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Core Scientific Announces Second Quarter 2026 Results
MIAMI, Florida, July 28, 2026 - Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the second quarter ended June 30, 2026.
Recent Business Developments
Announced a partnership with AMD with the potential to support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue.
Increased total leased customer power capacity to approximately 1.1 GW, representing more than $24 billion of potential contracted revenue.
Billing for 437 MW of capacity as of mid-July, representing approximately $635 million in average annualized colocation GAAP revenue.
Financial Summary and Operating Metrics (in millions, except billing megawatts)
MetricQ2 2026Q1 2026Q2 2025
Billing MW395225N/A
Colocation Revenue$136.7 $77.5 $10.6 
Total Revenue$164.2 $115.2 $78.6 
Gross Profit$70.0 $30.1 $5.0 
Net loss(1)
$(1,155.3)$(347.2)$(936.8)
Adjusted EBITDA$41.1 $8.9 $28.5 
Capital Expenditures (“CapEx”)(2)
$797.5 $389.2 $121.3 
Liquidity(3)
$1,819.4 $1,042.5 $754.1 

(1)Net loss for the quarter ended June 30, 2026 was primarily driven by the change in fair value of warrants, reflecting appreciation in the Company’s stock price during the period.
(2)CapEx includes purchases of property, plant and equipment and acquisitions of land and development rights.
(3)Liquidity is comprised of cash and cash equivalents and digital assets.
Conference Call and Earnings Presentation
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Tuesday, July 28, 2026, at 8:30 am Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Jim Nygaard, Chief Financial Officer, Matt Brown, Chief Operating Officer, and Jon Charbonneau, Senior Vice President, Investor Relations will host the call.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=IPzPbUYf
A supplementary investor presentation for the second quarter 2026 may be accessed at https://investors.corescientific.com/news-events/presentations

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

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

About Core Scientific
Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow. Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com.
Special Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue, contracted revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully finance and complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and acquire suitable additional land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s Quarterly Reports on Form 10-Q. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the
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Core Scientific, Inc. First Quarter 2026 Earnings Release - 3
Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.


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Core Scientific, Inc. First Quarter 2026 Earnings Release - 4
Core Scientific, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
Assets

Current Assets:
Cash and cash equivalents$1,769,735 $1,005,148 $311,378 
Digital assets49,675 37,312 222,000 
Customer funding receivable and other current assets458,489 352,128 362,159 
Restricted cash, current portion
165,745 60,244 — 
Total Current Assets2,443,644 1,454,832 895,537 
Property, plant and equipment, net1,774,142 1,344,924 1,293,299 
Intangibles, net228,625 10,945 1,076 
Operating lease right-of-use assets114,199 105,986 108,484 
Restricted cash, net of current portion
615,911 80,593 — 
Other noncurrent assets80,972 72,284 49,248 
Total Assets$5,257,493 $3,069,564 $2,347,644 
Liabilities and Stockholders’ Deficit
Current Liabilities:
Accounts payable$112,374 $218,857 $126,106 
Accrued expenses509,189 364,479 511,957 
Deferred revenue287,201 219,555 127,561 
Notes payable, current portion — 993,944 — 
Warrant liabilities, current portion
1,811,587 844,752 — 
Other current liabilities17,443 20,196 15,777 
Total Current Liabilities2,737,794 2,661,783 781,401 
Long-term debt4,297,967 1,061,651 1,060,325 
Warrant liabilities, net of current portion
163,683 116,495 936,107 
Deferred revenue, net of current portion367,242 434,672 428,290 
Other noncurrent liabilities110,163 100,649 104,261 
Total Liabilities7,676,849 4,375,250 3,310,384 
Commitments and contingencies
Stockholders’ Deficit:
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025
— — — 
Common stock; $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; 319,587 and 314,231 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital3,229,842 3,188,202 3,183,960 
Accumulated deficit(5,649,201)(4,493,891)(4,146,703)
Total Stockholders’ Deficit(2,419,356)(1,305,686)(962,740)
Total Liabilities and Stockholders’ Deficit$5,257,493 $3,069,564 $2,347,644 
Certain prior year amounts have been reclassified for consistency with the current year presentation.
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Core Scientific, Inc. First Quarter 2026 Earnings Release - 5
Core Scientific, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Revenue:
Colocation revenue$136,669 $77,539 $10,560 $214,208 $19,133 
Digital asset self-mining revenue21,535 30,105 62,424 51,640 129,603 
Digital asset hosted mining revenue from customers5,997 7,600 5,644 13,597 9,417 
Total revenue164,201 115,244 78,628 279,445 158,153 
Cost of revenue:
Cost of colocation services56,686 33,618 9,430 90,304 17,536 
Cost of digital asset self-mining33,700 47,189 59,589 80,889 120,759 
Cost of digital asset hosted mining services3,771 4,331 4,584 8,102 6,620 
Total cost of revenue94,157 85,138 73,603 179,295 144,915 
Gross profit
70,044 30,106 5,025 100,150 13,238 
Change in fair value of digital assets9,368 6,558 (29,797)15,926 (19,109)
Loss on disposal of property, plant and equipment
1,273 13,638 4,166 14,911 4,172 
Loss on remeasurement of assets held for sale19,495 — — 19,495 — 
Impairment of property, plant and equipment
— 266,488 — 266,488 — 
Loss on contract termination41,948 — — 41,948 — 
Colocation organizational and site startup costs 27,039 8,665 11,655 35,704 23,322 
Selling, general and administrative49,389 45,179 45,285 94,568 78,175 
Operating loss
(78,468)(310,422)(26,284)(388,890)(73,322)
Non-operating expenses (income), net:
Loss on debt extinguishment5,435 — 1,377 5,435 1,377 
Interest expense (income), net
23,833 4,857 (1,185)28,690 (3,372)
Change in fair value of warrants and contingent value rights1,045,515 30,799 909,958 1,076,314 288,494 
Other non-operating expense, net
152 510 207 662 364 
Total non-operating expense, net
1,074,935 36,166 910,357 1,111,101 286,863 
Loss before income taxes
(1,153,403)(346,588)(936,641)(1,499,991)(360,185)
Income tax expense1,907 600 158 2,507 363 
Net loss$(1,155,310)$(347,188)$(936,799)$(1,502,498)$(360,548)
Net loss per share, basic and diluted
$(3.32)$(1.06)$(0.04)$(4.39)$(0.23)
Weighted average shares outstanding, basic and diluted
325,329 322,911 317,985 324,128 316,593 
Supplemental information - stock based compensation:
Cost of revenue$1,283 $853 $941 $2,136 $2,323 
Colocation organizational and site startup costs4,302 4,224 4,638 8,526 7,590 
Selling, general and administrative12,655 12,684 18,592 25,339 30,442 
Stock-based compensation expense, net of amounts capitalized18,240 17,761 24,171 36,001 40,355 
Capitalized stock-based compensation519 626 176 1,145 396 
Total stock-based compensation cost$18,759 $18,387 $24,347 $37,146 $40,751 

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


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Core Scientific, Inc. First Quarter 2026 Earnings Release - 6
Core Scientific, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended June 30,
20262025
Cash flows from Operating Activities:
Net loss$(1,502,498)$(360,548)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization32,146 38,487 
Loss on disposal of property, plant and equipment14,911 4,172 
Loss on remeasurement of assets held for sale19,495 — 
Impairment of property, plant and equipment
266,488 — 
Change in operating lease right-of-use assets
6,400 5,404 
Stock-based compensation36,001 40,355 
Digital asset self-mining revenue(51,640)(129,769)
Proceeds from sales of digital assets generated by self-mining revenues(1)
208,249 — 
Loss (gain) on fair value of digital assets 15,926 (19,109)
Change in fair value of warrants and contingent value rights1,076,314 288,494 
Loss on debt extinguishment5,435 1,377 
Changes in operating assets and liabilities:
Customer funding receivable and other current assets(81,842)(207,550)
Accounts payable(35,594)133,531 
Accrued expenses155,200 70,826 
Deferred revenue from colocation services98,409 131,293 
Other operating assets and liabilities, net(32,451)(8,004)
Net cash provided by (used in) operating activities
230,949 (11,041)
Cash flows from Investing Activities:
Purchases of property, plant and equipment(954,244)(205,259)
Proceeds from sales of property and equipment3,927 1,671 
Acquisitions of land and development rights(232,500)— 
Other investing activities (74)(5,036)
Net cash used in investing activities(1,182,891)(208,624)
Cash flows from Financing Activities:
Principal payments on debt— (8,613)
Debt extinguishment payments(1,000,000)(26,862)
Taxes paid related to net share settlement of equity awards(35,310)— 
Proceeds from the issuance of debt4,275,250 — 
Debt issuance costs(48,143)— 
Other financing activities158 (495)
Net cash provided by (used in) financing activities
3,191,955 (35,970)
Net increase (decrease) in cash, cash equivalents and restricted cash
2,240,013 (255,635)
Cash, cash equivalents and restricted cash—beginning of period311,378 836,980 
Cash, cash equivalents and restricted cash—end of period$2,551,391 $581,345 
Supplemental disclosure of other cash flow information:
Cash paid for interest, net of capitalized interest$12,846 $8,386 
Income tax payments652 $457 
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable and accrued expense$127,520 $129,904 
Reclass of property, plant and equipment to Held for Sale33,286 — 
Operating lease right-of-use assets obtained in exchange for lease obligations13,440 109 
Non-cash exercise of warrants$1,458 $19,559 
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Core Scientific, Inc. First Quarter 2026 Earnings Release - 7
Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:
Cash and cash equivalents$1,769,735 $581,345 
Restricted cash, current portion165,745 — 
Restricted cash, net of current portion615,911 $— 
Total cash, cash equivalents and restricted cash$2,551,391 $581,345 
(1)Proceeds from digital assets received as noncash revenue consideration liquidated upon management's discretion.
Certain prior year amounts have been reclassified for consistency with the current year presentation.
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Core Scientific, Inc. First Quarter 2026 Earnings Release - 8
Core Scientific, Inc.
Segment Results
(in thousands, except percentages)
(Unaudited)
Three Months EndedSix Months Ended
(in thousands, except percentages)June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Colocation Segment
Colocation revenue:
License fees$98,812 $59,195 $7,010 $158,008 $13,005 
Power fees passed through to customer35,073 21,059 3,464 56,132 6,050 
Maintenance and other2,784 (2,715)86 68 78 
Total colocation revenue136,669 77,539 10,560 214,208 19,133 
Cost of colocation services:
Power fees passed through to customer35,073 21,059 3,464 56,132 6,050 
Depreciation expense4,621 2,075 104 6,696 171 
Employee compensation4,801 2,986 1,148 7,787 2,442 
Facility operations expense10,381 6,755 4,336 17,136 8,187 
Other segment items1,810 743 378 2,553 686 
Total cost of colocation services56,686 33,618 9,430 90,304 17,536 
Colocation gross profit$79,983 $43,921 $1,130 $123,904 $1,597 
Colocation gross margin59 %57 %11 %58 %%
Digital Asset Self-Mining Segment
Digital asset self-mining revenue$21,535 30,105 $62,424 $51,640 $129,603 
Cost of digital asset self-mining:
Power fees17,861 27,271 30,720 45,131 61,039 
Depreciation expense9,897 13,909 18,058 23,806 37,317 
Employee compensation4,052 3,527 8,272 7,579 15,607 
Facility operations expense1,286 1,972 2,089 3,258 5,369 
Other segment items604 510 450 1,115 1,427 
Total cost of digital asset self-mining33,700 47,189 59,589 80,889 120,759 
Digital Asset Self-Mining gross profit
$(12,165)$(17,084)$2,835 $(29,249)$8,844 
Digital Asset Self-Mining gross margin(56)%(57)%%(57)%%
Digital Asset Hosted Mining Segment
Digital asset hosted mining revenue from customers$5,997 7,600 $5,644 $13,597 $9,417 
Cost of digital asset hosted mining services:
Power fees2,356 3,303 3,208 5,659 4,574 
Depreciation expense626 306 334 931 479 
Employee compensation542 427 779 969 1,110 
Facility operations expense167 234 220 401 368 
Other segment items80 61 43 142 89 
Total cost of digital asset hosted mining services3,771 4,331 4,584 8,102 6,620 
Digital Asset Hosted Mining gross profit$2,226 $3,269 $1,060 $5,495 $2,797 
Digital Asset Hosted Mining gross margin37 %43 %19 %40 %30 %
Consolidated
Consolidated total revenue$164,201 $115,244 $78,628 $279,445 $158,153 
Consolidated cost of revenue$94,157 $85,138 $73,603 0$179,295 — $144,915 
Consolidated gross profit$70,044 $30,106 $5,025 $100,150 $13,238 
Consolidated gross margin43 %26 %%36 %%


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Core Scientific, Inc. First Quarter 2026 Earnings Release - 9
Core Scientific, Inc.
Non-GAAP Financial Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial measure defined as our net loss, adjusted to eliminate the effect of (i) interest expense (income), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) loss on disposal and impairment of property, plant and equipment; (vi) loss on remeasurement of assets held for sale; (vii) loss on contract termination; (viii) colocation organizational startup costs primarily related to the initial ramp up of new colocation sits and the conversion of existing facilities to colocation data center operations; (ix) loss on debt extinguishment; (x) change in fair value of warrant and contingent value rights; (xi) loss on legal settlements; (xii) post-emergence bankruptcy advisory costs incurred related to reorganization and (xiii) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net loss to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA is an important measure because it allows management, investors, and our Board of Directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non-cash items, variable charges and timing differences. Moreover, we have included Adjusted EBITDA in this earnings release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning.
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature or because the amount and timing of these items are not related to the current results of our core business operations which renders evaluation of our current performance, comparisons of performance between periods and comparisons of our current performance with our competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating this measure. Our presentation of this measure should not be construed as an inference that its future results will be unaffected by unusual items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. You should review the reconciliation of net loss to Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.
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Core Scientific, Inc. First Quarter 2026 Earnings Release - 10

The following table reconciles the non-GAAP financial measure to the most directly comparable U.S. GAAP financial performance measure, which is net loss, for the periods presented (in thousands):
Three Months EndedSix Months Ended
June 30, 2026March 31, 2026June 30, 2025June 30, 2026June 30, 2025
Adjusted EBITDA
Net loss$(1,155,310)$(347,188)$(936,799)$(1,502,498)$(360,548)
Adjustments:
Interest expense (income), net
23,833 4,857 (1,185)28,690 (3,372)
Income tax expense1,907 600 158 2,507 363 
Depreciation and amortization15,498 16,648 18,756 32,146 38,487 
Stock-based compensation expense13,938 13,537 19,533 27,475 32,765 
Loss on disposal of property, plant and equipment
1,273 13,638 4,166 14,911 4,172 
Loss on remeasurement of assets held for sale19,495 — — 19,495 — 
Impairment of property, plant and equipment
— 266,488 — 266,488 — 
Colocation organizational and site startup costs(1)
27,039 8,665 11,655 35,704 23,322 
Loss on contract termination41,948 — — 41,948 — 
Loss on debt extinguishment
5,435 — 1,377 5,435 1,377 
Change in fair value of warrants and contingent value rights1,045,515 30,799 909,958 1,076,314 288,494 
Loss on legal settlements(2)
— 500 — 500 — 
Post-emergence bankruptcy advisory costs(3)
397 317 695 714 1,298 
Other
135 27 207 162 364 
Adjusted EBITDA$41,103 $8,888 $28,521 $49,991 $26,722 
(1)Included in Colocation organizational and site startup costs are costs associated to Stock-based compensation expense of $4.3 million, $4.2 million, and $4.6 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, and $8.5 million and $7.6 million for the six months ended June 330, 2026 and 2025, respectively. For the six months ended June 30, 2025, there was also $4.4 million in site conversion demolition costs included within this amount.
(2)Included in Other non-operating expense, net on the condensed consolidated statements of operations.
(3)Included in Selling, general and administrative on the condensed consolidated statements of operations.
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Core Scientific, Inc. First Quarter 2026 Earnings Release - 11
Term Library
Term (MW)DefinitionHow management uses it
Gross Utility Power CapacityTotal 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 CapacityOur estimate of the total non-redundant customer IT load that our data center sites could support in the aggregate as of period end, regardless of whether such capacity has been contracted with customers or remains available for sale. This metric is representative of the amount of power available for customer use in servicing their workloads.Used to assess total customer usable IT load available for leasing, evaluate leased versus unleased capacity, and plan conversion/development sequencing and sales capacity.
Leased Customer Power Capacity Power capacity that is committed to customers under executed customer contracts, regardless of whether service has commenced as of period end.Used to monitor signed customer commitments and contracted backlog and to plan future deployment/commissioning requirements.
Unleased Customer Power Capacity The portion of Total Leasable Customer Power Capacity not committed under customer contracts as of period end. This metric is calculated as Total Leasable Customer Power Capacity minus Leased Customer Power Capacity.Used to monitor remaining uncommitted customer IT load and to prioritize incremental contracting and conversion/commissioning plans.
Billable Customer Power Capacity Portion of Leased Customer Power Capacity for which service has commenced, and we are actively billing as of period end.Used to monitor in-service customer power that is billing and to track deployment/commissioning pace and near-term revenue ramp.
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Core Scientific, Inc. First Quarter 2026 Earnings Release - 12
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