Key Takeaways
- Core Scientific (CORZ) delivered fourth-quarter revenue of $79.8 million, significantly trailing Wall Street’s $122 million projection, while per-share losses expanded to $0.42 versus analyst forecasts of $0.08.
- Revenue from cryptocurrency mining plummeted almost 50% compared to the prior year, reaching just $42.2 million, pressured by Bitcoin hovering near $68,000 — approximately 46% below its 2025 high.
- The firm is aggressively transitioning toward high-performance computing and AI infrastructure hosting, targeting a 1.5-gigawatt pipeline of available capacity across its facilities.
- Core Scientific is broadening its Texas footprint with 430 megawatts of additional gross power capacity, complemented by 300 megawatts at current Georgia and Texas locations.
- CORZ shares finished Monday’s session down 2.8% at $16.49, briefly dipping to $14.69 during extended trading before stabilizing — yet maintaining year-to-date gains exceeding 13%.
Core Scientific delivered fourth-quarter results that fell considerably short of Wall Street projections, triggering a selloff in CORZ shares on Monday.
The mining and hosting operator posted Q4 revenue totaling $79.8 million — representing a 16% decline from the same period last year and substantially below analyst consensus ranging from $90 million to $122 million across various sources.
The company’s per-share loss expanded to $0.42, compared to Wall Street’s anticipated loss of only $0.08.
Cryptocurrency mining operations absorbed the heaviest impact, with revenue collapsing nearly 50% year-over-year to land at $42.2 million.
Bitcoin has been fluctuating around the $68,000 level — representing roughly half its all-time high above $126,000 reached in late 2025. The digital asset closed 2025 near $88,500 and has experienced continued weakness since.
This price deterioration has compressed profitability throughout the mining industry. The April 2024 halving event, which reduced mining rewards by 50%, compounded challenges alongside escalating energy expenses and infrastructure investments.
Strategic Shift Toward AI Infrastructure
Core Scientific has been strategically repositioning its business model away from exclusive bitcoin mining operations toward providing hosting and colocation services for artificial intelligence and high-performance computing clients.
Chief Executive Officer 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 beyond mere corporate rhetoric. The company unveiled a Texas expansion incorporating approximately 430 megawatts of gross power capacity at a single facility.
Additionally, it secured 300 megawatts of capacity across other properties in Georgia and Texas.
Sullivan highlighted the company’s “multi-geography footprint and proven execution” as key enablers for expediting what Core Scientific terms RFS — ready for service — deployment schedules.
Quarter-four net income registered at $216 million, though this metric included a substantial $330.3 million non-cash fair value adjustment. Adjusted EBITDA revealed a $42.7 million loss.
Competitor RIOT Also Falls Short
Competing mining operation Riot Platforms announced Q4 revenue of $152.8 million — representing 7% growth year-over-year, though missing the $157 million consensus estimate.
Notably, an alternative LSEG data point indicated $647.4 million for RIOT’s fourth-quarter revenue, a substantial variance likely attributable to differing treatment of engineering revenue and other revenue categories across analyst methodologies.
RIOT closed Monday’s regular trading at $16.43, sliding less than 1% during after-hours activity to $16.28.
CORZ concluded the standard session 2.8% lower at $16.49. Shares touched an after-hours low of $14.69 before bouncing back to finish extended trading essentially unchanged.
Despite Monday’s weakness, CORZ maintains year-to-date appreciation exceeding 13%.
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