Core Scientific Inc Financials

CORZ

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 33/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Core Scientific Inc has an operating margin of -3.8%, meaning the company retains $-4 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 1.8% the prior year.

Growth

Core Scientific Inc's revenue grew a modest 1.6% year-over-year to $510.7M. This slow but positive growth earns a score of 33/100.

Liquidity

100

With a current ratio of 6.72, Core Scientific Inc holds $6.72 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Core Scientific Inc generated $42.9M in operating cash flow, capex of $95.0M consumed most of it, leaving -$52.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Core Scientific Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-0.03x

For every $1 of reported earnings, Core Scientific Inc generates $-0.03 in operating cash flow ($42.9M OCF vs -$1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Core Scientific Inc (CORZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$510.7M

YoY+1.6%

Core Scientific Inc generated $510.7M in revenue in fiscal year 2024. This represents an increase of 1.6% from the prior year.

EBITDA

$94.0M

YoY-10.4%

Core Scientific Inc's EBITDA was $94.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.4% from the prior year.

Free Cash Flow

-$52.1M

YoY-206.4%

Core Scientific Inc generated -$52.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 206.4% from the prior year.

Net Income

-$1.3B

YoY-433.5%

Core Scientific Inc reported -$1.3B in net income in fiscal year 2024. This represents a decrease of 433.5% from the prior year.

EPS (Diluted)

$-4.39

YoY-575.4%

Core Scientific Inc earned $-4.39 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 575.4% from the prior year.

Cash & Debt

$836.2M

YoY+1558.8%

Core Scientific Inc held $836.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

293M

YoY-24.4%

Core Scientific Inc had 293M shares outstanding in fiscal year 2024. This represents a decrease of 24.4% from the prior year.

Gross Margin

23.7%

YoY-0.9pp

Core Scientific Inc's gross margin was 23.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the prior year.

Operating Margin

-3.8%

YoY-5.5pp

Core Scientific Inc's operating margin was -3.8% in fiscal year 2024, reflecting core business profitability. This is down 5.5 percentage points from the prior year.

Net Margin

-257.5%

YoY-208.4pp

Core Scientific Inc's net profit margin was -257.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 208.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$11.8M

YoY+64.7%

Core Scientific Inc invested $11.8M in research and development in fiscal year 2024. This represents an increase of 64.7% from the prior year.

Share Buybacks

Core Scientific Inc spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$95.0M

YoY+487.6%

Core Scientific Inc invested $95.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 487.6% from the prior year.

CORZ Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$510.7M+1.6%	$502.4M-21.5%	$640.3M+17.6%	$544.5M+802.7%	$60.3M
Cost of Revenue	$389.6M+2.8%	$378.9M-40.0%	$631.9M+106.8%	$305.6M+500.1%	$50.9M
Gross Profit	$121.1M-1.9%	$123.5M+1369.8%	$8.4M-96.5%	$238.9M+2443.2%	$9.4M
R&D Expenses	$11.8M+64.7%	$7.2M-73.4%	$27.0M+251.3%	$7.7M+45.6%	$5.3M
SG&A Expenses	$110.4M+17.6%	$93.9M-56.0%	$213.3M+252.6%	$60.5M+315.6%	$14.6M
Operating Income	-$19.2M-314.2%	$9.0M+100.4%	-$2.1B-1704.3%	$131.5M+2178.3%	-$6.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$859K+25.8%	$683K+104.0%	-$17.1M-208.4%	$15.8M	$0
Net Income	-$1.3B-433.5%	-$246.5M+88.5%	-$2.1B-4636.5%	$47.3M+487.6%	-$12.2M
EPS (Diluted)	$-4.39-575.4%	$-0.65+89.7%	$-6.30-3250.0%	$0.20+242.9%	$-0.14

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$81.1M+3.1%	$78.6M-1.1%	$79.5M-16.2%	$94.9M-32.7%	$141.1M-21.3%	$179.3M+26.3%	$141.9M+25.7%	$112.9M
Cost of Revenue	$77.2M+4.9%	$73.6M+3.2%	$71.3M-20.9%	$90.2M-11.9%	$102.3M+0.6%	$101.6M-1.0%	$102.6M+5.3%	$97.5M
Gross Profit	$3.9M-22.3%	$5.0M-38.8%	$8.2M+72.4%	$4.8M-87.7%	$38.8M-50.0%	$77.6M+97.6%	$39.3M+154.9%	$15.4M
R&D Expenses	N/A	N/A	N/A	$5.0M+130.7%	$2.2M+20.8%	$1.8M-4.1%	$1.9M-16.7%	$2.3M
SG&A Expenses	$69.4M+21.8%	$56.9M+41.9%	$40.1M+84.1%	$21.8M-30.6%	$31.4M+85.4%	$16.9M-30.2%	$24.2M+3.1%	$23.5M
Operating Income	-$57.4M-118.5%	-$26.3M+38.3%	-$42.6M-7.1%	-$39.8M-704.7%	$6.6M-88.1%	$55.2M+1303.8%	$3.9M+132.7%	-$12.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$125K-20.9%	$158K-22.9%	$205K-45.3%	$375K+160.4%	$144K-30.1%	$206K-38.7%	$336K+194.7%	$114K
Net Income	-$146.7M+84.3%	-$936.8M-261.3%	$580.7M+318.7%	-$265.5M+67.0%	-$804.9M-482.0%	$210.7M+207.7%	-$195.7M-375.6%	-$41.1M
EPS (Diluted)	$-0.46-1050.0%	$-0.04-103.2%	$1.25+145.1%	$0.51+111.3%	$-4.51-678.2%	$0.78+250.0%	$-0.52-372.7%	$-0.11

CORZ Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.6B+124.5%	$712.2M-11.8%	$807.7M-66.9%	$2.4B+16258993.3%	$15K
Current Assets	$904.0M+831.8%	$97.0M+14.0%	$85.1M-88.8%	$756.6M	N/A
Cash & Equivalents	$836.2M+1558.8%	$50.4M+217.4%	$15.9M-86.5%	$117.9M+1251.6%	$8.7M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.0M+2.4%	$1.0M+327.8%	$234K-83.1%	$1.4M	N/A
Goodwill	N/A	$0	$0-100.0%	$1.1B	N/A
Total Liabilities	$2.4B+84.8%	$1.3B+7.6%	$1.2B+15.6%	$1.1B+1280.6%	-$89.2M
Current Liabilities	$134.6M-72.4%	$488.4M+161.5%	$186.8M-41.7%	$320.3M+80072150.0%	$400
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	-$820.2M-37.4%	-$596.9M-45.8%	-$409.3M-130.5%	$1.3B+1403.2%	$89.2M
Retained Earnings	-$3.7B-54.3%	-$2.4B-11.3%	-$2.2B-7824.1%	-$27.4M-263669.2%	-$10K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$2.3B+16.1%	$2.0B+21.7%	$1.6B+1.7%	$1.6B+110.0%	$761.5M-6.5%	$814.0M+14.3%	$712.2M+0.9%	$705.5M
Current Assets	$1.1B+5.6%	$1.0B+20.6%	$833.2M-7.8%	$904.0M+667.0%	$117.9M-17.8%	$143.3M+47.7%	$97.0M-28.0%	$134.7M
Cash & Equivalents	$453.4M-22.0%	$581.3M-16.7%	$697.9M-16.5%	$836.2M+769.9%	$96.1M-2.0%	$98.1M+94.7%	$50.4M+19.6%	$42.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$1.0M-0.7%	$1.0M-78.1%	$4.7M+322.4%	$1.1M+10.6%	$1.0M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A
Total Liabilities	$3.4B+12.5%	$3.0B+68.4%	$1.8B-25.3%	$2.4B+31.1%	$1.8B+62.9%	$1.1B-13.5%	$1.3B+16.4%	$1.1B
Current Liabilities	$669.9M+19.0%	$562.7M+187.8%	$195.5M+45.3%	$134.6M+79.8%	$74.8M-45.8%	$138.1M-71.7%	$488.4M+56.2%	$312.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$1.1B-5.9%	-$1.1B-486.6%	-$181.5M+77.9%	-$820.2M+24.3%	-$1.1B-240.3%	-$318.5M+46.6%	-$596.9M-42.6%	-$418.7M
Retained Earnings	-$4.2B-3.6%	-$4.1B-29.7%	-$3.2B+15.5%	-$3.7B-23.9%	-$3.0B-36.4%	-$2.2B+8.7%	-$2.4B-8.8%	-$2.2B

CORZ Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$42.9M-34.1%	$65.1M-68.3%	$205.2M+461.7%	-$56.7M-138.7%	-$23.8M
Capital Expenditures	$95.0M+487.6%	$16.2M-95.8%	$384.0M	$0	$0
Free Cash Flow	-$52.1M-206.4%	$49.0M+127.4%	-$178.8M-215.1%	-$56.7M-138.7%	-$23.8M
Investing Cash Flow	-$95.2M-3077.3%	-$3.0M+99.5%	-$590.8M-39.4%	-$423.8M-2698.7%	-$15.1M
Financing Cash Flow	$819.6M+1935.6%	-$44.6M-114.6%	$306.2M-49.3%	$603.5M+1382.0%	$40.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$31.6M	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$131.8M+287.6%	$34.0M+183.7%	-$40.6M-394.1%	$13.8M+1046.6%	$1.2M-94.6%	$22.2M+2.2%	$21.7M+299.4%	$5.4M
Capital Expenditures	$244.5M+101.6%	$121.3M+37.2%	$88.4M+207.5%	$28.8M+817.3%	$3.1M-90.2%	$31.9M+173.9%	$11.6M+324.7%	$2.7M
Free Cash Flow	-$112.7M-29.1%	-$87.3M+32.4%	-$129.0M-762.8%	-$15.0M-674.4%	-$1.9M+80.1%	-$9.7M-196.6%	$10.1M+273.6%	$2.7M
Investing Cash Flow	-$254.4M-112.7%	-$119.6M-28.0%	-$93.5M-224.5%	-$28.8M-804.5%	-$3.2M+90.0%	-$32.0M-1454.7%	$2.4M+182.3%	-$2.9M
Financing Cash Flow	-$5.3M+83.2%	-$31.8M-656.8%	-$4.2M-100.7%	$598.2M+4037.7%	-$15.2M-127.9%	$54.4M+397.1%	-$18.3M-18.9%	-$15.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CORZ Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	23.7%-0.9pp	24.6%+23.3pp	1.3%-42.6pp	43.9%+28.3pp	15.6%
Operating Margin	-3.8%-5.5pp	1.8%+331.2pp	-329.5%-353.6pp	24.1%+34.6pp	-10.5%
Net Margin	-257.5%-208.4pp	-49.1%+286.1pp	-335.2%-343.9pp	8.7%+28.9pp	-20.2%
Return on Equity	N/A	N/A	N/A	3.5%	N/A
Return on Assets	-82.3%-47.6pp	-34.6%+231.1pp	-265.7%-267.7pp	1.9%+81375.3pp	-81373.3%
Current Ratio	6.72+6.5	0.20-0.3	0.46-1.9	2.36	N/A
Debt-to-Equity	-2.95-0.8	-2.19+0.8	-2.97-3.8	0.79+1.8	-1.00
FCF Margin	-10.2%-19.9pp	9.7%+37.7pp	-27.9%-17.5pp	-10.4%+29.0pp	-39.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	4.8%-1.6pp	6.4%-3.9pp	10.3%+5.3pp	5.0%-22.5pp	27.5%-15.8pp	43.3%+15.6pp	27.7%+14.0pp	13.7%
Operating Margin	-70.8%-37.4pp	-33.4%+20.1pp	-53.6%-11.6pp	-41.9%-46.6pp	4.7%-26.1pp	30.8%+28.0pp	2.8%+13.4pp	-10.7%
Net Margin	-180.8%+1010.6pp	-1191.4%-1921.6pp	730.2%+1009.9pp	-279.7%+290.7pp	-570.4%-688.0pp	117.5%+255.4pp	-137.9%-101.4pp	-36.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-6.4%+41.0pp	-47.4%-83.1pp	35.7%+52.3pp	-16.6%+89.1pp	-105.7%-131.6pp	25.9%+53.4pp	-27.5%-21.6pp	-5.8%
Current Ratio	1.58-0.2	1.79-2.5	4.26-2.5	6.72+5.1	1.58+0.5	1.04+0.8	0.20-0.2	0.43
Debt-to-Equity	-3.04-0.2	-2.86+7.1	-9.95-7.0	-2.95-1.2	-1.70+1.9	-3.56-1.4	-2.19+0.5	-2.68
FCF Margin	-139.0%-28.0pp	-111.0%+51.2pp	-162.2%-146.5pp	-15.8%-14.4pp	-1.4%+4.0pp	-5.4%-12.5pp	7.1%+4.7pp	2.4%

Note: Shareholder equity is negative (-$820.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Core Scientific Inc's annual revenue?

Core Scientific Inc (CORZ) reported $510.7M in total revenue for fiscal year 2024. This represents a 1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Core Scientific Inc's revenue growing?

Core Scientific Inc (CORZ) revenue grew by 1.6% year-over-year, from $502.4M to $510.7M in fiscal year 2024.

Is Core Scientific Inc profitable?

No, Core Scientific Inc (CORZ) reported a net income of -$1.3B in fiscal year 2024, with a net profit margin of -257.5%.

What is Core Scientific Inc's earnings per share (EPS)?

Core Scientific Inc (CORZ) reported diluted earnings per share of $-4.39 for fiscal year 2024. This represents a -575.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Core Scientific Inc's EBITDA?

Core Scientific Inc (CORZ) had EBITDA of $94.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Core Scientific Inc's gross margin?

Core Scientific Inc (CORZ) had a gross margin of 23.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Core Scientific Inc's operating margin?

Core Scientific Inc (CORZ) had an operating margin of -3.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Core Scientific Inc's net profit margin?

Core Scientific Inc (CORZ) had a net profit margin of -257.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Core Scientific Inc's free cash flow?

Core Scientific Inc (CORZ) generated -$52.1M in free cash flow during fiscal year 2024. This represents a -206.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Core Scientific Inc's operating cash flow?

Core Scientific Inc (CORZ) generated $42.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Core Scientific Inc's total assets?

Core Scientific Inc (CORZ) had $1.6B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Core Scientific Inc's capital expenditures?

Core Scientific Inc (CORZ) invested $95.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Core Scientific Inc spend on research and development?

Core Scientific Inc (CORZ) invested $11.8M in research and development during fiscal year 2024.

How many shares does Core Scientific Inc have outstanding?

Core Scientific Inc (CORZ) had 293M shares outstanding as of fiscal year 2024.

What is Core Scientific Inc's current ratio?

Core Scientific Inc (CORZ) had a current ratio of 6.72 as of fiscal year 2024, which is generally considered healthy.

What is Core Scientific Inc's debt-to-equity ratio?

Core Scientific Inc (CORZ) had a debt-to-equity ratio of -2.95 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Core Scientific Inc's return on assets (ROA)?

Core Scientific Inc (CORZ) had a return on assets of -82.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Why is Core Scientific Inc's debt-to-equity ratio negative or unusual?

Core Scientific Inc (CORZ) has negative shareholder equity of -$820.2M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Core Scientific Inc's Piotroski F-Score?

Core Scientific Inc (CORZ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Core Scientific Inc's earnings high quality?

Core Scientific Inc (CORZ) has an earnings quality ratio of -0.03x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Core Scientific Inc?

Core Scientific Inc (CORZ) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.