You are currently viewing Core Scientific in ‘substantial doubt’ of continuing without more cash

Bitcoin (BTC) miner Core Scientific has warned of  “substantial doubt” they will be able to continue operations over the next 12 months given financial uncertainty.

In its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Nov. 22, the firm indicated it had accrued a net loss of $434.8 million over the third quarter of 2022.

After net losses of $862 million in the second quarter, its total net losses for 2022 are sitting at $1.71 billion.

The company suggested in order to continue its operations through to November 2023, it will require additional liquidity, adding that it anticipates its cash resources “will be depleted by the of 2022 or sooner.”

“Given the uncertainty regarding the Company’s financial condition, substantial doubt exists about the Company’s ability to continue as a going concern through November 2023.

It said it also had doubts about its ability to raise funds through financing or capital

Keep reading this article on Cointelegraph.com.

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