Core Scientifc - CW27 | 8-K: FY2025 Q1 Revenue: USD 79.53 M

Revenue: As of FY2025 Q1, the actual value is USD 79.53 M.

EPS: As of FY2025 Q1, the actual value is USD 1.25.

Segment Revenue

• Total Revenue: $79.5 million for Q1 2025, compared to $179.3 million for the same period in 2024.
• Digital Asset Self-Mining Revenue: $67.2 million, a decrease from $149.9 million in the prior year.
• Digital Asset Hosted Mining Revenue: $3.8 million, down from $29.3 million in the prior year.
• Colocation Revenue: $8.6 million, with no comparable figure from the prior year.

Operational Metrics

• Net Income: $580.7 million, up from $210.7 million in the prior year, primarily due to a $621.5 million non-cash mark-to-market adjustment.
• Operating Loss: $42.6 million, compared to an operating income of $55.2 million in the prior year.
• Adjusted EBITDA: - $6.1 million, a decrease from $88.0 million in the prior year.
• Gross Profit: $8,213 thousand for Q1 2025, a significant decrease from $77,646 thousand in Q1 2024.
• Gross Margin: Consolidated gross margin was 10% for Q1 2025, down from 43% in Q1 2024.

Cash Flow

• Net Cash Used in Operating Activities: - $40.6 million, compared to $22.2 million provided in the prior year.
• Net Cash Used in Investing Activities: - $93.5 million for Q1 2025, compared to - $32.0 million in Q1 2024.
• Net Cash Used in Financing Activities: - $4.2 million for Q1 2025, compared to $54.4 million provided in Q1 2024.

Unique Metrics

• Digital Asset Self-Mining Gross Profit: $6.0 million (9% gross margin), down from $68.4 million (46% gross margin) in the prior year.
• Digital Asset Hosted Mining Gross Profit: $1.7 million (46% gross margin), down from $9.3 million (32% gross margin) in the prior year.
• Colocation Gross Profit: $0.5 million (5% gross margin).
• Cash Cost to Self-Mine a Bitcoin: $56,627 for Q1 2025, up from $18,853 in Q1 2024.

Outlook / Guidance

Core Scientific anticipates delivering 250MW of billable capacity to CoreWeave by the end of the year, with an expected annualized colocation revenue of approximately $360 million entering 2026. The company is also set to deliver the first tranche of 8MW of billable capacity at Denton by the end of the month, with an additional 40MW by the end of the quarter. The company aims to diversify its customer base, execute on existing CoreWeave contracts, and expand colocation capacity through organic growth and M&A activity.