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 p...

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