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AUSTIN, Texas - Core Scientific, Inc. (NASDAQ: CORZ), a company specializing in digital infrastructure and digital asset mining, announced today that Todd Becker has resigned from its Board of Directors, effective immediately. Becker, who joined the Board in January 2024 and chaired the Audit Committee, has been credited with providing leadership and oversight during significant financial events for the company, including two major capital raises and the hiring of a new CFO. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.26, indicating robust short-term financial health despite current market challenges.
During his tenure, Becker’s financial expertise was deemed instrumental as Core Scientific emerged from bankruptcy and worked towards achieving its operational and strategic goals. CEO Adam Sullivan expressed appreciation for Becker’s service, highlighting his role in strengthening the company’s financial foundation for future success. The company’s stock has shown remarkable resilience, posting a 171.8% return over the past year, though it has faced challenges with a 38.75% decline over the last six months.
The company clarified that Becker’s departure was not due to any disagreements over operations, policies, or practices, and a search for a new independent director to fill his position on the Board is underway.
Core Scientific operates facilities dedicated to digital asset mining and provides high-density colocation services, software solutions, and services to third-party customers. The company has been transitioning some of its ten data centers across various states to accommodate artificial intelligence-related workloads under new contracts. The majority of its revenue comes from mining digital assets for its own account, generating $410.91 million in the last twelve months, though facing a 26.76% year-over-year decline. InvestingPro analysis reveals 12 additional key insights about Core Scientific’s performance and prospects, available to subscribers.
The press release also contained forward-looking statements regarding the company’s growth plans and revenue projections, among other aspects of its business. These statements are based on current management expectations and are subject to risks and uncertainties that could affect the company’s actual results. Notably, analysts tracked by InvestingPro project the company to return to profitability this year, with detailed analysis available in the comprehensive Pro Research Report, which provides deep-dive insights into Core Scientific’s financial health and growth prospects.
This news is based on a press release statement from Core Scientific, Inc.
In other recent news, Core Scientific Inc. reported its first-quarter 2025 earnings, highlighting a strategic shift towards AI-focused high-density colocation infrastructure. The company’s revenue decreased to $79.5 million, marking a 16% drop from the previous quarter, with an adjusted EBITDA of -$6.1 million. Despite the decline in revenue, Core Scientific ended the quarter with $780 million in liquidity. The company plans to deliver 250 megawatts of capacity by the end of 2025 and is exploring mergers and acquisitions to expand its data center capacity. Cantor Fitzgerald analyst Brett Knoblauch raised the price target for Core Scientific shares from $16 to $18, maintaining an Overweight rating, citing the company’s promising infrastructure developments and potential for returns. Core Scientific’s contracts with CoreWeave are seen as secure, with significant growth anticipated in the company’s customer pipeline. The company is also working on energizing some of its capacity earlier than expected, which could positively impact its performance. These developments reflect a growing confidence in Core Scientific’s strategic direction and market position.
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