Core Scientific, Inc.

Greetings and welcome to the Core Scientific Fiscal Second 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 would now like to turn the conference over to your host, John Charbonneau, SVP of Investor Relations. Please go ahead.

Good morning and welcome to Core Scientific's second quarter 2026 earnings call. Before we begin, I need to remind you that 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, expects, intends, believes, and similar words and expressions are intended to identify forward-looking statements. These statements are subject to risk 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 Securities and Exchange Commission 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 at investors.corescientific.com. The content of this conference call contains information that is accurate only as of today, July 28, 2026. Joining me today from Core Scientific are our CEO, Adam Sullivan, our Chief Financial Officer, Jim Nygaard, and our Chief Operating Officer, Matt Brown. We will conduct a question and answer session after management's remarks. We will now begin with remarks from Adam.

Good morning, everyone, and thank you for joining us. This morning, we announced a commercial partnership with AMD for up to 2.5 gigawatts of data center capacity, a clear validation of our deliberate strategy to begin development and construction across multiple locations before customer contracts were in place. Beyond their scale, contracted value, and long-term growth potential, The agreements underlying this relationship reflect the strength of the company we've built, the discipline and conviction behind our approach, and the significant opportunity still out of us. Throughout this process, our priority has been to form the right relationships that recognize the value of our portfolio. The most valuable arrangements in this market are not one-off transactions. They are the ones with the potential for significant expansion over time. and our agreement with CoreWeave began as a 16 megawatt lease at our Austin campus in 2024 and has since expanded to 590 megawatts of total contracted capacity. That progression is important and our partnership announcement today with AMD reflects this potential. The initial agreement represents more than $14 billion of base contracted revenue across the 15 year agreements with 2.5% annual escalators. For Scientific will deliver 530 megawatts across five sites, which is one of the largest single deals announced among our peers. With this announcement, we will have two customers that have each committed to over 500 megawatts each across five campuses. Approximately 380 megawatts will be delivered directly to AMD under a triple net lease across Pecos, Hunt, and Muskogee. The remaining approximately 150 megawatts across Auburn and Dalton will support a neocloud through a modified gross lease for which AMD will provide full credit support throughout the full 15-year lease term. Through this initial agreement, Dalton and Auburn will be fully leased. Importantly, the long-term opportunity at the remaining campuses extend well beyond the capacity included in these agreements. As we previously disclosed, both Pecos and Muskogee have the potential to support up to one gigawatt of leaseable capacity through a combination of additional grid-connected power and behind-the-meter solutions. Notably, the credit support agreements do not include any equity step-in rights like those included in certain other transactions announced in the market, protecting our equity investment in these projects. As a sign of this partnership, we have issued a warrant to AMD with a strike price reflecting current market levels investing subject to certain commercial conditions. The structure with AMD provides meaningful potential long-term revenue, durable contracted cash flows, greater customer diversification, and substantial utilization of our leaseable campus portfolio. The initial 530 megawatts of contracted capacity represents only the first phase of what we believe can become a much larger strategic relationship. AMD, at specific times and under specific conditions, has the exclusive reservation right to lease as much as two additional gigawatts. We believe we can make this power available to AMD through a combination of incremental grid connected power Capacity progressing through load studies and behind the meter solutions across Pecos, Hunt, and Muskogee. This structure positions us to grow alongside AMD as its infrastructure requirements continue to expand over time. Our decision to provide AMD with expansion options across our portfolio reflects both our confidence in its position within the AI ecosystem and our belief in the long-term growth potential of the relationship. AMD is building significant momentum in a rapidly expanding market as hyperscalers, AI labs, cloud providers, and enterprise customers increasingly adopt its advanced computing platforms, making it a highly attractive and strategic counterparty for Core Scientific. The scale and structure of the relationship are important, but AMD's decision to work with Core Scientific also reflects confidence in our ability to deliver. Discipline explains why we continue to seek only the right commercial agreement. Execution explains why we want it. AMD had the opportunity to evaluate not only the quality of our power and real estate portfolio, but also our demonstrated ability to develop and operate highly complex AI infrastructure across multiple campuses. Over the last year, we have shown that we can move from contract execution to construction, energization, and revenue generation at significant scale. That experience is also enabling us to collaborate closely with AMD on co-design initiatives shaping the future of our campuses to drive greater efficiency and speed across their GPU and CPU products. Our execution capability is not theoretical. Today, we are pleased to announce we are ahead of schedule and currently billing for 437 megawatts of capacity. Tangible evidence of our ability to move from signed agreements to delivered operational infrastructure. We believe this distinction will become increasingly important as the market shifts from evaluating companies primarily on the deals they announced to also assessing their ability to execute. Value is not announced. It is delivered. Delivering hundreds of megawatts of high density infrastructure requires far more than access to power. It requires an integrated development and operating platform capable of designing, building, and operating complex infrastructure reliably and consistently at scale. We've built those capabilities and they position us to deliver against our existing commitments while continuing to establish and expand our capacity agreements with leading companies across the AI ecosystem. The agreements announced today materially increase the scale and diversification of our contracted portfolio. Core Scientific now has approximately 1.1 gigawatts of total contracted billable capacity, representing more than $24 billion of base contracted revenue. Just as important, we achieve this growth without compromising the principles that have guided our strategy. We have remained disciplined in how we value our power, allocate our campuses, assess customer credit, and evaluate the risk-adjusted returns of each opportunity. The result is a stronger, more diversified platform with greater revenue visibility, substantial embedded growth opportunities, and contracts with some of the most important companies in the EAI ecosystem. Our focus now is clear. Finish the 150 megawatts remaining in the core we'd build out. successfully build and deliver the capacity we use today, position ourselves to expand our existing customers over time, and continue growing our site portfolio for additional new customers. Over the past year, our priority has been converting existing power capacity from Bitcoin mining to high density collocation. As we enter the next phase of our growth, we will complement that strategy by expanding our power portfolio through the selective acquisition of powered land and the development of new sites. Our acquisition in Hunt County, Texas earlier this year is an example of how we are beginning to build this next generation of capacity. We have now identified a new site pipeline of more than two gigawatts of potential incremental power with initial capacity potentially available from late 2028 through 2030. This pipeline meaningfully expands our opportunity set, and we will apply the same disciplined approach to advancing these projects that has guided the development of our existing platforms. We believe the late 2028 to 2030 timelines are well aligned with our construction schedules. Over the next several years, our primary focus will remain on executing against our contracted commitments in advancing the broader pathway towards 2.5 gigawatts with AMD. This longer dated pipeline provides additional runway for growth beyond that opportunity. Our position is unique and we continue to have the balance sheet and operating experience to invest ahead of customer demand when the economics are compelling. The strategy we have outlined is a repeatable model that will guide our growth. Secure power early, invest with discipline, deliver capacity at scale, and expand successful customer relationships. Today's AMD announcement is an important validation of the strategy we have pursued, but it is also a foundation for what comes next. We remain confident in the opportunity ahead and in our ability to continue building one of the most valuable infrastructure platforms serving the growth of AI. Before turning the call over to Matt, I'd like to thank the entire core scientific team. Their expertise, commitment, and collective effort have brought us to this important inflection point and positioned us to continue delivering for our customers and shareholders. I cannot be more excited about the next phase of Core Scientific and the opportunity that is ahead of us. With that, I will turn the call over to our Chief Operating Officer, Matt Brown, to discuss operations. Matt? Thank you, Adam.