Core Scientific Inc.
Core Scientific Announces Fiscal Third Quarter 2024 Results and Convertible Note Offering
Summary
Core Scientific, Inc. announced its fiscal third quarter 2024 results on November 6, 2024, reporting a net loss of $455.3 million due to a $408.5 million mark-to-market adjustment on warrants and contingent value rights. The company generated operating loss of $41.2 million and adjusted EBITDA of $10.1 million. The company also completed a $460 million convertible note offering, using a portion to repay existing senior debt and reduce interest rates. The company added approximately 500 megawatts of critical IT load to host high-performance computing, representing potential revenue of approximately $8.7 billion over 12-year contracts. The press release and a corporate presentation are furnished as exhibits.
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Exhibits (2)
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About Core Scientific Inc.
Core Scientific Inc. is a leading provider of blockchain infrastructure and artificial intelligence-related services and solutions. This dynamic company primarily focuses on the development of high-performance data centers designed to support digital asset mining and blockchain networks. The firm operates vast and sophisticated facilities that offer hosting services, providing clients with the necessary infrastructure to mine cryptocurrencies, including Bitcoin. Core Scientific Inc. is deeply embedded within the technology and financial sectors, leveraging advanced computing environments that enable scalable, secure, and efficient processing of blockchain transactions. Founded on the principles of innovation and operational excellence, Core Scientific has positioned itself as a significant player in the growth of blockchain technology, impacting how digital currencies are mined and managed. Its role in the financial markets includes supporting the decentralized finance ecosystem and contributing to the broader adoption of cryptocurrencies by enhancing the technical framework required for their operation and legitimacy.
Official SEC Documents
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