Core Scientific Q1 Revenue Hits $115.2M, Posts $347M Loss

Core Scientific, a leading provider of digital infrastructure, reported first-quarter revenue of $115.2 million on Wednesday, a 45 percent increase from $79.5 million a year earlier, but posted a net loss of $347.2 million as its Bitcoin mining operations declined sharply.

The company, which operates data centers across seven U.S. states, attributed the loss primarily to $266.5 million in non-cash impairment charges and a $30.8 million non-cash loss from changes in the fair value of warrants and contingent value rights. Earnings per diluted share came in at a loss of $1.06, compared with earnings of $1.24 per share in the prior-year period. Gross profit rose to $30.1 million from $8.2 million.

Bitcoin self-mining revenue fell to $30.1 million from $67.2 million, reflecting a 45 percent drop in output to 279 Bitcoin mined and an 18 percent decline in the average Bitcoin price realized. Core Scientific sold 2,385 Bitcoin during the quarter for $208.3 million to fund capital expenditures and other cash needs. In contrast, high-density colocation revenue, driven by demand for AI and high-performance computing infrastructure, surged to $77.5 million from $8.6 million and became the...