Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing (HPC), reported a net loss of $455.3 million for the fiscal third quarter of 2024, primarily due to a $408.5 million non-cash mark-to-market adjustment related to warrants and other contingent value rights.

The company generated an operating loss of $41.2 million, an increase of $29.2 million compared to the same period in 2023.

Adjusted EBITDA stood at $10.1 million, reflecting a decrease from $27.8 million in the prior year.

Customer-initiated option exercises added 112 megawatts (MW) during the third quarter and an additional 120 MW in the fourth quarter, totaling approximately 500 MW of critical IT load for HPC hosting. These contracts represent potential revenue of approximately $8.7 billion over 12 years.

The company completed a $460 million convertible note offering, using approximately $211.2 million of the net proceeds to repay existing senior debt.

This action reduced the interest rate from as high as 12.5% to 3% for the convertible notes and eliminated restrictive covenants.

In the third quarter, Core Scientific earned 1,115 self-mined bitcoins, contributing to its digital asset holdings.

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