Core Scientific (CORZ) Q4 2025 earnings summary

Executive summary

• Transitioned to a colocation-focused digital infrastructure provider, targeting AI and next-gen workloads by 2028, with operations across 7 states and a 1.5 GW leasable power pipeline.

• Expanded into Hunt County, Texas, adding ~430 MW of gross power capacity, and increased capacity at Dalton, Georgia and Pecos, Texas.

• Energized ~350 MW of capacity, with nearly 200 MW billing, and on track to deliver ~590 MW under the CoreWeave contract by early 2027.

• Focused on disciplined growth, customer diversification, and execution of the CoreWeave contract, with a strategy to dedicate all MW to colocation within three years.

• Did not sign a new customer contract by the call but have 500 MW under exclusivity with a large investment-grade counterparty and expect near-term agreements.

Financial highlights

• Ended the year with liquidity of $533.4M, including $311.4M in cash and $222.0M in bitcoin.

• Opportunistically sold over 1,900 BTC for $175M in January at prices above current market levels; currently hold under 1,000 BTC.

• Q4 2025 revenue was $79.8M, down from $94.9M in Q4 2024; colocation revenue rose to $31.3M from $8.5M year-over-year.

• Gross profit increased to $20.8M from $4.8M year-over-year; net income was $216.0M, mainly due to a $330.3M non-cash fair value gain.

• $10B+ in contracted revenue, primarily from a 12-year, $850M/year CoreWeave contract, with 75–80% anticipated profit margin.

Outlook and guidance

• Every MW in the portfolio expected to be dedicated to colocation for AI workloads by 2028.

• On track to deliver ~590 MW under the CoreWeave contract by early 2027.

• Confident in the ability to develop up to 500 MW per year, contingent on customer demand and financing alignment.

• Pre-construction activities underway to extend growth runway and adapt to evolving GPU architectures.

• Hunt County site energization begins in 2027, reaching full capacity by 2029.