Summary by Futu AI
Core Scientific reported Q3 2024 revenue of $95.4 million, down 16% year-over-year, with a net loss of $455.3 million. Digital asset self-mining revenue decreased 18% to $68.1 million due to a 62% reduction in bitcoin mined following April's halving event, partially offset by bitcoin's 117% price increase. The company mined 1,115 bitcoins compared to 2,953 in Q3 2023.The company's self-mining hash rate increased 36% to 20.4 EH/s, while operating expenses rose 51% to $40.3 million. The newly launched HPC hosting segment generated $10.3 million in revenue. Core Scientific completed a $460 million convertible notes offering in August, using proceeds to repay existing debt facilities and strengthen its balance sheet.Core Scientific continues expanding its HPC hosting business, with agreements to deliver approximately 500MW of infrastructure to CoreWeave. The company held $253 million in cash and equivalents as of September 30, with management expressing confidence in sufficient liquidity for operations and debt service obligations over the next 12 months.