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Sep 30, 2025
Core Scientific Q3 2025 Earnings Report
Core Scientific reported a net loss and a decline in revenue as it continued its transition from bitcoin mining to high-density colocation services.
Key Takeaways
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.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company expects growth from AI and HPC colocation services as it transitions away from crypto mining. Execution risks and macro uncertainties remain.
Positive Outlook
- 250MW of billable colocation capacity expected by end of 2025
- Strong customer demand for high-density AI infrastructure
- Significant customer funding for infrastructure development
- Gross power capacity of ~1.37GW across 10 U.S. sites
- Strategic merger with CoreWeave progressing
Challenges Ahead
- Core business (bitcoin mining) continues to shrink
- Negative operating income and net loss widened
- High dependency on a single colocation customer
- Exposure to digital asset price volatility remains
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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