Reporting · technology
Core Scientific reports third-quarter colocation revenue of $215.4 million
Core Scientific posted higher colocation revenue and a large net income gain in its third quarter, with adjusted EBITDA more than tripling.
Quick take
- Core Scientific's colocation revenue reached $215.4 million in the third quarter, up from $136.7 million in the prior period.
- Adjusted EBITDA rose to $133.6 million from $41.1 million, while capital expenditure hit $985.1 million.
- Its first colocation agreement is nearing full delivery, and capacity under a second agreement is being built across five campuses.
NewsBTC reported that third-quarter colocation revenue for Core Scientific totaled $215.4 million, compared with $136.7 million in the second quarter. The company's November 5 earnings release put total quarterly revenue at $232.9 million.
The release also gave the year-earlier colocation figure as $15 million, and the comparison shows a sharp increase. As of September 30, Core Scientific was billing 485 megawatts of capacity, and the company said its average annualised colocation GAAP revenue was above $700 million. The capacity figure reflects its position at the end of the third quarter.
Net income came in at about $1.18 billion, a result the company tied to a change in the fair value of warrants. Adjusted EBITDA reached $133.6 million, up from $41.1 million in the prior quarter, while capital expenditure totaled $985.1 million.
Looking ahead, the company said its first colocation contract is close to being fully delivered, while work on a second contract involves building capacity spread across five campuses.
Sources
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