Core Scientific, Inc.

Greetings, and welcome to the Core Scientific Fourth Quarter Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the following presentation. You may be placed in the question queue at any time by pressing star one on your telephone keypad, and we ask you to please limit yourselves to one question and one follow-up. As a reminder, this conference is being recorded for replay purposes. It's now my pleasure to turn it over to John Charbonneau, Vice President, Investor Relations at Core Scientific. John, please go ahead.

Good afternoon, ladies and gentlemen, and welcome to Core Scientific's fourth quarter fiscal year 2024 earnings call. At this time, all participants are in a listen-only mode. We'll conduct a question and answer session after management's remarks. Please note that on this call, certain information presented contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement other than historical or current facts that predict or indicate future events or trends, forecasts, performance or achievements, and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that may cause actual results to differ materially. For further information on these risks and uncertainties, we encourage you to review the risk factors discussed in the company's annual report on Form 10-K filed with the Securities Exchange Commission and the special note regarding forward-looking statements contained in the company's current report on Form 8-K filed today and the earnings release and slide presentation contained there. Today's presentation is available on our website at corescientific.com in the events and presentation section. The content of this conference call contains information that is accurate only as of today, February 26, 2025. The company undertakes no obligation to update statements made today to reflect events or circumstances occurring after today. Joining me today from Core Scientific are our CEO, Adam Sullivan, and their CFO, Denise Sterling. With that, we will now begin with remarks from Adam.

Good afternoon, and thank you all for joining us today. I'll begin today's call by looking back at our key achievements from the quarter and fiscal year before handing it over to Denise, who will review our financials. I'll then highlight our growth strategy and the meaningful value creation opportunities we see ahead for Core Scientific. We will then take your questions. 2024 was guided by the three growth catalysts we identified on our second quarter earnings call. Contract the remaining HPC hosting capacity, expand infrastructure capacity, and diversify our customer base. Starting with HPC, we began by signing a 16 megawatt agreement with CoreWeave in Austin, which we delivered 30 days ahead of schedule. We then moved quickly to fully contract the original 500 megawatts of HPC capacity through a series of new 12-year agreements with Coreweave. This deal carries a total revenue potential of $8.7 billion over the contract term, equivalent to about $725 million per year once fully online. To put that in perspective, our total revenue in 2024 was just over $500 million, mostly from our Bitcoin mining operations. Securing this landmark HPC contract marks a pivotal step in our evolution into a leading data center business. Next, we made significant progress expanding our HPC infrastructure capacity in 2024 by reallocating resources from our Bitcoin mining operations, enlarging existing sites, and acquiring new sites. As a result, we ended the year with over 1300 megawatts of contracted power. In the fourth quarter, we secure approval to expand gross capacity at our Denton site by nearly 100 megawatts, equating to approximately 70 megawatts of critical IT load. Dallas remains one of the fastest-growing data center markets in the United States, and we believe our Denton facility is on track to host one of the largest GPU supercomputers in North America. Separately, on the last earnings call, we discuss our expansion into Auburn, Alabama, where we signed a lease-to-buy agreement at the Aubex facility. This site currently has 11 megawatts of critical IT load, and we are actively working with Alabama Power to secure a much larger power agreement. Due to power constraints in the nearby Atlanta market and given Auburn's strategic location, this site has the potential to be a major development for the company. We are deferring significant capital deployment until negotiations with prospective customers are finalized, ensuring our investment is optimally aligned with demand. Briefly, on organic customer diversification, while we did not sign another large HPC hosting customer last year, we are in active discussions and remain confident in our ability to diversify our HPC customer base. Shifting to our capital structure, I will let Denise cover the details, but we significantly improved our balance sheet in 2024, which leaves us well positioned to execute on our growth strategy this year and beyond. Finally, I want to take a moment to emphasize how proud I am of the strategic hires we've made across the business last year. We've brought on top tier data center professionals who have a proven track record of successfully executing large scale projects. This has significantly strengthened our leadership and execution capabilities, and we believe this expanded talent pool underscores our commitment to growth and innovation as we continue our evolution into a premier data center provider. With that, I'd like to hand it over to Denise, who will take a deeper dive into our financials. Denise?