10 Best Performing Small-Cap Stocks in 2024

6. Core Scientific Inc. (NASDAQ:CORZ)

Year-to-Date Performance as of September 23: 262.79%

Market Cap as of September 23: $3.22 billion

Number of Hedge Fund Holders: 53

Core Scientific Inc. (NASDAQ:CORZ) provides digital asset mining services in North America, operating through two segments, Mining and Hosting. It owns and operates large-scale data centers that house mining equipment, providing miners with access to the necessary computing power and energy resources, to support the growth and development of the cryptocurrency industry by offering reliable and efficient mining infrastructure.

The company earns most of its revenue from mining bitcoin and is expanding into high-performance computing, which could generate nearly $6.7 billion in revenue over the next 12 years. Bitcoin mining revenue increased 14% in Q2 due to higher Bitcoin prices and increased mining operations. However, the number of bitcoins earned decreased by 52% due to the Bitcoin halving event and increased competition. Mining costs increased due to depreciation, higher wages, and stock-based compensation.

Core Scientific Inc. (NASDAQ:CORZ) is the first digital asset miner in North America to achieve 100, 250, and 500 megawatts of operating capacity. It announced a contract with CoreWeave to lease a 16-megawatt data center in Austin for high-performance computing (HPC) hosting. This data center was delivered ahead of schedule and began generating revenue in Q2 2024.

Total revenue generated in Q2 2o24 was $141.10 million, which also included the $5.5 million in HPC hosting revenue from the Austin data center. The overall revenue improvement was 11.18% year-over-year. Despite this growth, there was a loss per share of $4.51.

Its strong position in digital infrastructure positions it well for future growth. The status of successfully earning more bitcoin since 2021 than any other public company in North America and its strong industry position ranks it among some of the best-performing small-cap stocks in 2024.