Core Scientific: $1.18B Q3 profit, mainly non-cash
Billing for 485 MW represented over $700 million in average annualized colocation GAAP revenue as of September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Core Scientific, Inc. (CORZ) reported third-quarter 2026 total revenue of $232.9 million, compared with $164.2 million in Q2 2026 and $81.1 million in Q3 2025. Colocation revenue was $215.4 million, nearly 60% above Q2; billing for 485 MW as of September 30 represented over $700 million in average annualized colocation GAAP revenue.
Adjusted EBITDA, a non-GAAP measure, was $133.6 million, more than triple Q2’s $41.1 million. Net income was $1,178.1 million, primarily reflecting a non-cash gain from the change in fair value of warrants; Q2 was a $1,155.3 million net loss. Third-quarter capital expenditures were $985.1 million. For the first nine months, operating cash flow was $296.2 million and investing cash flow was a $2,165.9 million outflow.
CoreWeave contracts cover approximately 590 MW, with $10 billion-plus in revenue potential over their terms. The stated contract term is 12 years with two 5-year options; the Austin, Texas contract has a 7-year term with elective extensions. At September 30, assets were $5,935.7 million and liabilities were $7,027.8 million, with a $1,092.1 million stockholders’ deficit.
2 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointColocation revenue reached $215.4 million in Q3 2026, versus $15.0 million a year earlier.
- Moderate pointAdjusted EBITDA was $133.6 million, more than triple sequentially.
Negative
- None.
Filing Explained
For the additional 70 MW, Core Scientific identifies $104 million of company-funded construction costs without a hosting-payment credit; earlier CoreWeave build-out costs use payment credits.
The accompanying presentation reports a pro forma diluted share count of about 509 million as of
The filing separately reports 321,972 common shares issued and outstanding at
For CoreWeave, the presentation says up to
As of
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, or exhibit attachments filed with this report.
Key Figures
Total revenue: $232.9 million
Colocation revenue: $215.4 million
Billing capacity: 485 MW
+4 more
7 metrics
Total revenue
$232.9 million
Third quarter ended September 30, 2026; $164.2 million in Q2 2026 and $81.1 million in Q3 2025
Colocation revenue
$215.4 million
Third quarter 2026; nearly 60% sequential increase
Billing capacity
485 MW
As of September 30, 2026
Adjusted EBITDA
$133.6 million
Third quarter 2026; non-GAAP measure; more than tripled sequentially
Net income
$1,178.1 million
Third quarter 2026; primarily reflected a non-cash gain from the change in fair value of warrants
Capital expenditures
$985.1 million
Third quarter 2026
Operating cash flow
$296.2 million
Nine months ended September 30, 2026; $120.7 million for the same period in 2025
Key Terms
Adjusted EBITDA, fair value, take-or-pay contract, Capex credits
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA is a non-GAAP financial measure"
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.
fair value financial
"change in fair value of warrants and contingent value rights"
Fair value is an estimate of what an asset or company is really worth today, derived from expected future earnings, comparable market prices and other relevant facts—like agreeing a price for a used car after checking mileage, condition and similar listings. Investors use fair value to decide whether a stock looks overpriced or undervalued, which helps guide buy, hold or sell decisions and sets expectations for potential returns and risk.
take-or-pay contract financial
"Take-or-pay contract at a fixed cost, with annual escalator"
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.
Capex credits financial
"Capex credits offset 50% of monthly cash rent"
Earnings Snapshot
Total revenue: $232.9 million
Third quarter ended September 30, 2026
Total revenue
$232.9 million
Q2 2026: $164.2 million; Q3 2025: $81.1 million
Colocation revenue
$215.4 million
Nearly 60% sequential increase
Net income
$1,178.1 million
Q2 2026: net loss of $1,155.3 million; Q3 2025: net loss of $144.0 million
Adjusted EBITDA
$133.6 million
More than tripled sequentially
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was CORZ’s revenue in Q3 2026?
Core Scientific reported total revenue of $232.9 million for Q3 2026, including $215.4 million of colocation revenue. Total revenue was $164.2 million in Q2 2026 and $81.1 million in Q3 2025; colocation revenue increased nearly 60% sequentially.
Why did CORZ report $1.2 billion of net income?
Core Scientific reported net income of $1,178.1 million for Q3 2026, primarily reflecting a non-cash gain from the change in fair value of warrants. The company said the warrant fair-value changes reflected changes in its stock price during the periods.
What are the terms of CORZ’s CoreWeave contracts?
The CoreWeave contracts cover approximately 590 MW and have over $10 billion in revenue potential over their terms. The stated contract term is 12 years with two 5-year options; the Austin, Texas contract term is 7 years with elective extensions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 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.) | ||||||||||||
| (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 November 5, 2026, the Company issued a press release announcing its financial results for the third fiscal quarter ended September 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 November 5, 2026 | |||||||
| 99.2 | Company Presentation dated November 5, 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: November 5, 2026 | ||||||||
| By: | /s/ Todd M. DuChene | |||||||
| Name: | Todd M. DuChene | |||||||
| Title: | Chief Legal Officer and Chief Administrative Officer | |||||||
 | |||||||||||
Core Scientific Announces Third Quarter 2026 Results
MIAMI, Florida, November 5, 2026 - Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the third quarter ended September 30, 2026.
“Our execution at scale is translating into results, with a significant sequential increase in GAAP colocation revenue,” said Adam Sullivan, Chief Executive Officer of Core Scientific. “We are nearing full delivery under our first colocation agreement while construction under our second is underway across five campuses. With revenue growing and substantial contracted capacity still to deliver, we have built a strong foundation for our next phase of growth.”
Recent Business Developments
•Colocation revenue increased nearly 60% sequentially to $215.4 million in the third quarter of 2026, driven by continued delivery of billing megawatts.
•Billing for 485 MW of capacity as of September 30, 2026, representing over $700 million in average annualized colocation GAAP revenue.
•Net income increased to $1.2 billion, benefiting from a non-cash gain in the change in fair value of warrants. Adjusted EBITDA more than tripled sequentially to $133.6 million, with margins expanding to 57%, up from 25%.
Financial Summary and Operating Metrics (in millions, except billing megawatts)
| Metric | Q3 2026 | Q2 2026 | Q3 2025 | ||||||||
| Billing MW | 485 | 395 | N/A | ||||||||
| Colocation Revenue | $215.4 | $136.7 | $15.0 | ||||||||
| Total Revenue | $232.9 | $164.2 | $81.1 | ||||||||
| Gross Profit | $123.3 | $70.0 | $3.9 | ||||||||
Net income (loss)(1) | $1,178.1 | $(1,155.3) | $(144.0) | ||||||||
| Adjusted EBITDA | $133.6 | $41.1 | $6.5 | ||||||||
Capital Expenditures (“CapEx”)(2) | $985.1 | $797.5 | $244.5 | ||||||||
Liquidity and DSRA(3) | $1,744.2 | $2,601.1 | $694.8 | ||||||||
(1)Net income (loss) for the quarters ended September 30, 2026 and June 30, 2026 were primarily driven by the change in fair value of warrants, reflecting changes in the Company’s stock price during the periods.
(2)CapEx includes purchases of property, plant and equipment and acquisitions of land and development rights.
(3)Liquidity and DSRA is comprised of cash and cash equivalents, digital assets, revolver availability, and all restricted cash including the debt service reserve accounts. Restricted cash as of September 30, 2026 and June 30, 2026 included funds held in escrow in connection with certain utility and development costs. As of June 30, 2026, restricted cash also included funds held in escrow for the now closed Polaris DS LLC acquisition. There was no restricted cash as of September 30, 2025.
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 2 | ||||||||
Conference Call and Earnings Presentation
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Thursday, November 5, 2026, at 8:30 am Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Jim Nygaard, Chief Financial 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=9RapppQ4
A supplementary investor presentation for the third quarter 2026 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.
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
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 3 | ||||||||
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 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. Third Quarter 2026 Earnings Release - 4 | ||||||||
Core Scientific, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
| September 30, 2026 | June 30, 2026 | December 31, 2025 | |||||||||||||||
| Assets | |||||||||||||||||
| Current Assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 803,941 | $ | 1,769,735 | $ | 311,378 | |||||||||||
| Digital assets | 2,690 | 49,675 | 222,000 | ||||||||||||||
| Customer funding receivable | 282,659 | 383,758 | 337,158 | ||||||||||||||
| Restricted cash, current portion | 201,745 | 165,745 | — | ||||||||||||||
| Other current assets | 131,115 | 74,731 | 25,001 | ||||||||||||||
| Total Current Assets | 1,422,150 | 2,443,644 | 895,537 | ||||||||||||||
| Property, plant and equipment, net | 2,630,353 | 1,774,142 | 1,293,299 | ||||||||||||||
| Intangibles, net | 737,531 | 228,625 | 1,076 | ||||||||||||||
| Operating lease right-of-use assets | 110,503 | 114,199 | 108,484 | ||||||||||||||
| Deferred lease incentive, net of current portion | 295,000 | — | — | ||||||||||||||
Restricted cash, net of current portion | 635,858 | 615,911 | — | ||||||||||||||
| Other noncurrent assets | 104,319 | 80,972 | 49,248 | ||||||||||||||
| Total Assets | $ | 5,935,714 | $ | 5,257,493 | $ | 2,347,644 | |||||||||||
| Liabilities and Stockholders’ Deficit | |||||||||||||||||
| Current Liabilities: | |||||||||||||||||
| Accounts payable | $ | 120,876 | $ | 112,374 | $ | 126,106 | |||||||||||
| Accrued expenses | 779,520 | 509,189 | 511,957 | ||||||||||||||
| Deferred revenue, current portion | 309,065 | 287,201 | 127,561 | ||||||||||||||
Warrant liabilities, current portion | 880,725 | 1,811,587 | — | ||||||||||||||
| Other current liabilities | 17,028 | 17,443 | 15,777 | ||||||||||||||
| Total Current Liabilities | 2,107,214 | 2,737,794 | 781,401 | ||||||||||||||
| Long-term debt | 4,302,175 | 4,297,967 | 1,060,325 | ||||||||||||||
| Deferred revenue, net of current portion | 264,506 | 367,242 | 428,290 | ||||||||||||||
Warrant liabilities, net of current portion | 238,180 | 163,683 | 936,107 | ||||||||||||||
| Other noncurrent liabilities | 115,717 | 110,163 | 104,261 | ||||||||||||||
| Total Liabilities | 7,027,792 | 7,676,849 | 3,310,384 | ||||||||||||||
| Commitments and contingencies | |||||||||||||||||
| Stockholders’ Deficit: | |||||||||||||||||
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at September 30, 2026 and December 31, 2025 | — | — | — | ||||||||||||||
Common stock; $0.00001 par value; 10,000,000 shares authorized at September 30, 2026 and December 31, 2025; 321,972 and 314,231 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 3 | 3 | 3 | ||||||||||||||
| Additional paid-in capital | 3,378,990 | 3,229,842 | 3,183,960 | ||||||||||||||
| Accumulated deficit | (4,471,071) | (5,649,201) | (4,146,703) | ||||||||||||||
| Total Stockholders’ Deficit | (1,092,078) | (2,419,356) | (962,740) | ||||||||||||||
| Total Liabilities and Stockholders’ Deficit | $ | 5,935,714 | $ | 5,257,493 | $ | 2,347,644 | |||||||||||
Certain prior year amounts have been reclassified for consistency with the current year presentation.
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 5 | ||||||||
Core Scientific, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||
Colocation revenue | $ | 215,432 | $ | 136,669 | $ | 14,951 | $ | 429,640 | $ | 34,084 | |||||||||||||||||||
Digital asset self-mining revenue | 12,263 | 21,535 | 57,438 | 63,903 | 187,041 | ||||||||||||||||||||||||
| Digital asset hosted mining revenue | 5,171 | 5,997 | 8,714 | 18,768 | 18,131 | ||||||||||||||||||||||||
| Total revenue | 232,866 | 164,201 | 81,103 | 512,311 | 239,256 | ||||||||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||||||||
| Cost of colocation services | 87,059 | 56,686 | 11,066 | 177,363 | 28,602 | ||||||||||||||||||||||||
Cost of digital asset self-mining | 19,755 | 33,700 | 59,438 | 100,644 | 180,197 | ||||||||||||||||||||||||
Cost of digital asset hosted mining services | 2,780 | 3,771 | 6,694 | 10,882 | 13,314 | ||||||||||||||||||||||||
| Total cost of revenue | 109,594 | 94,157 | 77,198 | 288,889 | 222,113 | ||||||||||||||||||||||||
Gross profit | 123,272 | 70,044 | 3,905 | 223,422 | 17,143 | ||||||||||||||||||||||||
| Loss (gain) on fair value of digital assets | (19,264) | 9,368 | (10,957) | (3,338) | (30,066) | ||||||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5,342 | 1,273 | 300 | 20,253 | 4,472 | ||||||||||||||||||||||||
| Loss on remeasurement of assets held for sale, net | 1,518 | 19,495 | — | 21,013 | — | ||||||||||||||||||||||||
Impairment of property, plant and equipment | — | — | — | 266,488 | — | ||||||||||||||||||||||||
| Loss on contract termination | — | 41,948 | — | 41,948 | — | ||||||||||||||||||||||||
| Colocation organizational and site startup costs | 12,932 | 27,039 | 16,174 | 48,636 | 39,496 | ||||||||||||||||||||||||
| Advisor fees | 4,839 | 381 | 5,785 | 5,553 | 7,083 | ||||||||||||||||||||||||
Selling, general and administrative | 45,555 | 49,008 | 47,395 | 139,408 | 124,272 | ||||||||||||||||||||||||
Operating income (loss) | 72,350 | (78,468) | (54,792) | (316,539) | (128,114) | ||||||||||||||||||||||||
| Non-operating expenses (income), net: | |||||||||||||||||||||||||||||
Loss on debt extinguishment | — | 5,435 | — | 5,435 | 1,377 | ||||||||||||||||||||||||
Interest expense (income), net | 35,047 | 23,833 | (821) | 63,737 | (4,193) | ||||||||||||||||||||||||
| Change in fair value of warrants and contingent value rights | (1,034,358) | 1,045,515 | 74,864 | 41,956 | 363,358 | ||||||||||||||||||||||||
Loss on legal settlements | — | — | 15,075 | 500 | 15,504 | ||||||||||||||||||||||||
Other non-operating expenses (income), net | 37 | 152 | (8) | 200 | (73) | ||||||||||||||||||||||||
Total non-operating expenses (income), net | (999,274) | 1,074,935 | 89,110 | 111,828 | 375,973 | ||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) | 1,071,624 | (1,153,403) | (143,902) | (428,367) | (504,087) | ||||||||||||||||||||||||
Income tax expense (benefit) | (106,506) | 1,907 | 125 | (103,999) | 488 | ||||||||||||||||||||||||
Net income (loss) | $ | 1,178,130 | $ | (1,155,310) | $ | (144,027) | $ | (324,368) | $ | (504,575) | |||||||||||||||||||
Net income (loss) per share, basic | $ | 3.42 | $ | (3.32) | $ | (0.45) | $ | (0.93) | $ | (1.48) | |||||||||||||||||||
Net income (loss) per share, diluted | $ | 0.47 | $ | (3.32) | $ | (0.45) | $ | (0.93) | $ | (1.48) | |||||||||||||||||||
Weighted average shares outstanding, basic | 327,700 | 325,329 | 318,562 | 325,334 | 317,363 | ||||||||||||||||||||||||
Weighted average shares outstanding, diluted | 469,006 | 325,329 | 318,562 | 325,334 | 317,363 | ||||||||||||||||||||||||
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 6 | ||||||||
| Supplemental information - stock based compensation: | |||||||||||||||||||||||||||||
| Cost of revenue | $ | 685 | $ | 1,283 | $ | 1,251 | $ | 2,821 | $ | 3,574 | |||||||||||||||||||
| Colocation organizational and site startup costs | 6,584 | 4,302 | 7,241 | 15,110 | 14,831 | ||||||||||||||||||||||||
| Selling, general and administrative | 17,916 | 12,655 | 21,454 | 43,255 | 51,896 | ||||||||||||||||||||||||
| Stock-based compensation expense, net of amounts capitalized | 25,185 | 18,240 | 29,946 | 61,186 | 70,301 | ||||||||||||||||||||||||
| Capitalized stock-based compensation | 57 | 519 | 227 | 1,202 | 623 | ||||||||||||||||||||||||
| Total stock-based compensation cost | $ | 25,242 | $ | 18,759 | $ | 30,173 | $ | 62,388 | $ | 70,924 | |||||||||||||||||||
Certain prior year amounts have been reclassified for consistency with the current year presentation.
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 7 | ||||||||
Core Scientific, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from Operating Activities: | |||||||||||
| Net loss | $ | (324,368) | $ | (504,575) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 50,133 | 54,816 | |||||||||
| Loss on disposal of property, plant and equipment | 20,253 | 4,472 | |||||||||
| Loss on remeasurement of assets held for sale, net | 21,013 | — | |||||||||
Impairment of property, plant and equipment | 266,488 | — | |||||||||
| Change in operating lease right-of-use assets | 10,046 | 8,248 | |||||||||
| Stock-based compensation | 61,186 | 70,301 | |||||||||
| Digital asset self-mining revenue | (63,903) | (187,396) | |||||||||
Proceeds from sales of digital assets generated by self-mining revenue(1) | 286,765 | — | |||||||||
| Gain on fair value of digital assets | (3,338) | (30,066) | |||||||||
| Change in fair value of warrants and contingent value rights | 41,956 | 363,358 | |||||||||
| Loss on debt extinguishment | 5,435 | 1,377 | |||||||||
| Deferred income taxes | (105,816) | — | |||||||||
| Accrued interest capitalized to construction in progress | (23,273) | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Customer funding receivable | 54,499 | (335,643) | |||||||||
| Accounts payable | (82,177) | 105,615 | |||||||||
| Accrued expenses | 167,124 | 244,977 | |||||||||
| Deferred revenue from colocation services | 19,151 | 323,796 | |||||||||
| Other current assets | (50,979) | 11,500 | |||||||||
| Other operating assets and liabilities, net | (53,952) | (10,040) | |||||||||
| Net cash provided by operating activities | 296,243 | 120,740 | |||||||||
| Cash flows from Investing Activities: | |||||||||||
| Purchases of property, plant and equipment | (1,494,979) | (449,752) | |||||||||
| Proceeds from sales of property, plant and equipment | 6,094 | 1,929 | |||||||||
| Cash paid for asset acquisitions | (676,881) | — | |||||||||
| Other investing activities | (149) | (15,160) | |||||||||
| Net cash used in investing activities | (2,165,915) | (462,983) | |||||||||
| Cash flows from Financing Activities: | |||||||||||
| Debt extinguishment payments | (1,000,000) | (26,862) | |||||||||
| Proceeds from the issuance of debt | 4,275,250 | — | |||||||||
| Debt issuance costs | (50,907) | — | |||||||||
| Taxes paid related to net share settlement of equity awards | (35,152) | (5,893) | |||||||||
| Principal payments on debt | — | (8,613) | |||||||||
| Proceeds from exercise of warrants | 11,742 | 1,746 | |||||||||
| Other financing activities | (1,095) | (1,672) | |||||||||
Net cash provided by (used in) financing activities | 3,199,838 | (41,294) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,330,166 | (383,537) | |||||||||
| Cash, cash equivalents and restricted cash—beginning of period | 311,378 | 836,980 | |||||||||
| Cash, cash equivalents and restricted cash—end of period | $ | 1,641,544 | $ | 453,443 | |||||||
| Supplemental disclosures of other cash flow information: | |||||||||||
| Cash paid for interest, net of capitalized interest | $ | 19,313 | $ | 15,285 | |||||||
| Income tax payments | 640 | $ | 298 | ||||||||
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 8 | ||||||||
| Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
| Purchases of property, plant and equipment in accounts payable and accrued expenses | $ | 429,937 | $ | 154,440 | |||||||
| Reclass of property, plant and equipment to held for sale | $ | 51,262 | $ | — | |||||||
| Operating lease right-of-use assets obtained in exchange for lease obligations | $ | 13,440 | $ | 2,154 | |||||||
| Non-cash exercise of warrants | $ | 1,514 | $ | 24,692 | |||||||
| Liabilities assumed in acquisition | $ | 115,790 | $ | — | |||||||
| Issuance of warrants | $ | 296,423 | $ | — | |||||||
| Interest capitalized to construction in progress | $ | 25,828 | $ | — | |||||||
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 | $ | 803,941 | $ | 453,443 | |||||||
| Restricted cash, current portion | 201,745 | — | |||||||||
| Restricted cash, net of current portion | 635,858 | — | |||||||||
| Total cash, cash equivalents and restricted cash | $ | 1,641,544 | $ | 453,443 | |||||||
(1)Proceeds from digital assets received as noncash revenue consideration liquidated at management's discretion.
Certain prior year amounts have been reclassified for consistency with the current year presentation.
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 9 | ||||||||
Core Scientific, Inc.
Segment Results
(Unaudited, in thousands, except percentages)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Colocation Segment | |||||||||||||||||||||||||||||
| Colocation revenue: | |||||||||||||||||||||||||||||
| License fees | $ | 157,265 | $ | 98,812 | $ | 9,848 | $ | 315,272 | $ | 22,853 | |||||||||||||||||||
| Power fees passed through to customer | 57,556 | 35,073 | 3,553 | 113,689 | 9,603 | ||||||||||||||||||||||||
| Maintenance and other | 611 | 2,784 | 1,550 | 679 | 1,628 | ||||||||||||||||||||||||
| Total colocation revenue | 215,432 | 136,669 | 14,951 | 429,640 | 34,084 | ||||||||||||||||||||||||
| Cost of colocation services: | |||||||||||||||||||||||||||||
| Power fees passed through to customer | 57,556 | 35,073 | 3,553 | 113,689 | 9,604 | ||||||||||||||||||||||||
| Depreciation expense | 10,061 | 4,621 | 219 | 16,757 | 389 | ||||||||||||||||||||||||
| Employee compensation | 6,419 | 4,801 | 2,209 | 14,206 | 4,651 | ||||||||||||||||||||||||
| Facility operations expense | 10,371 | 10,381 | 4,383 | 27,507 | 12,570 | ||||||||||||||||||||||||
Other segment items(1) | 2,652 | 1,810 | 702 | 5,204 | 1,388 | ||||||||||||||||||||||||
| Total cost of colocation services | 87,059 | 56,686 | 11,066 | 177,363 | 28,602 | ||||||||||||||||||||||||
| Colocation gross profit | $ | 128,373 | $ | 79,983 | $ | 3,885 | $ | 252,277 | $ | 5,482 | |||||||||||||||||||
| Colocation gross margin | 60 | % | 59 | % | 26 | % | 59 | % | 16 | % | |||||||||||||||||||
| Digital Asset Self-Mining Segment | |||||||||||||||||||||||||||||
| Digital asset self-mining revenue | $ | 12,263 | 21,535 | $ | 57,438 | $ | 63,903 | $ | 187,041 | ||||||||||||||||||||
| Cost of digital asset self-mining: | |||||||||||||||||||||||||||||
| Power fees | 10,483 | 17,861 | 33,280 | 55,614 | 94,319 | ||||||||||||||||||||||||
| Depreciation expense | 7,173 | 9,897 | 15,474 | 30,978 | 52,792 | ||||||||||||||||||||||||
| Employee compensation | 1,255 | 4,052 | 7,803 | 8,834 | 23,411 | ||||||||||||||||||||||||
| Facility operations expense | 636 | 1,286 | 2,089 | 3,895 | 7,458 | ||||||||||||||||||||||||
Other segment items(1) | 208 | 604 | 792 | 1,323 | 2,217 | ||||||||||||||||||||||||
| Total cost of digital asset self-mining | 19,755 | 33,700 | 59,438 | 100,644 | 180,197 | ||||||||||||||||||||||||
Digital Asset Self-Mining gross profit | $ | (7,492) | $ | (12,165) | $ | (2,000) | $ | (36,741) | $ | 6,844 | |||||||||||||||||||
| Digital Asset Self-Mining gross margin | (61) | % | (56) | % | (3) | % | (57) | % | 4 | % | |||||||||||||||||||
| Digital Asset Hosted Mining Segment | |||||||||||||||||||||||||||||
| Digital asset hosted mining revenue from customers | $ | 5,171 | 5,997 | $ | 8,714 | $ | 18,768 | $ | 18,131 | ||||||||||||||||||||
| Cost of digital asset hosted mining services: | |||||||||||||||||||||||||||||
| Power fees | 1,987 | 2,356 | 4,793 | 7,646 | 9,367 | ||||||||||||||||||||||||
| Depreciation expense | 401 | 626 | 376 | 1,332 | 856 | ||||||||||||||||||||||||
| Employee compensation | 233 | 542 | 1,115 | 1,202 | 2,225 | ||||||||||||||||||||||||
| Facility operations expense | 119 | 167 | 297 | 520 | 665 | ||||||||||||||||||||||||
Other segment items(1) | 40 | 80 | 113 | 182 | 201 | ||||||||||||||||||||||||
| Total cost of digital asset hosted mining services | 2,780 | 3,771 | 6,694 | 10,882 | 13,314 | ||||||||||||||||||||||||
| Digital Asset Hosted Mining gross profit | $ | 2,391 | $ | 2,226 | $ | 2,020 | $ | 7,886 | $ | 4,817 | |||||||||||||||||||
| Digital Asset Hosted Mining gross margin | 46 | % | 37 | % | 23 | % | 42 | % | 27 | % | |||||||||||||||||||
| Consolidated | |||||||||||||||||||||||||||||
| Consolidated total revenue | $ | 232,866 | $ | 164,201 | $ | 81,103 | $ | 512,311 | $ | 239,256 | |||||||||||||||||||
| Consolidated cost of revenue | $ | 109,594 | $ | 94,157 | $ | 77,198 | $ | 288,889 | $ | 222,113 | |||||||||||||||||||
| Consolidated gross profit | $ | 123,272 | $ | 70,044 | $ | 3,905 | $ | 223,422 | $ | 17,143 | |||||||||||||||||||
| Consolidated gross margin | 53 | % | 43 | % | 5 | % | 44 | % | 7 | % | |||||||||||||||||||
(1)Other segment items consist primarily of software and IT costs, travel, professional and contract services, and telecommunications costs.
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 10 | ||||||||
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. Third Quarter 2026 Earnings Release - 11 | ||||||||
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 | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||
Net income (loss) | $ | 1,178,130 | $ | (1,155,310) | $ | (144,027) | $ | (324,368) | $ | (504,575) | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
Interest expense (income), net | 35,047 | 23,833 | (821) | 63,737 | (4,193) | ||||||||||||||||||||||||
Income tax expense (benefit) | (106,506) | 1,907 | 125 | (103,999) | 488 | ||||||||||||||||||||||||
| Depreciation and amortization | 17,987 | 15,498 | 16,329 | 50,133 | 54,816 | ||||||||||||||||||||||||
| Stock-based compensation expense | 18,601 | 13,938 | 22,705 | 46,076 | 55,470 | ||||||||||||||||||||||||
Loss on disposal of property, plant and equipment | 5,342 | 1,273 | 300 | 20,253 | 4,472 | ||||||||||||||||||||||||
| Loss on remeasurement of assets held for sale, net | 1,518 | 19,495 | — | 21,013 | — | ||||||||||||||||||||||||
Impairment of property, plant and equipment | — | — | — | 266,488 | — | ||||||||||||||||||||||||
Colocation organizational and site startup costs(1) | 12,932 | 27,039 | 16,174 | 48,636 | 39,496 | ||||||||||||||||||||||||
| Loss on contract termination | — | 41,948 | — | 41,948 | — | ||||||||||||||||||||||||
Loss on debt extinguishment | — | 5,435 | — | 5,435 | 1,377 | ||||||||||||||||||||||||
| Change in fair value of warrants and contingent value rights | (1,034,358) | 1,045,515 | 74,864 | 41,956 | 363,358 | ||||||||||||||||||||||||
| Loss on legal settlements | — | — | 15,075 | 500 | 15,504 | ||||||||||||||||||||||||
Post-emergence bankruptcy advisory costs(2) | 29 | 397 | 278 | 743 | 1,576 | ||||||||||||||||||||||||
Merger transaction advisor fees(2) | 4,809 | (16) | 5,507 | 4,809 | 5,507 | ||||||||||||||||||||||||
Other | 37 | 151 | (8) | 200 | (73) | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 133,568 | $ | 41,103 | $ | 6,501 | $ | 183,560 | $ | 33,223 | |||||||||||||||||||
(1)Included in Colocation organizational and site startup costs are costs associated to Stock-based compensation expense of $6.6 million, $4.3 million, and $7.2 million for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively, and $15.1 million and $14.8 million for the nine months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2025, there was also $4.4 million in site conversion demolition costs.
(2)Included in Advisor fees on the condensed consolidated statements of operations.
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Core Scientific, Inc. Third Quarter 2026 Earnings Release - 12 | ||||||||
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. Third Quarter 2026 Earnings Release - 13 | ||||||||
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-end-
Third Quarter 2026 Earnings Call November 5, 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. 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 November 4, 2026 close and fully diluted share count of ~509 million $6.5B
Over 1 GW of Capacity Contracted Average annual recurring GAAP revenue of $1.8B generates $1.6B of annual NOI, with over 50% of cash flows backed by investment-grade credit COREWEAVE 590 MW LEASED POWER Denton, TX 260 MW Dalton, GA 175 MW Muskogee, OK 70 MW Marble, NC 65 MW Austin, TX 20 MW AMD + CREDIT - B A CKE D NEOCLOU D 530 MW LEASED POWER Pecos, TX* 185 MW Dalton, GA 120 MW Hunt, TX* 110 MW Muskogee, OK* 82 MW Auburn, AL 32 MW * AMD direct sites 4 N O I M A R G I N B Y C O U N T E R P A R T Y 80–85% CoreWeave lease 85% AMD-backed neocloud lease 100% AMD direct lease 90% blended NOI margin Note: All numbers are approximate.
AMD Reservation & Additional Power Pipeline Reserved critical IT spans secured grid power, utility load studies and behind-the-meter solutions POWER PATHWAYS UNDER AMD RESERVATION 1 SECURED GRID-CONNECTED ~385 MW Power secured through existing grid connections Hunt, TX Batch Zero, Base Load ~192 MW Muskogee, OK ~192 MW 2 POWER UNDER LOAD STUDY ~600 MW Additional grid capacity progressing through load study review Pecos, TX Batch Zero, Studied Load ~200 MW under load study Muskogee, OK ~400 MW under load study 3 BEHIND-THE-METER ~940 MW On-site generation evaluated alongside grid supply Pecos, TX ~615 MW BTM pathway Muskogee, OK ~325 MW BTM pathway ADDITIONAL UNCOMMITTED PIPELINE CALVERT CITY + GRAND FORKS ~170 MW leasable power NEW SITE OPPORTUNITIES 2 GW+ across sites in varying stages of due diligence 5 Note: MW are listed as leasable capacity.
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 Updated as of 3Q26
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 investment- grade and AI labs $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 ~75Dalton, GA ~70 MW ~70Muskogee, OK ~65 MW ~65Marble, NC ~20 MW ~20Austin, TX Total ~590 MW Early 2027 completion ~485 MW* *Total billing as of November 5, 2026. Figures are approximate and might not add up due to rounding. 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)
CoreWeave Cash and GAAP Revenue Timing $0M $200M $400M $600M $800M $1,000M $1,200M 1 2 3 4 5 6 7 8 9 10 11 12 Lease year Cash revenue GAAP revenue Illustrative timing and amounts based on the structure of the CoreWeave agreements. Actual revenue depends on billing commencement, credit utilization, contractual escalators and lease modifications. EARLY LEASE YEARS Capex credits offset 50% of monthly cash rent, so cash trails GAAP revenue. CREDITS EXPIRE Cash steps up to the contractual rent once the capex credits are used up. LATER LEASE YEARS Rent escalators lift cash revenue above the straight-line GAAP amount. CAPEX CREDIT PERIOD POST-CREDIT PERIOD A B C A B C Capex credits drive the early gap; straight-line accounting sets the GAAP revenue profile 11
12 Appendix
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 120 225 395 485 4Q25 1Q26 2Q26 3Q26 Billing MW $31.3 $77.5 $136.7 $215.4 4Q25 1Q26 2Q26 3Q26 Colocation revenue Data presented in MW Data presented in $M
322 95 6 16 42 28 509 Sharecount @ November 2, 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 15 Pro Forma Share Count as of November 2, 2026 Million shares ~186M shares
Contact ir@corescientific.com 16