Core Scientific disclosed favorable financial results for the first quarter after emerging from bankruptcy. The total revenue for this period stood at $179.3 million, showcasing an impressive $58.6 million increase from the same quarter in 2023. Net income also experienced significant growth, amounting to $210.7 million compared to a net loss of $0.4 million in the previous year's first quarter.

The company attributed the rise in net income to gains of $143.8 million from fulfilling financial obligations and reducing Chapter 11 financing expenses. The surge in mining revenue was fueled by higher Bitcoin prices and expanded mining capacity, with the company reporting a 20% increase in self-mining hash rate.

Hosting revenue exceeded costs reaching $9.3 million, with a gross margin of 32% compared to the previous year's $6.4 million and 28% gross margin. A boost in hosting revenue was credited to acquiring new digital asset mining clients. Operating expenses for the quarter decreased to $16.9 million from $24.2 million in the same period last year.

Core Scientific claimed the highest number of mined Bitcoins among publicly listed miners in North America for that quarter, amounting to 2,825 Bitcoin tokens. The company's infrastructure generated a hash rate of 25.5 EH/s with approximately 745 megawatts, split between self-mining and hosting operations.

CEO Adam Sullivan emphasized the company's strategic position to seize opportunities in power and infrastructure needed for high-performance computing. Core Scientific plans to purchase equipment post-Bitcoin halving to leverage improved pricing dynamics.

Sullivan noted that they plan to make miner purchases at the right time to benefit from improved pricing post-halving. The company is already seeing this strategy in action with post-purchase pricing lower than pre-purchase prices.