Core Scientific Inctx
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
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3 — Property, Plant, and Equipment
- PROPERTY, PLANT, AND EQUIPMENT
Property, plant and equipment, net as of March 31, 2025 and December 31, 2024 consist of the following (in thousands):
| March 31, 2025 | December 31, 2024 | Estimated Useful Lives | |
|---|---|---|---|
| Land and improvements1 | $25,151 | $23,667 | 20 years |
| Building and improvements | 256,324 | 256,086 | 10 to 39 years |
| Mining and network equipment | 414,038 | 414,173 | 3 to 5 years |
| Electrical equipment2 | 82,240 | 82,598 | 5 to 15 years |
| Other property, plant and equipment3 | 2,958 | 2,884 | 5 to 7 years |
| Total | 780,711 | 779,408 | |
| Less: accumulated depreciation and amortization4 | 407,184 | 385,922 | |
| Total | 373,527 | 393,486 | |
| Add: Construction in progress | 276,764 | 162,856 | |
| Property, plant and equipment, net | $650,291 | $556,342 |
1 Estimated useful life of improvements. Land is not depreciated.
2 Includes finance lease assets of $8.5 million and $8.5 million at March 31, 2025 and December 31, 2024, respectively.
3 Includes finance lease assets of $0.4 million and $0.4 million at March 31, 2025 and December 31, 2024, respectively.
4 Includes accumulated amortization for assets under finance leases of $3.2 million and $3.0 million at March 31, 2025 and December 31, 2024, respectively.
Depreciation expense, including amortization of finance lease assets, for the three months ended March 31, 2025 and 2024, was $19.5 million and $28.8 million, respectively.
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