Core Scientific, Inc. - CORZ STOCK NEWS

Core Scientific, Inc. (NASDAQ: CORZ) will release its financial results for the full fiscal year ended December 31, 2023, on March 12, 2024. The conference call and webcast to discuss the results will be hosted by the CEO, CFO, and SVP of Investor Relations.

Core Scientific, Inc. provided an update for February 2024, operating 222,000 bitcoin miners and earning 893 self-mined bitcoin with customers earning 307 bitcoin. The company increased its self-mining hash rate, completed all payments for miner orders in 2024, and focused on new miner purchases and infrastructure growth.

Core Scientific, Inc. (Nasdaq: CORZ) released production and operations updates for January 2024, including self-mined bitcoin production, fleet energy efficiency, and expansion plans. The company produced 1,027 self-mined bitcoin and 354 hosted miners' bitcoin, with improved fleet efficiency by 5%. They also relisted on Nasdaq with a strengthened balance sheet and a growth plan for additional infrastructure in Texas. Core Scientific aims to reduce leverage and position itself favorably for the upcoming halving.

Core Scientific, Inc. successfully completes reorganization pursuant to Chapter 11 of the United States Bankruptcy Code. Expects to list its common stock, tranche 1 warrants, and tranche 2 warrants on the Nasdaq Global Select Market under the symbols CORZ, CORZW, and CORZZ on January 24, 2024. The reorganization reduced the company's debt by $400 million and provides a pathway to de-lever the balance sheet further, with sufficient liquidity from a new credit facility and projected operating cash flow. The company operates as one of the largest bitcoin miners in North America, with 724 megawatts of power and 16.9 exahash of energized hash rate for bitcoin mining. Core Scientific also announced its new Board of Directors, comprising six new independent directors with relevant expertise to guide the company's growth.

Core Scientific (NASDAQ: CORZ) has filed for voluntary reorganization under Chapter 11 due to declining operational performance and liquidity challenges. The restructuring support agreement with the Ad Hoc Noteholder Group aims to reduce funded debt and annual interest expenses significantly. The company anticipates a debtor-in-possession facility of up to $56 million to facilitate operations during this period. Despite these challenges, Core Scientific will continue its self-mining and hosting operations, maintaining a cash flow-positive status on a debt-free basis.

B. Riley Financial, one of the largest creditors of Core Scientific, is proposing a debt restructuring plan to avoid bankruptcy, which they believe would destruct value for all stakeholders. Following Core's significant share price drop (86% to $0.15), B. Riley suggests providing $72 million in new financing. This plan aims to stabilize the company and enhance liquidity. It includes restructuring terms that would allow Core to service its debts, particularly in light of fluctuating Bitcoin prices, which directly impact Core Scientific's financial health.

Core Scientific (NASDAQ: CORZ) reported operational updates for October 2022, operating approximately 243,000 ASIC servers with a total output of 1,295 self-mined bitcoins. The company generated approximately $44.8 million from 2,285 bitcoins sold at an average price of $19,639. As of the month-end, it held 62 bitcoins and about $32 million in cash. The firm powered down operations for grid support, totaling 5,125 megawatt hours curtailed. Core Scientific continues to expand its data center capabilities across several states in the U.S.

Core Scientific, Inc. (NASDAQ: CORZ) reported operational updates for September 2022, highlighting challenges in bitcoin production due to severe weather and equipment defects. Despite these issues, the company produced 1,213 self-mined bitcoins, averaging 40.4 per day. With a total of 232,000 ASIC servers, its self-mining operations account for approximately 58% of its hashrate. In September, it sold 1,576 bitcoins for about $32.2 million, while holding 1,051 bitcoins and $29.5 million in cash at month-end.

Core Scientific, Inc. (NASDAQ: CORZ) reported significant operational updates for August 2022, highlighting the deployment of over 25,000 ASIC servers and a total hashrate exceeding 21 EH/s. The company produced 1,334 self-mined bitcoins during the month, aided by the introduction of new servers. As of August 31, 2022, Core Scientific operated 225,451 ASIC servers and provided colocation services for over 97,000 customer-owned servers. The company sold 1,125 bitcoins, generating approximately $25.9 million, while holding 1,409 bitcoins and $47.2 million in cash at month-end.