Slides
Page 1
First Quarter2025 Earnings PresentationAdam Sullivan, CEOJim Nygaard, CFOMatt Brown, COOMay 7, 2025
Page 2
2 FORWARD-LOOKING STATEMENTSThis presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale, grow its business and execute on its growth plans and hosting contracts, source energy at reasonable rates, the advantages, expected growth, and anticipated future revenue of the Company, and the Company’s ability to source and retain talent. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to earn digital assets profitably and to attract customers for our high density colocation capabilities; our ability to perform under our existing colocation agreements, our ability to maintain our competitive position in our existing operating segments, the impact of increases in total network hash rate; our ability to raise additional capital to continue our expansion efforts or other operations; our need for significant electric power and the limited availability of power resources; the potential failure in our critical systems, facilities or services we provide; the physical risks and regulatory changes relating to climate change; potential significant changes to the method of validating blockchain transactions; our vulnerability to physical security breaches, which could disrupt our operations; a potential slowdown in market and economic conditions, particularly those impacting high density computing, the blockchain industry and the blockchain hosting market; price volatility of digital assets and bitcoin in particular; potential changes in the interpretive positions of the SEC or its staff with respect to digital asset mining firms; the likelihood that U.S. federal and state legislatures and regulatory agencies will enact laws and regulations to regulate digital assets and digital asset intermediaries; changing expectations with respect to ESG policies; the effectiveness of our compliance and risk management methods; the adequacy of our sources of recovery if the digital assets held by us are lost, stolen or destroyed due to third-party digital asset services; Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law.NON-GAAP FINANCIAL MEASURESThis presentation also contains non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and adjusted earnings (loss) per diluted share. The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses certain of these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses and for budgeting and planning purposes. The Company urges investors not to rely on any single financial measure to evaluate its business.
Page 3
3 High-density colocation contracts deliver compelling economics and structurally higher margins compared to the mining businessSales pipeline continues to expand and includes a healthy mix of hyperscale and non-hyperscale customersStrong balance sheet provides financial flexibility to execute on strategic organic and inorganic growth opportunitiesExperienced leadership team includes over 150 years building data center infrastructure12-year contracts with CoreWeave provide >$10 Billion in recurring revenue12345 Key investment highlights
Page 4
4 Our mission is to power the future of the accelerated compute era
Page 5
552017 - Core Scientific was founded- Purchased first data center in Marble, NC2018 -Began bitcoin mining (Marble, NC & Dalton, GA) 2019 - Opened Calvert City, KY data center- Achieved 100 MW operating BTCcapacity- Began hosting CoreWeave GPUs 2021-2023 - Opened Grand Forks, ND data center (2021) as well asPecos and Denton, TX data centers (2022) - Achieved 500 MW operating capacity by 2022- Achieved highest public company bitcoin production in 2021-2023 2024 February: Leased Austin, TX site and signed first CoreWeave colocation1contract for 16 MW of billable capacity March: Delivered 16 MW of billable capacity to CoreWeave >30 days ahead of schedule 2024: Signed a total of ~500 MW of colocation1contracts with anticipated potential revenue of $8.7 Billion over 12-year contracts 2025 February: Signed incremental 70 MW of billable capacity, bringing total potential revenue to >$10 Billion over 12-year contracts Evolution of the next generation data center platformSuccessful transformation from bitcoin mining to leading high-density colocation provider 1. Refers to high-density colocation
Page 6
Expanding our portfolio of powered digital infrastructureContracted power on a gross capacity basis1Grand Forks, NDColocation under development ~100 MWMuskogee, OKCoreWeave ~100 MWPecos, TX ~250 MWAustin, TXCoreWeave~20 MW Denton, TXCoreWeave ~400 MWMarble, NCCoreWeave~100 MW Dalton, GACoreWeave ~200 MWAuburn, ALColocation under development~20 MW 1All figures are as of 3/31/25 Calvert City, KY~150 MWAtlantaDallas6
Page 7
7 Leveraging our experience, talent and asset portfolio to strategically grow the high-density colocation business Focused on deals that can broaden customer base and strengthen development capabilitiesEvaluating sites in the right location with ability to secure power at the right costCurrently in discussion with multiple potential customers~16 MW Alabama Colocation Data Center400 MWof potential additional power available at new sitesStrategic M&A>$10 Billion1in potential revenue over 12-year contracts~590 MW Contracted with CoreWeavePursuing additional power at existing sites for existing or new customers~300 MWof additional power available at existing sites1Does not include power pass-throughPathway to 1.3 GW+ of Billable Power Capacity by 2027Core Scientific is building one of the largest public data center platformsin the United States
Page 8
8 250 MW delivered+ ~95 MW~155 MW delivered+ ~90 MWQ4Q3Q2Q1 ~17 MW deliveredAustin, TX ~65 MW delivered+~40 MW Denton ~25 MW delivered+8 MW Denton On track to deliver 250 MW by the end of 2025 … Expect to deliver 8 MW of billable capacity at Denton this month and an additional 40 MW by the end of the second quarter
Page 9
9 Estimated contracted high-density colocation MW by SiteDelivery Plan TargetSite~20 MWAustin, TX~260 MWDenton, TX~175 MWDalton, GA~70 MWMuskogee, OK~65 MWMarble, NC~590 MWTotalCumulative infrastructure delivery timeline … And a total of ~590 MW by early 2027 2026250 MW~590 MW~20 MW2025
Page 10
1. Represents the estimated average annual revenue over the 12-year contract periods; Austin, Texas contract term is a 7-year period.2. Expenses include facilities operations, repairs & maintenance, security, FTEs, insurance, property taxes, etc.3. Austin, Texas contract term is 7 years with elective extensions. 4. Up to $1.5 Million per MW (or approximately $750 Million) of data center build out costs are funded by CoreWeave and credited against hosting payments at no more than 50% of monthly fees until fully repaid. The balance of modification costs relate to items purchased directly by CoreWeave and contributed for use in the facility. For the additional 70 MW expansion, Core Scientific is responsible for funding $104 Million of capex ($1.5M per MW) for the powered core and shell with no capex credit associated with this new agreement. ~$850 Millionavg. annual run raterevenue1Over $10 BillionIn revenue potential over contracts’ term~590 MWinfrastructure (~800 MW gross)Client paysfor capex4, power and utilities12-yearcontracts with two 5-year options375% to 80%anticipated profit margin2 2025 CoreWeavetransaction summary 10
Page 11
11 Pass Through and Variable ServiceSite Revenue and Billing Commencement 1Pay Vendors for Assets and ServicesCustomer Contract ExecutedPower, Utilities and Variable Svs. Rev.Available for Use and Ready for ServicePay Vendors for Assets and ServicesExecute Order Form•Power and utilities costs incurred•Direct pass-through of power cost to Customer•Revenue recorded for variable services requested by client (remote hands)•Timing of GAAP revenue recognition may differ from cash received•Contract Revenue recognized on a straight-line basis •Cost of revenue recorded for Colocation operating costs•Prepaid base license fee (50%)•Project designs, specifications, and development plans completed•Purchase orders completed and invoices presented to Customer for funding, including any cost increases (e.g., tariffs)•Cash received from Customer used to pay vendor invoices•Contract executed for 10 MW of billable capacity•12-year term•Base license fee includes an annual escalator•$1.5M/MW represents prepaid base license fee funded by CustomerFinancial Statement Impact•Revenue and Cost of Revenue grossed-up for power cost pass through, with no mark up•Revenue and related costs recorded for variable services rendered•Available for UseoLicense fee revenue begins (recognized on a straight-line basis); no cash received•Ready for Service oGross base license fees beginoPrepaid base license fee applied to cash billing at 50% until fully appliedoCash received equals gross base license fee less prepaid base license fee•CIP placed into service as Property Plant and Equipment when ready for service•Cost of Revenue recorded, including facilities ops., D&A, etc.•Cash flows are revenue net of amortization of deferred revenue – prepaid license fee and receivable for revenue recognized in excess of billings•Fixed assets recorded to Construction in Progress (“CIP”) ($1.5M/MW)•Deferred Revenue recorded for Prepaid License Fees•Core investing cash outflow (CAPEX) funded by operating cash inflow (Prepaid License Fees)•No Income Statement impact•No vendor payments made prior to receiving cash from Customer•No net cash impact•No financial statement impact on execution1Revenue commencement is expected to begin before billing commencement and may not occur in the same period due to GAAP rules and availability to install assets. 12 3 4A closer look at theCoreWeave Colocation contracts
Page 12
1212 Contract Detail Key Contract Features Take-or-payCustomer is committed to paying for contracted capacity, regardless of utilizationContract typeNo ability to unilaterally terminate the contractAbility to terminate Fixed pricePrice is set upfront, including an annual escalator regardless of actual project costsCostJoint execution riskBoth parties aligned on meeting key milestonesExecution riskUCC filingsWe have liens on the data center assetsSecurity interest$104 Million for 70 MW Total Core Scientific cash capex spend CoreWeavecontract detail 12
Page 13
13•Denton•Construction Progress Mid-December 2024 –began conversion from Bitcoin miningMay 2025 –current state The Denton conversion continues to gain momentum
Page 14
14 Matt BrownChief Operations Officer Rob HeplerHead of Data Center Operations Matt TyndallHead of Site Development Trip GuinanVP of Site DevelopmentChip ScaglioneVP of Site DevelopmentKelsey GallagherVP of Site DevelopmentJP BalajadiaSR Dir of Site DevelopmentJon GibbsSR Dir of Site Development Data center team with 150+ years of combined expertise
Page 15
15 Q1 2025 Revenue Mix(In Millions)Revenue by Segment84%5%11%Self-MiningHostingColocation$150 $67 $29 $4 $9 Q1 2024 Q1 2025ColocationHostingSelf-MiningGross Margin by Segment46%32%0%9%46%5%Self-Mining Hosting ColocationQ1 2024Q1 2025Diversified business poised for growth
Page 16
16298 98 17 17 3 42 28 502 Sharecount @ May 1, 2025Tranche 1 WarrantsTranche 2 WarrantsRestricted Stock and Performance Based UnitsOther Reserve SharesAugust 2024Convertible Note December 2024 Convertible NoteTotal Pro Forma Diluted Share Count11Represents the remaining 3.3 Million (originally ~4.8 Million) shares and warrants reserved for distribution to holders of Allowed Claims and Existing Common Interests (as defined in the Company’s Plan of Reorganization). Please refer to the Debtor’s Fourth Amended Joint Chapter 11 Plan of Reorganization of Core Scientific, Inc. dated January 15, 2024, included as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated January 23, 2024. Pro forma share count –March 31, 2025Number of shares in millions ~204M Shares
Page 17
CORE SCIENTIFIC172025catalystsDiversify our customer baseExecute on existing CoreWeave contractExpand colocation capacity through organic growth and M&A activity123
Page 18
18 Appendix
Page 19
19 TotalFinancing LeasesInfrastructure and ConstructionMiner Equipment 0% Convertible Note3% ConvertibleNoteInstrument-Various~ 5% - 5.5%0% Cash /15% Effective0% Cash3% CashInterest Rate$1,124 $ 2$ 34$ 3$ 625 $ 460 December 31, 2024(5) (1) (3) (1) --Additions and (Paydown)$ 1,119 $ 1$ 31$ 2$ 625 $ 460 March 31, 2025Note: The two recently issued convertible were recorded entirely as debt at par, less issuance costs. No allocation of value was made to an embedded derivative nor to paid in capital. Issuance costs will be amortized over the term of the notes as part of interest expense. Debt Summary – March 31, 2025($ Millions)
Page 20
20 $1,124 $ - $ -$(1)$(3)$(1)$1,119 December 31, 2024 3% Convertible Note 0% Convertible Note Miner Equipment Infrastructure & ConstructionFinance Leases March 31, 2025-$2 $34 $3$625 $460 $1,124 $1,119$1$31 $2$625 $460 For December 31, 2024, amount represents Notes Payable current ($16.3M) and non-current ($1,074.0M), Finance Lease Liabilities current ($1.7M), & unamortized discount and debt issuance costs ($31.8M)For March 31, 2025, amount represents Notes Payable current ($16.2M) and non-current ($1,071.8M), Finance Lease Liabilities current ($1.2M), & unamortized discount and debt issuance costs ($30.0M) Total Debt QoQ – March 31, 2025(in Millions) ($5M)
Page 21
21 Summary of New Senior Unsecured Convertible NotesDescriptionTermsDecember Convertible NoteAugust Convertible Note•$625 Million•$460 MillionPrincipal•0% cash interest•3% cash interestInterest Rate•None•Semi-annually in arrears: March 1stand September 1stInterest Payments•June 15, 2031•September 1, 2029Maturity•42.5% Conversion Premium•Stock Price = $15.7844•Conversion Price = $22.49 / Share•Conversion ratio – initial conversion rate of 44.4587 shares per $1,000 in principal•Underlying shares = 27,786,688•30% Conversion Premium•Stock Price = $8.46•Conversion Price = $11.00 / Share•Conversion ratio – initial conversion rate of 90.9256 shares per $1,000 in principal•Underlying shares = 41,825,776Conversion Rate•After March 31, 2025, noteholders may convert if price per share exceeds 130% of the conversion price ($29.237 / share) for at least 20 non-consecutive trading days during the 30 consecutive trading days ending on, and including, the last trading day of the preceding quarter•The company has the right to settle conversion in cash, common stock or a combination of both•Noteholders may require the Company to repurchase their Notes on December 15, 2027, at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid special and additional interest•After December 31, 2024, noteholders may convert if price per share exceeds 130% of the conversion price ($14.30 / share) for at least 20 non-consecutive trading days during the 30 consecutive trading days ending on, and including, the last trading day of the preceding quarter•The company has the right to settle conversion in cash, common stock or a combination of bothConversion Terms•On or after June 22, 2028, Company has the right to redeem any portion of the Notes if: (i) the price per share exceeds 130% of the conversion price ($29.237 / share) for 20 non-consecutive trading days and (ii) the Company cannot redeem less than all Notes unless at least $100 Million in principal remains outstanding after the Redemption•On or after September 7, 2027, Company has the right to redeem any portion of the Notes if: (i) the price per share exceeds 130% of the conversion price ($14.30 / share) for 20 non-consecutive trading days and (ii) the Company cannot redeem less than all Notes unless at least $100 million in principal remains outstanding after the RedemptionCompany call feature•None, except change of control•None, except change of controlCovenants
Page 22
221Represents our direct, cash costs of power and facilities operations divided by total bitcoin self-mined in 2025 Q1 of 719 future changes in power cost, operational cost or self-mining/hosting mix could change the cash cost to mine2Represents our direct, cash costs of power and facilities operations divided by our self-mining fleet hash rate, in terahash, per day3Includes personnel and related costs, software, telecommunications, security, etc. Excludes stock-based compensation and depreciation First Quarter 2025 Cash Cost Per Bitcoin1First Quarter 2025 Cash Cost Per Bitcoin1$42,178$42,178First Quarter 2025 Cash-Based Hash Cost2First Quarter 2025 Cash-Based Hash Cost22.4¢2.4¢$14,449$14,4490.8¢0.8¢$56,627$56,6273.2¢3.2¢Direct Power Cost Direct Power Cost Operational Cost3Operational Cost3Total Direct Cash Cost Total Direct Cash Cost 22 Cash Cost to self-mine a bitcoin in first quarter
Page 23
23 Three Months Ended March 31,20242025Cash Costs per Bitcoin$ 15,925$ 42,178Direct power cost per bitcoin self-mined2,92814,449Operational costs per bitcoin self-mined1 $ 18,853$ 56,627Total cost to self-mine one bitcoin2Cash-Based Hash Cost3 $ 0.028$ 0.024Direct power cost per terahash, per day0.0050.008Operational costs per terahash, per day1 $ 0.033$ 0.032Total cash-based hash cost3 Cash cost to mine bitcoin: three months ended March 31, 2025 1Includes personnel and related costs, software, telecommunications, security, etc. Amount excludes stock-based compensation and depreciation.2Represents our direct cash costs of power and operational costs based on our self-mining/hosting mix divided by total bitcoin self-mined during the periods presented.3Represents the cash expense of power and facilities operation cost divided by our self-mining fleet hash rate, in terahash, per day.
Page 24
24 Period over Period ChangeThree Months Ended March 31,PercentageDollar20242025(in thousands, except percentages)Revenue: (55)%$ (82,780)$ 149,959$ 67,179Digital asset self-mining revenue(87)%(25,559)29,3323,773Digital asset hosted mining revenue from customers100%8,573—8,573Colocation revenue(56)%(99,766)179,29179,525Total revenueCost of revenue:(25)%(20,394)81,56461,170Cost of digital asset self-mining(90)%(18,045)20,0812,036Cost of digital asset hosted mining services100%8,106—8,106Cost of Colocation services(30)%(30,333)101,64571,312Total cost of revenue(89)%(69,433)77,6468,213Gross profit100%10,688—10,688Change in fair value of digital assets100%543(543)—Gain from sales of digital assets(100)%(2,218)2,218—Change in fair value of energy derivatives(100)%(3,814)3,8206Losses on exchange or disposal of property, plant and equipment137%23,19116,92440,115Selling, general and administrative(177)%(97,823)55,227(42,596)Operating (loss) incomeNon-operating expenses (income), net:(100)%(50)50—Loss on debt extinguishment(116)%(16,274)14,087(2,187)Interest (income) expense, net100%111,439(111,439)—Reorganization items, net(934)%(561,350)(60,114)(621,464)Change in fair value of warrants and contingent value rights(91)%(1,589)1,746157Other non-operating expense, net(301)%(467,824)(155,670)(623,494)Total non-operating income, net175%370,001210,897580,898Income before income taxes— %(1)206205Income tax expense176%$ 370,002$ 210,691$ 580,693Net income Consolidated Statement Of Operations: Three Months Ended March 31, 2025
Page 25
25 Adjusted EBITDAReconciliation - Three Months Ended March 31, 2025Three Months Ended March 31,20242025($ Millions)$ 210.7$ 580.7Net income14.1(2.2)Interest (income) expense, net0.20.2Income tax expense$ 225.0$ 578.7Earnings Before Interest and Taxes (EBIT)29.019.7Depreciation and amortization$ 254.0$ 598.4Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)Adjustments:(1.1)16.2Stock-based compensation expense(0.8)—Unrealized fair value adjustment on energy derivatives3.8—Losses on exchange or disposal of property, plant and equipment1.70.6Post-emergence bankruptcy advisory costs0.1—Loss on debt extinguishment(111.4)—Reorganization items, net(60.1)(621.5)Change in fair value of warrants and contingent value rights1.70.2Other non-operating expenses (income), net0.1—Other$ 88.0$ (6.1) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)$ 0.38$ (0.02)Adjusted EPS – Basic1 $ 0.31$ (0.02)Adjusted EPS – Diluted11For the three months ended March 31, 2025, weighted average shares of approximately 315M used in basic and diluted EPS. For the three months ended March 31, 2024, weighted average shares of approximately 231M used in basic EPS and 282M for diluted EPS.
Page 26
26 Three Months Ended March 31,20242025(in thousands, except percentages)Digital Asset Self-Mining Segment$ 149,959$ 67,179Digital asset self-mining revenueCost of digital asset self-mining:44,98330,319Power fees27,47819,259Depreciation expense4,6807,335Employee compensation2,9503,280Facility operations expense1,473977Other segment items81,56461,170Total cost of digital asset self-mining$ 68,395$ 6,009Digital Asset Self-Mining gross profit46%9%Digital Asset Self-Mining gross marginDigital Asset Hosted Mining Segment$ 29,332$ 3,773Digital asset hosted mining revenue from customersCost of digital asset hosted mining services:13,4941,367Power fees1,270145Depreciation expense1,404332Employee compensation885148Facility operations expense3,02844Other segment items20,0812,036Total cost of digital asset hosted mining services$ 9,251$ 1,737Digital Asset Hosted Mining gross profit32%46%Digital Asset Hosted Mining gross margin Segment Reporting - Three Months Ended March 31, 2025
Page 27
27 Three Months Ended March 31,20242025(in thousands, except percentages)Colocation SegmentColocation revenue:$ —$ 5,995License fees—(8)Maintenance and other—5,987Licensing revenues—2,586Power fees passed through to customer$ —$ 8,573Total Colocation revenueCost of Colocation services:—67Depreciation expense—1,295Employee compensation—3,852Facility operations expense—306Other segment items—5,520Cost of licensing revenues—2,586Power fees passed through to customer—8,106Total cost of Colocation services$ —$ 467Colocation gross profit— %8%Colocation licensing gross margin— %5%Colocation gross marginConsolidated$ 179,291$ 79,525Consolidated total revenue$ 101,645$ 71,312Consolidated cost of revenue$ 77,646$ 8,213Consolidated gross profit43%10%Consolidated gross margin Segment Reporting - Three Months Ended March 31, 2025
Page 28
28 Balance Sheet: As of March 31, 2025Total Assets($ Thousands)December 31, 2024March 31, 2025(Unaudited)AssetsCurrent Assets:$ 836,197$ 697,942Cash and cash equivalents783783Restricted cash1,0251,018Accounts receivable23,89380,646Digital assets42,06452,789Prepaid expenses and other current assets903,962833,178Total Current Assets556,342650,291Property, plant and equipment, net114,472111,203Operating lease right-of-use assets24,03930,699Other noncurrent assets$ 1,598,815$ 1,625,371Total Assets
Page 29
29 ($ Thousands)December 31, 2024March 31, 2025(Unaudited)Liabilities and Stockholders’ DeficitCurrent Liabilities: $ 19,265$ 6,328Accounts payable69,23095,492Accrued expenses and other current liabilities18,13460,872Deferred revenue9,9749,982Operating lease liabilities, current portion1,6691,161Finance lease liabilities, current portion16,29016,214Notes payable, current portion —5,461Contingent value rights, current portion134,562195,510Total Current Liabilities97,84394,953Operating lease liabilities, net of current portion1,073,9901,071,843Convertible and other notes payable, net of current portion 4,27211,628Contingent value rights, net of current portion1,097,285421,902Warrant liabilities11,04311,042Other noncurrent liabilities2,418,9951,806,878Total LiabilitiesStockholders’ Deficit:——Preferred stock; $0.00001 par value; 2,000,000 shs. authorized at Mar. 31, 2025 and Dec. 31, 2024, respectively; none issued and outstanding at Mar. 31, 2025 and Dec. 31, 202433Common stock; $0.00001 and $0.0000 par value at March 31, 2025 and December 31, 2024, respectively; 10,000,000 shares authorized at March 31, 2025 and December 31, 2024; 299,087 and 292,606 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively2,915,0352,973,015Additional paid-in capital(3,735,218)(3,154,525)Accumulated deficit(820,180)(181,507)Total Stockholders’ Deficit$ 1,598,815$ 1,625,371Total Liabilities and Stockholders’ Deficit Balance Sheet: As of March 31, 2025Total Liabilities and Stockholders’ Deficit
Page 30
30 Three Months Ended March 31,20242025($ Thousands)Cash flows from Operating Activities:$ 210,691$ 580,693Net income(169,158)(637,887)Adjustments to reconcile net loss to net cash provided by operating activities(19,359)16,595Changes in operating assets and liabilities22,174(40,599)Net cash (used in) provided by operating activitiesCash flows from Investing Activities:(31,894)(88,422)Purchases of property, plant and equipment—(5,000)Purchase of equity investments(76)(36)Investments in internally developed software(31,970)(93,458)Net cash used in investing activitiesCash flows from Financing Activities:(3,554)(509)Principal repayments of finance leases(13,702)(3,955)Principal payments on debt—266Proceeds from exercise of warrants55,000—Proceeds from issuance of new common stock20,000—Proceeds from draw from exit facility(3,390)—Restricted stock tax holding obligations9—Proceeds from exercise of stock options54,363(4,198)Net cash (used in) provided by financing activities44,567(138,255)Net increase in cash, cash equivalents and restricted cash69,709836,980Cash, cash equivalents and restricted cash—beginning of period$ 114,276$ 698,725Cash, cash equivalents and restricted cash—end of period Condensed Consolidated Stmt. Of Cash Flows: Three Months Ended March 31, 2025