Bitcoin Miner Core Scientific’s Full-Year Sales Rise to $545M, Beating Estimates

The miner also reiterated its 2022 hashrate expectations.

The largest publicly traded bitcoin (BTC) miner by hashrate, Core Scientific (CORZ), said its fiscal 2021 revenue rose 803% to $544.5 million, beating analyst estimates of $507.1 million, according to FactSet.

  • The miner’s fiscal year adjusted earnings per share (diluted) came in at 32 cents, which may not compare to consensus analyst estimate of 44 cents a share, according to FactSet. The company went public in January through a merger with a special-purpose acquisition company (SPAC), Power & Digital Infrastructure Acquisition.
  • “Across our business we are executing our plans effectively and remain well positioned to continue expanding our capacity and creating shareholder value,” said CEO Mike Levitt in a statement.
  • The miner stuck to its 2022 hashrate guidance to 40 EH/s and 42 EH/s. On March 7, Core said it sees hashrate reaching 40 EH/s-42 EH/s by the end of this year, which will be distributed approximately evenly between its self-mining and hosting segments.
  • Shares rose almost 3% to $8.95 in post-market trading on Tuesday as bitcoin prices rose 1.2%. Core Scientific shares are down about 19% this year.
  • Core Scientific is scheduled to host an earnings call with analysts at 4:30 p.m. ET.

Read more: Bitcoin Miner Core Scientific Has More Than 100% Upside: BTIG

This is a developing story and will be updated.

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