tl;dr
Core Scientific (CORZ), a Bitcoin mining and high-density colocation services provider, reported a 55.7% revenue decline to $79.5 million in Q1 2025 from $179.3 million in Q1 2024. Self-mining accounted for 84.5% of revenue, colocation 10.8%, and hosted mining 4.7%. Gross profit from self-mining dro...
Core Scientific’s Q1 2025 financial results reveal a dramatic downturn in revenue, plunging 55.7% to $79.5 million, primarily driven by diminished Bitcoin mining output following the April 2024 halving and a strategic pivot toward colocation services.
Despite the revenue decline, the company’s net income soared 175.6% to $580.7 million, largely fueled by a $621.5 million non-cash mark-to-market adjustment and a reduction in interest expenses.
Operationally, Core Scientific faced challenges, reporting an operating loss of $42.6 million and a negative adjusted EBITDA of $6.1 million, marking a significant downturn from the previous year’s performance, although it closed the quarter with robust liquidity of $778.6 million.
Looking ahead, Core Scientific is doubling down on high-density colocation services, expanding its partnership with CoreWeave to deliver 250MW of billable capacity by year-end, targeting $360 million in annualized colocation revenue by 2026.
The company’s stock (CORZ) suffered a 36.6% decline year-to-date but experienced a modest 5.2% pre-market uptick following the earnings report, reflecting cautious investor optimism amid ongoing operational shifts.