Summary by Moomoo AI
Core Scientific reported Q2 2024 revenue of $141.1 million, up 11% year-over-year, despite the Bitcoin halving in April. Digital asset self-mining revenue increased 14% to $110.7 million, driven by higher bitcoin prices and increased hash rate. The company mined 1,680 bitcoins, down 52% from Q2 2023 due to the halving and higher network difficulty.Operating income fell to $6.6 million from $9.5 million in Q2 2023. The company recorded a net loss of $804.9 million, largely due to a $796.0 million non-cash charge from changes in fair value of warrant and contingent value rights liabilities. Adjusted EBITDA was $46.0 million, up slightly from $45.0 million last year.Core Scientific ended the quarter with $96.1 million in cash and equivalents. The company reaffirmed its full-year outlook, expecting to reach 24-26 EH/s of self-mining capacity by year-end. Management highlighted its expansion into high-performance computing hosting, signing deals with CoreWeave for up to 398 MW of infrastructure.
