Core Scientific reported a significant shift in its business model during Q4 2025, with colocation revenue growing nearly 268% year-over-year as the company pivots toward high-density colocation and AI workloads. While total revenue declined due to lower bitcoin mining output, the company achieved a net income of $216 million, largely driven by non-cash fair value gains on warrant liabilities.

Core Scientific saw a drop in revenue and widened losses in Q3 2025. While bitcoin self-mining revenues declined, colocation revenue more than doubled year-over-year as the company shifts toward AI and HPC infrastructure services.