Core Scientific, Inc.

Greetings. Welcome to the Core Scientific Fiscal First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, John Charbonneau, SVP Investor Relations. Please go ahead, sir.

Great, thank you. Good afternoon and welcome to Core Scientific's first quarter 2026 earnings call. Before we begin, I need to remind you the statements made on this call, other than historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations. Words such as anticipates, estimates, expects, intends, and believes, and similar words and expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ substantially. For further information on these risks and uncertainties, we encourage you to review the risk factors discussed in the company's reports on Form 10-Q and 8-K filed today with the SEC and the press release and slide presentation contained therein. The forward-looking statements we make today speak as of today, and we do not undertake any obligation to update any such statement to reflect events or circumstances occurring after today. Today's presentation is available on our website, investors.corescientific.com. The content of this conference call contains information that is accurate as of today, May 6, 2026. Joining me today from Core Scientific are our CEO, Adam Sullivan, Chief Operating Officer, Matt Brown, and Chief Financial Officer, Jim Nygaard. We will conduct a question and answer session after management's remarks. We will now begin with remarks from Adam.

Good afternoon, everyone. Thank you for joining us. platform designed to support the most demanding compute workloads in the market. Over the past year, we've translated that strategy into execution, delivering high density capacity at scale across multiple states. Those sites were an important starting point, but our first customer was never Core Scientific's full story. Delivering these initial sites enhances our operating credibility and provides a significant capital foundation we need to scale meaningfully from here. We have shown clearly our ability to deliver at scale. Across five sites, we are now developing one of the largest multi-site AI infrastructure build outs in the market. We are now earning revenue on approximately 245 megawatts with another 200 megawatts expected to be earning revenue in the coming months. Our execution, combined with the favorable structure of our CoreWeave contracts, has enabled our next phase of growth. Today, we closed on a $3.3 billion capital raise supported by that contract, with the proceeds to be used for future growth and the development of projects for other customers. The fact that we have five facilities fully leased and financed by our tenant is a meaningful differentiator. We have the ability to push the next phase of development in a disciplined way by securing the land, labor, and equipment to protect timelines and accelerate delivery. As these new projects are leased, we expect opportunities for further financing to continue the cycle of our forward development go-to-market strategy. Our next phase of development has already begun, and late last year, we committed existing cash on hand to purchase equipment for our other existing sites. With the new secured financing, we are now accelerating development activity across multiple sites, including Pecos, Muskogee, Hunt, Dalton Phase 3, and Auburn. This positions us differently in the market. We are not waiting for deal negotiations to conclude before advancing sites. With capital in place, we can move early, bringing RFS timelines within the 12 to 14-month timeframe that customers are actively trying to solve for. We are also scaling our campuses in a repeatable way. Today, we announced a path to approximately 1.5 gigawatts at Muskogee, closely following a similar plan at Pecos. A key enabler of that scale is power strategy. Customers are increasingly focused on solutions beyond existing grid capacity, including behind the meter options. We are proactively positioning our sites to support those needs, including efforts to secure natural gas infrastructure where appropriate to enable future expansion. Pecos is a clear example. We are actively converting the site from Bitcoin mining to high-density co-location with construction already underway and a pathway to RFS within 12 months. Muskogee is another. We see a path to 1.5 gigawatts of gross power supported by grid expansion, the Polaris acquisition, and behind the meter solutions. And we expect to deliver additional data center capacity outside of our current contract in late 2027. Stepping back, we are executing a repeatable model. Secure strategic sites, invest ahead of contracts where appropriate, and create assets that are increasingly compelling as they approach readiness. That brings me to our commercial progress. We are engaging customers from a position of strength. Because development is already underway, our timelines are not dependent on contract timing, an important distinction in this market. As we previously discussed, we are engaged in an exclusivity process with a hyperscaler across Pecos and Muskogee. That exclusivity is now expired. However, three hyperscalers immediately engaged on those same sites and we are now in active discussions. This reinforced both the strategic value of these assets and the depth of demand for large scale, high density capacity. It also informed how we approach exclusivity going forward. While it likely remains a necessary part of some deal negotiations, it must also include clear milestones. In a market like this, we will not keep high-value assets off the market longer than necessary. More broadly, our conversations with potential customers have increased significantly since the beginning of the year. Hyperscalers remain our primary focus, and we are also seeing growing engagement from chip makers, AI labs, and NeoCloud providers. These emerging customer segments represent meaningful opportunity, though they often require additional credit support. We are actively working with customers and financing partners on structures that can support long-term financeable commitments. Stepping back, our position is clear. We are building a scaled, high-density digital infrastructure platform with a diversified site portfolio. We are deploying capital to secure timelines and accelerate delivery. We are also seeing strong customer demand. Based on our execution, capital position, and commercial momentum, we are confident in our ability to continue expanding and creating long-term value for our customers and our shareholders. With that, I'll turn the call over to Matt Brown to provide more details on our operations and development progress. Matt?