Q2 2026 Core Scientific Inc Earnings Call Transcript
Key Points
- Core Scientific Inc (CORZ) announced a significant commercial partnership with AMD for up to 2.5 gigawatts of data center capacity, reflecting a strong strategic move.
- The AMD agreement represents more than $14 billion of base contracted revenue over 15 years, with 2.5% annual escalators, providing long-term financial stability.
- Core Scientific has demonstrated strong execution capabilities, billing for 437 megawatts of capacity ahead of schedule, showcasing their ability to deliver complex infrastructure efficiently.
- The company has a robust liquidity position with approximately $1.8 billion, providing a strong foundation for future growth and investment.
- Core Scientific's strategy to transition from Bitcoin mining to high-density colocation is progressing well, with significant revenue growth in the colocation business.
- The transition from Bitcoin mining to high-density colocation involves winding down mining operations, which may impact short-term revenue from this segment.
- The estimated capital expenditure for the AMD build-out is approximately $6 billion, requiring significant financing through project-level bonds.
- Labor and equipment costs have increased, with current build costs ranging from $11 million to $12 million per megawatt, reflecting market constraints.
- The company's future growth is heavily reliant on the successful execution of the AMD partnership, which could pose risks if not managed effectively.
- Core Scientific's expansion plans involve significant upfront investment in new sites, which may not immediately generate revenue.
Greetings, and welcome to the Core Scientific fiscal second-quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.
I would now like to turn the conference over to your host, Jonathan Charbonneau, SVP of Investor Relations. Please go ahead.
Good morning, and welcome to Core Scientific's second-quarter 2026 earnings call. Before we begin, I need to remind you that statements made on this call, other than historical facts, are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995 and are based on our current expectations. Words such as anticipates, expects, intends, believes and similar words and expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ substantially.
For further information on these risks and uncertainties we encourage you to review the risk factors
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