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Core Scientific Announces Fiscal Second Quarter 2025 Results

AUSTIN, Texas--(BUSINESS WIRE)-- Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services and digital asset mining, today announced financial results for the fiscal second quarter of 2025.

Fiscal Second Quarter 2025 Financial Results

• Total revenue was $78.6 million compared to $141.1 million in the second quarter of 2024.
  • Digital asset self-mining revenue was $62.4 million, down from $110.7 million in the prior-year period. The decline was primarily driven by a 62% decrease in bitcoin mined, partially offset by a 50% increase in the average bitcoin price.
  • Digital asset hosted mining revenue was $5.6 million, down from $24.8 million in the same period a year ago. The decrease was driven by the continued strategic shift to our colocation business.
  • Colocation (formerly 鈥淗PC hosting鈥�) revenue was $10.6 million, up from $5.5 million in the second quarter of 2024. The increase was due to the expansion of colocation operations into Denton, Texas during the second quarter of 2025.
• Gross profit was $5.0 million compared to $38.8 million in the same period last year.
• Net loss was $936.8 million, compared to $804.9 million in the prior-year period, primarily due to non-cash fair value adjustments of $910.0 million versus $796.0 million, respectively, related to warrants and contingent value rights driven by an increase in stock price.
• Adjusted EBITDA was $21.5 million compared to $46.0 million for the prior year period.
• Capital expenditures were $121.3 million, with $90.3 million funded by CoreWeave under the previously announced contractual agreements. In addition, the company spent $31.0 million in new site development at non-CoreWeave locations.
• Liquidity position of $754.1 million, including $581.3 million of cash and cash equivalents and $172.8 million of digital assets at the end of the second quarter of 2025.

PENDING COREWEAVE TRANSACTION

On July 7, 2025, the Company entered into an Agreement and Plan of Merger (the 鈥淢erger Agreement鈥�) with CoreWeave. Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, CoreWeave will acquire the Company in an all-stock transaction. Pursuant to the Merger Agreement, each outstanding share of the Company鈥檚 common stock at the Effective Time (as defined in the Merger Agreement) will be cancelled and converted into a number of fully paid and non-assessable shares of CoreWeave Class A common stock, equal to the exchange ratio of 0.1235. The transaction is subject to the approval of the Company鈥檚 stockholders and customary closing conditions, including applicable regulatory approvals.

CONFERENCE CALL AND EARNINGS PRESENTATION

Due to the pending transaction, Core Scientific will not be hosting a conference call or providing an accompanying earnings presentation in conjunction with its second quarter 2025 earnings release. For further details and discussion of our financial performance please refer to our Form 10-Q for the quarter ended June 30, 2025.

ABOUT CORE SCIENTIFIC

Core Scientific, Inc. (鈥淐ore Scientific鈥� or the 鈥淐ompany鈥�) is a leader in digital infrastructure for high-density colocation services and digital asset mining. We operate dedicated, purpose-built facilities for high-density colocation services and are a premier provider of digital infrastructure, software solutions and services to our third-party customers. We employ our own fleet of computers (鈥渕iners鈥�) to earn digital assets for our own account and we are in the process of converting most of our existing facilities to support artificial intelligence-related workloads and next generation colocation services. We currently derive the majority of our revenue from earning digital assets for our own account but expect to rapidly increase revenue derived from high-density compute. Our colocation facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (3). To learn more, visit .

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the 鈥淪ecurities Act鈥�) and Section 21E of the Securities Exchange Act of 1934, as amended, (the 鈥淓xchange Act鈥�). Forward-looking statements may include words such as 鈥渁im,鈥� 鈥渆stimate,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥渇orecast,鈥� 鈥済oal,鈥� 鈥渋ntend,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渟eek,鈥� 鈥渢arget鈥� or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company鈥檚 ability to scale and grow its business, the advantages and expected growth of the Company and the Company鈥檚 ability to source and retain talent. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company鈥檚 management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.

These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. 鈥� 鈥淩isk Factors鈥� of the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

Additional risk factors that may cause actual results to vary materially include, but are not limited to: the completion of the proposed acquisition of the Company by CoreWeave, Inc. (鈥淐oreWeave鈥�) on anticipated terms or at all, and the timing thereof, including obtaining regulatory approvals that may be required and the Company stockholder approval of the proposed transaction and the other conditions to the completion of the proposed transaction; uncertainty in the value of the consideration that Company stockholders would receive in the proposed transaction, if completed, due to fluctuations in the market price of CoreWeave common stock until closing; anticipated tax treatment of the proposed transaction for Company stockholders, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of the combined company following completion of the proposed transaction; the possibility that any of the anticipated benefits of the proposed transaction will not be realized or will not be realized within the expected time period; the ability of the Company to integrate its businesses successfully with CoreWeave鈥檚 and to achieve anticipated synergies and value creation; potential litigation relating to the proposed transaction that could be instituted against the Company, or its directors and officers; the risk that disruptions from the proposed transaction will harm the Company鈥檚 business, including current plans and operations and that management鈥檚 time and attention will be diverted on transaction-related issues; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; rating agency actions and the Company鈥檚 ability to access short- and long-term debt markets on a timely and affordable basis; legislative, regulatory and economic developments and actions targeting public companies in the artificial intelligence, power, data center and crypto mining industries and changes in local, national or international laws, regulations and policies affecting the Company; potential business uncertainty, including the outcome of commercial negotiations and changes to existing business relationships during the pendency of the proposed transaction that could affect the Company鈥檚 financial performance and operating results; certain restrictions during the pendency of the proposed transaction that may impact the Company鈥檚 ability to pursue certain business opportunities or strategic transactions or otherwise operate its business; acts of terrorism or outbreak of war, hostilities, civil unrest, attacks against the Company or political or security disturbances; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; global or regional changes in the supply and demand for power and other market or economic conditions that impact demand and pricing; changes in technical or operating conditions, including unforeseen technical difficulties; development delays at the Company鈥檚 data center sites, including any delays in the conversion of such sites from crypto mining facilities to high performance computing sites; the Company鈥檚 ability to earn digital assets profitably and to attract customers for its high density colocation capabilities; the Company鈥檚 ability to perform under its existing colocation agreements; the Company鈥檚 ability to maintain its competitive position in its existing operating segments; the impact of increases in total network hash rate; the Company鈥檚 ability to raise additional capital to continue its expansion efforts or other operations; the Company鈥檚 need for significant electric power and the limited availability of power resources; the potential failure in the Company鈥檚 critical systems, facilities or services the Company provides; the physical risks and regulatory changes relating to climate change; potential significant changes to the method of validating blockchain transactions; the Company鈥檚 vulnerability to physical security breaches, which could disrupt operations; a potential slowdown in market and economic conditions, particularly those impacting high density computing, the blockchain industry and the blockchain hosting market; price volatility of digital assets and bitcoin in particular; potential changes in the interpretive positions of the SEC or its staff with respect to digital asset mining firms; the likelihood that U.S. federal and state legislatures and regulatory agencies will enact laws and regulations to regulate digital assets and digital asset intermediaries; changing expectations with respect to ESG policies; the effectiveness of the Company鈥檚 compliance and risk management methods; the adequacy of the Company鈥檚 sources of recovery if the digital assets held by the Company are lost, stolen or destroyed due to third-party digital asset services; and those risks that will be described in the proxy statement/prospectus that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction.

These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the proxy statement/prospectus that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. You should not place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes; actual performance and outcomes, including, without limitation, Core Scientific鈥檚 or CoreWeave鈥檚 actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which Core Scientific or CoreWeave operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Neither Core Scientific nor CoreWeave assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Neither future distribution of this communication nor the continued availability of this communication in archive form on Core Scientific鈥檚 or CoreWeave鈥檚 website should be deemed to constitute an update or re-affirmation of these statements as of any future date.

There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company鈥檚 expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the Company鈥檚 assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company鈥檚 assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

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Source: Core Scientific, Inc..