Executive Summary

Revenue was $164.0M, up 118% year over year, with adjusted EBITDA of $59.1M; Core produced 3,365 self-mined BTC and ended the quarter at 17.9 EH/s total hashrate .
GAAP net loss was $(861.7)M driven primarily by a non-cash $840.0M goodwill impairment and $150.2M impairment of digital assets; diluted EPS was $(2.65) .
2022 guidance was maintained: total hashrate of 30–32 EH/s and ~1 GW of power; liquidity actions included BTC sales and a $100M B. Riley equity facility, with debt restructuring shifting $37.5M of principal from H2’22 to H1’23 to improve cash flow .
S&P Global consensus estimates for Q2 2022 were unavailable for CORZQ due to mapping limitations; estimate comparisons are therefore not provided [SpgiEstimatesError].

What Went Well and What Went Wrong

What Went Well
- Self-mining execution: produced 3,365 BTC and averaged over 40 self-mined BTC/day in August, with a company record 45.7 BTC on Aug 10; total hashrate reached 17.9 EH/s (10.3 EH/s self-mining, 7.6 EH/s hosting) .
- Strong top-line growth: revenue rose 118% YoY to $164.0M, led by 920% YoY growth in digital asset mining revenue to $109.8M and 110% growth in hosting revenue to $38.9M .
- Management highlighted line of sight to improved hosting margins and adequate liquidity from BTC sales and the equity facility: “we remain well positioned to navigate current market conditions and emerge… more profitable” .
What Went Wrong
- Non-cash charges dominated results: $840.0M goodwill impairment and $150.2M impairment of digital assets drove the $(861.7)M net loss .
- Gross profit fell to $12.7M from $24.5M YoY; consolidated gross margin compressed to 8% as power costs, depreciation, and stock-based compensation increased materially .
- Operating expenses spiked, notably stock-based compensation, due in part to a June RSU amendment eliminating performance conditions; G&A also rose on public company readiness costs .

Financial Results

Metric	Q2 2021	Q1 2022	Q2 2022
Revenue ($USD Millions)	$75.3	$192.5	$164.0
Gross Profit ($USD Millions)	$24.5	$70.0	$12.7
Adjusted EBITDA ($USD Millions)	$20.8	$93.0	$59.1
Adjusted EBITDA Margin (%)	27.6%	48.3%	36.0%
Net Income ($USD Millions)	$(3.4)	$(466.2)	$(861.7)
Diluted EPS (GAAP) ($)	$(0.02)	$(1.52)	$(2.65)
Adjusted EPS ($)	$0.13	$0.31	$0.18

Segment revenue mix and growth:

Segment Revenue ($USD Millions)	Q2 2021	Q1 2022	Q2 2022
Hosting	$18.6	$33.2	$38.9
Equipment Sales	$46.0	$26.3	$15.2
Digital Asset Mining	$10.8	$133.0	$109.8
Total Revenue	$75.3	$192.5	$164.0

KPIs:

KPI	Q2 2021	Q1 2022	Q2 2022
Total Ending Hashrate (EH/s)	5.5	16.2	17.9
Self-Mining Hashrate (EH/s)	0.5	8.3	10.3
Hosting Hashrate (EH/s)	5.0	7.9	7.6
BTC Mined (Units)	928	3,202	3,365
BTC Held (Units)	—	8,497	1,959

Estimate vs Actuals: S&P Global Wall Street consensus estimates for Q2 2022 were unavailable for CORZQ; no estimate comparison can be provided [SpgiEstimatesError].

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Hashrate	FY 2022	30–32 EH/s (revised at Q1)	30–32 EH/s	Maintained
Power	FY 2022	~1 GW (revised at Q1)	~1 GW	Maintained

Liquidity/Balance Sheet actions (context):

Debt restructuring: ~$1.0B of total debt; bridge loan amendment shifted $37.5M principal from H2 2022 to H1 2023 to improve cash flow .
B. Riley Equity Line of Credit: up to $100M available over 24 months .
BTC holdings: 1,959 BTC with carrying value $40.7M; cash and equivalents $128.5M at quarter-end .

Earnings Call Themes & Trends

Note: The Q2 2022 earnings call transcript could not be retrieved due to a database inconsistency; themes are drawn from the press release and investor materials [Search error; ListDocuments/ReadDocument 2].

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2022)	Trend
Bitcoin price/macro	Avg BTC price $41,299 in Q1 2022 (down 7% YoY), driving margin pressure in mining	Avg BTC price $32,502 in Q2 2022 (down 30% YoY), further compressing margins	Deteriorating BTC price environment pressuring gross margin
Hosting margins	No explicit improvement commitment in Q1 -	“Line of sight to improved hosting margins” per CEO	Management expects margin improvement
Capacity build-out (data centers)	Progress at Denton, TX; footprint expansion projects highlighted in Q1 materials	Three Texas projects continued; ~800,000 sq ft across five states	Ongoing expansion
Liquidity management	BTC holdings 8,497 at Q1; plan to provide daily BTC production	BTC sales and $100M B. Riley ELOC to bolster liquidity	Shift from holding BTC to liquidity generation
Balance sheet/debt	Non-cash mark-to-market hit from converts in Q1	Debt restructuring, principal timing shift; gain from decrease in fair value of notes in Q2	Proactive liability management
Non-GAAP framework	Adjusted EBITDA emphasized; reconciliations provided in Q1 -	Adjusted EBITDA and adjusted EPS highlighted; reconciliations provided -	Continued non-GAAP disclosure -

Management Commentary

“Our team remained focused on our business objectives, delivering second quarter revenue of $164.0 million… We deployed 14,000 servers in July and have already deployed over 17,000 in August. This month we are averaging over 40 self-mined bitcoins per day… With enhanced liquidity from bitcoin sales and our committed equity facility, line of sight to improved hosting margins and manageable principal and interest payments… we remain well positioned…” — Mike Levitt, CEO .
Outlook reiterated: total hashrate 30–32 EH/s; total power ~1 GW for 2022 .
Liquidity: ELOC with B. Riley up to $100M; BTC holdings and cash detailed .

Q&A Highlights

The Q2 2022 earnings call transcript could not be retrieved due to a database inconsistency; Q&A highlights are therefore unavailable [ListDocuments/ReadDocument 2].

Estimates Context

S&P Global consensus estimates for CORZQ in Q2 2022 were unavailable due to a missing mapping; as a result, comparisons to Street estimates are not provided [SpgiEstimatesError]. Where applicable throughout, results should be interpreted without an estimate benchmark.

Key Takeaways for Investors

Operational scale remains a differentiator: 17.9 EH/s total hashrate and 3,365 BTC mined supported $164.0M revenue despite macro BTC price headwinds .
Headline GAAP loss was driven by non-cash impairments ($840.0M goodwill, $150.2M digital assets); adjusted EBITDA of $59.1M reflects core operations, but margin compression vs Q1 warrants caution .
Guidance stability (30–32 EH/s; ~1 GW) suggests the build plan remains intact; monitoring execution pace and power procurement remains critical .
Liquidity actions (BTC sales, $100M ELOC) and debt timing shifts should ease near-term cash pressures; watch subsequent quarters for hosting margin improvement realization and leverage trajectory .
Segment mix is shifting: equipment sales declined sharply while mining and hosting drive revenue; sensitivity to BTC price and power costs is elevated .
Without Street estimates, trading reactions likely hinge on impairment optics vs operational KPIs; catalysts include capacity adds, BTC price recovery, and any hosting margin disclosures on future calls .

Sources: All figures and statements cited from Core Scientific’s Q2 2022 8-K press release and exhibits , Q1 2022 8-K press release and exhibits , and FY 2021 8-K press release .

Core Scientific, Inc./tx (CORZQ)·Q2 2022 Earnings Summary