Core Scientific Reports $502M in 2023 Revenue, Down From $640M in 2022

cryptonews.com:

Crypto mining firm Core Scientific has announced a decline in year-on-year revenues in its Q4 2023 results, accompanied by a substantial reduction in net losses. 

According to Core Scientific’s  earnings release on March 12 , the company’s total revenue for 2023 amounted to $502.4 million, marking a decrease of $137.9 million compared to the $640 million achieved in 2022.

The decline in yearly revenue can be attributed to Core Scientific’s exit from the mining rig sales business, as well as the increased global Bitcoin hash rate observed throughout 2023.

In the fourth quarter of 2023, Core Scientific reported a net revenue of $141.9 million, representing an increase of $20.7 million compared to Q4 2022. 

Moreover, the company  demonstrated significant improvement  in yearly net losses, with 2023 recording a net loss of just $246.5 million, compared to a staggering $2.14 billion net loss in 2022. 

In Q4 2023, net losses narrowed to $195.7 million, down from $434.9 million in Q4 2022.

“In 2023, Core Scientific earned more self-mined bitcoin than any other listed miner in North America, positioning us for continued strong performance in 2024 based on current bitcoin prices and operating performance,” said Adam Sullivan, Core Scientific Chief Executive Officer. 

“We own and operate the largest bitcoin mining infrastructure in the industry in terms of operating megawatts, and we have demonstrated superior hash rate utilization.”

Core Scientific was  relisted on the NASDAQ  on January 23 after a bankruptcy crisis and a 13-month restructuring process to address $400 million in debt. 

This debt was primarily caused by declining Bitcoin prices, rising energy costs, and obligations tied to the bankrupt crypto lender,