In its quarterly report filed with the SEC, the company said “substantial doubt” exists about its ability to continue going if it fails to raise liquidity.

Core Scientific’s 10-Q filing now shows no doubt about the company’s struggles, as the company reported a $434.8 million net loss in the third quarter alone. The $862 million in net losses accrued in the second quarter bring the company’s total net losses for the nine months ended Sept. 30 to $1.71 billion.

Throughout the year, the company generated only $519 million in revenue. It reported $162.5 million in revenue for the third quarter.

Core Scientific claims that the losses it accrued were a result of rising electricity costs and a rapidly declining price of Bitcoin. The majority of the company’s revenue from hosting came from two customers — one accounted for 46% of its revenue in 2022, while the other accounted for 19%.

(by Andjela Radmilac)