Core Scientific Inctx
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from Operating Activities: | ||
| Net income | $580,693 | $210,691 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 19,731 | 28,996 |
| Losses on exchange or disposal of property, plant and equipment | 6 | 3,820 |
| Amortization of operating lease right-of-use assets | 2,676 | 770 |
| Stock-based compensation | 16,185 | (1,060) |
| Digital asset self-mining and shared hosting revenue | (67,441) | (149,959) |
| Proceeds from sale of digital assets generated by self-mining and shared hosting revenues1 | — | 152,810 |
| Change in fair value of digital assets | 10,688 | — |
| Gain from sale of digital assets | — | (543) |
| Change in fair value of energy derivatives | — | (797) |
| Change in fair value of warrant liabilities | (634,280) | (18,390) |
| Change in fair value of contingent value rights | 12,816 | (41,724) |
| Loss on debt extinguishment | — | 50 |
| Amortization of debt discount | 1,732 | 660 |
| Non-cash reorganization items | — | (143,791) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 6 | (106) |
| Prepaid expenses and other current assets | (10,469) | (5,989) |
| Accounts payable | (14,295) | (9,735) |
| Accrued expenses and other | 2,712 | (10,351) |
| Deferred revenue from colocation services | 42,005 | — |
| Deferred revenue from hosted mining services | 734 | (580) |
| Other noncurrent assets and liabilities, net | (4,098) | 7,402 |
| Net cash (used in) provided by operating activities | (40,599) | 22,174 |
| Cash flows from Investing Activities: | ||
| Purchases of property, plant and equipment | (88,422) | (31,894) |
| Purchase of equity investments | (5,000) | — |
| Investments in internally developed software | (36) | (76) |
| Net cash used in investing activities | (93,458) | (31,970) |
| Cash flows from Financing Activities: | ||
| Principal repayments of finance leases | (509) | (3,554) |
| Principal payments on debt | (3,955) | (13,702) |
| Proceeds from exercise of warrants | 266 | — |
| Proceeds from issuance of new common stock | — | 55,000 |
| Proceeds from draw from exit facility | — | 20,000 |
| Restricted stock tax holding obligations | — | (3,390) |
| Proceeds from exercise of stock options | — | 9 |
| Net cash (used in) provided by financing activities | (4,198) | 54,363 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (138,255) | 44,567 |
| Cash, cash equivalents and restricted cash—beginning of period | 836,980 | 69,709 |
| Cash, cash equivalents and restricted cash—end of period | $698,725 | $114,276 |
| Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above: | ||
| Cash and cash equivalents | $697,942 | $98,125 |
| Restricted cash | 783 | 16,151 |
| Total cash, cash equivalents and restricted cash | $698,725 | $114,276 |
Certain prior year amounts have been reclassified for consistency with the current year presentation.
1 Proceeds from digital assets received as noncash revenue consideration liquidated nearly immediately after receipt as a routine operating activity.
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