Core Scientific, Inc./tx Q1 FY2026 earnings call

• Adam discussed the company's strategy of building a scaled, high-density digital infrastructure platform, having delivered high density capacity at scale across multiple states, closed a $3.3 billion capital raise, and advancing development across multiple sites. - Matt provided updates on operational priorities, including executing CoreWeave dedicated facilities, advancing non-CoreWeave developments like Pecos and Muskogee campuses, and progress on other development sites. - Jim talked about co-location revenue milestone, Bitcoin mining business wind down, SG&A costs, capital formation with $3.3 billion bond financing, and deployment of capital expenditures.

Co-location revenue scaled to cover operating costs and begin expanding margins. Billed for 243 megawatts equating to over $350 million of annualized co-location revenue. Bitcoin mining business is being wound down. Target cash gross profit range for CoreWeave contract increased to 80 - 85% from 75 - 80%.

• Expect to deploy roughly $2 billion of total capital expenditures in 2026. - Plan to have capacity outside of CoreWeave available for delivery starting in early 2027. - Bitcoin mining business is expected to continue winding down over the year with only one or potentially two sites operating by end of year.

• Q: About hyperscaler exclusivity expiration and demand, A: Three hyperscalers immediately engaged after exclusivity expired, and the company is in strong position with active customer conversations. - Q: About dialogue with other hyperscalers and CapEx before lease, A: Relationship with them is not new, and CapEx is put forward to secure labor, trades, etc. for first data haul to full RFS. - Q: About signing contracts and pricing trends, A: Actively engaged, pricing expected to firm up due to labor and equipment inflation. - Q: About behind the meter in Muskogee and redundancy, A: Oklahoma legislation support, potential ownership or partnering with power developer, and consideration of redundancy in behind the meter generation. - Q: About labor side of builds, A: Using large GCs to secure labor and execute development. - Q: About behind the meter air quality and margin profile, A: Technologies are low emissions, need to apply for permits, and margin profile is a true-up of experience. - Q: About marketing to chip makers and neoclouds and execution ahead of contracts, A: Showing entire portfolio to all customers, and executing ahead keeps customers more engaged. - Q: About challenges in leasing and hyperscaler selectivity, A: Hyperscalers are more selective, but the company's experience and built sites give a differentiator.