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CORZ

Core Scientific, Inc.

CORZ

Core Scientific, Inc. • NASDAQ
$16.89 ▲ 4.39% (+0.71)
Market Cap $5.24 B
52w High $23.63
52w Low $6.20
Dividend Yield 0%
P/E -7.82
Volume 4.35M
Outstanding Shares 310.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $81.103M ▲ $69.225M ▲ $-146.66M ▲ -180.832% ▲ $-0.46 ▼ $-127.462M ▼
Q2-2025 $78.628M ▼ $31.309M ▼ $-936.799M ▼ -1.191K% ▼ $-0.042 ▼ $-634K ▲
Q1-2025 $79.525M ▼ $50.809M ▲ $580.693M ▲ 730.202% ▲ $1.44 ▲ $-20.183M ▲
Q4-2024 $94.925M ▼ $44.546M ▲ $-265.541M ▲ -279.738% ▲ $-0.6 ▲ $-234.875M ▲
Q3-2024 $95.354M $41.063M $-455.259M -477.441% $-1.56 $-418.312M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $453.443M ▼ $2.296B ▲ $3.424B ▲ $-1.128B ▼
Q2-2025 $581.345M ▼ $1.978B ▲ $3.043B ▲ $-1.065B ▼
Q1-2025 $697.942M ▼ $1.625B ▲ $1.807B ▼ $-181.507M ▲
Q4-2024 $836.197M ▲ $1.599B ▲ $2.419B ▲ $-820.18M ▼
Q3-2024 $253.019M $921.851M $1.651B $-729.395M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-146.66M ▲ $131.781M ▲ $-254.359M ▼ $-5.324M ▲ $-127.902M ▼ $-122.836M ▼
Q2-2025 $-936.799M ▼ $34M ▲ $-119.608M ▼ $-31.772M ▼ $-117.38M ▲ $-87.279M ▲
Q1-2025 $580.693M ▲ $-40.599M ▼ $-93.458M ▼ $-4.198M ▼ $-138.255M ▼ $-129.021M ▼
Q4-2024 $-184.79M ▲ $13.805M ▲ $-28.798M ▲ $598.171M ▲ $583.178M ▲ $-14.953M ▲
Q3-2024 $-455.259M $5.713M $-31.24M $182.224M $156.697M $-25.336M

Revenue by Products

Product Q2-2023Q3-2023Q4-2023Q1-2024
Digital Asset Mining Service
Digital Asset Mining Service
 $0 ▲$80.00M ▲$210.00M ▲$150.00M ▼
Hosting Service
Hosting Service
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Equipment Sales
Equipment Sales
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively steady at a moderate level, but profitability has been very volatile. After a brief period of operating profit earlier in the decade, the company swung to very large losses, especially in the middle of the period, and remains unprofitable today. Gross profit is positive but thin, meaning there isn’t a lot of room to absorb overhead and interest costs. Earnings before interest, taxes, and depreciation have been negative for several years, and bottom-line net income has consistently been in the red with sizable losses. Overall, CORZ is still in a turnaround phase from an income-statement standpoint: the business is generating meaningful sales, but not yet converting them into sustainable profits.

Balance Sheet

Balance Sheet The balance sheet shows a stressed but improving picture. The company now holds much more cash than it did a few years ago, which provides a better liquidity cushion. However, total debt remains high relative to the size of the business and has grown over time. Shareholders’ equity is negative, reflecting accumulated losses and prior financial restructuring. Assets are substantial, largely tied to power and data center infrastructure, but the capital structure is heavily tilted toward creditors rather than equity holders. In short, CORZ has real infrastructure scale but a still-fragile financial foundation.

Cash Flow

Cash Flow Cash flow looks better than the income statement but still carries risks. The core operations have generated positive cash in recent years, which is a constructive sign that the underlying business can fund at least part of its own activity. However, free cash flow has been around break-even or slightly negative, as the company has resumed heavier investment in new capacity and repurposing sites for AI and high-performance computing. This means expansion is likely to keep relying on external capital or structured customer funding, and cash generation will need to improve to fully support the growth ambitions internally.

Competitive Edge

Competitive Edge CORZ’s competitive position is built on scale, power access, and specialization in very energy-intensive computing. Its history as a large bitcoin miner gave it control of significant power capacity and experience running high-density, high-uptime facilities—capabilities that are directly applicable to AI and high-performance computing workloads. The strategic pivot toward AI hosting, anchored by a large contract with a leading AI cloud provider, gives it a credible foothold in a fast-growing market. At the same time, it faces intense competition from both traditional data center operators and other miners making similar pivots, and it has concentration risk with a small number of large customers. Execution quality, contract diversification, and cost control will largely determine how durable its competitive position becomes.

Innovation and R&D

Innovation and R&D CORZ’s “innovation” is more about infrastructure design and operational know-how than about classic software or chip R&D. The company has developed expertise in building and running very high-density data centers, including advanced power management, cooling, and thermal systems tailored to AI hardware. It also has internal software to monitor and manage large fleets of machines, originally built for mining but adaptable to AI and HPC clients. Its capital-light model—having customers pre-fund much of the build-out—represents a financial and commercial innovation that can accelerate growth if managed carefully. Looking ahead, the key innovation levers are better data center designs, more efficient power and cooling systems, and expanding its service layer (monitoring, maintenance, integration) rather than cutting-edge AI algorithms or chips themselves.

Summary

CORZ is in the middle of a major transformation: from a leveraged, volatile bitcoin miner with a history of losses into an infrastructure provider aiming to serve the AI and high-performance computing wave. Financially, the company shows meaningful revenue but ongoing losses, a still-stretched balance sheet with negative equity and high debt, and only modest positive operating cash flow. Strategically, it has real strengths—large contracted power, high-density facilities, and a flagship AI hosting customer—that could be valuable as demand for AI compute grows. The main uncertainties are whether it can execute its build-out on time and on budget, diversify beyond a few key clients, and strengthen its financial position enough to support rapid growth. The story is high potential but also high execution and financial risk, with outcomes heavily dependent on how well the pivot to AI hosting is carried out in the next several years.

NEWS

November 19, 2025 · 8:41 AM UTC

Blockfusion, Owner-Operator of a Strategically Located Clean Energy-Powered Data Center, to Go Public via Business Combination with Blue Acquisition Corp.

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October 30, 2025 · 2:42 PM UTC

Two Seas Capital Comments on Outcome of Special Meeting of Core Scientific Shareholders

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October 30, 2025 · 10:45 AM UTC

CoreWeave Comments on Core Scientific Stockholder Vote

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October 30, 2025 · 10:40 AM UTC

Core Scientific to Host Investor Conference Call and Webcast Today at 11:30 AM Eastern Time

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October 30, 2025 · 10:30 AM UTC

Core Scientific Announces Termination of Merger Agreement with CoreWeave

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