Core Scientific Inc Stock Price, News & Analysis

Core Scientific (NASDAQ: CORZ) announces its intention to offer $350 million in convertible senior notes due 2029, with an option for an additional $52.5 million. The notes will be unsecured obligations, accruing interest semi-annually, and mature on September 1, 2029. Noteholders can convert under certain circumstances, with Core Scientific settling in cash, stock, or a combination.

The company can redeem notes after September 7, 2027, if stock price conditions are met. Proceeds will be used to repay outstanding loans, redeem existing senior secured notes, and for general corporate purposes. The offering is to qualified institutional buyers under Rule 144A of the Securities Act.

Core Scientific (NASDAQ: CORZ) reported its fiscal Q2 2024 results, highlighting a net loss of $804.9 million, primarily due to a $796.0 million non-cash mark-to-market adjustment to warrants and contingent value right liabilities. Despite this, the company generated operating income of $6.6 million and adjusted EBITDA of $46.0 million. Total revenue increased to $141.1 million, up from $126.9 million in Q2 2023. The company contracted 382 megawatts of infrastructure for high-performance computing, with potential revenue of $6.7 billion over 12 years. Core Scientific also achieved mandatory conversion of convertible notes, removing $260 million in debt from its balance sheet, and earned 1,680 self-mined bitcoin.

Core Scientific (NASDAQ: CORZ) announced that CoreWeave has exercised an option to contract for 112 additional megawatts of infrastructure for high-performance computing (HPC) hosting. This expands their total contracted HPC infrastructure to 382 megawatts across five Core Scientific sites. The new 12-year contract is expected to add approximately $2.0 billion in projected revenue, bringing the total potential cumulative revenue to more than $6.7 billion over 12 years.

Key points:

• Site modifications for the new infrastructure are expected to begin in the second half of 2024
• Operational status is anticipated in the first half of 2026
• CoreWeave retains an option for an additional 118 megawatts of infrastructure
• Core Scientific is actively seeking new sites to expand HPC hosting capacity beyond the original 500 megawatts

Core Scientific (Nasdaq: CORZ) released its unaudited production and operations updates for July 2024. The company earned 411 self-mined Bitcoin, bringing its year-to-date total to 4,917. Core Scientific's customers earned an estimated 110 Bitcoin at its data centers. The company operated 214,000 bitcoin miners across seven data centers, achieving a total energized hash rate of 25.3 EH/s.

CEO Adam Sullivan highlighted the company's plans to migrate miners to dedicated sites and modify infrastructure for HPC hosting. Core Scientific also became the first bitcoin miner to support Foundry Donate, a program funding Bitcoin Network core developers. The company sold 401 Bitcoin in July, generating approximately $25.2 million in proceeds.

Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing, has announced its schedule for the fiscal year 2024 second quarter earnings release. The company will issue financial results after market close on Wednesday, August 7, 2024, followed by a conference call and live audio webcast at 3:30 p.m. Central Time.

The call will be hosted by Adam Sullivan (CEO), Denise Sterling (CFO), and Steven A. Gitlin (SVP, Investor Relations). Investors can access the live audio webcast via the company's website or by dialing in. An audio replay will be available on the website and via telephone until August 21, 2024.

Foundry Digital has launched Foundry Donate, an innovative program allowing miners on Foundry USA Pool™ to directly support Bitcoin's open-source development through select nonprofits. The initiative features an automated on-chain system for miners to effortlessly donate a portion of their mined bitcoins to vetted organizations.

Key features include miners' choice of nonprofit, amount, and frequency of donations; vetted 501(c)(3) nonprofits; and full transparency with blockchain-verifiable transactions. Initially partnering with Brink and OpenSats, Foundry has committed 0.2 BTC to each, while Core Scientific (Nasdaq: CORZ) has already donated 1 BTC through the program.

Core Scientific (NASDAQ: CORZ) has announced that its tranche 2 warrants (CORZZ) are now exercisable until January 23, 2029. This follows the satisfaction of the “TEV Triggering Event” as per the Warrant Agreement with Computershare. The event occurred after the daily volume weighted average trading price (VWAP) of Core Scientific’s common stock exceeded $8.72 for 20 consecutive trading days, closing on July 11, 2024. There are 81,927,898 tranche 2 warrants outstanding, each exercisable into one share of common stock at an exercise price of $0.01 per share. CEO Adam Sullivan attributed this milestone to the company’s strong operational and trading performance, highlighting their ongoing diversification strategy in HPC hosting and bitcoin mining.

Block has announced a significant partnership with Core Scientific to supply its new 3nm ASIC mining chips, targeting approximately 15 EH/s of hashrate. This collaboration aims to enhance decentralization, transparency, and efficiency in bitcoin mining by leveraging advanced infrastructure and integrating existing technologies.

Block's Proto team focuses on developing modular mining platforms that simplify infrastructure, optimize resource use, and promote sustainability. This agreement marks a major step for Block's long-term strategy to democratize bitcoin mining and provide innovative, integrated solutions. The collaboration with Core Scientific is expected to redefine efficiency and reliability in large-scale operations, supporting Core Scientific's hashrate growth and contributing to the vitality of the Bitcoin Network.

Core Scientific (NASDAQ: CORZ) announced the mandatory conversion of its Secured Convertible Notes due 2029, eliminating $260 million of debt. This action follows the company’s emergence from bankruptcy and marks significant progress in strengthening its balance sheet.

The conversion was triggered by the stock's 20-day volume-weighted average price (VWAP) exceeding a specified threshold as of July 5, 2024. The conversion will be effective on July 10, 2024, resulting in the issuance of approximately 45 million new shares in exchange for the debt.

Additionally, the company extinguished a $3 million contingent payment obligation on July 1, 2024, further highlighting its improved financial position. CEO Adam Sullivan emphasized the company’s commitment to growth and value creation for stakeholders.