Summary by Moomoo AI
Core Scientific reported a Q3 2024 net loss of $455.3 million, primarily due to a $408.5 million non-cash mark-to-market adjustment to warrant liabilities driven by stock price increases. Total revenue was $95.4 million, down from $112.9 million year-over-year. The company generated adjusted EBITDA of $10.1 million, compared to $27.8 million in Q3 2023.The company has contracted approximately 500 megawatts of HPC hosting capacity, expected to generate $8.7 billion over the contract lifetimes. Core Scientific reallocated 100 megawatts from bitcoin mining to HPC business, increasing total HPC hosting capacity to 800 megawatts. The company also secured a new data center in Alabama with 11 megawatts of critical IT load, expandable to 66 megawatts.During Q3, Core Scientific completed a $460 million convertible note offering, using $211.2 million to repay existing senior debt, reducing interest rates from 12.5% to 3%. The company earned 1,115 self-mined bitcoin and ended the quarter with $253 million in cash and cash equivalents. Management expressed confidence in expanding beyond one gigawatt of critical IT load capacity based on their pipeline of opportunities.
