Welcome to our dedicated page for Core Scientific news (Ticker: CORZ), a resource for investors and traders seeking the latest updates and insights on Core Scientific stock.
Core Scientific, Inc. (NASDAQ: CORZ) is a leading provider of blockchain infrastructure, software solutions, and services in North America. Operating prominent facilities for digital asset mining and colocation services, Core Scientific is at the forefront of integrating cutting-edge technology with robust operational capabilities.
The company’s business activities are primarily divided into two key segments: Equipment Sales and Hosting and Mining. The Equipment Sales and Hosting segment encompasses blockchain infrastructure, third-party hosting services, and equipment sales to a diverse range of customers. Core Scientific's robust blockchain infrastructure supports third-party clients by offering consumption-based contracts and premium hosting services, ensuring high uptime and efficiency.
The Mining segment is dedicated to digital asset mining, leveraging the company’s owned computer equipment to process blockchain transactions. In return, Core Scientific earns digital currency assets, reinforcing its position in the blockchain ecosystem.
Core Scientific is also pioneering in the field of Artificial Intelligence, offering blockchain technology and AI infrastructure services. These services cater to various industry needs, from data processing to advanced computational tasks, thereby broadening its technological footprint.
The firm continuously strives for innovation and growth, evident from its recent partnerships and projects aimed at enhancing blockchain technology and AI capabilities. Core Scientific's solid financial condition and strategic initiatives highlight its commitment to leading the digital transformation in blockchain and AI sectors.
Core Scientific (NASDAQ: CORZ) has announced that CFO Denise Sterling will step down effective May 1, 2025, or when a successor is found. The company has started a search process with an executive search firm. CEO Adam Sullivan praised Sterling's leadership during the company's restructuring, $460 million convertible note offering, and positioning for future growth. Sterling expressed her commitment to continue building momentum and advancing strategic initiatives, including the high-performance computing hosting strategy, during the transition period. Core Scientific is a leader in digital infrastructure for bitcoin mining and high-performance computing.
Core Scientific (Nasdaq: CORZ), a leader in digital infrastructure for bitcoin mining, released unaudited production and operations updates for August 2024. The company produced 358 self-mined bitcoins, totaling 5,275 bitcoins year-to-date. Customers earned approximately 90 bitcoins through hosting services. The decline in self-mined bitcoins is attributed to the migration of miners to new data centers and increased global network hash rates.
Key metrics include: 214,000 total bitcoin miners, 20.5 EH/s self-mining hash rate, and approximately $22.5 million in bitcoin sales proceeds. The company reduced power consumption by 58,733 megawatt-hours, aiding local grids. CEO Adam Sullivan highlighted ongoing preparations for HPC hosting contracts and infrastructure optimization.
Core Scientific (Nasdaq: CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing, has announced its participation in three investor conferences in September 2024. CEO Adam Sullivan will present at the following events:
1. Gateway Conference in San Francisco on September 5, 11:30 a.m. - 12:00 p.m. ET
2. 4th Annual Needham Virtual Crypto Conference on September 5, 3:00 p.m. - 3:40 p.m. ET
3. H.C. Wainwright 26th Annual Global Investment Conference in New York City on September 10, 9:30 a.m. - 10:00 a.m. ET
Webcasts of the presentations will be available on the company's website. These conferences provide opportunities for investors to gain insights into Core Scientific's operations and future plans.
Core Scientific (NASDAQ: CORZ) has significantly strengthened its financial position by repaying $267 million in debt using proceeds from its recent convertible senior notes offering. The company has:
1. Reduced interest rates from approximately 12.5% to 3%
2. Removed restrictive covenants on certain notes
3. Increased cash on hand by $172.8 million after all payments
This strategic move provides Core Scientific with greater financial flexibility to invest in site acquisitions for high-performance computing (HPC) hosting growth and strengthen its bitcoin mining operations. CEO Adam Sullivan emphasized that this transaction is a key step in positioning the company for future growth and creating shareholder value.
Core Scientific (NASDAQ: CORZ) has priced an upsized offering of $400 million in 3.00% convertible senior notes due 2029. The offering, initially set at $350 million, is expected to close on August 19, 2024. The notes will mature on September 1, 2029, with an initial conversion rate of 90.9256 shares per $1,000 principal amount, representing a conversion price of about $11.00 per share. This price reflects a 30% premium over the last reported sale price of $8.46 per share. Core Scientific estimates net proceeds of approximately $386.6 million, which will be used to repay existing loans, redeem outstanding senior secured notes, and for general corporate purposes.
Core Scientific (NASDAQ: CORZ), a leading provider of digital infrastructure for bitcoin mining and high-performance computing, announced that its CEO, Adam Sullivan, will present at the 44th Annual Cannacord Genuity Growth Conference.
The presentation is scheduled for August 14 at 9:30 a.m. ET. A live webcast of the presentation will be available through a provided link and on the Investors section of Core Scientific's website. A replay of the webcast will remain accessible for 90 days.
Core Scientific (NASDAQ: CORZ) announces its intention to offer $350 million in convertible senior notes due 2029, with an option for an additional $52.5 million. The notes will be unsecured obligations, accruing interest semi-annually, and mature on September 1, 2029. Noteholders can convert under certain circumstances, with Core Scientific settling in cash, stock, or a combination.
The company can redeem notes after September 7, 2027, if stock price conditions are met. Proceeds will be used to repay outstanding loans, redeem existing senior secured notes, and for general corporate purposes. The offering is to qualified institutional buyers under Rule 144A of the Securities Act.
Core Scientific (NASDAQ: CORZ) reported its fiscal Q2 2024 results, highlighting a net loss of $804.9 million, primarily due to a $796.0 million non-cash mark-to-market adjustment to warrants and contingent value right liabilities. Despite this, the company generated operating income of $6.6 million and adjusted EBITDA of $46.0 million. Total revenue increased to $141.1 million, up from $126.9 million in Q2 2023. The company contracted 382 megawatts of infrastructure for high-performance computing, with potential revenue of $6.7 billion over 12 years. Core Scientific also achieved mandatory conversion of convertible notes, removing $260 million in debt from its balance sheet, and earned 1,680 self-mined bitcoin.
Core Scientific (NASDAQ: CORZ) announced that CoreWeave has exercised an option to contract for 112 additional megawatts of infrastructure for high-performance computing (HPC) hosting. This expands their total contracted HPC infrastructure to 382 megawatts across five Core Scientific sites. The new 12-year contract is expected to add approximately $2.0 billion in projected revenue, bringing the total potential cumulative revenue to more than $6.7 billion over 12 years.
Key points:
- Site modifications for the new infrastructure are expected to begin in the second half of 2024
- Operational status is anticipated in the first half of 2026
- CoreWeave retains an option for an additional 118 megawatts of infrastructure
- Core Scientific is actively seeking new sites to expand HPC hosting capacity beyond the original 500 megawatts
Core Scientific (Nasdaq: CORZ) released its unaudited production and operations updates for July 2024. The company earned 411 self-mined Bitcoin, bringing its year-to-date total to 4,917. Core Scientific's customers earned an estimated 110 Bitcoin at its data centers. The company operated 214,000 bitcoin miners across seven data centers, achieving a total energized hash rate of 25.3 EH/s.
CEO Adam Sullivan highlighted the company's plans to migrate miners to dedicated sites and modify infrastructure for HPC hosting. Core Scientific also became the first bitcoin miner to support Foundry Donate, a program funding Bitcoin Network core developers. The company sold 401 Bitcoin in July, generating approximately $25.2 million in proceeds.
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