Q1 2025 Core Scientific Inc Earnings Call Transcript

May 7, 2025 / 08:30 PM GMT

Transcript 10-Q8-K

Key Points

Positve

Core Scientific Inc (CORZ) is well-positioned to supply infrastructure for AI, which is driving significant demand for high-performance, high-density workloads.
The company has a strategic partnership with Core Weave, which funds nearly all capital investments, keeping Core Scientific's balance sheet leverage light.
Core Scientific is making significant progress on its construction projects, with the Denton facility expected to deliver 8 megawatts of billable capacity this month.
The company is expanding its sales pipeline with a mix of hyperscale and large enterprise customers, indicating strong demand for its services.
Core Scientific has secured all necessary equipment to meet its 2025 delivery goals and is insulated from recent global tariff changes.

Negative

Total revenue for the quarter was down 16% sequentially, primarily due to mining disconnections and relocations.
The company has not yet signed a new customer, although the sales pipeline is expanding.
Core Scientific's Bitcoin production decreased, with 719 Bitcoin mined in the first quarter compared to 974 in the previous quarter.
The company is transitioning away from Bitcoin mining, which may impact short-term revenue as it shifts focus to co-location infrastructure.
There is uncertainty regarding the exact timing of when new capacity will come online, which could affect future revenue projections.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CORZ.OQ - Core Scientific Inc
Q1 2025 Core Scientific Inc Earnings Call
May 07, 2025 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good day, ladies and gentlemen, and welcome to core scientific first quarter fiscal year 2025 earnings conference call.

All lines have been placed on a listen-only mode and the floor will be open for questions and comments following the presentation.

If you should require assistance throughout the conference, please press 0 on your telephone keypad to reach a live operator. At this time, it is my pleasure to turn the floor over to your host, John Charbonneau, Vice President of the Investor Relations. Sir, the floor is yours.

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Unidentified_2 [2]
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