Business
Core Scientific Announces Fiscal First Quarter 2025 Results
First Quarter 2025 Highlights On track to deliver 250MW of billable capacity to CoreWeave by the end of this year and anticipate entering 2026 with
About this update from Core Scientific, Inc.
[{"type":"text","content":"\nFirst Quarter 2025 Highlights\n\n\nOn track to deliver 250MW of billable capacity to CoreWeave by the end of this year and anticipate entering 2026 with annualized colocation revenue of approximately $360 million.\n\n\nFirst tranche of 8MW of billable capacity at Denton to be delivered to CoreWeave by the end of this month and an additional approximately 40MW by the end of this quarter.\n\n\nEnded the quarter with a strong liquidity position, including $778.6 million in cash and cash equivalents and digital assets, maintaining financial flexibility to execute on strategic organic and inorganic growth opportunities.\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCore Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services and digital asset mining, today announced financial results for the fiscal first quarter of 2025. Net income was $580.7 million, as compared to $210.7 million for the same period in 2024. Total revenue was $79.5 million, as compared to $179.3 million for the same period last year. Operating loss was $42.6 million, as compared to Operating income of $55.2 million for the same period in 2024. Adjusted EBITDA was $(6.1) million, as compared to $88.0 million for the same period in the prior year. First quarter net income of $580.7 million resulted primarily from a net $621.5 million non-cash mark-to-market adjustment in the value of our tranche 1 and tranche 2 warrants and other contingent value rights required as a result of the significant quarter-over-quarter decrease in our share price.\n\n“This quarter marks an inflection point for Core Scientific. In a matter of months, we have transformed vision into execution, delivering infrastructure at scale and positioning ourselves at the center of one of the most important shifts in modern computing. The pace of demand for high-performance data infrastructure is accelerating, and our ability to move with speed and precision is setting us apart. We are not just expanding capacity; we are shaping the foundation for the next era of data center infrastructure,” said Adam Sullivan, Core Scientific’s Chief Executive Officer.\n\nFiscal First Quarter 2025 Financial Results (Compared to Fiscal First Quarter 2024)\n\nTotal revenue for the fiscal first quarter of 2025 was $79.5 million, consisting of $67.2 million in Digital asset self-...