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Core Scientific beats on revenue, posts net loss in second quarter

By samwsimpson_lyjt8578 August 11, 2022

Core Scientific posted an $862 million net loss in the second quarter, the bulk of which was due to an $840 million goodwill impairment charge and a $150.2 million impairment on digital assets.

The bitcoin miner’s $164 million in revenue topped the $162 million that analyst surveyed by Factset was expecting. Adjusted earnings per share of 18 cents also beat. Analysts were expecting 13 cents a share.

“With enhanced liquidity from bitcoin sales and our committed equity facility, line of sight to improved hosting margins and manageable principal and interest payments on our liabilities, we remain well positioned to navigate current market conditions and emerge from these markets a larger, stronger and more profitable company,” said CEO Mike Levitt.

The miner sold 7,202 BTC in June — 89.4% percent of the bitcoin holdings it had at the end of the previous month. That money was mostly used for equipment payments, capital investments in additional data center capacity and scheduled repayment of debt, the company said then.

Core Scientific mined 3,365 BTC, by about 5% from the previous quarter, despite having curtailed power for 8,157 megawatt-hours in July, amid a heatwave in Texas. About 15% of its footprint is located in Texas, the company said last month.

That increase was mainly driven by the expansion of the company’s self-mining hash rate to 10.3 exahash per second (EH/s), from 8.3 EH/s at the end of March.

The company has maintained its hash rate target for 2022 at between 30 and 32 EH/s.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Catarina Moura