Core Scientific (NASDAQ: CORZ) flags restatement, swings to Q4 2025 profit
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Core Scientific, Inc. reported fourth quarter 2025 revenue of $79.8 million, down from $94.9 million a year earlier, as it shifted from digital asset self‑mining toward high‑density colocation. Net income was $216.0 million versus a prior‑year net loss of $291.1 million, largely driven by a non‑cash $330.3 million fair value gain on warrants and contingent value rights. Colocation revenue rose to $31.3 million from $8.5 million, while self‑mining revenue fell to $42.2 million from $79.9 million. Liquidity at year‑end 2025 was $533.4 million, including $311.4 million of cash and $222.0 million of bitcoin, after $279.2 million of capital expenditures, most funded by CoreWeave. The company also disclosed that multiple 2024 and 2025 periods can no longer be relied upon because certain property, plant and equipment tied to facility conversions were improperly capitalized instead of impaired, and it is filing amended reports. Management identified a material weakness in internal control over financial reporting, auditors will revise 2024 internal control opinions to adverse, and the company is implementing remediation.
Positive
- Stronger bottom line and liquidity: Net income reached
$216.0 million in Q4 2025, reversing a$291.1 million loss a year earlier, and year‑end liquidity was$533.4 million , supporting Core Scientific’s colocation and data‑center expansion program.
Negative
- Material restatement and control weakness: Core Scientific determined multiple 2024 and 2025 financial statements should no longer be relied upon due to PP&E accounting errors, identified a material weakness in internal control over financial reporting, and its 2024 internal control audit opinion will be revised to adverse.
Insights
Restatement and control weakness offset strategic shift to colocation.
Core Scientific is accelerating its move from bitcoin self‑mining toward high‑density colocation, highlighted by rising colocation revenue and a large, long‑term contract with CoreWeave that funded $226.2 million of 2025 capital expenditures. Year‑end liquidity of
The company’s accounting review uncovered that assets committed to demolition during conversions to HPC colocation were kept on the balance sheet instead of being written down, prompting restatements for several 2024 and 2025 periods. This error does not change previously reported revenue, Adjusted EBITDA, or net cash flows.
Management concluded internal control over financial reporting was ineffective for 2024 and 2025, and the prior auditor will reissue its 2024 internal control opinion as adverse. Amended filings have been submitted, and remediation plans are being implemented, but the durability of improvements will be clearer in future annual and quarterly reports.
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): March 2, 2026
Core Scientific, Inc.
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
838 Walker Road, Suite 21-2105 Dover, Delaware | ||||||||
| (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 | ||||||
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 March 2, 2026, the Company issued a press release announcing its financial results for the fourth fiscal quarter ended December 31, 2025. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On February 25, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of the Company, in consultation with management, determined that the Company’s consolidated financial statements for the three and six months ended June 30, 2024, the three and nine months ended September 30, 2024, the year ended December 31, 2024, the three months ended March 31, 2025, the three and six months ended June 30, 2025, and the three and nine months ended September 30, 2025 (the “Non-Reliance Periods”) should no longer be relied upon due to the accounting errors described below.
During the preparation of the consolidated financial statements for the year ended December 31, 2025, the Company determined that property, plant and equipment was overstated as a result of the improper continued capitalization of carrying values of assets committed to demolition in connection with the conversion of certain facilities from digital asset mining operations to high-performance computing (“HPC”) colocation infrastructure, which impacted the Company's previously issued consolidated financial statements for the year ended December 31, 2024, as well as the interim condensed consolidated financial statements for the Non-Reliance Periods. Specifically, the carrying values of assets committed to demolition were improperly capitalized rather than being written down to fair value through the recognition of impairment charges in the periods in which the commitment to demolish was made.
Concurrently with the filing of this Current Report on Form 8-K, the Company is filing amendments to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025 (the “Amended 2024 Form 10-K”), and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with the SEC on May 7, 2025, August 9, 2025 and October 24, 2025, respectively (such amended reports, together with the Amended 2024 Form 10-K, the “Amended Reports”), in each case to correct the errors described above in its previously issued consolidated financial statements for the Non-Reliance Periods. As all material restatement information is expected to be included in the Amended Reports, the Company does not intend to amend any of its previously filed Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2024 and September 30, 2024. Accordingly, investors and others should rely only on the financial information and other disclosures regarding the Non-Reliance Periods in the Amended Reports and in any future filings with the SEC (as applicable) and should not rely on any previously issued or filed reports, earnings releases and investor presentations and other communications describing the Company’s previously issued financial statements, financial results, and other related financial information related to the Non-Reliance Periods.
As a result of the errors described above, the Company has identified a material weakness in its internal control over financial reporting. The Company’s management reevaluated the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures and concluded that the Company’s internal control over financial reporting and disclosure controls and procedures were not effective as of the respective end dates of each of the Company’s fiscal years ended December 31, 2024 and December 31, 2025, and the Company’s disclosure controls and procedures were not effective as of the respective end dates of each of its interim Non-Reliance Periods within fiscal 2025. Specifically, the Company did not effectively operate controls to account for intended demolition of building and infrastructure assets, including evaluation of impairment, related to the conversion of facilities from digital asset mining operations to HPC colocation infrastructure due to insufficient complement of trained personnel. As a result of the material weakness, Marcum LLP, the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2024, has determined that its report on internal control over financial reporting as of December 31, 2024, dated February 26, 2025 and included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, will be revised to an adverse opinion that internal control over financial reporting was ineffective and reissued. The revised opinion will be filed in the Amended 2024 Form 10-K.
The Company is in the process of developing and implementing a remediation plan to address the material weakness and will report its remediation efforts along with this material weakness in the Amended Reports.
Company management and the Audit Committee have discussed the matters disclosed above with KPMG LLP, the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2025, and Marcum LLP, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2024.
Forward Looking Statements
This Current Report on Form 8-K 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 relating to the impact of the restatement of the financial statements in the Amended Reports and the timing of the remediation of the identified material weakness. 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 the Company’s annual and quarterly reports filed with the SEC. 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.
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 March 2, 2026 | |||||||
| 99.2 | Company Presentation dated March 2, 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: March 2, 2026 | ||||||||
| By: | /s/ Todd M. DuChene | |||||||
| Name: | Todd M. DuChene | |||||||
| Title: | Chief Legal Officer and Chief Administrative Officer | |||||||
 | |||||||||||
Core Scientific Announces Fourth Quarter Fiscal Year 2025 Results
Key Highlights
•New Top-market Site: Announced an agreement to expand into Hunt County, Texas, which is expected to support ~430 MW of gross power capacity, with an approved ERCOT interconnection ramp schedule.
•Power Expansion at Existing Locations: Increased gross power capacity by ~300 MW across Dalton, Georgia and Pecos, Texas.
•Continued Execution on CoreWeave Contract: To date, energized ~350 MW of power and remain on track to deliver ~590 MW by early 2027.
AUSTIN, Texas, March 2, 2026 - Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services, today announced financial results for the fourth quarter of 2025.
“We’re now past the halfway point on our existing builds and scaling our colocation platform into a 1.5 gigawatt pipeline of leasable capacity,” said Adam Sullivan, Chief Executive Officer of Core Scientific. “With a multi-geography footprint and proven execution, we’re accelerating RFS timelines across multiple sites to position the company for durable growth.”
Fourth Quarter 2025 Financial Results
•Total revenue was $79.8 million compared to $94.9 million in the fourth quarter of 2024.
◦Colocation revenue was $31.3 million, up from $8.5 million in the fourth quarter of 2024. The increase was due to the expansion of colocation operations since the prior-year period.
◦Digital asset self-mining revenue was $42.2 million, down from $79.9 million in the prior-year period. The decline was primarily driven by a 57% decrease in bitcoin mined, partially offset by a 20% increase in the average bitcoin price.
◦Digital asset hosted mining revenue was $6.3 million, down from $6.5 million in the same period a year ago. The decrease was driven by the continued strategic shift to our high-density colocation business.
•Gross profit was $20.8 million compared to $4.8 million in the same period last year.
•Net income was $216.0 million, compared to a net loss of $291.1 million in the prior-year period, primarily due to a GAAP non-cash fair value gain of $330.3 million for the fourth quarter of 2025 versus a loss of $224.7 million for the fourth quarter of 2024, reflecting lower remeasurement charges on warrant and contingent value right liabilities due to a decline in the Company’s stock price during the current period.
•Non-GAAP Adjusted EBITDA was $(42.7) million, compared to $13.3 million for the prior year period, driven by a $60.9 million increase in the change in fair value of digital assets and a $15.2 million decrease in total revenue, partially offset by a $17.8 million decrease in cash cost of revenue and a $2.3 million decrease in cash operating expenses.
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 2 | ||||||||
•Capital expenditures were $279.2 million, $226.2 million of which were funded by CoreWeave, Inc. pursuant to its existing colocation service agreements with the Company.
•Liquidity was $533.4 million as of the end of the fourth quarter of 2025, consisting of $311.4 million of cash and cash equivalents and $222.0 million of bitcoin.
Restatement of Previously Issued Financial Results
During the preparation of the consolidated financial statements for the year ended December 31, 2025, and in connection with the Company’s change in its independent registered public accounting firm from CBIZ, formerly Marcum LLP, to KPMG LLP, the Company determined that property, plant and equipment was overstated in its 2025 interim financial statements as a result of the improper capitalization of carrying values of asset committed to demolition in connection with the conversion of certain facilities from digital asset mining operations to high-performance computing colocation infrastructure. This determination resulted in the identification of the same error in the Company’s previously issues consolidated financial statements for the year ended December 31, 2024. Specifically, the carrying values of assets committed to demolition were improperly capitalized rather than being written down to fair value through the recognition of impairment charges in the periods in which the commitment to demolish was made.
The Company assessed the materiality of the errors, individually and in the aggregate, and concluded that the errors were material to the previously issued consolidated financial statements and such previously issued consolidated financial statements should no longer be relied upon. As a result, the Company is restating its previously issued consolidated financial statements as of and for the three and six months ended June 30, 2024, the nine months ended September 30, 2024, the year ended December 31, 2024, the three months ended March 31, 2025, the six months ended June 30, 2025, and the three months ended September 30, 2025. The three months ended September 30, 2024 and June 30, 2025 were not impacted on a standalone basis.
This restatement has no impact on revenue, adjusted EBITDA, or net cash flows for the affected periods.
Conference Call and Earnings Presentation
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Monday, March 2, 2026, at 4:30 pm Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Matt Brown, Chief Operating Officer, Jim Nygaard, Chief Financial Officer and Jon Charbonneau,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=VZaoQ5yv. Please allow 10 minutes prior to the call to download and install any necessary audio software.
A supplementary investor presentation for the fourth quarter 2025 may be accessed at https://investors.corescientific.com/news-events/presentations.
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.
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 3 | ||||||||
About Core Scientific
Core Scientific, Inc. (“Core Scientific” or the “Company”) is a leader in digital infrastructure for high-density colocation services and digital asset mining. We operate dedicated, purpose-built facilities for high-density colocation services and are a premier provider of digital infrastructure, software solutions and services to our third-party customers. We employ our own fleet of computers (“miners”) to earn digital assets for our own account and we are in the process of converting most of our existing facilities to support artificial intelligence-related workloads and next generation colocation services. We currently derive the majority of our revenue from earning digital assets for our own account but expect to rapidly increase revenue derived from high-density colocation (“HDC”). We currently intend to repurpose our remaining facilities currently used in our digital asset mining businesses to support our high-density colocation computing services business as circumstances allow and in a manner designed to retain access to electrical power under our control, maximize the value of our digital asset mining equipment to third parties, and fulfill our existing obligations to suppliers and customers. Our facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (3). 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 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 advantages and expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and consummate acquisitions of entities holding suitable 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. 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
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 4 | ||||||||
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. Fourth Quarter 2025 Earnings Release - 5 | ||||||||
Core Scientific, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 311,378 | $ | 836,197 | |||||||
| Restricted cash | — | 783 | |||||||||
| Digital assets | 222,000 | 23,893 | |||||||||
Customer funding receivable and other current assets | 362,159 | 43,089 | |||||||||
| Total Current Assets | 895,537 | 903,962 | |||||||||
| Property, plant and equipment, net | 1,293,299 | 433,473 | |||||||||
| Operating lease right-of-use assets | 108,484 | 114,472 | |||||||||
| Other noncurrent assets | 50,324 | 24,039 | |||||||||
| Total Assets | $ | 2,347,644 | $ | 1,475,946 | |||||||
| Liabilities and Stockholders’ Deficit | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable | $ | 126,106 | $ | 19,265 | |||||||
| Accrued expenses | 511,957 | 64,670 | |||||||||
| Deferred revenue | 127,561 | 18,134 | |||||||||
Other current liabilities | 15,777 | 32,493 | |||||||||
| Total Current Liabilities | 781,401 | 134,562 | |||||||||
| Convertible and other notes payable, net of current portion | 1,060,325 | 1,073,990 | |||||||||
Warrant liabilities | 936,107 | 1,097,285 | |||||||||
| Deferred revenue, net of current portion | 428,290 | — | |||||||||
| Other noncurrent liabilities | 104,261 | 113,158 | |||||||||
| Total Liabilities | 3,310,384 | 2,418,995 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ Deficit: | |||||||||||
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at December 31, 2025 and December 31, 2024 | — | — | |||||||||
Common stock; $0.00001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; 314,231 and 292,606 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 3 | 3 | |||||||||
| Additional paid-in capital | 3,183,960 | 2,915,035 | |||||||||
| Accumulated deficit | (4,146,703) | (3,858,087) | |||||||||
| Total Stockholders’ Deficit | (962,740) | (943,049) | |||||||||
| Total Liabilities and Stockholders’ Deficit | $ | 2,347,644 | $ | 1,475,946 | |||||||
Certain prior year amounts have been reclassified for consistency with the current year presentation.
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 6 | ||||||||
Core Scientific, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
Colocation revenue | $ | 31,340 | $ | 8,521 | $ | 65,424 | $ | 24,378 | |||||||||||||||
Digital asset self-mining revenue | 42,166 | 79,900 | 229,207 | 408,740 | |||||||||||||||||||
Digital asset hosted mining revenue from customers | 6,257 | 6,504 | 24,388 | 77,554 | |||||||||||||||||||
Total revenue | 79,763 | — | 94,925 | — | 319,019 | — | 510,672 | ||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||
Cost of Colocation services | 17,077 | 7,777 | 45,679 | 21,709 | |||||||||||||||||||
Cost of digital asset self-mining | 38,671 | 78,215 | 218,868 | 314,335 | |||||||||||||||||||
Cost of digital asset hosted mining services | 3,260 | 4,170 | 16,574 | 53,558 | |||||||||||||||||||
Total cost of revenue | 59,008 | — | 90,162 | — | 281,121 | — | 389,602 | ||||||||||||||||
Gross profit | 20,755 | 4,763 | 37,898 | 121,070 | |||||||||||||||||||
Decrease in fair value of digital assets | 61,669 | 805 | 31,603 | 1,052 | |||||||||||||||||||
Decrease in fair value of energy derivatives | — | — | — | 2,757 | |||||||||||||||||||
Loss on disposal of property, plant and equipment | 5,208 | 149 | 9,680 | 4,210 | |||||||||||||||||||
Impairment of property, plant and equipment | 11,359 | 25,608 | 11,359 | 122,869 | |||||||||||||||||||
| Colocation organizational and site startup costs | 8,753 | 5,431 | 48,249 | 13,734 | |||||||||||||||||||
| Advisor fees | 16,289 | 2,662 | 23,372 | 4,822 | |||||||||||||||||||
Selling, general and administrative | 34,952 | 35,499 | 159,224 | 113,691 | |||||||||||||||||||
Operating loss | (117,475) | (65,391) | (245,589) | (142,065) | |||||||||||||||||||
Non-operating expense (income), net: | |||||||||||||||||||||||
| Loss on debt extinguishment | 556 | — | 1,933 | 487 | |||||||||||||||||||
Interest expense (income), net | 916 | 1,136 | (3,277) | 37,070 | |||||||||||||||||||
Change in fair value of warrants and contingent value rights | (330,299) | 224,716 | 33,059 | 1,369,157 | |||||||||||||||||||
| Reorganization items, net | — | — | — | (111,439) | |||||||||||||||||||
(Gain) loss on legal settlements | (4,814) | — | 10,690 | 2,070 | |||||||||||||||||||
Other non-operating income (expense), net | 112 | (469) | 39 | (2,395) | |||||||||||||||||||
Total non-operating (income) expense, net | (333,529) | 225,383 | 42,444 | 1,294,950 | |||||||||||||||||||
Income (loss) before income taxes | 216,054 | (290,774) | (288,033) | (1,437,015) | |||||||||||||||||||
| Income tax expense | 95 | 375 | 583 | 859 | |||||||||||||||||||
Net income (loss) | $ | 215,959 | $ | (291,149) | $ | (288,616) | $ | (1,437,874) | |||||||||||||||
Net income (loss) per share, basic | $ | 0.60 | $ | (0.69) | $ | (0.88) | $ | (4.87) | |||||||||||||||
Net income (loss) per share, diluted | $ | 0.42 | $ | (0.69) | $ | (0.88) | $ | (4.87) | |||||||||||||||
Weighted average shares outstanding, basic | 319,603 | 306,146 | 318,068 | 255,832 | |||||||||||||||||||
Weighted average shares outstanding, diluted | 464,573 | 306,146 | 318,068 | 255,832 | |||||||||||||||||||
Certain prior year amounts have been reclassified for consistency with the current year presentation.
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 7 | ||||||||
Core Scientific, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands) (Unaudited)
Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from Operating Activities: | |||||||||||
Net loss | $ | (288,616) | $ | (1,437,874) | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
| Depreciation and amortization | 68,913 | 113,205 | |||||||||
Loss on exchange or disposal of property, plant and equipment | 9,680 | 4,210 | |||||||||
Impairment of property, plant and equipment | 11,359 | 122,869 | |||||||||
| Change in right-of-use assets | 11,266 | 6,916 | |||||||||
| Stock-based compensation | 98,236 | 51,924 | |||||||||
Digital asset self-mining | (229,710) | (425,253) | |||||||||
| Proceeds from sale of digital assets generated by self-mining and shared hosting revenues1 | — | 402,461 | |||||||||
Decrease in fair value of digital assets | 31,603 | 1,052 | |||||||||
Change in fair value of energy derivatives | — | (2,262) | |||||||||
Increase in fair value of warrant liabilities | 33,965 | 1,451,210 | |||||||||
Decrease in fair value of contingent value rights | (906) | (82,053) | |||||||||
| Loss on debt extinguishment | 1,933 | 487 | |||||||||
| Amortization of debt discount | 5,994 | 3,756 | |||||||||
| Non-cash reorganization items | — | (143,791) | |||||||||
| Non-cash PIK interest expense | — | 3,676 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | — | 659 | |||||||||
Customer funding receivable and other current assets | 16,223 | (20,393) | |||||||||
| Accounts payable | 10,782 | (12,272) | |||||||||
Accrued expenses | (17,400) | 1,880 | |||||||||
| Deferred revenue from colocation services | 536,093 | 17,785 | |||||||||
| Deferred revenue from hosted mining services | 1,624 | (9,481) | |||||||||
| Other noncurrent assets and liabilities, net | (22,789) | (5,815) | |||||||||
Net cash provided by operating activities | 278,250 | 42,896 | |||||||||
| Cash flows from Investing Activities: | |||||||||||
| Purchases of property, plant and equipment | (729,000) | (94,961) | |||||||||
| Proceeds from sales of property and equipment | 3,461 | — | |||||||||
| Purchase of equity investments | (5,000) | — | |||||||||
| Investments in intangible assets | (10,211) | (231) | |||||||||
| Net cash used in investing activities | (740,750) | (95,192) | |||||||||
| Cash flows from Financing Activities: | |||||||||||
| Principal repayments of finance leases | (1,672) | (6,038) | |||||||||
| Principal payments on debt | (8,613) | (304,819) | |||||||||
| Debt extinguishment payments | (27,512) | — | |||||||||
| Taxes paid related to net share settlement of equity awards | (32,216) | — | |||||||||
Proceeds from the issuance of 3.00% convertible senior notes, net | — | 447,609 | |||||||||
Issuance costs for 3.00% convertible senior notes | — | (2,529) | |||||||||
| Proceeds for the issuance of 0.00% senior convertible notes, net | — | 610,156 | |||||||||
| Issuance costs for 0.00% senior convertible notes | — | (1,313) | |||||||||
| Proceeds from issuance of new common stock | — | 55,000 | |||||||||
| Proceeds from draw from exit facility | — | 20,000 | |||||||||
| Restricted stock tax holding obligations | — | (3,393) | |||||||||
| Proceeds from exercise of warrants | 6,911 | 4,885 | |||||||||
| Proceeds from exercise of stock options | — | 9 | |||||||||
| Net cash (used in) provided by financing activities | (63,102) | 819,567 | |||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (525,602) | 767,271 | |||||||||
| Cash, cash equivalents and restricted cash—beginning of period | 836,980 | 69,709 | |||||||||
| Cash, cash equivalents and restricted cash—end of period | $ | 311,378 | $ | 836,980 | |||||||
1 Proceeds from digital assets received as noncash revenue consideration liquidated nearly immediately after receipt as a routine operating activity.
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 8 | ||||||||
Core Scientific, Inc.
Segment Results
(in thousands, except percentages)
(Unaudited)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Colocation Segment | (in thousands, except percentages) | ||||||||||||||||||||||
Colocation revenue: | |||||||||||||||||||||||
License fees | $ | 25,009 | $ | 5,873 | $ | 47,861 | $ | 17,498 | |||||||||||||||
Maintenance and other | 20 | (9) | 1,649 | 73 | |||||||||||||||||||
Power fees passed through to customer | 6,311 | 2,657 | 15,914 | 6,807 | |||||||||||||||||||
| Total colocation revenue | 31,340 | 8,521 | 65,424 | 24,378 | |||||||||||||||||||
| Cost of colocation services: | |||||||||||||||||||||||
| Depreciation expense | 676 | (54) | 1,065 | 3 | |||||||||||||||||||
Employee compensation | 2,556 | 1,037 | 7,208 | 2,514 | |||||||||||||||||||
| Facility operations expense | 6,357 | 3,943 | 18,927 | 11,907 | |||||||||||||||||||
| Other segment items | 1,248 | 194 | 2,565 | 478 | |||||||||||||||||||
Power fees passed through to customer | 6,240 | 2,657 | 15,914 | 6,807 | |||||||||||||||||||
| Total cost of colocation services | 17,077 | 7,777 | 45,679 | 21,709 | |||||||||||||||||||
Colocation gross profit | $ | 14,263 | $ | 744 | $ | 19,745 | $ | 2,669 | |||||||||||||||
Colocation gross margin | 46 | % | 9 | % | 30 | % | 11 | % | |||||||||||||||
Digital Asset Self-Mining Segment | |||||||||||||||||||||||
Digital asset self-mining revenue | $ | 42,166 | $ | 79,900 | $ | 229,207 | $ | 408,740 | |||||||||||||||
| Cost of digital asset self-mining: | |||||||||||||||||||||||
| Power fees | 28,089 | 37,249 | 122,408 | 160,833 | |||||||||||||||||||
| Depreciation expense | 12,774 | 25,432 | 65,565 | 108,499 | |||||||||||||||||||
| Employee compensation | (4,881) | 10,417 | 18,530 | 26,129 | |||||||||||||||||||
| Facility operations expense | 2,112 | 3,580 | 9,570 | 13,274 | |||||||||||||||||||
| Other segment items | 577 | 1,537 | 2,795 | 5,600 | |||||||||||||||||||
| Total cost of digital asset self-mining | 38,671 | 78,215 | 218,868 | 314,335 | |||||||||||||||||||
Digital Asset Self-Mining gross profit | $ | 3,495 | $ | 1,685 | $ | 10,339 | $ | 94,405 | |||||||||||||||
| Digital Asset Self-Mining gross margin | 8 | % | 2 | % | 5 | % | 23 | % | |||||||||||||||
| Digital Asset Hosted Mining Segment | |||||||||||||||||||||||
| Digital asset hosted mining revenue from customers | $ | 6,257 | $ | 6,504 | $ | 24,388 | $ | 77,554 | |||||||||||||||
| Cost of digital asset hosted mining services: | |||||||||||||||||||||||
| Power fees | 3,230 | 2,738 | 12,597 | 35,408 | |||||||||||||||||||
| Depreciation expense | 317 | 359 | 1,173 | 3,604 | |||||||||||||||||||
| Employee compensation | (591) | 689 | 1,635 | 4,933 | |||||||||||||||||||
| Facility operations expense | 239 | 266 | 904 | 2,765 | |||||||||||||||||||
| Other segment items | 65 | 118 | 265 | 6,848 | |||||||||||||||||||
| Total cost of digital asset hosted mining services | 3,260 | 4,170 | 16,574 | 53,558 | |||||||||||||||||||
| Digital Asset Hosted Mining gross profit | $ | 2,997 | $ | 2,334 | $ | 7,814 | $ | 23,996 | |||||||||||||||
| Digital Asset Hosted Mining gross margin | 48 | % | 36 | % | 32 | % | 31 | % | |||||||||||||||
| Consolidated | |||||||||||||||||||||||
| Consolidated total revenue | $ | 79,763 | $ | 94,925 | $ | 319,019 | $ | 510,672 | |||||||||||||||
| Consolidated cost of revenue | $ | 59,008 | $ | 90,162 | 0 | $ | 281,121 | — | $ | 389,602 | |||||||||||||
| Consolidated gross profit | $ | 20,755 | $ | 4,763 | $ | 37,898 | $ | 121,070 | |||||||||||||||
| Consolidated gross margin | 26 | % | 5 | % | 12 | % | 24 | % | |||||||||||||||
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 9 | ||||||||
Core Scientific, Inc.
Non-GAAP Financial Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial measure defined as our net income (loss), adjusted to eliminate the effect of (i) interest income, interest expense, and other income (expense), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) Reorganization items, net; (vi) unrealized fair value adjustment on energy derivatives; (vii) change in the fair value of warrant and contingent value rights, (viii) Colocation segment startup costs primarily related to the initial ramp up of new colocation sites, (ix) impairment of property, plant and equipment, (x) site demolition costs incurred in connection with the conversion of existing facilities to colocation data center operations, (xi) post-emergence bankruptcy advisory costs incurred related to reorganization, (xii) transaction costs incurred in connection with the Merger Agreement, including advisory, legal, and other professional or consulting fees, (xiii) gain (loss) on legal settlements, and (xiv) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net income (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. Fourth Quarter 2025 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 income (loss), for the periods presented (in thousands):
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||
Net income (loss) | $ | 215,959 | $ | (291,149) | $ | (288,616) | $ | (1,437,874) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Interest (income) expense, net | 916 | 1,136 | (3,277) | 37,070 | |||||||||||||||||||
| Income tax expense | 95 | 375 | 583 | 859 | |||||||||||||||||||
| Depreciation and amortization | 14,025 | 26,041 | 68,841 | 113,205 | |||||||||||||||||||
| Stock-based compensation expense | 27,935 | 24,202 | 98,236 | 51,924 | |||||||||||||||||||
| Unrealized fair value adjustment on energy derivatives | — | — | — | (2,262) | |||||||||||||||||||
Loss on disposal of property, plant and equipment | 5,208 | 149 | 9,680 | 4,210 | |||||||||||||||||||
Impairment of property, plant and equipment | 11,359 | 25,608 | 11,359 | 122,869 | |||||||||||||||||||
Site conversion demolition costs | — | — | 4,442 | — | |||||||||||||||||||
| Loss on debt extinguishment | 556 | — | 1,933 | 487 | |||||||||||||||||||
| Colocation startup costs | — | — | — | 4,611 | |||||||||||||||||||
Merger Agreement related costs | 16,081 | — | 21,588 | — | |||||||||||||||||||
| Post-emergence bankruptcy advisory costs | 208 | 2,662 | 1,784 | 4,822 | |||||||||||||||||||
| Reorganization items, net | — | — | — | (111,439) | |||||||||||||||||||
Change in fair value of warrants and contingent value rights | (330,299) | 224,716 | 33,059 | 1,369,157 | |||||||||||||||||||
(Gain) loss on legal settlements | (4,814) | — | 10,690 | 2,070 | |||||||||||||||||||
Other non-operating income (expense), net | 112 | (469) | 39 | (2,395) | |||||||||||||||||||
| Other | — | 2 | — | 123 | |||||||||||||||||||
| Adjusted EBITDA | $ | (42,659) | $ | 13,273 | $ | (29,659) | $ | 157,437 | |||||||||||||||
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Core Scientific, Inc. Fourth Quarter 2025 Earnings Release - 11 | ||||||||
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CONTACTS
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-end-
Fourth Quarter Fiscal 2025 Earnings Call March 2, 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 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 advantages and expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and consummate acquisitions of entities holding suitable 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. 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 services. We operate dedicated, purpose-built facilities for high-density colocation services and are a premier provider of digital infrastructure, software solutions and services to our third-party customers. By the end of 2028, we expect every megawatt in our portfolio to be dedicated to colocation to support artificial intelligence-related workloads and next generation colocation services. $8.6B FULLY DILUTED MARKET CAP* 7 STATES ~1.5 GW $10B+ IN LEASABLE POWER PIPELINE IN CONTRACTED REVENUE ACROSS OUR FOOTPRINT *Based on stock price as of February 27, 2026, close and fully diluted share count of ~506 million
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
5 Over 800 MW of announced leasable power capacity Denton, TX Leased power: ~260MW Bold and underlined numbers indicate updates to leasable power disclosed on October 30, 2025 Numbers as of March 2, 2026 Dalton, GA Leased power: ~175MW Muskogee, OK Leased power: ~70MW Marble, NC Leased power: ~65MW Austin, TX Leased power: ~20MW Hunt County, TX Leasable power: ~285MW Pecos, TX Leasable power: ~200MW Dalton, GA Leasable power: ~120MW Calvert City, KY Leasable power: ~100MW Grand Forks, ND Leasable power: ~70MW Dallas Atlanta contracted sites Customer leasable sites Total leased power ~590 MW Auburn, AL Leasable power: ~30MW Leasable power ~805 MW
6 ~520 MW ~285 MW NEW HUNT COUNTY, TX LOCATION Total Leasable Power Pipeline* CURRENT LEASABLE CAPACITY AT EXISTING SITES ~1.5 GW Our current power pipeline has ~1.5 GW of customer leasable power potential *Does not include ~590 MW of already contracted power ~700 MW UNANNOUNCED LEASABLE CUSTOMER POWER OPPORTUNITIES TOTAL LEASABLE CUSTOMER POWER PIPELINE In addition to ~1.5 GW, the Company maintains an incremental ~700 MWs of capacity currently in active, targeted load studies across multiple markets
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 sales pipeline with a mix of hyperscale and non- hyperscale customers 12-year, $10B+ CoreWeave contract, ~$850M average annual revenue run rate Energized as many MWs as the rest of publicly traded peers combined in 2025* ~1.5 GW in leasable power pipeline and ~2.2 GW including load studies 7 *Peers include TeraWulf, Cipher, Galaxy, Applied Digital, Hut 8, Iren
Advancing our commitments New major power contract and site in top US market Announced an agreement to expand into Hunt County, Texas, adding ~285 MW of customer leasable capacity One or more new power contract(s) at existing site(s) Increased customer leasable capacity by ~300 MW at Dalton and Pecos data center sites Additional details on scalable financing approach Evaluating a number of financing options to support our broader capital formation strategy Signing of at least one new colocation customer Multiple sites under exclusivity, confident in signing a deal in the near future 8
9 Expansion into Hunt County brings Texas footprint to ~485 MW* in leasable power capacity Pecos Austin Denton Hunt Agreement to acquire LLC owning ~265 acres ~430 MW of gross capacity ~285 MW of leasable customer power capacity Begin energization in 2027, ramping to full power by 2029 Power and ramp schedule approved through ERCOT interconnection process in October 2024 Dallas Hunt County Site Details *Also includes 200 MWs of leasable customer power at Pecos, Texas
Construction Update Billable Capacity Delivered to Date Energized to Date Of Data Center Shells Constructed Total Aggregate Project Investments Customer GPUs Supported Total Labor Hours Through Construction 185+ MW ~350 MW ~1M Sq Ft $5B+65K+ ~5M 10 ✓ Broke ground on 5 AI factories supporting ~590 MW contracted commitment; one of the largest AI infrastructure expansions globally ✓ Energized ~350 MW and delivered 185+ MW of active billable capacity, translating construction progress into revenue-generation ✓ Established a repeatable, scalable execution engine that positions us to deliver at the pace the market demands ✓ Initiated pre-construction activities across additional sites in our portfolio, extending our runway for growth Entering 2026, we continue to focus on: • Maintaining alignment between in-flight infrastructure delivery and customer GPU deployment schedules • Adapting designs for next-generation power density and cooling requirements as GPU architectures continue to evolve • Converting megawatts into revenue-generating AI factories, building on the operational momentum established in 2025 1 2 3
CoreWeave Relationship Overview 11
12 CoreWeave is contracted for ~590 MW of leased customer power capacity across 5 of our sites Denton, TX Leased power: ~260MW Dalton, GA Leased power: ~175MW Muskogee, OK Leased power: ~70MW Marble, NC Leased power: ~65MW Austin, TX Leased power: ~20MW Total leased power ~590 MW
13 Contract summary ~590MW infrastructure ~800MW gross $10B+ in revenue potential over the contracts’ term ~$850M average annual run rate 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 75% to 80% anticipated profit margin 2 Hold liens on data center infrastructure assets (excluding GPUs)
14 Appendix
15 Restatement Overview • In connection with the transition to KPMG as independent auditor, we identified an accounting error related to the treatment of certain Property, Plant and Equipment (PP&E) associated with legacy mining-to-colocation site conversions going back to 2024 • Demolition costs and existing carrying values were capitalized in prior periods rather than expensed as incurred; amended statements have been filed to correct the affected periods • The correction is limited to the classification error related to the accounting treatment of certain PP&E; it does not affect the Company's cash position, operations, or go-forward economics No Impact to: Adjusted EBITDA: No effect on adjusted metrics Revenue: No change to reported revenue for any period Net Cash Flow: No impact to cash generation or liquidity ✓ ✓ ✓ Controls & Remediation: Enhanced internal controls over non-routine accounting items Amended filings submitted to the SEC*✓ ✓ *Amended filings available at sec.gov and on the Core Scientific Investor Relations page. Refer to filings for complete details.
16 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 not committed under customer contracts as of period end. This metric is calculated as Total Leasable Customer Power 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.
Contact ir@corescientific.com 17
FAQ
What were Core Scientific’s Q4 2025 revenue and net income?
Core Scientific reported Q4 2025 revenue of $79.8 million and net income of $216.0 million. Revenue declined from $94.9 million a year earlier, while net results swung from a $291.1 million loss to profit, mainly from a large non‑cash fair value gain.
How is Core Scientific’s revenue mix changing between colocation and self-mining?
Colocation revenue grew to $31.3 million in Q4 2025 from $8.5 million a year earlier, while digital asset self‑mining revenue fell to $42.2 million from $79.9 million. This reflects Core Scientific’s strategic shift from bitcoin self‑mining toward high‑density colocation services and AI‑focused infrastructure.
Why is Core Scientific restating prior financial statements?
The company found that certain property, plant and equipment tied to facility conversions was overstated because assets committed to demolition were improperly capitalized instead of impaired. As a result, Core Scientific is restating several 2024 and 2025 periods to correct these PP&E accounting errors.
Which Core Scientific reporting periods are affected by the restatement?
The restatement covers consolidated financial statements for the year ended December 31, 2024 and interim periods including three and six months ended June 30, 2024, nine months ended September 30, 2024, and multiple quarters in 2025, as detailed in the company’s amended reports.
What internal control issues did Core Scientific disclose?
Core Scientific identified a material weakness in internal control over financial reporting related to accounting for assets committed to demolition. Management concluded controls were not effective for 2024, 2025, and certain interim periods, and its 2024 internal control audit opinion will be revised to an adverse conclusion.
How large is Core Scientific’s contract with CoreWeave?
Core Scientific highlighted a CoreWeave colocation agreement with $10 billion-plus in revenue potential over its term and an estimated $850 million average annual revenue run rate. In 2025, CoreWeave funded $226.2 million of the company’s $279.2 million capital expenditures under this relationship.
What was Core Scientific’s liquidity position at the end of 2025?
At December 31, 2025, Core Scientific reported $533.4 million in liquidity, including $311.4 million of cash and cash equivalents and $222.0 million of bitcoin. This liquidity supports its significant capital program to expand high‑density colocation and AI‑focused data center capacity.
Filing Exhibits & Attachments
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Core Scientific Inc