CORZZ

Diversifying Customer Base

• Strong, sustained demand for high-density infrastructure across the board, with a sales pipeline expanding including large enterprise and hyperscale customers. Target to have Core represent less than 50% of billable capacity by end of 2028.

Executing on CoreWeave Contracts

• Made significant progress advancing the build-out of 570 megawatts of total billable capacity for CoreWeave. Denton facility is a cornerstone, expecting first tranche 8 megawatts this month and additional 40 megawatts by end of quarter. Aim to deliver 250 megawatts by end of 2025 and 590 megawatts by early 2027. CoreWeave contract is take-or-pay fixed price, with CoreWeave funding virtually all CapEx.

Expanding Data Center Capacity

• Confident in adding ~300 megawatts of billable capacity across existing sites by end of 2027. Targeting additional 400 megawatts of buildable capacity through new site development over next three years. Focus on locations with right power and customer demand. Considering strategic M&A for expansions aligning with core competencies.

Long-Term Goals

• Target to have Core represent less than 50% of billable capacity by end of 2028.

Construction Milestones

• Aim to deliver 250 megawatts to CoreWeave by end of 2025 and 590 megawatts by early 2027.

Agreements

• Expect remaining installments of the Block agreement for 3-nanometer chips during 2025 and early 2026.

Total revenue for the quarter was $79.5 million, down 16% sequentially, and adjusted EBITDA was negative $6.1 million. The sequential revenue decline was primarily driven by mining disconnections and relocations as the company continues converting sites to support high-density colocation. The company earned 719 Bitcoin in the first quarter compared to 974 in the fourth quarter. It ended the quarter with a fleet of approximately 156,000 self-mining units, and the self-mining energized hash rate averaged 18.1x hash during the period.

Forward-Looking Risks

• Forward-looking statements subject to risks and uncertainties including market conditions, tariffs, and execution challenges in meeting milestones and contract obligations.

Q: Given other quarterly lease comps, wondered if there's credit enhancements built into leases like guarantee from CoreWeave’s end customer or step-in rights in default.

A: Adam Sullivan said would have to discuss directly with CoreWeave but values CoreWeave contracts highly as commercial counterparty.

Q: Provide more color on colocation initial CapEx and potential plans for North Dakota remaining 100 megawatts.

A: Matt Brown said Grand Forks site is preparing for ultimate build-out and expansion, acquiring 70 acres of land adjacent to existing site to tap into power infrastructure for high-density co-location facility.

Q: Positive on large enterprise opportunity vs hyperscalers, what changed where conversations ramped up?

A: Adam Sullivan said large enterprise channel built over past six months as large enterprises develop AI use cases and determine needs; pipeline has demand from 50-100 megawatt customers.

Q: Reiterating construction timeline and monthly updates on construction, what project milestones to look for?

A: Matt Brown said updates will provide color on ready for service dates, commissioning, handover dates, and key milestones at other sites besides Denton.