The company operated approximately 185,000 bitcoin miners across its data centers, achieving a total energized hash rate of 21.8 EH/s. Core Scientific sold 370 Bitcoin for approximately $24.2 million in proceeds. The company completed a 100 MW infrastructure expansion at its Pecos, TX facility and contributed to grid support by delivering 26,748 megawatt hours to local electrical grids.
Core Scientific (NASDAQ: CORZ) has announced its upcoming third quarter fiscal year 2024 earnings release and conference call schedule. The company will release financial results after market close on November 6, 2024, followed by a conference call and webcast at 3:30 PM CST. The presentation will be led by CEO Adam Sullivan, CFO Denise Sterling, and SVP of Investor Relations Steven A. Gitlin. Investors can access the live webcast through the company's investor relations website, and an audio replay will be available until November 19, 2024.
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