Core Scientific Inc. (NASDAQ:CORZ) reported a fourth-quarter adjusted loss of 29 cents, missing the consensus of 18 cents.
Earnings Snapshot
Quarterly sales fell from $94.9 million to $79.76 million, missing the consensus of $105.71 million.
“We’re now past the halfway point on our existing builds and scaling our colocation platform into a 1.5 gigawatt pipeline of leasable capacity,” said Adam Sullivan, CEO of Core Scientific.
“With a multi-geography footprint and proven execution, we’re accelerating RFS timelines across multiple sites to position the company for durable growth,” Sullivan added.
Colocation revenue was $31.3 million, up from $8.5 million a year ago, due to the expansion of colocation operations.
Digital asset self-mining revenue was $42.2 million, down from $79.9 million, primarily driven by a 57% decrease in bitcoin mined.
20% increase in the average bitcoin price partially offset the decline in sales. Digital asset-hosted mining revenue was $6.3 million.
Analyst View
Cantor analyst Brett Knoblauch reiterated the Overweight rating, but lowered the price forecast …