Core Scientific Sees Revenue Surge in 1Q24 Post-Bankruptcy Emergence

The leader in Bitcoin mining has announced its financial performance for the first quarter of 2024, revealing an improvement since its emergence from bankruptcy.

The company reported a net income of $210.7 million compared to a net loss of $0.4 million for the same period in 2023.

Core Scientific’s Q1 Results

Total revenue surged to $179.3 million, an increase from the $120.7 million recorded during the same period last year. Operating income also increased significantly, reaching $55.2 million compared to $7.6 million in the previous year. Adjusted EBITDA soared to $88.0 million, reflecting an improvement from $40.3 million in the same period in 2023.

Adam Sullivan, CEO of Core Scientific, attributed the results to the company’s navigation of favorable market conditions and a focus on productivity and efficiency. “We delivered outstanding results in the first quarter, earning more Bitcoin than any other publicly traded Bitcoin miner,” stated Sullivan.

The financial results also show good performance across Core Scientific’s key revenue streams. Digital asset mining revenue surged to $150.0 million, driven by a 134% increase in the price of Bitcoin and a 20% increase in the self-mining hash rate.

Hosting revenue also increased to $29.3 million, fueled by onboarding new digital asset mining clients.

Sullivan mentioned that they’re actively considering repurposing over 500 megawatts of their operational infrastructure for high-performance computing, leveraging their access to 1.2 gigawatts of power.

They also plan to increase their Bitcoin mining hash rate by introducing more energy-efficient miners while simultaneously developing a high-performance computing service. Sullivan emphasized that they’re well-positioned to tap into the opportunities presented by both markets.

Strategic Initiatives

The success is due to several strategic initiatives undertaken during the quarter. The company retired $19 million in obligations shortly after the quarter’s end, strengthening its balance sheet and enhancing financial flexibility.

Core Scientific also expanded its hosting offering by delivering 16 MW of infrastructure to high-performance compute customers ahead of schedule.

The company completed the deployment of 28,400 new S19j XP miners and deployed the first shipment of approximately 2,500 S21 miners while also expanding its operational infrastructure by 21 MW at its Pecos, Texas, site.

Sullivan stated that their 745 megawatts of operational, high-power data center infrastructure is key to their competitive edge. He emphasized that this advantage positions them uniquely, enabling them to leverage Bitcoin mining as a foundation for expanding into alternative compute hosting services.