Key Points
- North American bitcoin miner Core Scientific reported a Q1 net income of $210.7 million.
- The company self-mined 2,825 bitcoin, valued at over $175 million, during this period.
After emerging from bankruptcy and resuming trade on the Nasdaq, Core Scientific, a North American bitcoin miner, has seen a significant financial turnaround in the first quarter of the year.
The company reported a net income of $210.7 million, a stark contrast to the $400,000 loss reported in the same period last year. The income for this quarter included a gain on extinguishment of prior obligations amounting to $143.8 million.
Bitcoin Mining and Revenue
Core Scientific reported that it self-mined 2,825 bitcoin, which is valued at over $175 million at current prices. This is a significant increase from the previous year when the company, despite dealing with bankruptcy, mined 19,274 bitcoin, currently valued at about $1.2 billion.
CEO Adam Sullivan stated that the company had achieved excellent results in the first quarter, earning more bitcoin than any other publicly traded bitcoin miner. The company also strengthened its balance sheet by reducing debt and improving its cash position.
Financial Performance
In addition to its net income, Core Scientific also reported total revenue of $179.3 million, a significant increase from the $120.7 million reported for the same period in 2023. The company also reported an adjusted EBITDA of $88 million.
Despite closing the day higher by nearly 3% at $3.48 a share, Core Scientific’s stock was down about 1.7% in after-hours trading.
