Core Scientific Q1 Revenue Misses Estimates; Shares Fall

The company posted total revenue of $115.2mn, sharply up from $79.5mn in Q1 2025. Despite the increase, total revenue missed the FactSet estimate of $117mn. In after-hours trading, shares of Core Scientific were down $2.33 to $22.31, a drop of 9.46%.  

Before today's drop, shares had risen more than 50% since the start of the year as the company's pivot from Bitcoin mining to converting its vast power capacity to serve the growing needs of AI clients was warmly received by the market. 

The revenue gain was largely driven by $77.5mn in colocation revenue (which is up significantly from $8.6mn this time last year). Meanwhile, mining revenue fell to $30.1mn from $67.2mn in Q1 2025, as the company mined less bitcoin and prices were lower. Gross profit stood at $30.1mn, up from $8.2mn a year earlier. 

The company also posted a net loss of $347.2mn, compared with net income of $576.3mn last year, largely due to non-cash charges. "The net loss included $266.5mn of non-cash impairment charges, and a $30.8mn non-cash loss from changes in the fair value of warrants and contingent value rights," the earnings report reads. 

“Core Scientific is differentiated by our ability to combine capital readiness with speed to delivery,” said Adam Sullivan, Core Scientific's chief executive. “We are investing ahead of contracts, advancing ready-for-service dates and moving development forward across multiple sites. That execution capability is accelerating customer discussions and reinforcing the value of our high-density compute infrastructure platform.”

Mining under pressure

The results underscore why Core Scientific is shifting away from bitcoin mining towards renting out data center space for AI and other computing needs. 

The mining industry faces pressure from low profitability and declining hashrates. Bitcoin's hashprice has fallen to about $39 per PH/s from roughly $55-$60 a year ago, according to data from the Hashrate Index, pushing some miners to shut down older machines or shift to AI.

Bitcoin is little changed on the day, trading at around $81,300, down 0.4% over the past 24 hours. In October 2025, the price of Bitcoin hit an all-time high of more than $126,000.

AI-related crypto tokens, however, moved higher, with the sector’s total market cap rising about 9% over the past 24 hours. Tokens like Bittensor (TAO) and Near Protocol (NEAR) posted gains, reflecting continued interest in AI-linked infrastructure.