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Core Scientific Might Not Make It Past November 2023 After Revealing $1.7B in Losses

1 min read Original Link

In its quarterly report filed with the SEC, the company said “substantial doubt” exists about its ability to continue going if it fails to raise liquidity.

Core Scientific’s 10-Q filing now shows no doubt about the company’s struggles, as the company reported a $434.8 million net loss in the third quarter alone. The $862 million in net losses accrued in the second quarter bring the company’s total net losses for the nine months ended Sept. 30 to $1.71 billion.

Throughout the year, the company generated only $519 million in revenue. It reported $162.5 million in revenue for the third quarter.

Core Scientific claims that the losses it accrued were a result of rising electricity costs and a rapidly declining price of Bitcoin. The majority of the company’s revenue from hosting came from two customers — one accounted for 46% of its revenue in 2022, while the other accounted for 19%.

(by Andjela Radmilac)

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