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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-40046
Core Scientific, Inc.
(Exact name of registrant as specified in its charter)
Delaware
86-1243837
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
210 Barton Springs Road
Suite 300
Austin, Texas
(Address of Principal Executive Offices)
78704
(Zip Code)
(512) 402-5233
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.0001 per share
CORZ
The Nasdaq Global Select Market
Warrants, exercisable for shares of common stock
CORZW
The Nasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
Common Stock, par value $0.0001 per share
Shares Outstanding as of November 14, 2022
374,527,988


Table of Contents
TABLE OF CONTENTS
Page
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Table of Contents
Part I - Financial Information
Item 1. Financial Statements
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Table of Contents
Core Scientific, Inc.
Consolidated Balance Sheets
(in thousands, except par value)
September 30,
2022
December 31,
2021
Assets(Unaudited)
Current Assets:
Cash and cash equivalents$29,546 $117,871 
Restricted cash8,098 13,807 
Accounts receivable, net of allowance of $5,943 and $, respectively
2,176 1,382 
Accounts receivable from related parties895 300 
Deposits for equipment97,678 358,791 
Digital assets19,663 234,298 
Prepaid expenses and other current assets55,515 30,111 
Total Current Assets213,571 756,560 
Property, plant and equipment, net1,156,369 597,304 
Goodwill 1,055,760 
Intangible assets, net1,400 8,195 
Other noncurrent assets32,661 21,045 
Total Assets$1,404,001 $2,438,864 
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity
Current Liabilities:
Accounts payable$43,613 $11,617 
Accrued expenses and other102,213 67,862 
Deferred revenue80,268 63,417 
Deferred revenue from related parties6,981 72,945 
Derivative warrant liabilities5,287  
Finance lease liabilities, current portion73,045 28,452 
Notes payable, current portion (includes $682,831 and $ at fair value)
977,600 75,996 
Total Current Liabilities1,289,007 320,289 
Finance lease liabilities, net of current portion 62,145 
Notes payable, net of current portion (includes $ and $557,007 at fair value)
 652,213 
Other noncurrent liabilities41,967 18,531 
Total Liabilities1,330,974 1,053,178 
Contingently redeemable convertible preferred stock; $0.0001 par value; 2,000,000 shares authorized; and 10,826 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively; $ and $45,164 total liquidation preference at September 30, 2022 and December 31, 2021, respectively
 44,476 
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Common stock; $0.0001 par value; 10,000,000 shares authorized at both September 30, 2022 and December 31, 2021; 364,710 and 271,576 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
36 27 
Additional paid-in capital1,739,282 1,379,581 
Accumulated deficit(1,738,903)(27,432)
Accumulated other comprehensive income (loss)72,612 (10,966)
Total Stockholders’ Equity73,027 1,341,210 
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity$1,404,001 $2,438,864 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue:
Hosting revenue from customers$35,731 $17,585 $94,407 $37,836 
Hosting revenue from related parties
9,185 2,903 22,659 13,906 
Equipment sales to customers
7,468 23,879 11,391 84,378 
Equipment sales to related parties
29,693 11,654 67,269 29,057 
Digital asset mining revenue
80,495 57,118 323,337 77,511 
Total revenue
162,572 113,139 519,063 242,688 
Cost of revenue:
Cost of hosting services44,975 19,577 119,850 48,956 
Cost of equipment sales27,917 24,997 63,993 82,328 
Cost of digital asset mining116,756 10,141 279,576 13,909 
Total cost of revenue
189,648 54,715 463,419 145,193 
Gross (loss) profit
(27,076)58,424 55,644 97,495 
Loss on legal settlement
 (2,603) (2,603)
Gain from sales of digital assets
11,036 391 25,007 405 
Impairment of digital assets(7,986)(12,552)(212,184)(12,552)
Impairment of goodwill and other intangibles(268,512) (1,059,265) 
Impairment of property, plant and equipment(59,259) (59,259) 
Losses on exchange or disposal of property, plant and equipment  (13,057)(17)
Operating expenses:
Research and development
6,192 1,586 24,305 4,231 
Sales and marketing
39 932 11,675 2,186 
General and administrative
43,346 36,358 174,380 46,975 
Total operating expenses
49,577 38,876 210,360 53,392 
Operating (loss) income
(401,374)4,784 (1,473,474)29,336 
Non-operating expenses, net:
Loss on debt extinguishment
   8,016 
Interest expense, net
25,942 13,569 74,734 26,550 
Fair value adjustment on convertible notes(4,123)8,663 186,853 8,663 
Fair value adjustment on derivative warrant liabilities(521) (32,985) 
Other non-operating expenses (income), net
1,478 (4)4,997 (2)
Total non-operating expenses, net
22,776 22,228 233,599 43,227 
Loss before income taxes
(424,150)(17,444)(1,707,073)(13,891)
Income tax expense (benefit)
10,642 (815)4,398 (697)
Net loss
$(434,792)$(16,629)$(1,711,471)$(13,194)
Net loss per share (Note 14):
Basic
$(1.23)$(0.07)$(5.38)$(0.07)
Diluted
$(1.23)$(0.07)$(5.38)$(0.07)
Weighted average shares outstanding:
Basic
354,195 236,951 318,169 184,790 
Diluted
354,195 236,951 318,169 184,790 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net loss
$(434,792)$(16,629)$(1,711,471)$(13,194)
Other comprehensive income (loss), net of income taxes:
Change in fair value attributable to instrument-specific credit risk of convertible notes measured at fair value under the fair value option, net of tax effect of $, $, $ and $
47,832 (8,552)83,578 (8,552)
Total other comprehensive income (loss), net of income taxes
47,832 (8,552)83,578 (8,552)
Comprehensive loss
$(386,960)$(25,181)$(1,627,893)$(21,746)
See accompanying notes to unaudited consolidated financial statements.


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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Changes in Contingently Redeemable Convertible Preferred Stock and Stockholders’ Equity
(in thousands)
(Unaudited)
Contingently Redeemable
Convertible Preferred
Stock
Common StockAdditional
Paid-In Capital
Accumulated
Deficit
Accumulated Other Comprehensive IncomeTotal
Stockholders’
Equity
SharesAmountSharesAmount
Balance at June 30, 2022  353,481 35 1,695,748 (1,304,111)24,780 416,452 
Net loss— — — — — (434,792)— (434,792)
Other comprehensive income— — — — — — 47,832 47,832 
Stock-based compensation— — — — 29,884 — — 29,884 
Issuance of common stock - restricted stock and restricted stock units, net of shares withheld for tax withholding obligations— — 4,897  (2,349)— — (2,349)
Restricted stock awards cancelled upon forfeiture— — (2,268)— — — — — 
Issuances of common stock - equity line of credit— — 7,315 1 13,039 — — 13,040 
Issuances of common stock - financing transaction fees— — 1,285  2,960 — — 2,960 
Balance at September 30, 2022  364,710 36 1,739,282 (1,738,903)72,612 73,027 
Balance at December 31, 202110,826 44,476 271,576 27 1,379,581 (27,432)(10,966)1,341,210 
Net loss— — — — — (1,711,471)— (1,711,471)
Other comprehensive income— — — — — — 83,578 83,578 
Stock-based compensation— — — — 165,949 — — 165,949 
Issuance of common stock - employee stock options— — 1,321 — 3,846 — — 3,846 
Issuance of common stock - restricted stock and restricted stock units, net of shares withheld for tax withholding obligations— — 39,099 4 (31,630)— — (31,626)
Restricted stock awards cancelled upon forfeiture— — (2,268)— — — — — 
Issuance of common stock - exercise of convertible notes— — 197 — 1,574 — — 1,574 
Issuance of common stock - exercise of warrants— — 3,001  — — —  
Issuances of common stock - equity line of credit— — 7,315 1 13,039 — — 13,040 
Conversion of contingently redeemable preferred stock to common stock(10,826)(44,476)10,826 1 44,475 — — 44,476 
Issuances of common stock - Merger with XPDI— — 30,778 3 163,456 — — 163,459 
Issuances of common stock - financing transaction fees— — 1,285  2,960 — — 2,960 
Issuances of common stock - vendor settlement— — 1,580 — 12,674 — — 12,674 
Costs attributable to issuance of common stock and equity instruments - Merger with XPDI— — — — (16,642)— — (16,642)
Balance at September 30, 2022  364,710 36 1,739,282 (1,738,903)72,612 73,027 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Changes in Contingently Redeemable Convertible Preferred Stock and Stockholders’ Equity
(in thousands)
(Unaudited)

 Contingently Redeemable
Convertible Preferred
Stock
Common StockAdditional
Paid-In Capital
Accumulated
Deficit
Accumulated Other Comprehensive LossTotal
Stockholders’
Equity
 SharesAmountSharesAmount
Balance at June 30, 202110,826 44,476 157,826 16 167,172 (71,309)— 95,879 
Net loss— — — — — (16,629)— (16,629)
Other comprehensive loss— — — — — — (8,552)(8,552)
Stock-based compensation— — (40)— 28,288 — — 28,288 
Issuances of common stock - business combination— — 115,508 1 1,189,906 — — 1,189,907 
Balance at September 30, 2021
10,826 44,476 273,334 17 1,385,366 (87,938)(8,552)1,288,893 
Balance at December 31, 2020
6,766 $44,476 98,607 $1 $163,967 $(74,744)$— $89,224 
Retroactive application of the recapitalization4,060 — 59,179 15 (15)— —  
Balance at December 31, 2020, as adjusted10,826 44,476 157,786 16 163,952 (74,744)— 89,224 
Net loss— — — — — (13,194)— (13,194)
Other comprehensive loss— — — — — — (8,552)(8,552)
Stock-based compensation— —  — 31,012 — — 31,012 
Issuances of common stock - business combination— — 115,508 1 1,189,906 — — 1,189,907 
Issuances of common stock - warrants and options— — 40 — 496 — — 496 
Balance at September 30, 2021
10,826 44,476 273,334 17 1,385,366 (87,938)(8,552)1,288,893 
See accompanying notes to unaudited consolidated financial statements.
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Table of Contents
Core Scientific, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended September 30,
20222021
Cash flows from Operating Activities:
Net loss
$(1,711,471)$(13,194)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization156,544 12,886 
Amortization of operating lease right-of-use assets424 — 
Stock-based compensation166,548 31,012 
Digital asset mining revenue(323,337)(77,511)
Deferred income taxes3,434 3,604 
Loss on legal settlement
 2,603 
Gain on sale of intangible assets(5,904) 
Loss on debt extinguishment
 8,016 
Fair value adjustment on derivative warrant liabilities(32,985) 
Fair value adjustment on convertible notes210,968 15,937 
Fair value adjustment on other liabilities9,498  
Equity line of credit expenses1,431  
Amortization of debt discount and debt issuance costs6,172 1,024 
Losses on exchange or disposal of property, plant and equipment
13,057 17 
Impairment of digital assets212,184 12,552 
Impairment of goodwill, other intangibles and property, plant and equipment1,118,524  
Provision for doubtful accounts5,943  
Changes in working capital components:
Accounts receivable, net(6,737)(6,641)
Accounts receivable from related parties(595)55 
Digital assets325,787 27,316 
Deposits for equipment for sales to customers(66,932)(414,771)
Prepaid expenses and other current assets53,832