Key Highlights
- Core Scientific (CORZ) delivered Q4 revenue of $79.8 million, significantly missing Wall Street’s $122 million projection, while losses expanded to $0.42 per share compared to analyst expectations of $0.08.
- Bitcoin mining revenue plummeted almost 50% from the prior year to $42.2 million, pressured by Bitcoin prices hovering near $68,000 — approximately 46% below its late-2025 high.
- The firm is aggressively transitioning toward high-performance computing (HPC) and AI colocation services, developing a 1.5-gigawatt pipeline of available hosting capacity.
- Core Scientific is growing its Texas presence with 430 megawatts of additional gross power capacity, complemented by 300 megawatts at current Georgia and Texas facilities.
- CORZ closed Monday’s session down 2.8% at $16.49, touching $14.69 in extended trading before stabilizing — yet maintains a year-to-date gain exceeding 13%.
Core Scientific fell short of Wall Street’s fourth-quarter revenue projections by a substantial margin, pushing CORZ shares lower on Monday.
The bitcoin miner disclosed Q4 revenue of $79.8 million — a 16% decline from the same period last year and considerably below analyst projections that spanned from $90 million to $122 million across various research firms.
The per-share loss expanded to $0.42, versus consensus estimates calling for only $0.08.
Revenue from cryptocurrency mining operations took the hardest hit, plunging nearly 50% year-over-year to $42.2 million.
Bitcoin’s price has hovered around $68,000 — roughly half its peak exceeding $126,000 reached in late 2025. The digital currency closed out 2025 just below $88,500 and has maintained its downward trajectory.
This price deterioration has compressed profitability throughout the mining industry. The April 2024 halving event, which reduced block rewards by 50%, intensified challenges alongside escalating energy and operational expenses.
Strategic Shift Toward AI and High-Performance Computing
Core Scientific has been strategically transitioning from traditional bitcoin mining operations toward hosting and colocation services targeting high-performance computing and artificial intelligence applications.
Chief Executive Adam Sullivan stated the organization is “now past the halfway point on our existing builds and scaling our colocation platform into a 1.5-gigawatt pipeline of leasable capacity.”
This represents tangible progress. The company unveiled a Texas expansion that adds approximately 430 megawatts of gross power capacity at a single facility.
Additionally, it secured 300 megawatts across various sites in Georgia and Texas.
Sullivan highlighted the company’s “multi-geography footprint and proven execution” as driving forces behind accelerating RFS — ready for service — completion schedules.
Quarterly net income reached $216 million, though this metric was substantially boosted by a $330.3 million non-cash fair value adjustment. Adjusted EBITDA reflected a $42.7 million loss.
Competitor RIOT Also Falls Short of Expectations
Competing miner Riot Platforms announced Q4 revenue of $152.8 million — representing 7% year-over-year growth, yet falling below the $157 million analyst consensus.
A notable discrepancy: an alternative LSEG estimate indicated $647.4 million for RIOT’s Q4 revenue, a substantial variance likely attributable to different treatment of engineering revenue and additional revenue streams across analyst methodologies.
RIOT finished Monday at $16.43, moving less than 1% in after-hours trading to $16.28.
CORZ concluded regular trading down 2.8% at $16.49. Extended-hours trading saw shares drop to $14.69 before recovering to finish approximately unchanged.
Despite recent weakness, CORZ maintains a year-to-date gain above 13%.
