Core Scientific, Inc. announced a significant improvement in its fiscal first-quarter financial results for 2024. The company reported a net income of $210 million, marking a turnaround from a net loss during the same period last year. Core Scientific, known for its Bitcoin mining operations, also revealed revenue growth, reaching $210.3 million, exceeding its previous figures.

The company's operating income increased to $55 million, leading to an income margin of 40% compared to $7 million previously. However, the forecast for FY19 anticipates a slight decrease of approximately 6% from FY18. Furthermore, the EBITDA margin reached 40%, amounting to $88.2 million, surpassing the previous $40 million. The company's unemployment rate dropped to 2.7% from the last quarter, reaching an all-time low of 2.4% during the same period.

According to Adam Sullivan, CEO of Core Scientific, the company's strategic shift emphasizes capitalizing on favorable market conditions and emphasizing productivity. Together, the company's operational data centers have a total capacity of 745MW, positioning Core Scientific as a leader in high-performance hosting services, utilizing over 1 billion Watts of computing power with a total capacity of 2 gigawatts.