Summary by Moomoo AI
Core Scientific reported Q2 2024 financial results, with total revenue of $141.1M, up from $126.9M in Q2 2023. The company incurred a net loss of $804.9M, primarily due to a $796M non-cash mark-to-market adjustment on warrants and contingent value rights. Operating income was $6.6M and adjusted EBITDA reached $46M.Core Scientific contracted 382 megawatts of infrastructure for high-performance computing (HPC) hosting, with potential revenue of $6.7B over 12 years. The company successfully navigated the April halving, achieving a favorable quarterly cash cost to mine of $29,900 per bitcoin. It also converted $260M in convertible notes and commenced HPC hosting operations at its Austin data center.The company earned 1,680 self-mined bitcoin and operated a total hash rate of 24.6 EH/s. Core Scientific ended the quarter with $96.1M in cash and cash equivalents, strengthening its balance sheet. Management expressed confidence in building momentum across its businesses and positioning for continued value creation for shareholders.
