Core Scientific Inc Stock Price, News & Analysis

Core Scientific (NASDAQ: CORZ) announced a $100 million common stock purchase agreement with B. Riley Principal Capital. This agreement grants Core Scientific the option to sell its common stock over a 24-month period, enhancing its liquidity during challenging market conditions. Additionally, the company aims to strengthen its balance sheet while focusing on expanding its self-mining and colocation services. Core Scientific issued 573,381 shares as consideration for B. Riley’s investment commitment, with further details to be disclosed in a Current Report.

Core Scientific (NASDAQ: CORZ) reported significant operational updates for June 2022, including the production of 1,106 self-mined bitcoins, averaging 39.8 bitcoins daily by month-end. The company operates over 180,000 ASIC servers, achieving a hash rate of 17.9 EH/s. Daily self-mining increased by 14% compared to June 1. A second quarter earnings call is scheduled for August 11, 2022. Despite challenging market conditions and increased curtailment activity, Core Scientific aims to maintain growth, with plans to deploy an additional 70,000 ASIC servers.

Core Scientific (NASDAQ: CORZ) has been included in the Russell 3000 Index effective June 27, 2022, following the annual reconstitution. This inclusion recognizes the company's strong market position in blockchain data centers and software solutions, less than six months post-IPO. Core Scientific's CEO, Mike Levitt, expressed optimism for future growth and shareholder value creation. Russell indexes are significant benchmarks for investment strategies, with around $12 trillion in assets linked to them.

Core Scientific, Inc. (NASDAQ: CORZ) reported operational updates for May 2022, highlighting the operation of over 170,000 ASIC servers across five data centers. The company produced 1,138 bitcoins, averaging 36.7 per day, despite a decrease in production due to network difficulty increases and curtailments. Core Scientific has over 90,000 ASIC servers generating 9.2 EH/s and continues to expand operations in Texas and Oklahoma. The CEO emphasized the company’s strong balance sheet to pursue growth opportunities amidst market dislocation.

Core Scientific, Inc. (NASDAQ: CORZ) reported significant financial results for Q1 2022, with total revenue surging 255% to $192.5 million and gross profit increasing 382% to $70 million. Despite this growth, the company faced a net loss of $466.2 million due to substantial noncash adjustments on convertible notes and digital asset impairments. Self-mining production soared 1,454%, resulting in 3,202 bitcoins mined. The outlook for 2022 anticipates growth to a hashrate of 30-32 EH/s, supported by a solid capital structure.

Core Scientific, Inc. (NASDAQ: CORZ) reported production updates for April 2022, announcing the self-mining of 1,121 bitcoins while holding a total of 9,618 bitcoins as of April 30, 2022. The company maintained a daily average production of 37.4 bitcoins, an increase from March's 36.9 bitcoins. Core Scientific's operations included over 85,000 bitcoin miners producing 8.9 EH/s and supporting customers with 8.1 EH/s. The company continues to expand its infrastructure across multiple states, emphasizing operational excellence.

Core Scientific, Inc. (NASDAQ: CORZ) announced that it will release its first fiscal quarter financial results on May 12, 2022, after market close. The company will host a conference call at 3:30 PM CT to discuss these results, featuring CEO Mike Levitt, CFO Denise Sterling, and SVP of Investor Relations Steven A. Gitlin. Investors can access the call via phone or through a live audio webcast on Core Scientific's Investor Relations website.

Core Scientific (NASDAQ: CORZ) has launched daily reporting of its self-mined Bitcoin production on its website, corescientific.com, updated at 12:00pm EST. This move is aimed at enhancing transparency for shareholders and stakeholders. CEO Mike Levitt highlighted the importance of daily production metrics, while Co-Founder Darin Feinstein noted that the company is the first publicly traded Bitcoin miner to offer such real-time data. Core Scientific operates extensive blockchain infrastructure across North America, committed to net carbon neutrality.