Core Scientific, Inc./tx Q4 FY2025 earnings call

• Adam Sullivan discussed four deliverables: designing at least one new customer, signing new power expansion contract, signing new large land and power agreement, and financing announcement. Progress on Core Week build-out with 350 megawatts energized, close to 200 megawatts billing. • Matt Brown provided construction overview: executed on five AI factories for CoreWeave, including Denton, Texas (130 billable megawatts), Marble, North Carolina (36 billable megawatts), Muskogee, Oklahoma (70 megawatts energized), Dalton, Georgia (30 megawatts energized). Outlined Operation Forward Observer strategy for advanced development and securing long lead equipment. • Jim Nygaard talked about 2025 being transitional, strong balance sheet with $530 million liquidity, opportunistically sold Bitcoin, and addressed historical restatement in 10-K filing.

The majority of revenue continued to come from Bitcoin mining operations. Colocation revenue in 2025 was limited but expected to inflect with additional megawatts billing. As of this week, approximately 350 megawatts of capacity were energized, with close to 200 megawatts currently billing. Dalton, Georgia expanded to 450 megawatts of total gross power capacity, including 120 megawatts of uncommitted leasable customer capacity. Pecos, Texas leaseable customer capacity increased to 200 megawatts and is moving to co-location. Hunt County, Texas site represents approximately 285 megawatts of customer leasable capacity. Pipeline is approximately 1.5 gigawatts of customer leasable capacity.

• Priority for 2026: diversify customer base and execute on Core Reap contract. • Expect co-location revenue to reach inflection point with additional megawatts billing, covering operating costs and driving margin expansion. • Have full range of financing options available, including up to $4 billion against CoreWeave contract at stabilization. • Pipeline of 1.5 gigawatts of customer leasable capacity, with focus on delivery, discipline, growth.

• Forward-looking statements subject to risks and uncertainties from market conditions, evolving GPU operating criteria, and execution challenges in large and complex build-outs. • Historical accounting error identified in 10-K filing related to property, plant, and equipment demolition costs, leading to material weakness noted in filings, but steps taken to strengthen controls.

Q: John Peterson with Jefferies asked about details of deals in discussion, size, locations, and selectivity on tenants.

A: Engaged with large counterparties under exclusivity, excited to advance, pipeline includes existing and new land sites.

Q: Brett Knobloch with Cantor Fitzgerald asked about confidence in signing Hunt County site lease with later power delivery, and pricing environment.

A: Power and ramp schedule matching construction schedule gives confidence, pricing shifting due to equipment and labor costs.

Q: Darren from Roth Capital Partners asked about Hunt County site payment, energization scale, and financing against CoreWeave deal.

A: Details to be announced, energization ramps with construction, $4 billion availability related to contract stabilization.

Q: Nick Giles with B. Reilly Security asked about Hunt County site status and preliminary permits.

A: Substation needed, pre-construction activities and design docs in place.

Q: George Sutton with Craig Callum Capitals Group asked about technology changes in new sites and breadth of funnel with investment-grade guarantees.

A: Teams adapting to technology changes, wide range of counterparties with different guarantee types.

Q: Mike Donovan with CompassPoint asked about megawatts per year confidence and supply chain/labor concerns.

A: Customer-driven, potential to build 500 megawatts in a year with customer and financing alignment.

Q: John Hickman with Ladenburg-Salmon asked about billing delay and megawatts delivered to CoreWeave.

A: 90-day lag between energization and billing, 213 megawatts energized by end of 2025.

Q: Kevin Deedy with HC Wainwright asked about Alabama site and Bitcoin mining.

A: Alabama site for inference and enterprise, Bitcoin mining in runoff, optimizing machine fleet.

Q: John Todaro with Needham & Company asked about NVIDIA backstopping neoclouds and lease rates.

A: Chip manufacturers providing guarantees evolving, lease rates moving with capex and normalization.

Q: Ben Somers from btig asked about urban sites and Kentucky/North Dakota sites.

A: Closer to metro areas have better pricing, Kentucky and North Dakota sites under discussions with counterparties