Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 22, 2022

000183934112/312022Q3NoSeptember 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 September 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 November 14, 2022
374,527,988


Table of Contents
TABLE OF CONTENTS
Page
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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)
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.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
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)
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.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
(Unaudited)
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.


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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 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 
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.
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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.
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Table of Contents
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   
Changes in