AUSTIN, Texas, March 29, 2022–(BUSINESS WIRE)–Core Scientific, Inc. (NASDAQ: CORZ), a leader in high-performance, net carbon neutral blockchain infrastructure and software solutions, reported its consolidated financial results for the fiscal year ended December 31, 2021.
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Fiscal Year 2021 Financial Highlights (Compared to Fiscal Year 2020)
- Total revenue increased by 803% to $544.5 million
- Gross profit increased by 2,443% to $238.9 million
- Net Income increased to $47.3 million
- Adjusted EBITDA1 increased by 3,849% to $238.9 million
- Self-mining operations increased BTC production 350% to 5,769 BTC2
- 5,296 BTC held at year end
- Total hashrate of 13.5 EH/s consisting of 6.6 EH/s self-mining and 6.9 EH/s hosting
“Our team produced strong results in 2021, highlighted by revenue of $544.5 million, net income of $47.3 million and adjusted EBITDA of $238.9 million,” said Mike Levitt, Core Scientific Chief Executive Officer. “Our total hashrate increased from less than 3.0 EH/s at year end 2020 to 13.5 EH/s at year end 2021. This market-leading growth generated over 5,700 self-mined bitcoins in 2021. In the first two months of 2022 our total hashrate grew to 15.9 EH/s and we self-mined over 2,000 bitcoins. Across our business we are executing our plans effectively and remain well positioned to continue expanding our capacity and creating shareholder value.”
FISCAL YEAR 2021 FULL YEAR FINANCIAL RESULTS
Total revenue increased by $484.2 million or 803%, to $544.5 million in 2021 from $60.3 million in 2020.
Total hosting revenue increased by $37.7 million, or 91%, to $79.3 million in 2021 from $41.6 million in 2020. The increase was driven by the execution of new customer hosting contracts for miners deployed during the year ended December 31, 2021.