Miner Core Scientific posts $804.9 million net loss in Q2

Bitcoin mining company Core Scientific has reported its financial results for the second quarter of fiscal year 2024. The net loss was $804.9 million, compared to a net loss of $9.3 million for the same period in 2023. Total revenue was $141.1 million compared to $126.9 million in the same period last year. Operating income was $6.6 million compared to $9.5 million for the same period in 2023. Adjusted EBITDA was $46.0 million compared to $45.0 million in the same period last year. The loss was primarily due to a net $796 million non-cash adjustment to the market value of warrants and other contingent value rights liabilities as a result of the significant increase in equity value from quarter to quarter.