TLDR
- Core Scientific reported $115.2 million in revenue for Q1 2026, up from $79.5 million a year earlier.
- The company posted a net loss of $347.2 million despite higher gross profit.
- Non-cash impairment charges of $266.5 million drove most of the quarterly loss.
- Self-mining revenue fell to $30.1 million due to lower bitcoin output and prices.
- Colocation revenue rose to $77.5 million as the company shifted its business focus.
Core Scientific shares fell 7% in after-hours trading after the company reported a first-quarter net loss despite higher revenue. The Bitcoin miner posted $115.2 million in revenue, yet it recorded a $347.2 million net loss. Investors reacted after the earnings release on May 6, even as the stock had closed higher earlier that day.
Core Scientific Reports Revenue Growth but Posts Quarterly Loss
Core Scientific increased total revenue to $115.2 million in Q1 2026 from $79.5 million a year earlier. The company also raised gross profit to $30.1 million from $8.2 million in Q1 2025. However, it reported a net loss of $347.2 million, compared to net income of $576.3 million last year.
The company said non-cash impairment charges of $266.5 million drove much of the loss. It also recorded a $30.8 million non-cash loss tied to warrant and contingent value right adjustments. Core Scientific said self-mining revenue fell to $30.1 million from $67.2 million a year earlier. The firm attributed the decline to a 45% drop in bitcoin mined and an 18% fall in the average Bitcoin price.
Colocation revenue reached about $77.5 million, rising sharply from $8.6 million last year. The company linked growth to its strategic shift toward colocation services.
CEO Adam Sullivan said, “Core Scientific is differentiated by our ability to combine capital readiness with speed to delivery.” He added, “We are investing ahead of contracts, advancing ready-for-service dates and moving development forward across multiple sites.”
Expansion Plans and Acquisition Activity Support Growth Strategy
Core Scientific shares had gained 11% to close at $24.63 during the regular session on May 6. The rise followed a $421 million agreement to acquire Polaris DS LLC in Oklahoma. The deal will provide access to 440 megawatts of contracted power through Oklahoma Gas & Electric.
The company said it expanded its gross power capacity pipeline to 4.5 gigawatts. This includes planned 1.5 gigawatt expansions in Muskogee, Oklahoma, and Pecos, Texas. Core Scientific also completed land and power acquisitions in Texas for about $233 million. The company expects this purchase to support roughly 430 megawatts of gross power capacity.
Core Scientific has increased its focus on AI infrastructure and high-performance computing services. It has expanded sites across Texas, Georgia, North Carolina, and Oklahoma to support colocation for AI workloads. Earlier this year, the firm announced a $3.3 billion private debt offering. It also secured loans totaling $1 billion from JPMorgan and Morgan Stanley.
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