Core Scientific announced a $1.2 billion data center expansion with CoreWeave. The company revealed this after posting a fourth-quarter net loss of $265 million. The expansion aims to support AI computing and digital asset mining.
Revenue for the quarter reached $94.9 million, down from $141.9 million last year. Operating loss stood at $39.8 million, a shift from $3.9 million operating income in 2023. Adjusted EBITDA dropped to $13.3 million from $56.7 million in the prior year.
Core Scientific Bitcoin mining performance and hash rate growth
The company mined 974 Bitcoin, with an average cash cost of $51,035 per bitcoin. The self-mining hash rate reached 19.1 EH/s, with a total hash rate of 20.1 EH/s. Cash and cash equivalents at year-end totaled $836.2 million.
Core Scientific secured $625 million through a convertible note offering. The company highlighted this as a crucial step to fund growth initiatives. CEO Adam Sullivan emphasized the company’s strengthened infrastructure and operational expertise.
Core Scientific eyes AI and digital asset mining opportunities in 2025
HPC hosting revenue was $8.5 million in the quarter, with a 9% gross margin. Digital asset self-mining revenue dropped due to fewer bitcoins mined. The company reported higher personnel costs and post-bankruptcy advisory fees.
Revenue stood at $510.7 million for the full year, up $8.3 million from 2023. Net loss reached $1.3 billion, mainly due to mark-to-market warrant adjustments. Adjusted EBITDA was $157.4 million, down from $169.5 million in 2023.
Core Scientific ended the year with a 1,300 MW powered infrastructure capacity. The company plans further infrastructure expansion in 2025. Management expressed confidence in capturing AI computing and digital asset mining opportunities.
