Core Scientific Releases Q4 2023 Results

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Crypto mining company Core Scientific has released its Q4 2023 results, revealing a decrease in year-on-year revenue and a significant reduction in net losses.

As a result, its shares fell 4% in after-hours trading. According to the March 12 earnings report, the company’s total revenue for last year was $502.4 million, down $137.9 million from $640 million in 2022.

This decrease was attributed to the company’s shift away from mining rig sales and an increase in the global Bitcoin hash rate. For the fourth quarter of 2023, net revenue was $141.9 million, an increase of $20.7 million from the same period in 2022.

On an annual basis, there was a significant improvement in net losses, decreasing from $2.14 billion in 2022 to $246.5 million in 2023.

In Q4 2023, net losses narrowed to $195.7 million, compared to $434.9 million in Q4 2022.