Leading Bitcoin mining company Core Scientific released strong financial figures for the 2023 fourth quarter and entire fiscal year. Revenue reached $141.9 million in Q4 of last year, up 17% from the previous year, leading to a rise in digital asset mining. When compared to Q4 2022, the net loss decreased by $239.2 million. At $57.5 million, adjusted EBITDA increased by more than 800%.
Sales of current equipment caused a 22% decrease in revenue, or $502.4 million, for the fiscal year 2023. However, because of fewer expenses, the net loss was $246.5 million as opposed to $2.15 billion in 2022. The amount of adjusted EBITDA increased from $10.7 million to $170 million.
Adam Sullivan, the CEO, expressed enthusiasm for Core Scientific’s chance to demonstrate the worth of their platform for high-performance computing. In addition to increasing hosting profitability and completing 2024 miner payments, the company has signed a strategic GPU cloud deal.
“We are well-positioned for the upcoming bitcoin halving and beyond thanks to our growth plan and diversified platform,” Sullivan said.
Core Scientific Announces Fourth Quarterly and Full Fiscal Year 2023 Results
Core Scientific reports strong Q4 2023 results, including a 17% increase in sales, a decrease in net loss, and an 800% increase in adjusted EBITDA.
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