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AUSTIN - Core Scientific, Inc. (NASDAQ: CORZ), a key player in digital infrastructure and high-performance computing with a market capitalization of $3.28 billion, has announced the appointment of Jim Nygaard as its new Executive Vice President and Chief Financial Officer, effective March 17, 2025. The transition is part of a planned CFO succession, following the company’s emergence from Chapter 11. The company’s stock has shown remarkable resilience, delivering a 197.6% return over the past year.
Jim Nygaard, with nearly three decades of experience in investment banking, including a strong background in mergers and acquisitions (M&A), corporate finance, and capital-raising, is poised to take over the role from Denise Sterling. Nygaard has served as Managing Director and Head of M&A at XMS Capital Partners (WA:CPAP), LLC since 2008 and has previously held a position at Morgan Stanley (NYSE:MS). His career highlights include advising on over $100 billion in strategic transactions and financings.
Adam Sullivan, CEO of Core Scientific, expressed confidence in Nygaard’s capabilities to drive growth and increase shareholder value, especially given the company’s focus on scaling operations. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 6.72 and generated revenue of $510.67 million in the last twelve months. Sullivan also acknowledged the significant contributions of Denise Sterling, who steered the company through its restructuring phase and played a pivotal role in raising over $1 billion through convertible note transactions, thereby strengthening Core Scientific’s capital structure. Sterling will remain with the company until May 1 to ensure a smooth transition.
Nygaard’s appointment comes at a time when Core Scientific is expanding its operations, including the conversion of several data centers to support artificial intelligence-related workloads. The company operates nine data centers across the United States and is developing an additional facility in Oklahoma.
This executive change signifies Core Scientific’s ongoing commitment to growth and operational excellence in the digital infrastructure space. The information for this article is based on a press release statement.
In other recent news, Core Scientific Inc. reported a difficult fourth quarter of 2024 with a 33% decline in revenue to $94.9 million and a net loss of $265 million, up from $195.7 million the previous year. Despite these financial setbacks, the company successfully reduced its debt by $270 million through Chapter 11 restructuring and ended the year with a strong cash position of over $830 million. The company’s stock saw a notable increase, reflecting investor optimism about its restructuring efforts. Core Scientific has also secured a significant 12-year HPC hosting contract with CoreWeave, projected to generate $8.7 billion in revenue over its term. This contract marks a pivotal shift for Core Scientific, as it transitions from Bitcoin mining to becoming a leading data center business. Analysts have noted the company’s focus on expanding its customer base and infrastructure capacity, with plans to add 400 megawatts of new capacity over the next three years. The company’s strategic moves have been supported by firms such as Roth Capital Partners and Jefferies, which have shown interest in its expansion efforts and future growth potential.
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