Core Scientific 3Q Revenue Falls on Decrease in Bitcoin Mined
By Kelly CloonanCore Scientific logged lower revenue in its latest quarter as it mined fewer bitcoin.The data-center infrastructure company on Friday posted a loss of $146.7 million, or 46 cents a share, compared with a loss of $455.3 million, or $1.17 a share, a year earlier. The narrower loss is primarily due to lower remeasurement charges related to outstanding warrants and contingent value rights, the company said.Revenue fell to $81.1 million compared with $95.4 million a year ago. Analysts expected $112.9 million.Digital asset self-mining revenue, which makes up the bulk of the company's topline, declined due to a 55% decrease in bitcoin mined, partially offset by an increase in the average bitcoin price.The company is in the process of being acquired by artificial-intelligence company CoreWeave. The all-stock deal, announced in July, values Core Scientific at about $9 billion. It is expected to close in the fourth quarter.Write to Kelly Cloonan at [email protected]