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- **CoreWeave Execution**: 350 MW energized, 200 MW billing, surpassing halfway mark of 590 MW commitment. 2025 saw 213 MW energized, with Q4 acceleration.
- **New Site Momentum**: 1.5 GW pipeline includes 500 MW under exclusivity with an investment-grade counterparty. Hunt County, TX site (285 MW) nearing close.
- **Financial Strength**: $530M liquidity, $4B financing available against CoreWeave contract. Colocation revenue to cover costs in 2026.
- **Customer Strategy**: Focused on hyperscalers and neoclouds with investment-grade guarantees, balancing risk and growth.
- **Construction Scale**: Delivered 185 MW in 2025, with 590 MW CoreWeave on track for full delivery by 2027.


**【CEO Summary Section】**
- **CoreWeave Contract Progress**: 350 MW energized, 200 MW billing, surpassing the halfway mark of the 590 MW commitment. 2025 saw 213 MW energized, with significant acceleration in Q4 2025.
- **New Site Developments**: 
  - **Dalton, GA**: Expanded to 450 MW total power, including 120 MW uncommitted capacity. Phase 2 (145 MW) under construction, targeting 2027 delivery.
  - **Hunt County, TX**: 285 MW leasable capacity site nearing close, with ERCOT approval and clear interconnection path.
  - **Pecos, TX**: Converted from Bitcoin mining to colocation, targeting 185 MW delivery by early 2027.
- **Pipeline Strength**: 1.5 GW of customer leasable capacity in pipeline, with 500 MW under exclusivity with an investment-grade counterparty.
- **Customer Strategy**: Focused on hyperscalers and neoclouds with investment-grade guarantees, balancing risk and growth.

**【COO Construction Update】**
- **Texas Expansion**: 
  - **Denton, TX**: 130 MW operational, supporting 50k Grace Blackwell GPUs. Full campus completion by mid-2026.
  - **Marble, NC**: 65 MW fully energized, supporting 15k Grace Blackwell GPUs.
- **Georgia Growth**: 
  - **Dalton Phase 1**: 30 MW fully energized, targeting Q2 2026 delivery.
  - **Dalton Phase 2**: 145 MW under construction, targeting early 2027 delivery.
- **Forward Observer Strategy**: Progressing 600 MW of new sites (Hunt, Pecos, Dalton Phase 3) through predevelopment, ensuring RFS alignment with customer timelines.
- **Execution Engine**: Delivered 185 MW of billable capacity in 2025, with 590 MW CoreWeave commitment on track for full delivery by 2027.

**【CFO Financial Update】**
- **Balance Sheet**: $530M liquidity as of Q4 2025, with $175M realized from Bitcoin sales in January 2026, reducing holdings below 1,000 BTC.
- **Colocation Transition**: Colocation revenue expected to cover operating costs in 2026, driving margin expansion.
- **Financing Options**: 
  - **CoreWeave Backing**: Up to $4B available against stabilized 590 MW contract, with 60%-85% advance rates on build costs.
  - **Project Finance**: Utilizing site-specific financing for new developments, leveraging customer credit quality.
- **Historical Restatement**: Corrected 2024 PPE accounting error, with no impact on revenue, EBITDA, or cash flow.

**【Q&A Highlights】**
- **Customer Pipeline**: 500 MW under exclusivity with an investment-grade counterparty, targeting near-term signings.
- **Hunt County Site**: Confirmed not impacted by ERCOT regulatory changes, with clear utility schedule aligning with construction.
- **Leasing Economics**: Pricing reflecting higher equipment and labor costs, with 2026 signings expected to reflect current market rates.
- **Bitcoin Mining**: Transitioning to runoff mode, optimizing fleet to meet minimum power draw requirements.
- **Supply Chain**: Secured long-lead equipment for pipeline sites, locking in 2026 construction economics.


Core Scientific, Inc. (CORZ) Q4 2025 Earnings Call Transcript

- **CoreWeave Milestones**: 250MW delivered by end-2025, full 590MW by early 2027, all CapEx funded by CoreWeave.
- **Enterprise Growth**: 50-100MW pipeline deals with large enterprises, faster close times than hyperscalers.
- **Financial Strength**: $780M liquidity, 4x net debt/EBITDA target, hedged Bitcoin exposure.
- **Construction Confidence**: Denton facility on track, 8MW delivered this month, 40MW by Q2-end.
- **Expansion Ambitions**: 300MW+ organic growth by 2027, 400MW+ new sites in pipeline.


**【CEO Strategic Overview】**
- Core Scientific is positioned as the only pure-play high-density co-location provider, capitalizing on AI-driven infrastructure demand.
- 250MW of billable capacity for CoreWeave expected by end-2025, with full 590MW delivery by early 2027, all funded by CoreWeave.
- Diversifying customer base with enterprise pipeline of 50-100MW deals, targeting <50% CoreWeave dependency by 2028.
- Denton facility on track to deliver 8MW this month, 40MW by Q2-end, with full 260MW buildout by 2027.

**【CFO Financial Highlights】**
- Q1 2025 revenue: $79.5M (down 16% QoQ), adj. EBITDA: -$6.1M.
- $780M liquidity (cash + Bitcoin), with 4x net debt/EBITDA target consistent with peers.
- CoreWeave funding 50%+ of CapEx, minimizing balance sheet leverage.
- Bitcoin holdings hedged to manage downside risk, with 1,200 BTC as of April 2025.

**【Construction Progress】**
- Denton, TX: 600+ contractors, 187K man-hours logged, 30 miles of conduit installed.
- 2025 CapEx: $90M+ funded by CoreWeave, with $104M expansion for 70MW.
- New sites in evaluation for 400MW+ expansion by 2027.

**【Key Q&A Takeaways】**
- **Customer Risk Mitigation**: CoreWeave contract includes shared execution risk, no third-party guarantees needed.
- **Enterprise vs. Hyperscale**: Enterprise deals close faster (weeks vs. months), with higher return profiles.
- **Tariff Impact**: Minimal disruption due to locked-in 2025 equipment contracts.
- **M&A Strategy**: Targeting high-density, GPU-optimized assets with strategic fit.


Core Scientific, Inc. (CORZ) Q1 2025 Earnings Call Transcript

- **$10B CoreWeave Deal**: Expanded HPC contract to 590MW, with $1.2B new revenue over 12 years.
- **Customer Diversification**: Targeting <50% CoreWeave dependency by 2028 via 700MW new capacity.
- **Balance Sheet Power**: $830M cash, 0% interest convertible notes, and debt reduction to fuel growth.
- **2025 HPC Delivery**: 250MW on track, with full 590MW deployment by early 2027.
- **Strategic Expansion**: 400MW greenfield pipeline and M&A for stabilized assets to reduce concentration risk.

**【CEO Summary Section】**
- **Landmark HPC Contract Expansion**: Signed a 70-megawatt expansion with CoreWeave at Denton, adding $1.2 billion in contracted revenue over 12 years. Total contracted value with CoreWeave now exceeds $10 billion, covering 590 megawatts of critical IT load.
- **Customer Diversification Goal**: Aiming for CoreWeave to represent <50% of critical IT load by 2028, with active discussions with hyperscalers and enterprises.
- **Capacity Expansion Plans**: Targeting 300 megawatts of organic growth by 2027 and 400 megawatts via greenfield developments, including potential M&A for stabilized assets.
- **Operational Efficiency**: Achieved a 250-megawatt HPC delivery target for 2025, with full 590-megawatt deployment by early 2027.

**【CFO Financial Commentary】**
- **Q4 2024 Financials**: Total revenue $94.9M (down 33% YoY), adjusted EBITDA $13.3M. HPC hosting revenue $8.5M, 16.5MW critical IT load.
- **Cost Optimization**: Fleet-wide power rate $0.037/kWh (Q4), beating 2024 target of $0.042-$0.044/kWh. Non-GAAP cash gross margin for HPC 16%.
- **Balance Sheet Strength**: $830M cash post-December convertible note offering. Debt reduced by $270M through restructuring, with interest rates slashed to 3%.

**【Q&A Key Insights】**
- **Contract Delays**: 40MW building pushed to 2026 due to supply chain and permitting challenges, but 2025 delivery schedule remains intact.
- **Alabama Auburn Site**: Securing power agreements with Alabama Power; site could add 400+ MW over three years, contingent on customer contracts.
- **Customer Scrutiny**: Heightened due diligence from hyperscalers, but Core Scientific's proven track record and secured power agreements give competitive edge.
- **Pricing Trends**: Stabilizing in 2025, with premium pricing for low-latency, metro-proximate sites.
- **Capital Allocation**: Prioritizing HPC expansion; no Bitcoin mining fleet refresh until 2025 H2 ASICs arrive.

Actual				-0.51	-4.51	-1.5565	-0.6	1.25	-0.04	0.42
Forecast				0.065	0.0085	-0.0932	-0.089	-0.1168	-0.0719	-0.1636
Surprise	0.00%	0.00%	0.00%	-884.62%	-53158.82%	-1570.06%	-574.16%	+1170.21%	+44.37%	+356.72%

Actual	--	--	--	141.93M	141.10M	95.35M	94.92M	79.53M	78.63M	79.76M
Forecast	--	--	--	136.40M	128.58M	99.01M	98.85M	86.20M	83.83M	119.02M
Surprise	0.00%	0.00%	0.00%	+4.06%	+9.74%	-3.69%	-3.97%	-7.74%	-6.20%	-32.98%

CORZ

CORZ fundamentals

CORZ Q4 2025 Earnings

Earnings Call

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CORZ

CORZ fundamentals

CORZ Q4 2025 Earnings

Earnings Call

CORZ Earnings Call Summary for Q4/20254:30 PM on Mar 2, 2026

CORZ Earnings Call Summary for Q2/2025 Mar 24, 2026

CORZ Earnings Call Summary for Q1/20254:30 PM on May 7, 2025

CORZ Earnings Call Summary for Q4/20244:30 PM on Feb 26, 2025

CORZ Earnings Call Summary for Q3/20244:30 PM on Nov 6, 2024

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