![]() | |||||||||||
| Metric | Q2 2026 | Q1 2026 | Q2 2025 | ||||||||
| Billing MW | 395 | 225 | N/A | ||||||||
| Colocation Revenue | $ | 136.7 | $ | 77.5 | $ | 10.6 | |||||
| Total Revenue | $ | 164.2 | $ | 115.2 | $ | 78.6 | |||||
| Gross Profit | $ | 70.0 | $ | 30.1 | $ | 5.0 | |||||
Net loss(1) | $ | (1,155.3) | $ | (347.2) | $ | (936.8) | |||||
| Adjusted EBITDA | $ | 41.1 | $ | 8.9 | $ | 28.5 | |||||
Capital Expenditures (“CapEx”)(2) | $ | 797.5 | $ | 389.2 | $ | 121.3 | |||||
Liquidity(3) | $ | 1,819.4 | $ | 1,042.5 | $ | 754.1 | |||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 2 | ||||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 3 | ||||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 4 | ||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | |||||||||||||||
| Assets | |||||||||||||||||
| Current Assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 1,769,735 | $ | 1,005,148 | $ | 311,378 | |||||||||||
| Digital assets | 49,675 | 37,312 | 222,000 | ||||||||||||||
| Customer funding receivable and other current assets | 458,489 | 352,128 | 362,159 | ||||||||||||||
Restricted cash, current portion | 165,745 | 60,244 | — | ||||||||||||||
| Total Current Assets | 2,443,644 | 1,454,832 | 895,537 | ||||||||||||||
| Property, plant and equipment, net | 1,774,142 | 1,344,924 | 1,293,299 | ||||||||||||||
| Intangibles, net | 228,625 | 10,945 | 1,076 | ||||||||||||||
| Operating lease right-of-use assets | 114,199 | 105,986 | 108,484 | ||||||||||||||
Restricted cash, net of current portion | 615,911 | 80,593 | — | ||||||||||||||
| Other noncurrent assets | 80,972 | 72,284 | 49,248 | ||||||||||||||
| Total Assets | $ | 5,257,493 | $ | 3,069,564 | $ | 2,347,644 | |||||||||||
| Liabilities and Stockholders’ Deficit | |||||||||||||||||
| Current Liabilities: | |||||||||||||||||
| Accounts payable | $ | 112,374 | $ | 218,857 | $ | 126,106 | |||||||||||
| Accrued expenses | 509,189 | 364,479 | 511,957 | ||||||||||||||
| Deferred revenue | 287,201 | 219,555 | 127,561 | ||||||||||||||
| Notes payable, current portion | — | 993,944 | — | ||||||||||||||
Warrant liabilities, current portion | 1,811,587 | 844,752 | — | ||||||||||||||
| Other current liabilities | 17,443 | 20,196 | 15,777 | ||||||||||||||
| Total Current Liabilities | 2,737,794 | 2,661,783 | 781,401 | ||||||||||||||
| Long-term debt | 4,297,967 | 1,061,651 | 1,060,325 | ||||||||||||||
Warrant liabilities, net of current portion | 163,683 | 116,495 | 936,107 | ||||||||||||||
| Deferred revenue, net of current portion | 367,242 | 434,672 | 428,290 | ||||||||||||||
| Other noncurrent liabilities | 110,163 | 100,649 | 104,261 | ||||||||||||||
| Total Liabilities | 7,676,849 | 4,375,250 | 3,310,384 | ||||||||||||||
| Commitments and contingencies | |||||||||||||||||
| Stockholders’ Deficit: | |||||||||||||||||
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025 | — | — | — | ||||||||||||||
Common stock; $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; 319,587 and 314,231 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 3 | 3 | 3 | ||||||||||||||
| Additional paid-in capital | 3,229,842 | 3,188,202 | 3,183,960 | ||||||||||||||
| Accumulated deficit | (5,649,201) | (4,493,891) | (4,146,703) | ||||||||||||||
| Total Stockholders’ Deficit | (2,419,356) | (1,305,686) | (962,740) | ||||||||||||||
| Total Liabilities and Stockholders’ Deficit | $ | 5,257,493 | $ | 3,069,564 | $ | 2,347,644 | |||||||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 5 | ||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||
| Colocation revenue | $ | 136,669 | $ | 77,539 | $ | 10,560 | $ | 214,208 | $ | 19,133 | |||||||||||||||||||
| Digital asset self-mining revenue | 21,535 | 30,105 | 62,424 | 51,640 | 129,603 | ||||||||||||||||||||||||
| Digital asset hosted mining revenue from customers | 5,997 | 7,600 | 5,644 | 13,597 | 9,417 | ||||||||||||||||||||||||
| Total revenue | 164,201 | 115,244 | 78,628 | 279,445 | 158,153 | ||||||||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||||||||
| Cost of colocation services | 56,686 | 33,618 | 9,430 | 90,304 | 17,536 | ||||||||||||||||||||||||
| Cost of digital asset self-mining | 33,700 | 47,189 | 59,589 | 80,889 | 120,759 | ||||||||||||||||||||||||
| Cost of digital asset hosted mining services | 3,771 | 4,331 | 4,584 | 8,102 | 6,620 | ||||||||||||||||||||||||
| Total cost of revenue | 94,157 | 85,138 | 73,603 | 179,295 | 144,915 | ||||||||||||||||||||||||
Gross profit | 70,044 | 30,106 | 5,025 | 100,150 | 13,238 | ||||||||||||||||||||||||
| Change in fair value of digital assets | 9,368 | 6,558 | (29,797) | 15,926 | (19,109) | ||||||||||||||||||||||||
Loss on disposal of property, plant and equipment | 1,273 | 13,638 | 4,166 | 14,911 | 4,172 | ||||||||||||||||||||||||
| Loss on remeasurement of assets held for sale | 19,495 | — | — | 19,495 | — | ||||||||||||||||||||||||
Impairment of property, plant and equipment | — | 266,488 | — | 266,488 | — | ||||||||||||||||||||||||
| Loss on contract termination | 41,948 | — | — | 41,948 | — | ||||||||||||||||||||||||
| Colocation organizational and site startup costs | 27,039 | 8,665 | 11,655 | 35,704 | 23,322 | ||||||||||||||||||||||||
| Selling, general and administrative | 49,389 | 45,179 | 45,285 | 94,568 | 78,175 | ||||||||||||||||||||||||
Operating loss | (78,468) | (310,422) | (26,284) | (388,890) | (73,322) | ||||||||||||||||||||||||
| Non-operating expenses (income), net: | |||||||||||||||||||||||||||||
| Loss on debt extinguishment | 5,435 | — | 1,377 | 5,435 | 1,377 | ||||||||||||||||||||||||
Interest expense (income), net | 23,833 | 4,857 | (1,185) | 28,690 | (3,372) | ||||||||||||||||||||||||
| Change in fair value of warrants and contingent value rights | 1,045,515 | 30,799 | 909,958 | 1,076,314 | 288,494 | ||||||||||||||||||||||||
Other non-operating expense, net | 152 | 510 | 207 | 662 | 364 | ||||||||||||||||||||||||
Total non-operating expense, net | 1,074,935 | 36,166 | 910,357 | 1,111,101 | 286,863 | ||||||||||||||||||||||||
Loss before income taxes | (1,153,403) | (346,588) | (936,641) | (1,499,991) | (360,185) | ||||||||||||||||||||||||
| Income tax expense | 1,907 | 600 | 158 | 2,507 | 363 | ||||||||||||||||||||||||
| Net loss | $ | (1,155,310) | $ | (347,188) | $ | (936,799) | $ | (1,502,498) | $ | (360,548) | |||||||||||||||||||
Net loss per share, basic and diluted | $ | (3.32) | $ | (1.06) | $ | (0.04) | $ | (4.39) | $ | (0.23) | |||||||||||||||||||
Weighted average shares outstanding, basic and diluted | 325,329 | 322,911 | 317,985 | 324,128 | 316,593 | ||||||||||||||||||||||||
| Supplemental information - stock based compensation: | |||||||||||||||||||||||||||||
| Cost of revenue | $ | 1,283 | $ | 853 | $ | 941 | $ | 2,136 | $ | 2,323 | |||||||||||||||||||
| Colocation organizational and site startup costs | 4,302 | 4,224 | 4,638 | 8,526 | 7,590 | ||||||||||||||||||||||||
| Selling, general and administrative | 12,655 | 12,684 | 18,592 | 25,339 | 30,442 | ||||||||||||||||||||||||
| Stock-based compensation expense, net of amounts capitalized | 18,240 | 17,761 | 24,171 | 36,001 | 40,355 | ||||||||||||||||||||||||
| Capitalized stock-based compensation | 519 | 626 | 176 | 1,145 | 396 | ||||||||||||||||||||||||
| Total stock-based compensation cost | $ | 18,759 | $ | 18,387 | $ | 24,347 | $ | 37,146 | $ | 40,751 | |||||||||||||||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 6 | ||||||||
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from Operating Activities: | |||||||||||
| Net loss | $ | (1,502,498) | $ | (360,548) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 32,146 | 38,487 | |||||||||
| Loss on disposal of property, plant and equipment | 14,911 | 4,172 | |||||||||
| Loss on remeasurement of assets held for sale | 19,495 | — | |||||||||
Impairment of property, plant and equipment | 266,488 | — | |||||||||
| Change in operating lease right-of-use assets | 6,400 | 5,404 | |||||||||
| Stock-based compensation | 36,001 | 40,355 | |||||||||
| Digital asset self-mining revenue | (51,640) | (129,769) | |||||||||
Proceeds from sales of digital assets generated by self-mining revenues(1) | 208,249 | — | |||||||||
| Loss (gain) on fair value of digital assets | 15,926 | (19,109) | |||||||||
| Change in fair value of warrants and contingent value rights | 1,076,314 | 288,494 | |||||||||
| Loss on debt extinguishment | 5,435 | 1,377 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Customer funding receivable and other current assets | (81,842) | (207,550) | |||||||||
| Accounts payable | (35,594) | 133,531 | |||||||||
| Accrued expenses | 155,200 | 70,826 | |||||||||
| Deferred revenue from colocation services | 98,409 | 131,293 | |||||||||
| Other operating assets and liabilities, net | (32,451) | (8,004) | |||||||||
Net cash provided by (used in) operating activities | 230,949 | (11,041) | |||||||||
| Cash flows from Investing Activities: | |||||||||||
| Purchases of property, plant and equipment | (954,244) | (205,259) | |||||||||
| Proceeds from sales of property and equipment | 3,927 | 1,671 | |||||||||
| Acquisitions of land and development rights | (232,500) | — | |||||||||
| Other investing activities | (74) | (5,036) | |||||||||
| Net cash used in investing activities | (1,182,891) | (208,624) | |||||||||
| Cash flows from Financing Activities: | |||||||||||
| Principal payments on debt | — | (8,613) | |||||||||
| Debt extinguishment payments | (1,000,000) | (26,862) | |||||||||
| Taxes paid related to net share settlement of equity awards | (35,310) | — | |||||||||
| Proceeds from the issuance of debt | 4,275,250 | — | |||||||||
| Debt issuance costs | (48,143) | — | |||||||||
| Other financing activities | 158 | (495) | |||||||||
Net cash provided by (used in) financing activities | 3,191,955 | (35,970) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,240,013 | (255,635) | |||||||||
| Cash, cash equivalents and restricted cash—beginning of period | 311,378 | 836,980 | |||||||||
| Cash, cash equivalents and restricted cash—end of period | $ | 2,551,391 | $ | 581,345 | |||||||
| Supplemental disclosure of other cash flow information: | |||||||||||
| Cash paid for interest, net of capitalized interest | $ | 12,846 | $ | 8,386 | |||||||
| Income tax payments | 652 | $ | 457 | ||||||||
| Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
| Purchases of property, plant and equipment in accounts payable and accrued expense | $ | 127,520 | $ | 129,904 | |||||||
| Reclass of property, plant and equipment to Held for Sale | 33,286 | — | |||||||||
| Operating lease right-of-use assets obtained in exchange for lease obligations | 13,440 | 109 | |||||||||
| Non-cash exercise of warrants | $ | 1,458 | $ | 19,559 | |||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 7 | ||||||||
Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above: | |||||||||||
| Cash and cash equivalents | $ | 1,769,735 | $ | 581,345 | |||||||
| Restricted cash, current portion | 165,745 | — | |||||||||
| Restricted cash, net of current portion | 615,911 | $ | — | ||||||||
| Total cash, cash equivalents and restricted cash | $ | 2,551,391 | $ | 581,345 | |||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 8 | ||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| (in thousands, except percentages) | June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||
| Colocation Segment | |||||||||||||||||||||||||||||
| Colocation revenue: | |||||||||||||||||||||||||||||
| License fees | $ | 98,812 | $ | 59,195 | $ | 7,010 | $ | 158,008 | $ | 13,005 | |||||||||||||||||||
| Power fees passed through to customer | 35,073 | 21,059 | 3,464 | 56,132 | 6,050 | ||||||||||||||||||||||||
| Maintenance and other | 2,784 | (2,715) | 86 | 68 | 78 | ||||||||||||||||||||||||
| Total colocation revenue | 136,669 | 77,539 | 10,560 | 214,208 | 19,133 | ||||||||||||||||||||||||
| Cost of colocation services: | |||||||||||||||||||||||||||||
| Power fees passed through to customer | 35,073 | 21,059 | 3,464 | 56,132 | 6,050 | ||||||||||||||||||||||||
| Depreciation expense | 4,621 | 2,075 | 104 | 6,696 | 171 | ||||||||||||||||||||||||
| Employee compensation | 4,801 | 2,986 | 1,148 | 7,787 | 2,442 | ||||||||||||||||||||||||
| Facility operations expense | 10,381 | 6,755 | 4,336 | 17,136 | 8,187 | ||||||||||||||||||||||||
| Other segment items | 1,810 | 743 | 378 | 2,553 | 686 | ||||||||||||||||||||||||
| Total cost of colocation services | 56,686 | 33,618 | 9,430 | 90,304 | 17,536 | ||||||||||||||||||||||||
| Colocation gross profit | $ | 79,983 | $ | 43,921 | $ | 1,130 | $ | 123,904 | $ | 1,597 | |||||||||||||||||||
| Colocation gross margin | 59 | % | 57 | % | 11 | % | 58 | % | 8 | % | |||||||||||||||||||
| Digital Asset Self-Mining Segment | |||||||||||||||||||||||||||||
| Digital asset self-mining revenue | $ | 21,535 | 30,105 | $ | 62,424 | $ | 51,640 | $ | 129,603 | ||||||||||||||||||||
| Cost of digital asset self-mining: | |||||||||||||||||||||||||||||
| Power fees | 17,861 | 27,271 | 30,720 | 45,131 | 61,039 | ||||||||||||||||||||||||
| Depreciation expense | 9,897 | 13,909 | 18,058 | 23,806 | 37,317 | ||||||||||||||||||||||||
| Employee compensation | 4,052 | 3,527 | 8,272 | 7,579 | 15,607 | ||||||||||||||||||||||||
| Facility operations expense | 1,286 | 1,972 | 2,089 | 3,258 | 5,369 | ||||||||||||||||||||||||
| Other segment items | 604 | 510 | 450 | 1,115 | 1,427 | ||||||||||||||||||||||||
| Total cost of digital asset self-mining | 33,700 | 47,189 | 59,589 | 80,889 | 120,759 | ||||||||||||||||||||||||
Digital Asset Self-Mining gross profit | $ | (12,165) | $ | (17,084) | $ | 2,835 | $ | (29,249) | $ | 8,844 | |||||||||||||||||||
| Digital Asset Self-Mining gross margin | (56) | % | (57) | % | 5 | % | (57) | % | 7 | % | |||||||||||||||||||
| Digital Asset Hosted Mining Segment | |||||||||||||||||||||||||||||
| Digital asset hosted mining revenue from customers | $ | 5,997 | 7,600 | $ | 5,644 | $ | 13,597 | $ | 9,417 | ||||||||||||||||||||
| Cost of digital asset hosted mining services: | |||||||||||||||||||||||||||||
| Power fees | 2,356 | 3,303 | 3,208 | 5,659 | 4,574 | ||||||||||||||||||||||||
| Depreciation expense | 626 | 306 | 334 | 931 | 479 | ||||||||||||||||||||||||
| Employee compensation | 542 | 427 | 779 | 969 | 1,110 | ||||||||||||||||||||||||
| Facility operations expense | 167 | 234 | 220 | 401 | 368 | ||||||||||||||||||||||||
| Other segment items | 80 | 61 | 43 | 142 | 89 | ||||||||||||||||||||||||
| Total cost of digital asset hosted mining services | 3,771 | 4,331 | 4,584 | 8,102 | 6,620 | ||||||||||||||||||||||||
| Digital Asset Hosted Mining gross profit | $ | 2,226 | $ | 3,269 | $ | 1,060 | $ | 5,495 | $ | 2,797 | |||||||||||||||||||
| Digital Asset Hosted Mining gross margin | 37 | % | 43 | % | 19 | % | 40 | % | 30 | % | |||||||||||||||||||
| Consolidated | |||||||||||||||||||||||||||||
| Consolidated total revenue | $ | 164,201 | $ | 115,244 | $ | 78,628 | $ | 279,445 | $ | 158,153 | |||||||||||||||||||
| Consolidated cost of revenue | $ | 94,157 | $ | 85,138 | $ | 73,603 | 0 | $ | 179,295 | — | $ | 144,915 | |||||||||||||||||
| Consolidated gross profit | $ | 70,044 | $ | 30,106 | $ | 5,025 | $ | 100,150 | $ | 13,238 | |||||||||||||||||||
| Consolidated gross margin | 43 | % | 26 | % | 6 | % | 36 | % | 8 | % | |||||||||||||||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 9 | ||||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 10 | ||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||||||||||||
| Adjusted EBITDA | |||||||||||||||||||||||||||||
| Net loss | $ | (1,155,310) | $ | (347,188) | $ | (936,799) | $ | (1,502,498) | $ | (360,548) | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
Interest expense (income), net | 23,833 | 4,857 | (1,185) | 28,690 | (3,372) | ||||||||||||||||||||||||
| Income tax expense | 1,907 | 600 | 158 | 2,507 | 363 | ||||||||||||||||||||||||
| Depreciation and amortization | 15,498 | 16,648 | 18,756 | 32,146 | 38,487 | ||||||||||||||||||||||||
| Stock-based compensation expense | 13,938 | 13,537 | 19,533 | 27,475 | 32,765 | ||||||||||||||||||||||||
Loss on disposal of property, plant and equipment | 1,273 | 13,638 | 4,166 | 14,911 | 4,172 | ||||||||||||||||||||||||
| Loss on remeasurement of assets held for sale | 19,495 | — | — | 19,495 | — | ||||||||||||||||||||||||
Impairment of property, plant and equipment | — | 266,488 | — | 266,488 | — | ||||||||||||||||||||||||
Colocation organizational and site startup costs(1) | 27,039 | 8,665 | 11,655 | 35,704 | 23,322 | ||||||||||||||||||||||||
| Loss on contract termination | 41,948 | — | — | 41,948 | — | ||||||||||||||||||||||||
Loss on debt extinguishment | 5,435 | — | 1,377 | 5,435 | 1,377 | ||||||||||||||||||||||||
| Change in fair value of warrants and contingent value rights | 1,045,515 | 30,799 | 909,958 | 1,076,314 | 288,494 | ||||||||||||||||||||||||
Loss on legal settlements(2) | — | 500 | — | 500 | — | ||||||||||||||||||||||||
Post-emergence bankruptcy advisory costs(3) | 397 | 317 | 695 | 714 | 1,298 | ||||||||||||||||||||||||
Other | 135 | 27 | 207 | 162 | 364 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 41,103 | $ | 8,888 | $ | 28,521 | $ | 49,991 | $ | 26,722 | |||||||||||||||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 11 | ||||||||
| 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. | ||||||
Core Scientific, Inc. First Quarter 2026 Earnings Release - 12 | ||||||||
![]() | ![]() | ![]() | ||||||||||||