Core Scientific (NASDAQ: CORZ) posts $164.2M Q2 revenue, $1.16B loss

Rhea-AI Filing Summary

Core Scientific, Inc. reported Q2 2026 total revenue of $164.2 million, up from $115.2 million in Q1 2026, driven by colocation revenue of $136.7 million. Gross profit was $70.0 million with a 43% gross margin, and Adjusted EBITDA reached $41.1 million.

The company recorded a net loss of $1.16 billion, mainly from a $1.05 billion non-cash increase in the fair value of warrants and contingent value rights. Liquidity totaled $1.82 billion, while total liabilities of $7.68 billion exceeded assets of $5.26 billion, resulting in a stockholders’ deficit.

Recent high-density colocation milestones include expanding leased customer power capacity to approximately 1.1 GW, representing more than $24 billion of potential contracted revenue, and an AMD partnership that could support up to 2.5 GW of leasable capacity with about 530 MW anchored under 15-year agreements.

Positive

• AMD partnership could support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue.
• Leased customer power capacity increased to about 1.1 GW, representing more than $24 billion of potential contracted revenue, with 437 MW billing as of mid-July and roughly $635 million in average annualized colocation GAAP revenue.
• Q2 2026 total revenue rose to $164.2 million from $78.6 million in Q2 2025, while Adjusted EBITDA improved to $41.1 million from $28.5 million, reflecting rapid scaling of the colocation business.

Negative

• Q2 2026 net loss was $1.16 billion, compared with $936.8 million a year earlier, driven largely by a $1.05 billion adverse change in the fair value of warrants and contingent value rights.
• The balance sheet shows total liabilities of $7.68 billion versus assets of $5.26 billion at June 30, 2026, including $4.30 billion of long-term debt and leaving a stockholders’ deficit of $2.42 billion.
• Digital asset self-mining remained pressured, generating Q2 2026 revenue of $21.5 million against costs of $33.7 million, for a segment gross margin of -56% and a six-month gross loss of $29.2 million.

Filing Explained

The filing’s July 23, 2026 pro forma share-count table shows approximately 508 million fully diluted shares, including warrants, restricted and performance-based units, and convertible notes. Those securities are not reported here as issued, but exercise or conversion would increase the total share count and reduce existing holders’ percentage ownership.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total Revenue Q2 2026: $164.2 million Colocation Revenue Q2 2026: $136.7 million Net Loss Q2 2026: $1,155.3 million +5 more

8 metrics

Total Revenue Q2 2026 $164.2 million Three months ended June 30, 2026 total revenue

Colocation Revenue Q2 2026 $136.7 million Three months ended June 30, 2026 colocation revenue

Net Loss Q2 2026 $1,155.3 million Three months ended June 30, 2026 net loss attributable to common stockholders

Adjusted EBITDA Q2 2026 $41.1 million Three months ended June 30, 2026 non-GAAP Adjusted EBITDA

Liquidity at June 30, 2026 $1,819.4 million Cash, cash equivalents and digital assets combined as liquidity

Total Assets $5,257.5 million Total assets as of June 30, 2026

Total Liabilities $7,676.8 million Total liabilities as of June 30, 2026

Leased Customer Power Capacity 1.1 GW Leased customer power capacity tied to over $24 billion of potential contracted revenue

Key Terms

Adjusted EBITDA, warrant liabilities, digital asset self-mining, colocation organizational and site startup costs, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA is a non-GAAP financial measure defined as our net loss, adjusted"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

warrant liabilities financial

"Warrant liabilities, current portion $1,811,587 and net of current portion $163,683"

Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.

digital asset self-mining financial

"Digital asset self-mining revenue $21,535 and related cost of digital asset self-mining"

Digital asset self-mining is when an organization runs its own hardware and software to create new units of a digital currency or token (for example Bitcoin) instead of buying them or hiring someone else to do it. It matters to investors because self-mining can lower ongoing costs and give direct control over supply and revenue, but it also requires large upfront investment, ongoing electricity and maintenance expenses, and exposes the business to technical, regulatory and price risks—similar to owning a factory rather than buying finished goods.

colocation organizational and site startup costs financial

"Colocation organizational and site startup costs primarily related to initial ramp up"

take-or-pay contract financial

"Take-or-pay contract at a fixed cost, with annual escalator in CoreWeave summary"

A take-or-pay contract is an agreement where a buyer promises to either take a specified amount of goods or services from a supplier or, if they don’t take them, still pay a pre-agreed fee. Think of it like a subscription where you must pay even if you don’t fully use the service; for investors this creates predictable revenue for the seller but also potential payment risk or hidden liabilities for the buyer, affecting cash flow and valuation.

Earnings Snapshot

Total revenue: $164.2 million

Three months ended June 30, 2026

Total revenue $164.2 million up from $115.2 million in Q1 2026 and $78.6 million in Q2 2025

Net loss $1,155.3 million widened from $347.2 million in Q1 2026 and $936.8 million in Q2 2025

Adjusted EBITDA $41.1 million up from $8.9 million in Q1 2026 and $28.5 million in Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Core Scientific (CORZ) key financial results for Q2 2026?

Core Scientific reported $164.2 million in total revenue for Q2 2026, led by colocation revenue of $136.7 million. Gross profit was $70.0 million with a 43% gross margin, and Adjusted EBITDA reached $41.1 million, reflecting strong colocation expansion.

Why did Core Scientific (CORZ) report a $1.16 billion net loss in Q2 2026?

The Q2 2026 net loss of $1,155.3 million was primarily driven by a $1,045.5 million increase in the fair value of warrants and contingent value rights. Operating loss was $78.5 million, with additional impacts from contract termination and asset remeasurement charges.

What is Core Scientific (CORZ) liquidity and debt position as of June 30, 2026?

As of June 30, 2026, liquidity was $1,819.4 million, comprising cash, cash equivalents and digital assets. Total liabilities were $7,676.8 million, including $4,298.0 million of long-term debt and significant warrant liabilities, resulting in a stockholders’ deficit of $2,419.4 million.

How large is Core Scientific (CORZ) colocation and power capacity pipeline?

Leased customer power capacity reached approximately 1.1 GW, tied to more than $24 billion of potential contracted revenue. Billing was 437 MW by mid-July, and an AMD partnership could eventually support up to 2.5 GW of leasable capacity.

What are Core Scientific (CORZ) non-GAAP results such as Adjusted EBITDA?

Adjusted EBITDA for Q2 2026 was $41.1 million, up from $8.9 million in Q1 2026 and $28.5 million in Q2 2025. This measure adjusts net loss for interest, taxes, depreciation, stock-based compensation, fair-value changes, restructuring and other non-core or non-cash items.

What major customer contracts support Core Scientific (CORZ) revenues?

CoreWeave contracts cover about 590 MW of infrastructure, with over $10 billion in potential revenue and roughly $850 million in average annualized colocation GAAP revenue over contract terms. An additional AMD partnership adds more than $14 billion of potential base contracted revenue.

0001839341FALSECore Scientific, Inc./tx00018393412026-07-282026-07-280001839341us-gaap:CommonStockMember2026-07-282026-07-280001839341core:WarrantExercisePriceOf6.81PerShareMember2026-07-282026-07-280001839341core:WarrantExercisePriceOf0.01PerShareMember2026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

Core Scientific, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-40046

86-1243837

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

838 Walker Road, Suite 21-2105 Dover, Delaware						19904
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (512) 402-5233

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, par value $0.00001 per share			CORZ			The Nasdaq Global Select Market
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $6.81 per share			CORZW			The Nasdaq Global Select Market
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $0.01 per share			CORZZ			The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition

On July 28, 2026, the Company issued a press release announcing its financial results for the second fiscal quarter ended June 30, 2026. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01    Regulation FD Disclosure

The information contained in Item 2.02 is incorporated herein by reference.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statement and Exhibits

(d) Exhibits:

Exhibit No.						Description
99.1						Press Release dated July 28, 2026
99.2						Company Presentation dated July 28, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Core Scientific, Inc.
Dated: July 28, 2026
			By:			/s/ Todd M. DuChene
			Name:			Todd M. DuChene
			Title:			Chief Legal Officer and Chief Administrative Officer

Core Scientific Announces Second Quarter 2026 Results

MIAMI, Florida, July 28, 2026 - Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the second quarter ended June 30, 2026.

Recent Business Developments

•Announced a partnership with AMD with the potential to support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue.

•Increased total leased customer power capacity to approximately 1.1 GW, representing more than $24 billion of potential contracted revenue.

•Billing for 437 MW of capacity as of mid-July, representing approximately $635 million in average annualized colocation GAAP revenue.

Financial Summary and Operating Metrics (in millions, except billing megawatts)

Metric			Q2 2026			Q1 2026			Q2 2025
Billing MW			395			225			N/A
Colocation Revenue			$	136.7		$	77.5		$	10.6
Total Revenue			$	164.2		$	115.2		$	78.6
Gross Profit			$	70.0		$	30.1		$	5.0
Net loss(1)			$	(1,155.3)		$	(347.2)		$	(936.8)
Adjusted EBITDA			$	41.1		$	8.9		$	28.5
Capital Expenditures (“CapEx”)(2)			$	797.5		$	389.2		$	121.3
Liquidity(3)			$	1,819.4		$	1,042.5		$	754.1

(1)Net loss for the quarter ended June 30, 2026 was primarily driven by the change in fair value of warrants, reflecting appreciation in the Company’s stock price during the period.

(2)CapEx includes purchases of property, plant and equipment and acquisitions of land and development rights.

(3)Liquidity is comprised of cash and cash equivalents and digital assets.

Conference Call and Earnings Presentation

In conjunction with this release, Core Scientific, Inc. will host a conference call today, Tuesday, July 28, 2026, at 8:30 am Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Jim Nygaard, Chief Financial Officer, Matt Brown, Chief Operating Officer, and Jon Charbonneau, Senior Vice President, Investor Relations will host the call.

Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=IPzPbUYf

A supplementary investor presentation for the second quarter 2026 may be accessed at https://investors.corescientific.com/news-events/presentations

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 2

Audio Replay

An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com.

About Core Scientific

Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow. Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com.

Special Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue, contracted revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully finance and complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and acquire suitable additional land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.

These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s Quarterly Reports on Form 10-Q. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 3

Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 4

Core Scientific, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except par value)

(Unaudited)

			June 30, 2026						March 31, 2026						December 31, 2025
Assets
Current Assets:
Cash and cash equivalents			$	1,769,735					$	1,005,148					$	311,378
Digital assets			49,675						37,312						222,000
Customer funding receivable and other current assets			458,489						352,128						362,159
Restricted cash, current portion			165,745						60,244						—
Total Current Assets			2,443,644						1,454,832						895,537
Property, plant and equipment, net			1,774,142						1,344,924						1,293,299
Intangibles, net			228,625						10,945						1,076
Operating lease right-of-use assets			114,199						105,986						108,484
Restricted cash, net of current portion			615,911						80,593						—
Other noncurrent assets			80,972						72,284						49,248
Total Assets			$	5,257,493					$	3,069,564					$	2,347,644
Liabilities and Stockholders’ Deficit
Current Liabilities:
Accounts payable			$	112,374					$	218,857					$	126,106
Accrued expenses			509,189						364,479						511,957
Deferred revenue			287,201						219,555						127,561
Notes payable, current portion			—						993,944						—
Warrant liabilities, current portion			1,811,587						844,752						—
Other current liabilities			17,443						20,196						15,777
Total Current Liabilities			2,737,794						2,661,783						781,401
Long-term debt			4,297,967						1,061,651						1,060,325
Warrant liabilities, net of current portion			163,683						116,495						936,107
Deferred revenue, net of current portion			367,242						434,672						428,290
Other noncurrent liabilities			110,163						100,649						104,261
Total Liabilities			7,676,849						4,375,250						3,310,384
Commitments and contingencies
Stockholders’ Deficit:
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025			—						—						—
Common stock; $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; 319,587 and 314,231 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively			3						3						3
Additional paid-in capital			3,229,842						3,188,202						3,183,960
Accumulated deficit			(5,649,201)						(4,493,891)						(4,146,703)
Total Stockholders’ Deficit			(2,419,356)						(1,305,686)						(962,740)
Total Liabilities and Stockholders’ Deficit			$	5,257,493					$	3,069,564					$	2,347,644

Certain prior year amounts have been reclassified for consistency with the current year presentation.

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 5

Core Scientific, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

			Three Months Ended																		Six Months Ended
			June 30, 2026						March 31, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Revenue:
Colocation revenue			$	136,669					$	77,539					$	10,560					$	214,208					$	19,133
Digital asset self-mining revenue			21,535						30,105						62,424						51,640						129,603
Digital asset hosted mining revenue from customers			5,997						7,600						5,644						13,597						9,417
Total revenue			164,201						115,244						78,628						279,445						158,153
Cost of revenue:
Cost of colocation services			56,686						33,618						9,430						90,304						17,536
Cost of digital asset self-mining			33,700						47,189						59,589						80,889						120,759
Cost of digital asset hosted mining services			3,771						4,331						4,584						8,102						6,620
Total cost of revenue			94,157						85,138						73,603						179,295						144,915
Gross profit			70,044						30,106						5,025						100,150						13,238
Change in fair value of digital assets			9,368						6,558						(29,797)						15,926						(19,109)
Loss on disposal of property, plant and equipment			1,273						13,638						4,166						14,911						4,172
Loss on remeasurement of assets held for sale			19,495						—						—						19,495						—
Impairment of property, plant and equipment			—						266,488						—						266,488						—
Loss on contract termination			41,948						—						—						41,948						—
Colocation organizational and site startup costs			27,039						8,665						11,655						35,704						23,322
Selling, general and administrative			49,389						45,179						45,285						94,568						78,175
Operating loss			(78,468)						(310,422)						(26,284)						(388,890)						(73,322)
Non-operating expenses (income), net:
Loss on debt extinguishment			5,435						—						1,377						5,435						1,377
Interest expense (income), net			23,833						4,857						(1,185)						28,690						(3,372)
Change in fair value of warrants and contingent value rights			1,045,515						30,799						909,958						1,076,314						288,494
Other non-operating expense, net			152						510						207						662						364
Total non-operating expense, net			1,074,935						36,166						910,357						1,111,101						286,863
Loss before income taxes			(1,153,403)						(346,588)						(936,641)						(1,499,991)						(360,185)
Income tax expense			1,907						600						158						2,507						363
Net loss			$	(1,155,310)					$	(347,188)					$	(936,799)					$	(1,502,498)					$	(360,548)
Net loss per share, basic and diluted			$	(3.32)					$	(1.06)					$	(0.04)					$	(4.39)					$	(0.23)
Weighted average shares outstanding, basic and diluted			325,329						322,911						317,985						324,128						316,593
Supplemental information - stock based compensation:
Cost of revenue			$	1,283					$	853					$	941					$	2,136					$	2,323
Colocation organizational and site startup costs			4,302						4,224						4,638						8,526						7,590
Selling, general and administrative			12,655						12,684						18,592						25,339						30,442
Stock-based compensation expense, net of amounts capitalized			18,240						17,761						24,171						36,001						40,355
Capitalized stock-based compensation			519						626						176						1,145						396
Total stock-based compensation cost			$	18,759					$	18,387					$	24,347					$	37,146					$	40,751

Certain prior year amounts have been reclassified for consistency with the current year presentation.

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 6

Core Scientific, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

			Six Months Ended June 30,
			2026						2025
Cash flows from Operating Activities:
Net loss			$	(1,502,498)					$	(360,548)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			32,146						38,487
Loss on disposal of property, plant and equipment			14,911						4,172
Loss on remeasurement of assets held for sale			19,495						—
Impairment of property, plant and equipment			266,488						—
Change in operating lease right-of-use assets			6,400						5,404
Stock-based compensation			36,001						40,355
Digital asset self-mining revenue			(51,640)						(129,769)
Proceeds from sales of digital assets generated by self-mining revenues(1)			208,249						—
Loss (gain) on fair value of digital assets			15,926						(19,109)
Change in fair value of warrants and contingent value rights			1,076,314						288,494
Loss on debt extinguishment			5,435						1,377
Changes in operating assets and liabilities:
Customer funding receivable and other current assets			(81,842)						(207,550)
Accounts payable			(35,594)						133,531
Accrued expenses			155,200						70,826
Deferred revenue from colocation services			98,409						131,293
Other operating assets and liabilities, net			(32,451)						(8,004)
Net cash provided by (used in) operating activities			230,949						(11,041)
Cash flows from Investing Activities:
Purchases of property, plant and equipment			(954,244)						(205,259)
Proceeds from sales of property and equipment			3,927						1,671
Acquisitions of land and development rights			(232,500)						—
Other investing activities			(74)						(5,036)
Net cash used in investing activities			(1,182,891)						(208,624)
Cash flows from Financing Activities:
Principal payments on debt			—						(8,613)
Debt extinguishment payments			(1,000,000)						(26,862)
Taxes paid related to net share settlement of equity awards			(35,310)						—
Proceeds from the issuance of debt			4,275,250						—
Debt issuance costs			(48,143)						—
Other financing activities			158						(495)
Net cash provided by (used in) financing activities			3,191,955						(35,970)
Net increase (decrease) in cash, cash equivalents and restricted cash			2,240,013						(255,635)
Cash, cash equivalents and restricted cash—beginning of period			311,378						836,980
Cash, cash equivalents and restricted cash—end of period			$	2,551,391					$	581,345
Supplemental disclosure of other cash flow information:
Cash paid for interest, net of capitalized interest			$	12,846					$	8,386
Income tax payments			652						$	457
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable and accrued expense			$	127,520					$	129,904
Reclass of property, plant and equipment to Held for Sale			33,286						—
Operating lease right-of-use assets obtained in exchange for lease obligations			13,440						109
Non-cash exercise of warrants			$	1,458					$	19,559

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 7

Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:
Cash and cash equivalents			$	1,769,735					$	581,345
Restricted cash, current portion			165,745						—
Restricted cash, net of current portion			615,911						$	—
Total cash, cash equivalents and restricted cash			$	2,551,391					$	581,345

(1)Proceeds from digital assets received as noncash revenue consideration liquidated upon management's discretion.

Certain prior year amounts have been reclassified for consistency with the current year presentation.

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 8

Core Scientific, Inc.

Segment Results

(in thousands, except percentages)

(Unaudited)

			Three Months Ended																		Six Months Ended
(in thousands, except percentages)			June 30, 2026						March 31, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Colocation Segment
Colocation revenue:
License fees			$	98,812					$	59,195					$	7,010					$	158,008					$	13,005
Power fees passed through to customer			35,073						21,059						3,464						56,132						6,050
Maintenance and other			2,784						(2,715)						86						68						78
Total colocation revenue			136,669						77,539						10,560						214,208						19,133
Cost of colocation services:
Power fees passed through to customer			35,073						21,059						3,464						56,132						6,050
Depreciation expense			4,621						2,075						104						6,696						171
Employee compensation			4,801						2,986						1,148						7,787						2,442
Facility operations expense			10,381						6,755						4,336						17,136						8,187
Other segment items			1,810						743						378						2,553						686
Total cost of colocation services			56,686						33,618						9,430						90,304						17,536
Colocation gross profit			$	79,983					$	43,921					$	1,130					$	123,904					$	1,597
Colocation gross margin			59		%				57		%				11		%				58		%				8		%
Digital Asset Self-Mining Segment
Digital asset self-mining revenue			$	21,535					30,105						$	62,424					$	51,640					$	129,603
Cost of digital asset self-mining:
Power fees			17,861						27,271						30,720						45,131						61,039
Depreciation expense			9,897						13,909						18,058						23,806						37,317
Employee compensation			4,052						3,527						8,272						7,579						15,607
Facility operations expense			1,286						1,972						2,089						3,258						5,369
Other segment items			604						510						450						1,115						1,427
Total cost of digital asset self-mining			33,700						47,189						59,589						80,889						120,759
Digital Asset Self-Mining gross profit			$	(12,165)					$	(17,084)					$	2,835					$	(29,249)					$	8,844
Digital Asset Self-Mining gross margin			(56)		%				(57)		%				5		%				(57)		%				7		%
Digital Asset Hosted Mining Segment
Digital asset hosted mining revenue from customers			$	5,997					7,600						$	5,644					$	13,597					$	9,417
Cost of digital asset hosted mining services:
Power fees			2,356						3,303						3,208						5,659						4,574
Depreciation expense			626						306						334						931						479
Employee compensation			542						427						779						969						1,110
Facility operations expense			167						234						220						401						368
Other segment items			80						61						43						142						89
Total cost of digital asset hosted mining services			3,771						4,331						4,584						8,102						6,620
Digital Asset Hosted Mining gross profit			$	2,226					$	3,269					$	1,060					$	5,495					$	2,797
Digital Asset Hosted Mining gross margin			37		%				43		%				19		%				40		%				30		%
Consolidated
Consolidated total revenue			$	164,201					$	115,244					$	78,628					$	279,445					$	158,153
Consolidated cost of revenue			$	94,157					$	85,138					$	73,603		0			$	179,295		—			$	144,915
Consolidated gross profit			$	70,044					$	30,106					$	5,025					$	100,150					$	13,238
Consolidated gross margin			43		%				26		%				6		%				36		%				8		%

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 9

Core Scientific, Inc.

Non-GAAP Financial Measures

(Unaudited)

Adjusted EBITDA is a non-GAAP financial measure defined as our net loss, adjusted to eliminate the effect of (i) interest expense (income), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) loss on disposal and impairment of property, plant and equipment; (vi) loss on remeasurement of assets held for sale; (vii) loss on contract termination; (viii) colocation organizational startup costs primarily related to the initial ramp up of new colocation sits and the conversion of existing facilities to colocation data center operations; (ix) loss on debt extinguishment; (x) change in fair value of warrant and contingent value rights; (xi) loss on legal settlements; (xii) post-emergence bankruptcy advisory costs incurred related to reorganization and (xiii) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net loss to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA is an important measure because it allows management, investors, and our Board of Directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non-cash items, variable charges and timing differences. Moreover, we have included Adjusted EBITDA in this earnings release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature or because the amount and timing of these items are not related to the current results of our core business operations which renders evaluation of our current performance, comparisons of performance between periods and comparisons of our current performance with our competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating this measure. Our presentation of this measure should not be construed as an inference that its future results will be unaffected by unusual items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. You should review the reconciliation of net loss to Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 10

The following table reconciles the non-GAAP financial measure to the most directly comparable U.S. GAAP financial performance measure, which is net loss, for the periods presented (in thousands):

			Three Months Ended																		Six Months Ended
			June 30, 2026						March 31, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Adjusted EBITDA
Net loss			$	(1,155,310)					$	(347,188)					$	(936,799)					$	(1,502,498)					$	(360,548)
Adjustments:
Interest expense (income), net			23,833						4,857						(1,185)						28,690						(3,372)
Income tax expense			1,907						600						158						2,507						363
Depreciation and amortization			15,498						16,648						18,756						32,146						38,487
Stock-based compensation expense			13,938						13,537						19,533						27,475						32,765
Loss on disposal of property, plant and equipment			1,273						13,638						4,166						14,911						4,172
Loss on remeasurement of assets held for sale			19,495						—						—						19,495						—
Impairment of property, plant and equipment			—						266,488						—						266,488						—
Colocation organizational and site startup costs(1)			27,039						8,665						11,655						35,704						23,322
Loss on contract termination			41,948						—						—						41,948						—
Loss on debt extinguishment			5,435						—						1,377						5,435						1,377
Change in fair value of warrants and contingent value rights			1,045,515						30,799						909,958						1,076,314						288,494
Loss on legal settlements(2)			—						500						—						500						—
Post-emergence bankruptcy advisory costs(3)			397						317						695						714						1,298
Other			135						27						207						162						364
Adjusted EBITDA			$	41,103					$	8,888					$	28,521					$	49,991					$	26,722

(1)Included in Colocation organizational and site startup costs are costs associated to Stock-based compensation expense of $4.3 million, $4.2 million, and $4.6 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, and $8.5 million and $7.6 million for the six months ended June 330, 2026 and 2025, respectively. For the six months ended June 30, 2025, there was also $4.4 million in site conversion demolition costs included within this amount.

(2)Included in Other non-operating expense, net on the condensed consolidated statements of operations.

(3)Included in Selling, general and administrative on the condensed consolidated statements of operations.

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 11

Term Library

Term (MW)			Definition			How management uses it
Gross Utility Power Capacity			Total electric utility power capacity agreements associated with our data center sites under our control as of period end, including capacity that is commissioned for future use.			Used for portfolio planning and utility power allocation discussions.
Total Leasable Customer Power Capacity			Our estimate of the total non-redundant customer IT load that our data center sites could support in the aggregate as of period end, regardless of whether such capacity has been contracted with customers or remains available for sale. This metric is representative of the amount of power available for customer use in servicing their workloads.			Used to assess total customer usable IT load available for leasing, evaluate leased versus unleased capacity, and plan conversion/development sequencing and sales capacity.
Leased Customer Power Capacity			Power capacity that is committed to customers under executed customer contracts, regardless of whether service has commenced as of period end.			Used to monitor signed customer commitments and contracted backlog and to plan future deployment/commissioning requirements.
Unleased Customer Power Capacity			The portion of Total Leasable Customer Power Capacity not committed under customer contracts as of period end. This metric is calculated as Total Leasable Customer Power Capacity minus Leased Customer Power Capacity.			Used to monitor remaining uncommitted customer IT load and to prioritize incremental contracting and conversion/commissioning plans.
Billable Customer Power Capacity			Portion of Leased Customer Power Capacity for which service has commenced, and we are actively billing as of period end.			Used to monitor in-service customer power that is billing and to track deployment/commissioning pace and near-term revenue ramp.

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Core Scientific, Inc. First Quarter 2026 Earnings Release - 12

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-end-

Second Quarter 2026 Earnings Call July 28, 2026 1

FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue, contracted revenue, and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and acquire suitable additional land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this presentation, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s Quarterly Reports on Form 10-Q. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. 2

3 Core Scientific Overview Core Scientific is a leader in digital infrastructure for high- density colocation (“HDC”), operating dedicated, purpose- built facilities designed to support artificial intelligence (“AI”) and other compute-intensive workloads. We also provide digital infrastructure and related services to third-party customers and are repurposing remaining bitcoin mining facilities to support the continued growth of our HDC business as circumstances allow. FULLY DILUTED MARKET CAP* 7 STATES ~1.1 GW $24B+ IN TOTAL CUSTOMER CONTRACTED POWER IN CONTRACTED REVENUE ACROSS OUR FOOTPRINT *Based on stock price as of July 27, 2026, close and fully diluted share count of ~508 million $10.5B

4 Integrated Colocation Platform Site & Infrastructure Access Delivery & Build Execution Operations & Scalable Growth 1 Identify, evaluate, and secure sites with available power, strong network access, and room to expand for high-density operations. Find & Secure Sites 2 Partner with utilities and local leaders to align infrastructure development with grid capacity and community planning. Work with Key Partners 3 Plan, secure, and deliver scalable power capacity required to support AI and other high- density workloads. Secure & Deliver Power 4 Install fiber cabling and secure required carrier services to deliver high-capacity connectivity at each site. Deliver Fiber & Network Access 5 Translate customer requirements into tailored designs that keep cost and delivery timelines predictable. Design & Engineer 6 Secure long-lead equipment through established global supply chain partners. Source & Procure Critical Equipment 7 Build, commission, and deploy high-density infrastructure with disciplined execution to reduce risk and accelerate delivery. Construct & Deploy 8 Operate and maintain infrastructure around the clock with on-site teams, real-time monitoring, and preventive maintenance. Operate & Maintain 9 Expand power, space, and density across campuses and new phases without disrupting active operations. Scale & Expand

~590 MW LEASED POWER Denton, TX ~260 MW Dalton, GA ~175 MW Muskogee, OK ~70 MW Marble, NC ~65 MW Austin, TX ~20 MW ~530 MW1 LEASED POWER Pecos, TX* ~185 MW Dalton, GA ~120 MW Hunt, TX* ~110 MW Muskogee, OK* ~82 MW Auburn, AL ~32 MW ~385 MW1 LEASABLE POWER ~1,540 MW2 LEASABLE POWER 1. Includes secured grid connected power 2. Includes grid power currently in load study and Behind-the-Meter (BTM) solutions * AMD direct sites Over 1 GW of Customer Contracted Capacity CoreWeave AMD + Neocloud Phase 1: Initial Deal Additional Grid Power AMD Expansion Opportunity Load Study & BTM AMD Expansion Opportunity Significant expansion potential through the AMD relationship for over 3 GW of customer contracted capacity Uncommitted, Leasable Power ~170 MW total (Calvert City & Grand Forks) Power pipeline New site opportunities 2 GW+ total New sites undergoing varying degrees of due diligence for potential purchase Hunt, TX ~192 MW Muskogee, OK ~192 MW Pecos, TX ~815 MW Muskogee, OK ~725 MW

6 Initial delivery for AMD is expected in early 2027 Pecos, TX Est. 1H 2027 initial delivery Hunt County, TX Est. 1H 2028 initial delivery Dalton, GA Est. 2H 2027 initial delivery Muskogee, OK Est. 2H 2027 initial delivery Auburn, AL Est. 1H 2027 initial delivery 1H 2027 2H 2027 1H 2028 With the full 530 MW delivered by the end of 2028

Investment Highlights Established expertise 150+ years of combined data center leadership experience Attractive business model Demand & growth visibility A leading North American AI compute infrastructure developer in the last decade 5+ years owning data centers with dedicated tier III GPU hosting abilities Colocation contracts deliver compelling economics and strong margins Strong balance sheet provides flexibility for strategic opportunities Robust industry demand with a mix of hyperscale and non-hyperscale customers $24B+ contracted capacity, ~$1.8B average annualized colocation GAAP revenue 1 Energized as many MWs as the rest of publicly traded peers combined in 2025 2 Over 2 GW in new site opportunities 7 * 1. Revenues from CoreWeave contract are paid directly into a lockbox tied to the $3.3 billion senior secured notes due 2031 2. Peers include TeraWulf, Cipher, Galaxy, Applied Digital, Hut 8, Iren

CoreWeave Relationship Overview 8

9 Nearing full completion of the CoreWeave buildout Site MW Leased Status MW Billing ~260 MW ~260Denton, TX ~175 MW Est. completion early 2027 ~30Dalton, GA ~70 MW ~70Muskogee, OK ~65 MW ~65Marble, NC ~20 MW ~20Austin, TX Total ~590 MW Early 2027 completion Over 430 MW* *Total billing as of mid-July Substantially complete

10 CoreWeave Contract Summary ~590MW infrastructure ~800MW gross $10B+ in revenue potential over the contracts’ term ~$850M average annualized colocation GAAP revenue 1 No ability to unilaterally terminate, with aligned joint execution risk Take-or-pay contract at a fixed cost, with annual escalator Client pays for capex 4, power, and utilities 1. Represents the estimated average annual revenue over the 12-year contract periods; Austin, Texas contract term is a 7-year period. 2. Expenses include facilities operations, repairs & maintenance, security, FTEs, insurance, property taxes, etc. 3. Austin, Texas contract term is 7 years with elective extensions. 4. Up to $1.5 Million per MW (or approximately $750 Million) of data center build out costs are funded by CoreWeave and credited against hosting payments at no more than 50% of monthly fees until fully repaid. The balance of modification costs relate to items purchased directly by CoreWeave and contributed for use in the facility. For the additional 70 MW expansion, Core Scientific is responsible for funding $104 Million of capex ($1.5M per MW) for the powered core and shell with no capex credit associated with this new agreement. 12-year contract with two 5-year options 3 80% to 85% anticipated profit margin 2 Hold liens on data center infrastructure assets (excluding GPUs)

11 Appendix

12 Average build cost breakdown Estimating $11 million - $12 million / MW as an average capex range for the site buildouts With three broader buckets making up 100% of our costs, excluding tenant fit out costs which range from $1 million - $2 million / MW ~45% ~40% ~15% Construction labor & on-site execution OFE Soft costs Transformers, switchgear, generators, chillers, pumps, liquid cooling systems, & control systems Design engineering, permitting, utility interconnection, insurance, warehouses, temporary power, fuel, lighting, testing, & contingency Electrical technicians, mechanical technicians, equipment operators, pipefitters, project supervisors, safety personnel

13 Term Library Term Definition How management uses it Gross Utility Power Capacity (MW) Total electric utility power capacity agreements associated with our data center sites under our control as of period end, including capacity that is commissioned for future use. Used for portfolio planning and utility power allocation discussions. Total Leasable Customer Power Capacity (MW) Our estimate of the total non-redundant customer IT load that our data center sites could support in the aggregate as of period end, regardless of whether such capacity has been contracted with customers or remains available for sale. This metric is representative of the amount of power available for customer use in servicing their workloads. Used to assess total customer-usable IT load available for leasing, evaluate leased versus unleased capacity, and plan conversion/development sequencing and sales capacity. Leased Customer Power Capacity (MW) Power capacity that is committed to customers under executed customer contracts, regardless of whether service has commenced as of period end. Used to monitor signed customer commitments and contracted backlog and to plan future deployment/commissioning requirements. Unleased Customer Power Capacity (MW) The portion of Total Leasable Customer Power Capacity not committed under customer contracts as of period end. This metric is calculated as Total Leasable Customer Power Capacity minus Leased Customer Power Capacity. Used to monitor remaining uncommitted customer IT load and to prioritize incremental contracting and conversion/commissioning plans. Billable Customer Power Capacity (MW) Portion of Leased Customer Power Capacity for which service has commenced, and we are actively billing as of period end. Used to monitor in-service customer power that is billing and to track deployment/commissioning pace and near-term revenue ramp.

14 Colocation Revenue & Billing MW Progression 120 225 395 4Q25 1Q26 2Q26 Billing MW $31.3 $77.5 $136.70 4Q25 1Q26 2Q26 Colocation revenue Data presented in MW Data presented in $M

15 Pro Forma Share Count as of July 23, 2026 Million shares ~187M shares 321 95 6 16 42 28 508 Sharecount @ July 23, 2026 Tranche 1 Warrants Tranche 2 Warrants Restricted Stock and Performance Based Units August 2024 Convertible Note December 2024 Convertible Note Total Pro Forma Diluted Share Count

Contact ir@corescientific.com 16

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