NVIDIA launches Jetson Thor robotics computers for physical AI systems
AUSTIN, Texas - Core Scientific, Inc. (NASDAQ:CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing, reported fourth quarter 2024 financial results following which shares were up 13.5% in after-hours trading.
The company reported a net loss of $265.5 million, or $0.60 per share, compared to a net loss of $195.7 million, or $0.51 per share, in the same quarter last year. Revenue came in at $94.9 million, down from $141.9 million in Q4 2023.
Core Scientific’s Q4 revenue decline was primarily due to a 68% decrease in bitcoin mined following the halving event and a shift towards high-performance computing (HPC) hosting. However, this was partially offset by a 130% increase in the average price of bitcoin during the quarter.
The company reported adjusted EBITDA of $13.3 million, down from $56.7 million in the prior year quarter.
"In the fourth quarter, Core Scientific continued to build on what was a transformational year for our business," said CEO Adam Sullivan. "We successfully executed our growth strategy across multiple fronts, achieving significant milestones in both our HPC and Bitcoin mining operations."
Core Scientific ended the quarter with $836.2 million in cash and cash equivalents. The company also secured $625 million through a convertible note offering with 0% interest terms during the quarter.
Looking ahead to 2025, Core Scientific plans to focus on accelerating growth in its HPC infrastructure and Bitcoin mining operations, capitalizing on increased demand for AI computing solutions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.