Quarterly ResultMay 6, 2026, 04:14 PM
Core Scientific Q1 Revenue $115.2M; Net Loss $347.2M
AI Summary
Core Scientific announced its first quarter fiscal year 2026 results, reporting a significant increase in total revenue to $115.2 million, primarily driven by a substantial rise in colocation revenue. Despite a net loss of $347.2 million due to non-cash impairment charges, the company achieved positive Adjusted EBITDA of $4.4 million. Core Scientific also strengthened its capital structure with a $3.3 billion senior secured notes offering and expanded its power capacity pipeline to 4.5 GW, including a major land acquisition in Texas, reinforcing its strategic shift towards high-density colocation services.
Key Highlights
- Core Scientific Q1 2026 total revenue increased to $115.2 million from $79.5 million in Q1 2025.
- Colocation revenue surged to $77.5 million, up from $8.6 million in Q1 2025.
- Digital asset self-mining revenue decreased to $30.1 million from $67.2 million in Q1 2025.
- Net loss was $347.2 million, including $266.5 million in non-cash impairment charges.
- Non-GAAP Adjusted EBITDA turned positive at $4.4 million, compared to $(6.1) million in Q1 2025.
- Strengthened capital structure with a $3.3 billion offering of 7.75% senior secured notes due 2031.
- Expanded total gross power capacity pipeline to 4.5 GW, including 1.5 GW expansions at Muskogee and Pecos.
- Acquired land and power in Hunt County, Texas for $233 million, supporting ~430 MW gross power capacity.
- Billing for 243 MW of capacity, representing approximately $350 million in average annualized colocation GAAP revenue.