This company listing is no longer active
This company may still be operating, however this listing is no longer active. Find out why through their latest events.
Salud financiera de hoja de balance de Core Scientific
Salud financiera controles de criterios 2/6
Core Scientific tiene un patrimonio de los accionistas total de $-418.7M y una deuda total de $850.3M, lo que sitúa su ratio deuda-patrimonio en -203.1%. Sus activos y pasivos totales son $705.5M y $1.1B respectivamente.
Información clave
-203.07%
Ratio deuda-patrimonio
US$850.32m
Deuda
| Ratio de cobertura de intereses | n/a |
| Efectivo | US$42.15m |
| Patrimonio | -US$418.73m |
| Total pasivo | US$1.12b |
| Activos totales | US$705.46m |
Actualizaciones recientes sobre salud financiera
Recent updates
Nuevo análisis • Apr 01
AI Data Center Overbuild And Single Counterparty Dependence Will Erode Earnings Quality
Catalysts About Core Scientific Core Scientific develops and operates high power, AI focused data center infrastructure and also runs Bitcoin mining operations. What are the underlying business or industry changes driving this perspective?
Nuevo análisis • Mar 17
AI Colocation Buildout And Customer Concentration Will Pressure Long Term Earnings Quality
Catalysts About Core Scientific Core Scientific develops and operates large scale data centers for AI and Bitcoin mining, with a growing focus on AI colocation. What are the underlying business or industry changes driving this perspective?
Nuevo análisis • Mar 03
AI Colocation Shift And 1.5 Gigawatt Pipeline Will Redefine Long Term Earnings Power
Catalysts About Core Scientific Core Scientific builds and operates large scale data center infrastructure for AI and high performance computing, alongside Bitcoin mining operations. What are the underlying business or industry changes driving this perspective?Seeking Alpha • Oct 11
Core Scientific: A Solid Bitcoin Mining Play
Summary Core Scientific has more than enough sales and access to capital to endure the temporary downturn in Bitcoin prices. By the end of 2022, the company projects it should produce around 2,000 Bitcoins monthly. After cost-cutting efforts, the company is very well-positioned to be profitable once the price of Bitcoin reverses direction and takes off again. The effect of the policies of the Federal Reserve on CORZ over the next six months or so. Even though Core Scientific (CORZ) decided to sell off a lot of its Bitcoin holdings over the last several months, it is still positioned well for when the price of Bitcoin returns to its upward growth trajectory. Much of that is attributed to its reluctance to take on more debt, cost-cutting measures, access to capital, and its highly successful production performance which is projected to reach approximately 2,000 Bitcoins per day by the end of 2022, according to management. With the share price of CORZ collapsing throughout 2022, the risk/reward dynamic is very favorable for investors taking a position at this time or averaging down to lower their cost basis. In this article, we'll look at the various factors that make CORZ a good speculative play for investors over the long haul. Recent production performance In its latest release, CORZ reported it mined 1,213 Bitcoin in September, a 9 percent decline from the prior month. CEO Mike Levitt said the drop in the number of Bitcoin mined was related to some defects in electrical equipment from manufacturers, along with severe weather in some of its mining jurisdictions, which caused it to temporarily shutter some of its mining operations. Even under those difficult circumstances, the company was able to boost its EH/s from 12.69 EH/s in August to approximately 13 EH/s in September. That was the result of the company expanding the number of self-mining servers from 127,716 to close to 130,000 during that period. As for sales, CORZ sold 1,576 BTC in September at an average price of $20,460 per Bitcoin, for a revenue total of $32.2 million. In contrast, the company sold 1,125 BTC in August for an average of $23,014 per Bitcoin for a total of $25.9 million in revenue. As a result of the sales, CORZ held 1,051 BTC and $29.5 million in cash at the end of September, in comparison to the 1,406 BTC and $47.2 million cash it held at the end of August. When CORZ first sold off its BTC in earnest, it concerned me because I liked the strength it added to its balance sheet, and the future potential of the value of the Bitcoins it held before it implemented its strategy. But with the company able to produce so much BTC on a monthly basis, it won't take the company long to build up its BTC reserves once the price of Bitcoin starts to move up again. And as its production levels continue to significantly rise over the next 3 months or so, it'll be able to both grow its holdings while selling off if the price of Bitcoin justifies those actions. At the end of September CORZ was operating about 232,000 ASIC servers for self-mining and colocation, which generated 22.5 EH/s. By the end of 2022 CORZ has plans to add 38,000 more self-mining ASIC servers. Concerning its colocation services, the company added around 8,400 new servers to further serve its 102,000 customer-owned ASIC servers. Colocation accounts for approximately 9.5 EH/s, or 42 percent of total EH/s, something not all investors are aware of; that's what brings the total to 22.5 EH/s. Balance sheet and access to capital At the end of Q2 CORZ had total debt of about $960 million, not including accounting reserve adjustments which were a little under $200 million. Of the overall debt, a little over $500 million was privately placed convertible notes, which mature in April 2025. They won't have much cash impact on the company because they bear interest in cash at a 4 percent rate. They include a non-cash pay of 6 percent with no principal payments due until they mature. Management stated it was "very comfortable" with the maturity date. Assuming the price of Bitcoin rebounds and share price climbs, the company should be able to convert the debt to equity. CORZ also has a debt obligation with B. Riley for $57 million that will pay out over the next eleven months. It has already paid off $18 million of the original loan of $75 million. Management stated it's also comfortable with its ability to pay what it owes B. Riley. Concerning the financing of its equipment, CORZ plans to have 170,000 self-mining servers operational by the end of 2022, with a little over half (86,000) "currently encumbered by debt or leases," representing about $330 million as of the end of Q2. Management, once again, said it doesn't see a problem with continuing to service equipment debt either. In regard to financing, the company has a $100 million equity line of credit it can tap into whenever it wants over the next couple of years. Presumably, unless it's absolutely needed in the near term, management said "we don't believe it is sensible to increase our debt." In an effort to lower expenses the company cut 10 percent of its staff and is getting out of non-core businesses. Something that investors should consider in regard to the company's balance sheet and servicing its overall debt is the projected increase in the number of Bitcoins produced on a monthly basis. If it in fact comes close to the 2,000 monthly Bitcoins mined, that's a big increase from where production stands today. On average, it would be approximately 700 to 800 more Bitcoin mined a month by the end of 2022. Even at a modest average price of $19,000, that would generate $38 million in revenue a month. It's easy to see the impact this would have on the performance of the company if the price of Bitcoin resumes its upward trajectory. That in turn would significantly improve the balance sheet of CORZ because of its ability to pay down debt and use revenue from Bitcoin sales to finance its needs. I also believe the company will eventually start to build up its Bitcoin reserves again, further solidifying the balance sheet. That won't happen in the near term, but when inflation starts to shrink on a sustainable basis, the price of Bitcoin would provide a lot more options for the company than it currently has. What to look for with the Federal Reserve My thesis is that once inflation starts to show signs of slowing down, the price of Bitcoin will initially surge, by which I mean the first time CPI has any meaningful drop. I don't believe the first month it drops the boost in the price of Bitcoin will hold at high levels, rather, it's likely to soar and then pull back to higher lows, with investors looking to increase their positions if inflation drops for two months in a row. At that time I think the Federal Reserve will have pressure on it to stop rate increases, depending on the level of the drop in inflation. If it's modest, it's likely it'll reduce the size of the hikes, but probably increase it by 25 basis points. Under that scenario, the price of Bitcoin should find support but be limited to the upside until the market is convinced inflation is under control. When I say under control, I don't mean it'll be close to the Fed's stated goal of getting it down to two percent. I mean it'll drop enough to convince investors that the worst is over, and over time it'll continue to fall, even if it's two steps forward and one step back. My belief is by the end of the year we'll have much more clarity on this, and the market will respond accordingly. Barring a Black Swan event, the most likely scenario is by the end of 2022 inflation will start to reverse direction while momentum slows, preparing the way for more positive sentiment to start the year. I know that some in the financial world are starting to use the recession word, but based upon the metric used over the last seventy years (two straight quarters of a decline in GDP), we're already in a recession. I think the reason the definition is being played with is because of the mid-term elections coming up in the U.S. The reason that's important is because if we're truly already in a recession, it could trigger investors to sell off decent assets based upon financial media outlets suddenly declaring a recession, as if it's just begun.Seeking Alpha • Aug 11
Core Scientific: A Buy On Leading Bitcoin Production Numbers
Core Scientific is leading the industry in Bitcoin production and does not look set to slow down. The upcoming earnings report should provide investors with valuable insights on production costs and future plans with respect to selling tokens. Investors will also want to pay keen attention to energy costs which have become a major talking point for other miners. Core Scientific (CORZ) is a leading operator in the Bitcoin (BTC-USD) mining space. The company became known for its aggressive approach to developing and deploying its Bitcoin mining fleet. Core, like most Bitcoin mining companies, has seen dramatic selling activity since its IPO in early 2022 due to the crypto bear market. This aggressive selling has now presented investors with an interesting opportunity. Core scientific is dominating production figures across the mining industry but has a market cap of roughly $1 billion at current prices. Today we will take a look at Core Scientific's recent events and discuss what investors can expect going forward from the company. Before we get started, I have made a crypto 'cheat sheet' that documents the important terms for newbie crypto investors. The sheet can be found here. Production Update Core's main product is Bitcoin which accounts for roughly 69% of its revenue. It also provides hosting services that accounted for 17% of revenue in the last quarter, with the remainder being equipment sales that should only provide a temporary windfall. Core Scientific In the first quarter, they reported revenue of $192.5 million, which is 255% higher than the previous year. They also report a net loss of $466.2 million in that period. The loss was primarily attributable to non-cash mark to market adjustments due to accounting rules. The company mined 3,202 Bitcoins in the first quarter, which is more than the second and third largest miners combined. It has since continued its major outperformance relative to its peers and, from a production standpoint, looks set to make the calendar year 2022 a record year. Author adapted from Seeking Alpha Thanks to the stellar production figures, Core now holds more than 10,000 self-mined Bitcoins on its balance sheet. This is a significant outperformance when compared to other mining companies. Earnings Download and Outlook With the heavy dependence on Bitcoin for revenue, the current crypto winter is definitely unwelcome for focused mining companies like core. Bitcoin mining companies operate very similarly to rare metal mining companies in that they choose to stockpile their key resources and wait for advantageous prices where they tend to liquidate heavily. Like regular miners, there may be instances where the actual cost of production will exceed the market rate for the resource at that point in time, and this is incumbent on the company to maintain liquidity via earned income or financing until they can get to the right conditions. This is sort of where Core is. They have a stellar business model and an aggressive approach to growth but, unfortunately, cannot control the market rates for their main assets. The company doesn't typically disclose its actual cost per coin, but it did claim to be profitable in may in bitcoin was hovering around $30,000. At the time of the writing of this article, Bitcoin has slumped to $23,000 a coin, and with earnings coming up on August 11th, 2022, there are a few key things investors should look out for. The first thing is if there's any forced selling. As I mentioned earlier, Bitcoin miners prefer to sell tokens at advantageous levels and rely on alternative financing to help them get to the other side of bad prices. Core recently secured $100 million in financing to do just that. This is at a time when borrowing for many big part crypto miners is becoming difficult, and there are signs that smaller players could become victims of attrition and get worked out of the market. Core's leadership team has so far decided to take a measured approach, demonstrating their sound understanding of the market, even pausing on ordering new machines until the uncertainty subsides. While the company has been selling its tokens, much of it seems to be precautionary rather than panic selling which is fine. It is prudent for the company to raise cash and lower risk in the current climate, and though the extremely low valuation of the company's stock makes it prohibitive to raise funds via a secondary offering, which seems to be the preferred method in the mining industry. This puts the company in the position to acquire assets or companies in the space at discounts strategically should the low pricing force smaller players into insolvency. The other thing we want to look out for in the upcoming earnings report is any clarity on the cost per coin of production. There are methods to estimate the total cost, but the direct cost is a popular figure to rely on as it provides guidance as to whether the company should continue to manufacture tokens or take a pause on production. I have no great expectations for profitability outside of greater-than-expected token sales due to the sharp sell-off. This will likely drive another EPS beat, but it's important to see the effect the sell-off has had on the company's valuation of its Bitcoin treasury. The sell-off has slowed, but we are still much lower than last quarter. The company has been doing a great job of beating EPS since the IPO, but the stock has not performed. I wouldn't place much stock in EPS beats until Bitcoin starts to recover.Seeking Alpha • Aug 05
Core Scientific July bitcoin production rose 10.4% M/M with new deployments and multiple facilities
Core Scientific (NASDAQ:CORZ) self-mining operations produced 1,221 bitcoins in July (vs. 1,106 bitcoins in June); expanded its fleet of self-mining servers by 6% to 109K and increased its hashrate by 6% to 10.9 EH/s from prior month levels. Daily bitcoins produced at the end of month stood at 42 (vs. 36.9 bitcoins in prior month). During July, the company sold 1,975 bitcoins at an average price of ~$22K/bitcoin for total proceeds of ~$44M; company held 1,205 bitcoins and ~$83M in cash on its balance sheet. Bitcoin production benefitted from the deployment of ~6K net new servers during the month. As of July-end, the company operated ~195K ASIC servers, representing 19.3 EH/s, in its data centers. Currently, the company has multiple facilities operational in Texas, with significant future development planned for Texas and Oklahoma in 2022. The company expects to deploy ~60K additional self-mining ASIC servers before 2022-end; as of July month end, self-mining accounted for ~56% of the company’s total hashrate.Seeking Alpha • Jul 21
Core Scientific signs $100M in committed equity facility for enhancing liquidity
Core Scientific (NASDAQ:CORZ) entered into a $100M common stock purchase agreement with B. Riley Principal Capital II. "We continue to strengthen our balance sheet and streamline our operations as we remain focused on expanding our capacity for self-mining and colocation services," CEO Mike Levitt commented. Core Scientific issued B. Riley 573,381 shares of common stock as consideration for B. Riley’s commitment to purchase Core Scientific common stock under the purchase agreement. Shares trading 1.5% down premarket.Seeking Alpha • Jun 10
Why I'm Very Optimistic On Core Scientific's Future
While taking its lumps like all Bitcoin miners, Core Scientific is positioned well for long-term success. Even under difficult economic conditions, it continues to boost its self-mined Bitcoin count. Most, if not all, existing headwinds appear to be temporal. Economic conditions represent headwinds in the near term.Artículo de análisis • Apr 10
Robust Earnings May Not Tell The Whole Story For Core Scientific (NASDAQ:CORZ)
Despite posting some strong earnings, the market for Core Scientific, Inc.'s ( NASDAQ:CORZ ) stock hasn't moved much...Análisis de la situación financiera
Pasivos a corto plazo: CORZ.Q tiene patrimonio neto negativo. Es una situación más grave que activos a corto plazo que no cubren pasivos a corto plazo.
Pasivo a largo plazo: CORZ.Q tiene patrimonio neto negativo. Esta situación es más grave que el hecho de que los activos a corto plazo no cubran los pasivos a largo plazo.
Historial y análisis de deuda-patrimonio
Nivel de deuda: CORZ.Q tiene patrimonio negativo, una situación más grave que un alto nivel de endeudamiento.
Reducción de la deuda: CORZ.Q tiene patrimonio neto negativo, por lo que no necesitamos comprobar si su deuda se ha reducido con el tiempo.
Hoja de balance
Análisis de cash runway
En el caso de las empresas que de media han sido deficitarias en el pasado, evaluamos si tienen al menos 1 año de cash runway.
Cash runway estable: Aunque no es rentable CORZ.Q tiene suficiente cash runway para más de 3 años si mantiene su actual nivel positivo de flujo de caja libre.
Pronóstico de cash runway: CORZ.Q no es rentable, pero tiene suficiente cash runway para más de 3 años, incluso con un flujo de caja libre positivo que se reduce un 11.1% al año.
Descubre empresas con salud financiera
Análisis de la empresa y estado de los datos financieros
| Datos | Última actualización (huso horario UTC) |
|---|---|
| Análisis de la empresa | 2024/01/24 09:29 |
| Precio de las acciones al final del día | 2024/01/24 00:00 |
| Beneficios | 2023/09/30 |
| Ingresos anuales | 2022/12/31 |
Fuentes de datos
Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.
| Paquete | Datos | Marco temporal | Ejemplo Fuente EE.UU. * |
|---|---|---|---|
| Finanzas de la empresa | 10 años |
| |
| Estimaciones del consenso de analistas | +3 años |
|
|
| Precios de mercado | 30 años |
| |
| Propiedad | 10 años |
| |
| Gestión | 10 años |
| |
| Principales avances | 10 años |
|
* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.
A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.
Modelo de análisis y copo de nieve
Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.
Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.
Métricas industriales y sectoriales
Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.
Fuentes analistas
Core Scientific, Inc. está cubierta por 21 analistas. 2 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.
| Analista | Institución |
|---|---|
| Ramsey El-Assal | Barclays |
| Gautam Chhugani | Bernstein |
| Nicholas Giles | B. Riley Securities, Inc. |