Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 22, 2022

000183934112/312022Q2NoJune 30, 2022Core Scientific, 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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-40046
Core Scientific, Inc.
(Exact name of registrant as specified in its charter)
Delaware
86-1243837
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
210 Barton Springs Road
Suite 300
Austin, Texas
(Address of Principal Executive Offices)
78704
(Zip Code)
(512) 402-5233
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.0001 per share
CORZ
The Nasdaq Global Select Market
Warrants, exercisable for shares of common stock
CORZW
The Nasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
Common Stock, par value $0.0001 per share
Shares Outstanding as of August 12, 2022
357,294,622


Table of Contents
TABLE OF CONTENTS
Page
2

Table of Contents
Part I - Financial Information
Item 1. Financial Statements
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Table of Contents
Core Scientific, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
June 30,
2022
December 31,
2021
Assets (Unaudited)
Current Assets:
Cash and cash equivalents $ 128,542  $ 117,871 
Restricted cash 11,938  13,807 
Accounts receivable, net 2,840  1,382 
Accounts receivable from related parties 677  300 
Deposits for equipment 165,662  358,791 
Digital assets 40,664  234,298 
Prepaid expenses and other current assets 161,234  30,111 
Total Current Assets 511,557  756,560 
Property, plant and equipment, net 1,049,070  597,304 
Goodwill 266,038  1,055,760 
Intangible assets, net 3,590  8,195 
Other noncurrent assets 14,903  21,045 
Total Assets $ 1,845,158  $ 2,438,864 
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity
Current Liabilities:
Accounts payable $ 31,252  $ 11,617 
Accrued expenses and other 124,488  67,862 
Deferred revenue 71,837  63,417 
Deferred revenue from related parties 36,923  72,945 
Derivative warrant liabilities 5,808   
Finance lease liabilities, current portion 28,570  28,452 
Notes payable, current portion 217,674  75,996 
Total Current Liabilities 516,552  320,289 
Finance lease liabilities, net of current portion 48,701  62,145 
Notes payable, net of current portion (includes $726,554 and $557,007 at fair value)
852,323  652,213 
Other noncurrent liabilities 11,130  18,531 
Total Liabilities 1,428,706  1,053,178 
Contingently redeemable convertible preferred stock; $0.0001 par value; 2,000,000 shares authorized; and 10,826 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively; $ and $45,164 total liquidation preference at June 30, 2022 and December 31, 2021, respectively
  44,476 
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Common stock; $0.0001 par value; 10,000,000 shares authorized at both June 30, 2022 and December 31, 2021; 353,481 and 271,576 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
35  27 
Additional paid-in capital 1,695,748  1,379,581 
Accumulated deficit (1,304,111) (27,432)
Accumulated other comprehensive income (loss) 24,780  (10,966)
Total Stockholders’ Equity 416,452  1,341,210 
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity $ 1,845,158  $ 2,438,864 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Revenue:
Hosting revenue from customers $ 31,338  $ 11,895  $ 58,676  $ 20,251 
Hosting revenue from related parties
7,598  6,667  13,474  11,003 
Equipment sales to customers
3,507  36,457  3,923  60,499 
Equipment sales to related parties
11,687  9,519  37,576  17,403 
Digital asset mining revenue
109,842  10,765  242,842  20,393 
Total revenue
163,972  75,303  356,491  129,549 
Cost of revenue:
Cost of hosting services 43,644  17,550  74,875  29,379 
Cost of equipment sales 13,541  31,100  36,076  57,331 
Cost of digital asset mining 94,070  2,115  162,820  3,768 
Total cost of revenue
151,255  50,765  273,771  90,478 
Gross profit
12,717  24,538  82,720  39,071 
Gain (loss) from sales of digital assets
11,808  (16) 13,971  14 
Impairment of digital assets (150,213)   (204,198)  
Impairment of goodwill and other intangibles (790,753)   (790,753)  
Losses on exchange or disposal of property, plant and equipment (13,057) (17) (13,057) (17)
Operating expenses:
Research and development
14,773  1,437  18,113  2,645 
Sales and marketing
10,238  720  11,636  1,254 
General and administrative
90,874  6,822  131,034  10,617 
Total operating expenses
115,885  8,979  160,783  14,516 
Operating (loss) income
(1,045,383) 15,526  (1,072,100) 24,552 
Non-operating (income) expenses, net:
Loss on debt extinguishment
  7,974    8,016 
Interest expense, net
27,116  10,846  48,792  12,981 
Fair value adjustment on convertible notes (195,061)   190,976   
Fair value adjustment on derivative warrant liabilities (22,189)   (32,464)  
Other non-operating expenses, net
3,876  2  3,519  2 
Total non-operating (income) expenses, net
(186,258) 18,822  210,823  20,999 
(Loss) income before income taxes
(859,125) (3,296) (1,282,923) 3,553 
Income tax (benefit) expense
(48,650) 118  (6,244) 118 
Net (loss) income
$ (810,475) $ (3,414) $ (1,276,679) $ 3,435 
Net (loss) income per share (Note 14):
Basic
$ (2.49) $ (0.02) $ (4.04) $ 0.02 
Diluted
$ (2.49) $ (0.02) $ (4.04) $ 0.02 
Weighted average shares outstanding:
Basic
324,967  158,890  316,269  158,338 
Diluted
324,967  158,890  316,269  177,342 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Comprehensive (Loss) Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net (loss) income
$ (810,475) $ (3,414) $ (1,276,679) $ 3,435 
Other comprehensive income, net of income taxes:
Change in fair value attributable to instrument-specific credit risk of convertible notes measured at fair value under the fair value option, net of tax effect of $, $, $ and $
8,582    35,746   
Total other comprehensive income, net of income taxes
8,582    35,746   
Comprehensive (loss) income
$ (801,893) $ (3,414) $ (1,240,933) $ 3,435 
See accompanying notes to unaudited consolidated financial statements.


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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Changes in Contingently Redeemable Convertible Preferred Stock and Stockholders’ Equity
(in thousands)
(Unaudited)

Contingently Redeemable
Convertible Preferred
Stock
Common Stock Additional
Paid-In Capital
Accumulated
Deficit
Accumulated Other Comprehensive Income Total
Stockholders’
Equity
Shares Amount Shares Amount
Balance at March 31, 2022     324,564  32  1,604,116  (493,636) 16,198  1,126,710 
Net loss —  —  —  —  —  (810,475) —  (810,475)
Other comprehensive income —  —  —  —  —  —  8,582  8,582 
Stock-based compensation —  —  —  —  115,492  —  —  115,492 
Issuance of common stock - employee stock options —  —  1,321  —  3,846  —  —  3,846 
Issuance of common stock - restricted stock and restricted stock units, net of shares withheld for tax withholding obligations —  —  27,399  3  (29,280) —  —  (29,277)
Issuance of common stock - exercise of convertible notes —  —  197  —  1,574  —  —  1,574 
Balance at June 30, 2022     353,481  35  1,695,748  (1,304,111) 24,780  416,452 
Balance at December 31, 2021 10,826  44,476  271,576  27  1,379,581  (27,432) (10,966) 1,341,210 
Net loss —  —  —  —  —  (1,276,679) —  (1,276,679)
Other comprehensive income —  —  —  —  —  —  35,746  35,746 
Stock-based compensation —  —  —  —  136,065  —  —  136,065 
Issuance of common stock - employee stock options —  —  1,321  —  3,846  —  —  3,846 
Issuance of common stock - restricted stock and restricted stock units, net of shares withheld for tax withholding obligations —  —  34,202  4  (29,281) —  —  (29,277)
Issuance of common stock - exercise of convertible notes —  —  197  —  1,574  —  —  1,574 
Issuance of common stock - exercise of warrants —  —  3,001    —  —  —   
Conversion of contingently redeemable preferred stock to common stock (10,826) (44,476) 10,826  1  44,475  —  —  44,476 
Issuances of common stock - Merger with XPDI —  —  30,778  3  163,456  —  —  163,459 
Issuances of common stock - vendor settlement —  —  1,580  —  12,674  —  —  12,674 
Costs attributable to issuance of common stock and equity instruments - Merger with XPDI —  —  —  —  (16,642) —  —  (16,642)
Balance at June 30, 2022     353,481  35  1,695,748  (1,304,111) 24,780  416,452 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Changes in Contingently Redeemable Convertible Preferred Stock and Stockholders’ Equity
(in thousands)
(Unaudited)

  Contingently Redeemable
Convertible Preferred
Stock
Common Stock Additional
Paid-In Capital
Accumulated
Deficit
Accumulated Other Comprehensive Income
Total
Stockholders’
Equity
  Shares Amount Shares Amount
Balance at March 31, 2021 10,826  44,476  157,786  16  165,036  (67,895) —  97,157 
Net loss —  —  —  —  —  (3,414) —  (3,414)
Stock-based compensation —  —  —  —  2,136  —  —  2,136 
Issuances of common stock- warrants and options —  —  40  —    —  —   
Balance at June 30, 2021
10,826  44,476  157,826  16  167,172  (71,309) —  95,879 
Balance at December 31, 2020
6,766  $ 44,476  98,607  $ 1  $ 163,967  $ (74,744) $ —  $ 89,224 
Retroactive application of the recapitalization 4,060  —  59,179  15  (15) —  —   
Balance at December 31, 2020, as adjusted 10,826  44,476  157,786  16  163,952  (74,744) —  89,224 
Net income —  —  —  —  —  3,435  —  3,435 
Stock-based compensation —  —  —  —  2,724  —  —  2,724 
Issuances of common stock- warrants and options —  —  40  —  496  —  —  496 
Balance at June 30, 2021
10,826  44,476  157,826  16  167,172  (71,309) —  95,879 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended June 30,
2022 2021
Cash flows from Operating Activities:
Net (loss) income
$ (1,276,679) $ 3,435 
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization 91,974  5,991 
Amortization of operating lease right-of-use assets 107  — 
Stock-based compensation 136,795  2,724 
Digital asset mining revenue (242,842) (20,393)
Deferred income taxes (8,527)  
Gain on sale of intangible assets (5,904)  
Loss on debt extinguishment
  8,016 
Fair value adjustment on derivative warrant liabilities (32,464)  
Fair value adjustment on convertible notes 206,859  2,580 
Fair value adjustment on other liabilities 9,430   
Amortization of debt discount and debt issuance costs 3,920  742 
Losses on exchange or disposal of property, plant and equipment
13,057  17 
Impairment of digital assets 204,198   
Impairment of goodwill and other intangibles 790,753   
Changes in working capital components:
Accounts receivable, net (1,458) (6,800)
Accounts receivable from related parties (377) (16,061)
Digital assets 232,278  20,207 
Deposits for equipment for sales to customers 36,953  (260,568)
Prepaid expenses and other current assets (24,246) 17,079 
Accounts payable 4,186  3,893 
Accrued expenses and other 33,297  3,267 
Deferred revenue 8,421  18,977 
Deferred revenue from related parties (36,022) 116,908 
Other noncurrent assets and liabilities, net (2,436) (21,345)
Net cash provided by (used in) operating activities 141,273  (121,331)
Cash flows from Investing Activities:
Purchases of property, plant and equipment (238,537) (39,075)
Deposits for self-mining equipment (217,677)  
Proceeds from sale of intangibles 10,850   
Other (276) (142)
Net cash used in investing activities (445,640) (39,217)
Cash flows from Financing Activities:
Proceeds from issuance of common stock, net of transaction costs 198,857  496 
Proceeds from debt, net of issuance costs 216,257  245,372 
Repurchase of common shares to pay employee withholding taxes (29,278)  
Principal repayments of finance leases (23,177)  
Principal payments on debt (49,490) (35,670)
Net cash provided by financing activities 313,169  210,198 
Net increase in cash, cash equivalents and restricted cash 8,802  49,650 
Cash, cash equivalents and restricted cash—beginning of period 131,678  8,721 
Cash, cash equivalents and restricted cash—end of period $ 140,480  $ 58,371 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Notes to Unaudited Consolidated Financial Statements

Notes to Unaudited Consolidated Financial Statements
1. ORGANIZATION AND DESCRIPTION OF BUSINESS
MineCo Holdings, Inc. was incorporated on December 13, 2017 in the State of Delaware and changed its name to Core Scientific, Inc. (“Legacy Core Scientific”) pursuant to an amendment to its Certificate of Incorporation dated June 12, 2018. On August 17, 2020 Legacy Core Scientific engaged in a holdco restructuring to facilitate a borrowing arrangement by Legacy Core Scientific pursuant to which Legacy Core Scientific was merged with and into a wholly owned subsidiary of Core Scientific Holding Co. and became a wholly owned subsidiary of Core Scientific Holding Co. and the stockholders of Legacy Core Scientific became the shareholders of Core Scientific Holding Co. On January 19, 2022, Core Scientific Holding Co. merged with Power & Digital Infrastructure Acquisition Corp., a Delaware corporation (“XPDI”), and XPDI Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of XPDI (“Merger Sub”), consummated the transactions contemplated under the merger agreement, following the approval at the special meeting of the stockholders of XPDI held on January 19, 2022. In connection with the closing of the merger, XPDI changed its name from Power & Digital Infrastructure Acquisition Corp. to Core Scientific, Inc. (“Core Scientific” or the “Company”). The Company, headquartered in Austin, Texas, is an infrastructure, technology and services company that conducts, or plans to conduct, the following business activities:
Owning and operating computer equipment used to process transactions conducted on one or more blockchain networks in exchange for transaction processing fees rewarded in digital currency assets, commonly referred to as mining;
Owning and operating datacenter facilities in the U.S. to provide colocation and hosting services for distributed ledger technology, also commonly known as blockchain;
Developing blockchain-based platforms and applications, including infrastructure management, security technologies, mining optimization, and recordkeeping;
Merger Agreement
In 2021, XPDI entered into a certain Agreement and Plan of Reorganization and Merger, dated as of July 20, 2021, as amended on October 1, 2021, and as further amended on December 29, 2021, by and among Core Scientific Holding Co., XPDI Merger Sub and XPDI (the “Merger Agreement”). XPDI’s stockholders approved the transactions (collectively, the “Merger”) contemplated by the Merger Agreement at a special meeting of stockholders held on January 19, 2022 (the “Special Meeting”).
Pursuant to the terms of (a) the Merger Agreement and (b) that certain Agreement and Plan of Merger, dated as of October 1, 2021, as amended on January 14, 2022, by and among XPDI, Core Scientific Holding Co., XPDI Merger Sub 3, LLC, a Delaware limited liability company and wholly owned subsidiary of XPDI (“Merger Sub 3”), and Blockcap, Inc., a Nevada corporation and wholly owned subsidiary of Core Scientific (“Blockcap”), the Merger was effected by (i) the merger of Merger Sub with and into Core Scientific (the “First Merger”), which occurred on January 19, 2022 (the “Closing Date”), with Core Scientific surviving the First Merger as a wholly owned subsidiary of XPDI, (ii) the merger of Core Scientific with and into XPDI (the “Second Merger”), which occurred on January 20, 2022, with XPDI surviving the Second Merger, and (iii) following the closing of the Second Merger on January 20, 2022, the merger of Blockcap with and into Merger Sub 3 (the “Third Merger”), with Merger Sub 3 surviving the Third Merger as a wholly owned subsidiary of XPDI under the name “Core Scientific Acquired Mining LLC.” Immediately prior to the effective time of the First Merger (such effective time of the First Merger, the “Effective Time”), XPDI filed a Second Amended and Restated Certificate of Incorporation (the “Post-Combination Charter”) with the Secretary of State of the State of Delaware pursuant to which XPDI changed its name from “Power & Digital Infrastructure Acquisition Corp.” to “Core Scientific, Inc.” (hereinafter referred to as the “Company” or “New Core”) and redesignated its Class A common stock, par value $0.0001 per share (“XPDI Class A Common Stock”), and Class B common stock, par value $0.0001 per share (“XPDI Class B Common Stock”), as common stock, par value $0.0001, of the Company (“New Core Common Stock”). The Exchange Ratio (as defined in the Merger Agreement) was 1.6001528688 of a share of New Core Common Stock per fully-diluted share of Core Scientific Common Stock.
In connection with the Special Meeting and the Merger, holders of 12.3 million of the 34.5 million then-outstanding shares of Class A common stock of XPDI exercised their right to redeem their shares for cash at a redemption price of approximately $10.00 per share, for an aggregate redemption amount of $123.5 million.
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Table of Contents
Core Scientific, Inc.
Notes to Unaudited Consolidated Financial Statements

The Merger provided gross proceeds of approximately $221.6 million from the XPDI trust account, resulting in approximately $195.0 million in net cash proceeds to Core Scientific, after the payment of transaction expenses, which is presented within Proceeds from issuance of common stock, net of transaction costs on the consolidated statements of cash flows. Following the Transaction, former Core Scientific stockholders owned 90.7%, former XPDI public stockholders owned 6.7% and XPDI’s sponsor owned 2.6% of the issued and outstanding shares of common stock, respectively, of the Company, excluding the impact of unvested restricted stock units and options. The proceeds from the Merger were used to fund mining equipment purchases and infrastructure build-out.
The Merger is accounted for as a reverse recapitalization with the Company being the accounting acquirer. A reverse recapitalization does not result in a new basis of accounting. Accordingly, the reverse recapitalization was treated as the equivalent of Core Scientific Holding Co. issuing stock for the net assets of XPDI, accompanied by a recapitalization. The net assets of XPDI are stated at historical costs, with no goodwill or other intangible assets recorded. The Company identified $18.6 million of direct and incremental transaction costs, which consist of legal, accounting, and other professional services directly related to the Merger, of which $10.7 million were recorded in other noncurrent assets on the consolidated balance sheets as of December 31, 2021 and the remaining $7.9 million were recognized in the six months ended June 30, 2022. These transaction costs have been allocated to all instruments assumed or issued in the merger on a relative fair value basis as of the date of the merger. Transaction costs of $16.6 million have been allocated to equity-classified instruments and recognized as an adjustment to additional paid-in capital within total stockholders’ equity. The cash outflows related to these costs have been netted against the proceeds from the issuance of common stock upon the Merger with XPDI within financing activities on the Company’s consolidated statement of cash flows. Transaction costs of $2.0 million have been allocated to liability-classified instruments that are measured at fair value through earnings and have been recognized as a charge within general and administrative expenses in the six months ended June 30, 2022.
Immediately prior to the Effective Time, each share of Series A convertible preferred stock, par value $0.00001, of Core Scientific automatically converted into one share of Core Scientific common stock, par value $0.00001 per share (“Core Scientific Common Stock”), and each share of Series B convertible preferred stock, par value $0.00001, of Core Scientific automatically converted into one share of Core Scientific Common Stock.
In addition, immediately prior to the Effective Time, each share of XPDI Class B Common Stock automatically converted into one share of New Core Common Stock. 1.7 million shares (“SPAC Vesting Shares”) are subject to vesting conditions, and will vest i) upon the date on which New Core Common Stock’s volume-weighted average price is greater than $12.50 per share for any