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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2022 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Commission file number 001-40046
Core Scientific, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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86-1243837 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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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:
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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):
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Large accelerated filer |
☐ |
|
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
|
Smaller reporting company |
☒ |
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|
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 ☒
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Common Stock, par value $0.0001 per share |
|
Shares Outstanding as of November 14, 2022 |
|
|
374,527,988 |
TABLE OF CONTENTS
Part I - Financial Information
Item 1. Financial Statements
Core Scientific, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
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|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
Assets |
(Unaudited) |
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$ |
29,546 |
|
|
$ |
117,871 |
|
Restricted cash |
8,098 |
|
|
13,807 |
|
Accounts receivable, net of allowance of $5,943 and $—, respectively |
2,176 |
|
|
1,382 |
|
Accounts receivable from related parties |
895 |
|
|
300 |
|
Deposits for equipment |
97,678 |
|
|
358,791 |
|
Digital assets |
19,663 |
|
|
234,298 |
|
Prepaid expenses and other current assets |
55,515 |
|
|
30,111 |
|
Total Current Assets |
213,571 |
|
|
756,560 |
|
Property, plant and equipment, net |
1,156,369 |
|
|
597,304 |
|
|
|
|
|
Goodwill |
— |
|
|
1,055,760 |
|
Intangible assets, net |
1,400 |
|
|
8,195 |
|
Other noncurrent assets |
32,661 |
|
|
21,045 |
|
Total Assets |
$ |
1,404,001 |
|
|
$ |
2,438,864 |
|
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable |
$ |
43,613 |
|
|
$ |
11,617 |
|
Accrued expenses and other |
102,213 |
|
|
67,862 |
|
Deferred revenue |
80,268 |
|
|
63,417 |
|
Deferred revenue from related parties |
6,981 |
|
|
72,945 |
|
Derivative warrant liabilities |
5,287 |
|
|
— |
|
|
|
|
|
Finance lease liabilities, current portion |
73,045 |
|
|
28,452 |
|
Notes payable, current portion (includes $682,831 and $— at fair value) |
977,600 |
|
|
75,996 |
|
Total Current Liabilities |
1,289,007 |
|
|
320,289 |
|
|
|
|
|
Finance lease liabilities, net of current portion |
— |
|
|
62,145 |
|
Notes payable, net of current portion (includes $— and $557,007 at fair value) |
— |
|
|
652,213 |
|
Other noncurrent liabilities |
41,967 |
|
|
18,531 |
|
Total Liabilities |
1,330,974 |
|
|
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 September 30, 2022 and December 31, 2021, respectively; $— and $45,164 total liquidation preference at September 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 September 30, 2022 and December 31, 2021; 364,710 and 271,576 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively |
36 |
|
|
27 |
|
Additional paid-in capital |
1,739,282 |
|
|
1,379,581 |
|
Accumulated deficit |
(1,738,903) |
|
|
(27,432) |
|
Accumulated other comprehensive income (loss) |
72,612 |
|
|
(10,966) |
|
Total Stockholders’ Equity |
73,027 |
|
|
1,341,210 |
|
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity |
$ |
1,404,001 |
|
|
$ |
2,438,864 |
|
See accompanying notes to unaudited consolidated financial statements.
Core Scientific, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
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|
|
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|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Revenue: |
|
|
|
|
|
|
|
Hosting revenue from customers |
$ |
35,731 |
|
|
$ |
17,585 |
|
|
$ |
94,407 |
|
|
$ |
37,836 |
|
Hosting revenue from related parties |
9,185 |
|
|
2,903 |
|
|
22,659 |
|
|
13,906 |
|
Equipment sales to customers |
7,468 |
|
|
23,879 |
|
|
11,391 |
|
|
84,378 |
|
Equipment sales to related parties |
29,693 |
|
|
11,654 |
|
|
67,269 |
|
|
29,057 |
|
Digital asset mining revenue |
80,495 |
|
|
57,118 |
|
|
323,337 |
|
|
77,511 |
|
Total revenue |
162,572 |
|
|
113,139 |
|
|
519,063 |
|
|
242,688 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of hosting services |
44,975 |
|
|
19,577 |
|
|
119,850 |
|
|
48,956 |
|
Cost of equipment sales |
27,917 |
|
|
24,997 |
|
|
63,993 |
|
|
82,328 |
|
Cost of digital asset mining |
116,756 |
|
|
10,141 |
|
|
279,576 |
|
|
13,909 |
|
Total cost of revenue |
189,648 |
|
|
54,715 |
|
|
463,419 |
|
|
145,193 |
|
Gross (loss) profit |
(27,076) |
|
|
58,424 |
|
|
55,644 |
|
|
97,495 |
|
Loss on legal settlement |
— |
|
|
(2,603) |
|
|
— |
|
|
(2,603) |
|
Gain from sales of digital assets |
11,036 |
|
|
391 |
|
|
25,007 |
|
|
405 |
|
Impairment of digital assets |
(7,986) |
|
|
(12,552) |
|
|
(212,184) |
|
|
(12,552) |
|
Impairment of goodwill and other intangibles |
(268,512) |
|
|
— |
|
|
(1,059,265) |
|
|
— |
|
Impairment of property, plant and equipment |
(59,259) |
|
|
— |
|
|
(59,259) |
|
|
— |
|
Losses on exchange or disposal of property, plant and equipment |
— |
|
|
— |
|
|
(13,057) |
|
|
(17) |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
6,192 |
|
|
1,586 |
|
|
24,305 |
|
|
4,231 |
|
Sales and marketing |
39 |
|
|
932 |
|
|
11,675 |
|
|
2,186 |
|
General and administrative |
43,346 |
|
|
36,358 |
|
|
174,380 |
|
|
46,975 |
|
Total operating expenses |
49,577 |
|
|
38,876 |
|
|
210,360 |
|
|
53,392 |
|
Operating (loss) income |
(401,374) |
|
|
4,784 |
|
|
(1,473,474) |
|
|
29,336 |
|
Non-operating expenses, net: |
|
|
|
|
|
|
|
Loss on debt extinguishment |
— |
|
|
— |
|
|
— |
|
|
8,016 |
|
Interest expense, net |
25,942 |
|
|
13,569 |
|
|
74,734 |
|
|
26,550 |
|
Fair value adjustment on convertible notes |
(4,123) |
|
|
8,663 |
|
|
186,853 |
|
|
8,663 |
|
Fair value adjustment on derivative warrant liabilities |
(521) |
|
|
— |
|
|
(32,985) |
|
|
— |
|
Other non-operating expenses (income), net |
1,478 |
|
|
(4) |
|
|
4,997 |
|
|
(2) |
|
Total non-operating expenses, net |
22,776 |
|
|
22,228 |
|
|
233,599 |
|
|
43,227 |
|
Loss before income taxes |
(424,150) |
|
|
(17,444) |
|
|
(1,707,073) |
|
|
(13,891) |
|
Income tax expense (benefit) |
10,642 |
|
|
(815) |
|
|
4,398 |
|
|
(697) |
|
Net loss |
$ |
(434,792) |
|
|
$ |
(16,629) |
|
|
$ |
(1,711,471) |
|
|
$ |
(13,194) |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
Net loss per share (Note 14): |
|
|
|
|
|
|
|
Basic |
$ |
(1.23) |
|
|
$ |
(0.07) |
|
|
$ |
(5.38) |
|
|
$ |
(0.07) |
|
Diluted |
$ |
(1.23) |
|
|
$ |
(0.07) |
|
|
$ |
(5.38) |
|
|
$ |
(0.07) |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
354,195 |
|
|
236,951 |
|
|
318,169 |
|
|
184,790 |
|
Diluted |
354,195 |
|
|
236,951 |
|
|
318,169 |
|
|
184,790 |
|
See accompanying notes to unaudited consolidated financial statements.
Core Scientific, Inc.
Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
(Unaudited)
|
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|
|
|
|
|
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|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Net loss |
$ |
(434,792) |
|
|
$ |
(16,629) |
|
|
$ |
(1,711,471) |
|
|
$ |
(13,194) |
|
Other comprehensive income (loss), 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 $— |
47,832 |
|
|
(8,552) |
|
|
83,578 |
|
|
(8,552) |
|
Total other comprehensive income (loss), net of income taxes |
47,832 |
|
|
(8,552) |
|
|
83,578 |
|
|
(8,552) |
|
Comprehensive loss |
$ |
(386,960) |
|
|
$ |
(25,181) |
|
|
$ |
(1,627,893) |
|
|
$ |
(21,746) |
|
See accompanying notes to unaudited consolidated financial statements.
Core Scientific, Inc.
Consolidated Statements of Changes in Contingently Redeemable Convertible Preferred Stock and Stockholders’ Equity
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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 June 30, 2022 |
— |
|
|
— |
|
|
|
353,481 |
|
|
35 |
|
|
1,695,748 |
|
|
(1,304,111) |
|
|
24,780 |
|
|
416,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(434,792) |
|
|
— |
|
|
(434,792) |
|
Other comprehensive income |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
47,832 |
|
|
47,832 |
|
Stock-based compensation |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
29,884 |
|
|
— |
|
|
— |
|
|
29,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock - restricted stock and restricted stock units, net of shares withheld for tax withholding obligations |
— |
|
|
— |
|
|
|
4,897 |
|
|
— |
|
|
(2,349) |
|
|
— |
|
|
— |
|
|
(2,349) |
|
Restricted stock awards cancelled upon forfeiture |
— |
|
|
— |
|
|
|
(2,268) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuances of common stock - equity line of credit |
— |
|
|
— |
|
|
|
7,315 |
|
|
1 |
|
|
13,039 |
|
|
— |
|
|
— |
|
|
13,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuances of common stock - financing transaction fees |
— |
|
|
— |
|
|
|
1,285 |
|
|
— |
|
|
2,960 |
|
|
— |
|
|
— |
|
|
2,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2022 |
— |
|
|
— |
|
|
|
364,710 |
|
|
36 |
|
|
1,739,282 |
|
|
(1,738,903) |
|
|
72,612 |
|
|
73,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
10,826 |
|
|
44,476 |
|
|
|
271,576 |
|
|
27 |
|
|
1,379,581 |
|
|
(27,432) |
|
|
(10,966) |
|
|
1,341,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(1,711,471) |
|
|
— |
|
|
(1,711,471) |
|
Other comprehensive income |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
83,578 |
|
|
83,578 |
|
Stock-based compensation |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
165,949 |
|
|
— |
|
|
— |
|
|
165,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
— |
|
|
— |
|
|
|
39,099 |
|
|
4 |
|
|
(31,630) |
|
|
— |
|
|
— |
|
|
(31,626) |
|
Restricted stock awards cancelled upon forfeiture |
— |
|
|
— |
|
|
|
(2,268) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Issuance of common stock - exercise of convertible notes |
— |
|
|
— |
|
|
|
197 |
|
|
— |
|
|
1,574 |
|
|
— |
|
|
— |
|
|
1,574 |
|
Issuance of common stock - exercise of warrants |
— |
|
|
— |
|
|
|
3,001 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Issuances of common stock - equity line of credit |
— |
|
|
— |
|
|
|
7,315 |
|
|
1 |
|
|
13,039 |
|
|
— |
|
|
— |
|
|
13,040 |
|
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 - financing transaction fees |
— |
|
|
— |
|
|
|
1,285 |
|
|
— |
|
|
2,960 |
|
|
— |
|
|
— |
|
|
2,960 |
|
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 September 30, 2022 |
— |
|
|
— |
|
|
|
364,710 |
|
|
36 |
|
|
1,739,282 |
|
|
(1,738,903) |
|
|
72,612 |
|
|
73,027 |
|
See accompanying notes to unaudited consolidated financial statements.
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 Loss |
|
Total Stockholders’ Equity |
|
Shares |
|
Amount |
|
|
Shares |
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2021 |
10,826 |
|
|
44,476 |
|
|
|
157,826 |
|
|
16 |
|
|
167,172 |
|
|
(71,309) |
|
|
— |
|
|
95,879 |
|
Net loss |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(16,629) |
|
|
— |
|
|
(16,629) |
|
Other comprehensive loss |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8,552) |
|
|
(8,552) |
|
Stock-based compensation |
— |
|
|
— |
|
|
|
(40) |
|
|
— |
|
|
28,288 |
|
|
— |
|
|
— |
|
|
28,288 |
|
Issuances of common stock - business combination |
— |
|
|
— |
|
|
|
115,508 |
|
|
1 |
|
|
1,189,906 |
|
|
— |
|
|
— |
|
|
1,189,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2021 |
10,826 |
|
|
44,476 |
|
|
|
273,334 |
|
|
17 |
|
|
1,385,366 |
|
|
(87,938) |
|
|
(8,552) |
|
|
1,288,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 loss |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(13,194) |
|
|
— |
|
|
(13,194) |
|
Other comprehensive loss |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8,552) |
|
|
(8,552) |
|
Stock-based compensation |
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
31,012 |
|
|
— |
|
|
— |
|
|
31,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuances of common stock - business combination |
— |
|
|
— |
|
|
|
115,508 |
|
|
1 |
|
|
1,189,906 |
|
|
— |
|
|
— |
|
|
1,189,907 |
|
Issuances of common stock - warrants and options |
— |
|
|
— |
|
|
|
40 |
|
|
— |
|
|
496 |
|
|
— |
|
|
— |
|
|
496 |
|
Balance at September 30, 2021 |
10,826 |
|
|
44,476 |
|
|
|
273,334 |
|
|
17 |
|
|
1,385,366 |
|
|
(87,938) |
|
|
(8,552) |
|
|
1,288,893 |
|
See accompanying notes to unaudited consolidated financial statements.
Core Scientific, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
Cash flows from Operating Activities: |
|
|
|
Net loss |
$ |
(1,711,471) |
|
|
$ |
(13,194) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
156,544 |
|
|
12,886 |
|
Amortization of operating lease right-of-use assets |
424 |
|
|
— |
|
Stock-based compensation |
166,548 |
|
|
31,012 |
|
Digital asset mining revenue |
(323,337) |
|
|
(77,511) |
|
Deferred income taxes |
3,434 |
|
|
3,604 |
|
Loss on legal settlement |
— |
|
|
2,603 |
|
Gain on sale of intangible assets |
(5,904) |
|
|
— |
|
Loss on debt extinguishment |
— |
|
|
8,016 |
|
Fair value adjustment on derivative warrant liabilities |
(32,985) |
|
|
— |
|
Fair value adjustment on convertible notes |
210,968 |
|
|
15,937 |
|
Fair value adjustment on other liabilities |
9,498 |
|
|
— |
|
Equity line of credit expenses |
1,431 |
|
|
— |
|
Amortization of debt discount and debt issuance costs |
6,172 |
|
|
1,024 |
|
Losses on exchange or disposal of property, plant and equipment |
13,057 |
|
|
17 |
|
|
|
|
|
Impairment of digital assets |
212,184 |
|
|
12,552 |
|
Impairment of goodwill, other intangibles and property, plant and equipment |
1,118,524 |
|
|
— |
|
Provision for doubtful accounts |
5,943 |
|
|
— |
|
|