Core Scientific, a leading Bitcoin mining firm, reported robust financial results for the fourth quarter of 2023 and the full fiscal year. In Q4, revenue increased 17% from the previous year to $141.9 million, which increased digital asset mining. The net loss reduced by $239.2 million compared to Q4 2022. Adjusted EBITDA surged by over 800% to $57.5 million.

For fiscal 2023, revenue was reduced by 22%, which is equivalent to $502.4 million, due to existing equipment sales. However, the net loss was reduced to $246.5 million from $2.15 billion in 2022 due to lower expenses. Adjusted EBITDA was raised to $170 million from $10.7 million.

CEO Adam Sullivan expressed excitement about Core Scientific’s renewed opportunity to show its platform’s value for high-performance computing. The company completed 2024 miner payments, improved hosting profitability, and secured a strategic GPU cloud contract.

“Our growth plan and diversified platform position us well for the upcoming bitcoin halving and beyond,” Sullivan stated.

Also read: Core Scientific Inks $100M+ GPU Deal with CoreWeave