Business
Core Scientific Announces Fiscal Third Quarter 2025 Results
AUSTIN, Texas--(BUSINESS WIRE)-- Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services and digital
About this update from Core Scientific, Inc.
[{"type":"text","content":" 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 third quarter of 2025.\n\n\nFiscal Third Quarter 2025 Financial Results\n\n\n\nTotal revenue was $81.1 million compared to $95.4 million in the third quarter of 2024.\n\n\nDigital asset self-mining revenue was $57.4 million, down from $68.1 million in the prior-year period. The decline was primarily driven by a 55% decrease in bitcoin mined, partially offset by a 88% increase in the average bitcoin price.\n\n\n\nDigital asset hosted mining revenue was $8.7 million, down from $16.9 million in the same period a year ago. The decrease was driven by the continued strategic shift to our high-density colocation business.\n\n\n\nHigh-Density Colocation (“HDC”, formerly “HPC hosting”) revenue was $15.0 million, up from $10.3 million in the third quarter of 2024. The increase was due to the expansion of colocation operations since the prior-year period.\n\n\n\n\n\n\nGross profit was $3.9 million compared to a gross loss of $0.2 million in the same period last year.\n\n\n\nNet loss was $146.7 million, compared to $455.3 million in the prior-year period, primarily due to a smaller GAAP non-cash fair value adjustment of $74.9 million for the third quarter of 2025 versus $408.5 million for the third quarter of 2024, reflecting lower remeasurement charges related to outstanding warrants and contingent value rights as a result of less significant stock price appreciation during the current period.\n\n\n\nAdjusted EBITDA was $(2.4) million, compared to $10.1 million for the prior year period, driven by a $14.4 million increase in cash operating expenses, a $14.3 million decrease in total revenue, partially offset by a $11.2 million increase in the change in fair value of digital assets, and a $4.9 million decrease in cash cost of revenue.\n\n\n\nCapital expenditures were $244.5 million, $196.4 million of which were funded by CoreWeave, Inc. pursuant to its existing colocation service agreements with the Company.\n\n\n\nLiquidity is $694.8 million, consisting of $453.4 million of cash and cash equivalents and $241.4 million of bitcoin as of the end of the third quarter of 2025.\n\n\n\nPENDING COREWEAVE TRANSACTION\n\n\nOn July 7,...