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CORZW

Core Scientific, Inc.

CORZW

Core Scientific, Inc. • NASDAQ
$10.77 ▲ 8.90% (+0.88)
Market Cap $3.34 B
52w High $14.00
52w Low $10.02
Dividend Yield 0%
P/E 0
Volume 241.17K
Outstanding Shares 310.15M

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 Q1-2023Q3-2023Q4-2023Q1-2024
Digital Asset Mining Service
Digital Asset Mining Service
 $0 ▲$80.00M ▲$310.00M ▲$150.00M ▼
Hosting Service
Hosting Service
 $20.00M ▲$20.00M ▲$40.00M ▲$20.00M ▼
Equipment Sales
Equipment Sales
 $0 ▲$0 ▲$0 ▲$0 ▲
Equipment Sales Customers
Equipment Sales Customers
 $0 ▲$0 ▲$0 ▲$0 ▲
Equipment Sales Related Parties
Equipment Sales Related Parties
 $0 ▲$0 ▲$0 ▲$0 ▲
Hosting Service Customers
Hosting Service Customers
 $20.00M ▲$0 ▼$0 ▲$0 ▲
Hosting Service Related Parties
Hosting Service Related Parties
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively steady over the last few years after a very sharp ramp-up early in the period, but profits have been highly volatile. The company swung from modest profitability to very heavy losses in the middle of the period and remains loss-making most recently. Gross profit has recovered from extremely thin levels back to something more normal for an infrastructure operator, but earnings before interest and net income are still clearly in the red. This suggests the core operations are getting healthier, yet overhead, financing costs, and legacy issues from the crypto down-cycle are still weighing heavily on the bottom line. The direction is improving, but the business is not yet earning its cost of capital.

Balance Sheet

Balance Sheet The balance sheet shows a company that has rebuilt its asset base and cash position but carries a heavy financial burden. Total assets have recovered after a big drop, and cash on hand is now much more comfortable than in prior years. However, debt remains high, and shareholder equity is deeply negative, reflecting cumulative losses and past write-downs. In practical terms, this means the company has valuable infrastructure but a strained capital structure. Its ability to refinance, manage interest costs, and gradually repair equity will be critical, and leaves less cushion if operating results disappoint or if markets tighten.

Cash Flow

Cash Flow Operating cash flow has turned consistently positive in recent years, which is a meaningful improvement from earlier cash burn. The business is now generating cash from its day-to-day activities, though not at a level that clearly covers both growth investments and balance-sheet repair. Capital spending remains sizable as the company converts and expands its sites for high-performance computing and AI workloads, so free cash flow has been around breakeven to modestly negative. Overall, cash generation is trending in the right direction but still sensitive to execution and market conditions.

Competitive Edge

Competitive Edge Competitively, Core Scientific benefits from a rare combination of large-scale power access, specialized facilities, and operational know-how in very power-dense environments. Its portfolio of contracted power across multiple states, plus existing high-density data center infrastructure, gives it a head start versus many new entrants trying to serve AI and high-performance computing demand. Years of running large bitcoin mining operations have built deep expertise in managing energy, uptime, and cooling at scale. The long-term hosting agreement with a major AI cloud provider further anchors its position and helps validate its offering. That said, competition from hyperscale cloud providers, other miners pivoting into AI, and new data center developers remains intense, and power markets or regulatory shifts could erode some of its edge.

Innovation and R&D

Innovation and R&D The company’s innovation is focused more on infrastructure design and software than on traditional lab-based R&D. Its key advances include purpose-built, high-density data centers tailored for AI and HPC, along with proprietary software for fleet management, power optimization, and thermal monitoring. These tools allow it to squeeze more efficiency and reliability from energy-intensive workloads. Management has also emphasized multi-use designs that can flex between bitcoin mining and HPC, plus work on more advanced cooling systems, including liquid cooling, to support future generations of AI chips. The roadmap points toward continued innovation in power, cooling, and site design rather than pure software or chip development, which aligns well with its role as an infrastructure provider.

Summary

Core Scientific is in the middle of a significant transformation: from a large bitcoin miner with a history of volatile results and a damaged balance sheet into a power- and infrastructure-focused provider for AI and high-performance computing. On the positive side, the company has valuable, hard-to-replicate assets, growing relationships in the AI ecosystem, better operational performance, and improving cash generation. On the risk side, it remains loss-making, heavily leveraged, and dependent on successful execution of its pivot, with meaningful exposure to power markets, customer concentration, and continued capital needs. If it can steadily convert its existing footprint to higher-value AI and HPC uses while managing its debt load, its financial profile could become much more resilient over time, but the path involves notable execution and financing uncertainty.