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Dec 31, 2025
Core Scientific Q4 2025 Earnings Report
Core Scientific Q4 2025 Earnings Report
Key Takeaways
Core Scientific reported a significant shift in its business model during Q4 2025, with colocation revenue growing nearly 268% year-over-year as the company pivots toward high-density colocation and AI workloads. While total revenue declined due to lower bitcoin mining output, the company achieved a net income of $216 million, largely driven by non-cash fair value gains on warrant liabilities.
Colocation revenue surged to $31.3 million from $8.5 million in the prior year, reflecting the strategic expansion into high-density computing.
Net income reached $216.0 million, a major turnaround from a $291.1 million loss last year, primarily due to a $330.3 million non-cash fair value gain.
The company is expanding its power pipeline to 1.5 gigawatts, including a new 430 MW site in Hunt County, Texas.
Digital asset self-mining revenue fell 47% year-over-year to $42.2 million, driven by a 57% decrease in bitcoin mined.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Core Scientific is focused on scaling its colocation platform to a 1.5 gigawatt pipeline and fulfilling its major contract with CoreWeave.
Positive Outlook
- On track to deliver ~590 MW of power to CoreWeave by early 2027.
- Expansion into Hunt County, Texas, supporting ~430 MW of gross power capacity.
- Increased gross power capacity by ~300 MW across Georgia and Texas sites.
- Accelerating Ready-for-Service (RFS) timelines across multiple sites.
- Strong liquidity position of $533.4 million to fund growth.
Challenges Ahead
- Strategic shift away from hosted mining continues to reduce that revenue stream.
- Self-mining revenue remains volatile based on bitcoin price and network difficulty.
- Significant capital expenditure requirements for site conversions.
- Recent restatement of financial statements due to asset demolition accounting errors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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