Core Scientific Announces First Quarter Fiscal Year 2026 Results

About this update from Core Scientific, Inc.

Recent Developments Strengthened the capital structure through today’s closing of a $3.3 billion offering of 7.75% senior secured notes due 2031, supporting strategic data center development projects. Expanded the Company’s total gross power capacity pipeline to 4.5 GW, including planned 1.5 GW expansions at each of the Company’s Muskogee, Oklahoma and Pecos, Texas campuses. Closed on the acquisition of land and power in Hunt County, Texas for approximately $233 million , which is expected to support ~430 MW of gross power capacity, with an approved ERCOT interconnection ramp schedule. Billing for 243 MW of capacity, representing approximately $350 million in average annualized colocation GAAP revenue. AUSTIN, Texas --(BUSINESS WIRE)-- Core Scientific, Inc . ( NASDAQ: CORZ ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the first quarter of 2026. “Core Scientific is differentiated by our ability to combine capital readiness with speed to delivery,” said Adam Sullivan , Chief Executive Officer of Core Scientific . “We are investing ahead of contracts, advancing ready-for-service dates and moving development forward across multiple sites. That execution capability is accelerating customer discussions and reinforcing the value of our high-density compute infrastructure platform.” First Quarter 2026 Financial Results Total revenue was $115.2 million compared to $79.5 million in the first quarter of 2025. Colocation revenue was $77.5 million , up from $8.6 million in the first quarter of 2025, driven by incremental billable customer power capacity delivered to our customer during the quarter. Digital asset self-mining revenue was $30.1 million , down from $67.2 million in the first quarter of 2025, driven by the 45% decrease in bitcoin mined primarily due to the continued strategic shift to our colocation business and the 18% decrease in the average bitcoin price. Gross profit was $30.1 million compared to $8.2 million in the same period last year. Net loss was $347.2 million , compared to net income of $576.3 million in the first quarter of 2025. The net loss included $266.5 million of non-cash impairment charges, and a $30.8 million non-cash loss from changes in the fair value of warrants and contingent value rights. Non-GAAP Adjusted EBITDA was $4.4 million , compared to $(6.1) million for the prior year period, driven by a $35.7 million increase in total revenue and a $4.1 million favorable change in fair value of digital assets, partially offset by a $17.5 million increase in cash cost of revenue and a $11.9 million increase in adjusted operating expenses. Capital expenditures were $389.2 million , $129.9 million of which were funded by CoreWeave, Inc. pursuant to its existing colocation service agreements with the Company. Liquidity was $1.04 billion as of March 31, 2026 , consisting of $1.01 billion of cash and cash equivalents and $37.3 million of bitcoin. Conference Call and Earnings Presentation In conjunction with this release, Core Scientific, Inc. will host a conference call today, Wednesday, May 6, 2026 , at 4:30 pm Eastern Time that will be webcast live. Adam Sullivan , Chief Executive Officer, Matt Brown , Chief Operating Officer, Jim Nygaard , Chief Financial Officer and Jon Charbonneau,Vice President, Investor Relations will host the call. Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=VZaoQ5yv . A supplementary investor presentation for the first quarter 2026 may be accessed at https://investors.corescientific.com/news-events/presentations . Audio Replay An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com . Upcoming Investor Events Core Scientific will be attending the following investor events in May: TD Cowen 54th Annual Technology, Media & Telecom Conference , May 28, 2026 ; and B. Riley Annual Investor Conference, May 20, 2026 If applicable, live presentation webcasts and replay information will be available on the Company’s Investor Relations website. About Core Scientific Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure, software solutions and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow. Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com . Special Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the advantages and expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and consummate acquisitions of entities holding suitable land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 . If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Core Scientific, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value) March 31 , 2026 December 31 , 2025 Assets Current Assets: Cash and cash equivalents $ 1,005,148 $ 311,378 Restricted cash, current portion 60,244 — Digital assets 37,312 222,000 Customer funding receivable and other current assets 352,128 362,159 Total Current Assets 1,454,832 895,537 Property, plant and equipment, net 1,344,924 1,293,299 Operating lease right-of-use assets 105,986 108,484 Restricted cash, net of current portion 80,593 — Other noncurrent assets 83,229 50,324 Total Assets $ 3,069,564 $ 2,347,644 Liabilities and Stockholders’ Deficit Current Liabilities: Accounts payable $ 218,857 $ 126,106 Accrued expenses 364,479 511,957 Deferred revenue 219,555 127,561 Notes payable, current portion 993,944 — Warrant liabilities, current portion 844,752 — Other current liabilities 20,196 15,777 Total Current Liabilities 2,661,783 781,401 Convertible and other notes payable, net of current portion 1,061,651 1,060,325 Warrant liabilities, net of current portion 116,495 936,107 Deferred revenue, net of current portion 434,672 428,290 Other noncurrent liabilities 100,649 104,261 Total Liabilities 4,375,250 3,310,384 Commitments and contingencies Stockholders’ Deficit: Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at March 31, 2026 and December 31, 2025 — — Common stock; $0.00001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025 ; 316,949 and 314,231 shares issued and outstanding at March 31, 2026 and December 31, 2025 , respectively 3 3 Additional paid-in capital 3,188,202 3,183,960 Accumulated deficit (4,493,891 ) (4,146,703 ) Total Stockholders’ Deficit (1,305,686 ) (962,740 ) Total Liabilities and Stockholders’ Deficit $ 3,069,564 $ 2,347,644 Certain prior year amounts have been reclassified for consistency with the current year presentation. Core Scientific, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (Unaudited) Three Months Ended March 31 , 2026 2025 Revenue: Colocation revenue $ 77,539 $ 8,573 Digital asset self-mining revenue 30,105 67,179 Digital asset hosted mining revenue from customers 7,600 3,773 Total revenue 115,244 79,525 Cost of revenue: Cost of Colocation services 33,618 8,106 Cost of digital asset self-mining 47,189 61,170 Cost of digital asset hosted mining services 4,331 2,036 Total cost of revenue 85,138 71,312 Gross profit 30,106 8,213 Decrease in fair value of digital assets 6,558 10,688 Loss on disposal of property, plant and equipment 13,638 6 Impairment of property, plant and equipment 266,488 — Colocation organizational and site startup costs 8,665 11,667 Advisor fees 333 603 Selling, general and administrative 44,846 32,287 Operating loss (310,422 ) (47,038 ) Non-operating expense (income), net: Interest expense (income), net 4,857 (2,187 ) Change in fair value of warrants and contingent value rights 30,799 (621,464 ) Loss on legal settlements 500 — Other non-operating expense, net 10 157 Total non-operating expense (income), net 36,166 (623,494 ) (Loss) income before income taxes (346,588 ) 576,456 Income tax expense 600 205 Net (loss) income $ (347,188 ) $ 576,251 Net (loss) income per share, basic $ (1.06 ) $ 1.42 Net (loss) income per share, diluted $ (1.06 ) $ 1.24 Weighted average shares outstanding, basic 322,911 315,186 Weighted average shares outstanding, diluted 322,911 363,314 Certain prior year amounts have been reclassified for consistency with the current year presentation. Core Scientific, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) Three Months Ended March 31 , 2026 2025 Cash flows from Operating Activities: Net (loss) income $ (347,188 ) $ 576,251 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization 16,648 19,731 Loss on disposal of property, plant and equipment 13,638 6 Impairment of property, plant and equipment 266,488 — Change in right-of-use assets 3,169 2,676 Stock-based compensation 17,761 16,185 Digital asset self-mining (30,119 ) (67,441 ) Proceeds from sale of digital assets generated by self-mining revenues1 208,249 — Decrease in fair value of digital assets 6,558 10,688 Change in fair value of warrant liabilities 31,835 (634,280 ) Change in fair value of contingent value rights (1,036 ) 12,816 Amortization of debt discount 1,675 1,732 Changes in operating assets and liabilities: Customer funding receivable and other current assets 10,107 (10,463 ) Accounts payable 5,874 (14,295 ) Accrued expenses (16,361 ) 2,712 Deferred revenue from colocation services 98,832 42,005 Deferred revenue from hosted mining services (456 ) 734 Other noncurrent assets and liabilities, net (35,797 ) (4,098 ) Net cash provided by (used in) operating activities 249,877 (45,041 ) Cash flows from Investing Activities: Purchases of property, plant and equipment (389,226 ) (83,980 ) Proceeds from sales of property and equipment 2,629 — Purchase of equity investments — (5,000 ) Investments in intangible assets (55 ) (36 ) Net cash used in investing activities (386,652 ) (89,016 ) Cash flows from Financing Activities: Principal repayments of finance leases (1,095 ) (509 ) Principal payments on debt — (3,955 ) Taxes paid related to net share settlement of equity awards (21,722 ) — Proceeds from exercise of warrants 81 266 Proceeds for the issuance of term loan facility, net 995,000 — Issuance costs for term loan facility (882 ) — Net cash provided by (used in) financing activities 971,382 (4,198 ) Net increase (decrease) in cash, cash equivalents and restricted cash 834,607 (138,255 ) Cash, cash equivalents and restricted cash—beginning of period 311,378 836,980 Cash, cash equivalents and restricted cash—end of period $ 1,145,985 $ 698,725 Certain prior year amounts have been reclassified for consistency with the current year presentation. 1 Proceeds from digital assets received as noncash revenue consideration liquidated upon management’s discretion. Core Scientific, Inc. Segment Results (in thousands, except percentages) (Unaudited) Three Months Ended March 31 , 2026 2025 Colocation Segment (in thousands, except percentages) Colocation revenue: License fees $ 59,195 $ 5,995 Power fees passed through to customer 21,059 2,586 Maintenance and other (2,715 ) (8 ) Total colocation revenue 77,539 8,573 Cost of colocation services: Power fees passed through to customer 21,059 2,586 Depreciation expense 2,075 67 Employee compensation 2,986 1,295 Facility operations expense 6,755 3,852 Other segment items 743 306 Total cost of colocation services 33,618 8,106 Colocation gross profit $ 43,921 $ 467 Colocation gross margin 57 % 5 % Digital Asset Self-Mining Segment Digital asset self-mining revenue $ 30,105 $ 67,179 Cost of digital asset self-mining: Power fees 27,271 30,319 Depreciation expense 13,909 19,259 Employee compensation 3,527 7,335 Facility operations expense 1,972 3,280 Other segment items 510 977 Total cost of digital asset self-mining 47,189 61,170 Digital Asset Self-Mining gross profit $ (17,084 ) $ 6,009 Digital Asset Self-Mining gross margin (57 )% 9 % Digital Asset Hosted Mining Segment Digital asset hosted mining revenue from customers $ 7,600 $ 3,773 Cost of digital asset hosted mining services: Power fees 3,303 1,367 Depreciation expense 306 145 Employee compensation 427 332 Facility operations expense 234 148 Other segment items 61 44 Total cost of digital asset hosted mining services 4,331 2,036 Digital Asset Hosted Mining gross profit $ 3,269 $ 1,737 Digital Asset Hosted Mining gross margin 43 % 46 % Consolidated Consolidated total revenue $ 115,244 $ 79,525 Consolidated cost of revenue $ 85,138 $ 71,312 Consolidated gross profit $ 30,106 $ 8,213 Consolidated gross margin 26 % 10 % Core Scientific, Inc. N on-GAAP Financial Measures (Unaudited) Adjusted EBITDA is a non-GAAP financial measure defined as our net (loss) income, adjusted to eliminate the effect of (i) interest income, interest expense, and other income (expense), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) loss on disposal and impairment of property, plant and equipment; (vi) site demolition costs incurred in connection with the conversion of existing facilities to colocation data center operations; (vii) change in fair value of warrant and contingent value rights; (viii) loss on legal settlements; (ix) post-emergence bankruptcy advisory costs incurred related to reorganization, and (x) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net income (loss) to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA is an important measure because it allows management, investors, and our Board of Directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non-cash items, variable charges and timing differences. Moreover, we have included Adjusted EBITDA in this earnings release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature or because the amount and timing of these items are not related to the current results of our core business operations which renders evaluation of our current performance, comparisons of performance between periods and comparisons of our current performance with our competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating this measure. Our presentation of this measure should not be construed as an inference that its future results will be unaffected by unusual items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. You should review the reconciliation of net (loss) income to Adjusted EBITDA below and not rely on any single financial measure to evaluate our business. The following table reconciles the non-GAAP financial measure to the most directly comparable U.S. GAAP financial performance measure, which is net (loss) income, for the periods presented (in thousands): Three Months Ended March 31 , 2026 2025 Adjusted EBITDA Net (loss) income $ (347,188 ) $ 576,251 Adjustments: Interest expense (income), net 4,857 (2,187 ) Income tax expense 600 205 Depreciation and amortization 16,553 19,731 Stock-based compensation expense 17,761 16,185 Loss on disposal of property, plant and equipment 13,638 6 Impairment of property, plant and equipment 266,488 — Site conversion demolition costs — 4,442 Change in fair value of warrants and contingent value rights 30,799 (621,464 ) Loss on legal settlements 500 — Post-emergence bankruptcy advisory costs 317 603 Other 27 157 Adjusted EBITDA $ 4,352 $ (6,071 ) Please follow us on: https://www.linkedin.com/company/corescientific/ https://twitter.com/core_scientific https://www.youtube.com/@Core_Scientific View source version on businesswire.com : https://www.businesswire.com/news/home/20260506693311/en/ Investors: [email protected] Media: [email protected] Source: Core Scientific, Inc.

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