Core Scientific (CORZ) reported a $347.2 million first-quarter web loss as its Bitcoin self-mining income fell sharply and high-density colocation turned its largest income supply.
In its earnings report published Wednesday, the corporate reported a web lack of $1.06 per diluted share for the quarter. A yr earlier, Core Scientific reported diluted earnings of $1.24 per share.
Core Scientific mentioned the loss included $266.5 million in non-cash impairment costs and a $30.8 million non-cash loss from adjustments within the honest worth of warrants and contingent worth rights.
Income rose to $115.2 million from $79.5 million a yr earlier, however fell wanting analyst expectations. Zacks Fairness Analysis said analysts anticipated $120.2 million in income, with Core Scientific’s outcomes coming in about 4.1% beneath expectations.
The outcomes present Core Scientific’s transition from a Bitcoin miner into an AI infrastructure firm, with high-density colocation now producing most of its income. The shift provides the corporate a bigger enterprise, however it additionally highlights how its legacy mining operations have weakened.
Bitcoin mining income falls
Core Scientific’s digital asset self-mining income fell to $30.1 million from $67.2 million a yr earlier, with the corporate mining 279 Bitcoin (BTC) in the course of the quarter, down 45% from the identical interval in 2025. According to its 10-Q submitting, Core Scientific offered 2,385 Bitcoin in the course of the quarter for $208.3 million to fund deliberate capital expenditures and different money wants.
Core Scientific’s six-month worth chart. Supply: Yahoo Finance
Regardless of the weaker mining outcomes, Core Scientific’s shares have gained over the previous six months. Yahoo Finance information shows CORZ closed at $24.63 on Wednesday, up about 19.6% over six months, earlier than falling 7.43% to $22.80 in pre-market buying and selling on the time of writing.
In a separate announcement, Core Scientific said it plans to scale its Muskogee, Oklahoma, campus to about 1.5 gigawatts of gross energy, or about 1.0 gigawatt of leasable energy, partly by means of the deliberate acquisition of Polaris DS. The corporate has additionally began building on a second, unleased 82.5-megawatt constructing on the campus.
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Core Scientific expands AI-linked colocation enterprise
Core Scientific’s first-quarter development got here from high-density colocation somewhat than Bitcoin manufacturing, with the corporate’s mining income and Bitcoin output falling whereas its AI-linked internet hosting enterprise generated most of its income.
The corporate mentioned its colocation income rose to $77.5 million within the first quarter from $8.6 million a yr earlier, pushed by further billable buyer energy capability delivered in the course of the quarter.
The corporate mentioned it was billing for 243 megawatts of capability as of March 31, representing about $350 million in common annualized colocation income.
The income shift follows a collection of internet hosting agreements with CoreWeave. In June 2024, Core Scientific said it signed 12-year contracts to ship about 200 megawatts of infrastructure to host CoreWeave’s high-performance computing operations.
The businesses later expanded the connection. In an SEC submitting in February 2025, the businesses said CoreWeave’s complete contracted high-performance computing infrastructure with Core Scientific had elevated to about 590 megawatts throughout six websites.
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