Core Scientific Announces Third Quarter 2026 Results
), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the third quarter ended September 30, 2026.
“Our execution at scale is translating into results, with a significant sequential increase in GAAP colocation revenue,” said Adam Sullivan, Chief Executive Officer of Core Scientific. “We are nearing full delivery under our first colocation agreement while construction under our second is underway across five campuses. With revenue growing and substantial contracted capacity still to deliver, we have built a strong foundation for our next phase of growth.”
• Colocation revenue increased nearly 60% sequentially to $215.4 million in the third quarter of 2026, driven by continued delivery of billing megawatts.
• Billing for 485 MW of capacity as of September 30, 2026, representing over $700 million in average annualized colocation GAAP revenue.
• Net income increased to $1.2 billion, benefiting from a non-cash gain in the change in fair value of warrants. Adjusted EBITDA more than tripled sequentially to $133.6 million, with margins expanding to 57%, up from 25%.
(1) Net income (loss) for the quarters ended September 30, 2026 and June 30, 2026 were primarily driven by the change in fair value of warrants, reflecting changes in the Company’s stock price during the periods.
(2) CapEx includes purchases of property, plant and equipment and acquisitions of land and development rights.
(3) Liquidity and DSRA is comprised of cash and cash equivalents, digital assets, revolver availability, and all restricted cash including the debt service reserve accounts. Restricted cash as of September 30, 2026 and June 30, 2026 included funds held in escrow in connection with certain utility and development costs. As of June 30, 2026, restricted cash also included funds held in escrow for the now closed Polaris DS LLC acquisition. There was no restricted cash as of September 30, 2025. -more-
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Thursday, November 5, 2026, at 8:30 am Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Jim Nygaard, Chief Financial Officer, and Jon Charbonneau, Senior Vice President, Investor Relations will host the call.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=9RapppQ4
A supplementary investor presentation for the third quarter 2026 may be accessed at https://investors.corescientific.com/news-events/presentations
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com.
Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow . Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” 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, contracted revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully finance and complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and acquire suitable additional land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not i dentified in this press release, and on the current expectations of the Company’s 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 -more-
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. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s Quarterly Reports on Form 10-Q. 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.
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’s 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’s 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’s 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. -more-
Certain prior year amounts have been reclassified for consistency with the current year presentation.
Certain prior year amounts have been reclassified for consistency with the current year presentation.
Cash flows from Nine Months Ended Operating September 30, Activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net loss $ -324,368 $ -504,575 Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and 50,133 54,816 amortization Loss on disposal of property, plant and 20,253 4,472 equipment Loss on remeasurement of 21,013 — assets held for sale, net Impairment of property, plant and 266,488 — equipment Change in operating lease right-of-use 10,046 8,248 assets Stock-based 61,186 70,301 compensation Digital asset -63,903 -187,396 self-mining revenue Proceeds from sales of digital assets generated by 286,765 — self-mining revenue(1) Gain on fair value -3,338 -30,066 of digital assets Change in fair value of warrants and 41,956 363,358 contingent value rights Loss on debt 5,435 1,377 extinguishment Deferred income -105,816 — taxes Accrued interest capitalized to -23,273 — construction in progress Changes in operating assets and liabilities: Customer funding 54,499 -335,643 receivable Accounts payable -82,177 105,615 Accrued expenses 167,124 244,977 Deferred revenue from colocation 19,151 323,796 services Other current assets -50,979 11,500 Other operating assets and -53,952 -10,040 liabilities, net Net cash provided by operating 296,243 120,740 activities Cash flows from Investing Activities: Purchases of property, plant and -1,494,979 -449,752 equipment Proceeds from sales of property, plant 6,094 1,929 and equipment Cash paid for asset -676,881 — acquisitions Other investing -149 -15,160 activities Net cash used in -2,165,915 -462,983 investing activities Cash flows from Financing Activities: Debt extinguishment -1,000,000 -26,862 payments Proceeds from the 4,275,250 — issuance of debt Debt issuance costs -50,907 — Taxes paid related to net share -35,152 -5,893 settlement of equity awards Principal payments — -8,613 on debt Proceeds from 11,742 1,746 exercise of warrants Other financing -1,095 -1,672 activities Net cash provided by (used in) financing 3,199,838 -41,294 activities Net increase (decrease) in cash, cash 1,330,166 -383,537 equivalents and restricted cash Cash, cash equivalents and restricted 311,378 836,980 cash—beginning of period Cash, cash equivalents and $ 1,641,544 $ 453,443 restricted cash—end of period Supplemental disclosures of other cash flow information: Cash paid for interest, net of $ 19,313 $ 15,285 capitalized interest Income tax payments 640 $ 298
Supplemental disclosures of non-cash investing and financing activities: ──────────────────────────────────────────────────────────────────────── Purchases of property, plant and equipment in accounts payable and $ 429,937 $ 154,440 accrued expenses Reclass of property, plant and equipment $ 51,262 $ — to held for sale Operating lease right-of-use assets obtained in exchange for lease $ 13,440 $ 2,154 obligations Non-cash exercise of warrants $ 1,514 $ 24,692 Liabilities assumed in acquisition $ 115,790 $ — Issuance of warrants $ 296,423 $ — Interest capitalized to construction in $ 25,828 $ — progress Reconciliation of cash, cash equivalents and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:
Cash and cash equivalents $ 803,941 $ 453,443 Restricted cash, current portion 201,745 — Restricted cash, net of current portion 635,858 — Total cash, cash equivalents and $ 1,641,544 $ 453,443 restricted cash
(1) Proceeds from digital assets received as noncash revenue consideration liquidated at management's discretion. Certain prior year amounts have been reclassified for consistency with the current year presentation.
(1) Other segment items consist primarily of software and IT costs, travel, professional and contract services, and telecommunications costs. -more-
(Unaudited) Adjusted EBITDA is a non-GAAP financial measure defined as our net loss, adjusted to eliminate the effect of (i) interest expense (income), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock- based compensation expense; (v) loss on disposal and impairment of property, plant and equipment; (vi) loss on remeasurement of assets held for sale; (vii) loss on contract termination; (viii) colocation organizational startup costs primarily related to the initial ramp up of new colocation sits and the conversion of existing facilities to colocation data center operations; (ix) loss on debt extinguishment; (x) change in fair value of warrant and contingent value rights; (xi) loss on legal settlements; (xii) post-emergence bankruptcy advisory costs incurred related to reorganization and (xiii) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net loss to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA is an important measure because it allows management, investors, and our Board of Directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non- cash items, variable charges and timing differences. Moreover, we have included Adjusted EBITDA in this earnings release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning.
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature or because the amount and timing of these items are not related to the current results of our core business operations which renders evaluation of our current performance, comparisons of performance between periods and comparisons of our current performance with our competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating this measure. Our presentation of this measure should not be construed as an inference that its future results will be unaffected by unusual items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. You should review the reconciliation of net loss to Adjusted EBITDA below and not rely on any single financial measure to evaluate our business. -more-
The following table reconciles the non-GAAP financial measure to the most directly comparable U.S. GAAP financial performance measure, which is net loss, for the periods presented (in thousands):
(1) Included in Colocation organizational and site startup costs are costs associated to Stock-based compensation expense of $6.6 million, $4.3 million, and $7.2 million for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively, and $15.1 million and $14.8 million for the nine months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2025, there was also $4.4 million in site conversion demolition costs.
(2) Included in Advisor fees on the condensed consolidated statements of operations. -more-
Term (MW) Definition How management uses it Total electric utility power capacity agreements associated Used for portfolio Gross Utility Power with our data center planning and utility Capacity sites under our control power allocation as of period end, discussions. including capacity that is commissioned for future use. Our estimate of the total non-redundant customer IT load that our data center sites could support in the Used to assess total aggregate as of period customer usable IT load end, regardless of available for leasing, Total Leasable whether such capacity evaluate leased versus Customer Power has been contracted unleased capacity, and Capacity with customers or plan remains available for conversion/development sale. This metric is sequencing and sales representative of the capacity. amount of power available for customer use in servicing their workloads. Power capacity that is Used to monitor signed committed to customers customer commitments Leased Customer Power under executed customer and contracted backlog Capacity contracts, regardless and to plan future of whether service has deployment/commissioni… commenced as of period requirements. end. The portion of Total Leasable Customer Power Capacity not committed Used to monitor under customer remaining uncommitted Unleased Customer contracts as of period customer IT load and to Power Capacity end. This metric is prioritize incremental calculated as Total contracting and Leasable Customer Power conversion/commissioni… Capacity minus Leased plans. Customer Power Capacity. Portion of Leased Used to monitor Customer Power Capacity in-service customer Billable Customer for which service has power that is billing Power Capacity commenced, and we are and to track actively billing as of deployment/commissioni… period end. pace and near-term revenue ramp.
Full text with the tables
Core Scientific Announces Third Quarter 2026 Results
MIAMI, Florida, November 5, 2026
-
Core Scientific, Inc
. (
NASDAQ: CORZ
), a leader in digital infrastructure for high-density colocation services
(“HDC”), today announced financial results for the third quarter ended September
30, 2026.
“Our execution at scale is translating into results, with a significant
sequential increase in GAAP colocation revenue,” said Adam Sullivan, Chief
Executive Officer of Core Scientific. “We are nearing full delivery under our
first colocation agreement while construction under our second is underway
across five campuses. With revenue growing and substantial contracted capacity
still to deliver, we have built a strong foundation for our next phase of
growth.”
Recent Business Developments
• Colocation revenue increased nearly 60% sequentially to $215.4 million in the
third quarter of 2026, driven by continued delivery of billing megawatts.
• Billing for 485 MW of capacity as of September 30, 2026, representing over
$700 million in average annualized colocation GAAP revenue.
• Net income increased to $1.2 billion, benefiting from a non-cash gain in the
change in fair value of warrants. Adjusted EBITDA more than tripled sequentially
to $133.6 million, with margins expanding to 57%, up from 25%.
Financial Summary and Operating Metrics
(in millions, except billing megawatts)
Metric Q3 2026 Q2 2026 Q3 2025
Billing MW 485 395 N/A
Colocation Revenue $215.4 $136.7 $15.0
Total Revenue $232.9 $164.2 $81.1
Gross Profit $123.3 $70.0 $3.9
Net income (loss)(1) $1,178.1 $(1,155.3) $(144.0)
Adjusted EBITDA $133.6 $41.1 $6.5
Capital Expenditures (“CapEx”)(2) $985.1 $797.5 $244.5
Liquidity and DSRA(3) $1,744.2 $2,601.1 $694.8
(1) Net income (loss) for the quarters ended September 30, 2026 and June 30,
2026 were primarily driven by the change in fair value of warrants, reflecting
changes in the Company’s stock price during the periods.
(2) CapEx includes purchases of property, plant and equipment and acquisitions
of land and development rights.
(3) Liquidity and DSRA is comprised of cash and cash equivalents, digital
assets, revolver availability, and all restricted cash including the debt
service reserve accounts. Restricted cash as of September 30, 2026 and June 30,
2026 included funds held in escrow in connection with certain utility and
development costs. As of June 30, 2026, restricted cash also included funds held
in escrow for the now closed Polaris DS LLC acquisition. There was no restricted
cash as of September 30, 2025.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 2
Conference Call and Earnings Presentation
In conjunction with this release, Core Scientific, Inc. will host a conference
call today, Thursday, November 5, 2026, at 8:30 am Eastern Time that will be
webcast live. Adam Sullivan, Chief Executive Officer, Jim Nygaard, Chief
Financial Officer, and Jon Charbonneau, Senior Vice President, Investor
Relations will host the call.
Investors with Internet access may listen to the live audio webcast via the
Investor Relations page of the Core Scientific, Inc. website,
http://investors.corescientific.com or by using the following link
https://event.choruscall.com/mediaframe/webcast.html?webcastid=9RapppQ4
A supplementary investor presentation for the third quarter 2026 may be accessed
at https://investors.corescientific.com/news-events/presentations
Audio Replay
An audio replay of the event will be archived on the Investor Relations section
of the Company's website at http://investors.corescientific.com.
About Core Scientific
Core Scientific is a leader in designing, building and operating large scale,
purpose-built data centers for high-density colocation (“HDC”) services. Core
Scientific operates facilities for high-density colocation services serving
artificial intelligence-related (“AI”) workloads and is a premier provider of
digital infrastructure and services to its third-party customers. The majority
of the Company's revenue is derived from high-density colocation services, with
the remainder derived from earning digital assets for the Company's own account
and from digital asset mining hosting services. The Company is in the process of
repurposing its remaining mining facilities to support its high-density
colocation services business as circumstances allow . Core Scientific’s
facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina
(1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit
www.corescientific.com.
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 “Securities Act”)
and Section 21E of the Securities Exchange Act of 1934, as amended, (the
“Exchange Act”). Forward-looking statements may include words such as “aim,”
“estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,”
“anticipate,” “believe,” “seek,” “target” 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, contracted revenue and other financial and performance metrics,
projections of market opportunity and expectations, the Company’s ability to
scale and grow its business, successfully finance and complete construction of
its data centers, source sufficient electrical energy, necessary long lead
infrastructure components, supplies and equipment, the expected growth of the
Company, the Company’s ability to source and retain talent, and our ability to
source and acquire suitable additional land and power. These statements are
provided for illustrative purposes only and are based on various assumptions,
whether or not i dentified in this press release, and on the current
expectations of the Company’s 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
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 3
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. — “Risk Factors” of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2025 and in the Company’s Quarterly Reports on
Form 10-Q. 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.
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’s 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’s 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’s 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.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 4
Core Scientific, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
September 30, June 30, December 31,
2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current Assets:
Cash and cash $ 803,941 $ 1,769,735 $ 311,378
equivalents
Digital assets 2,690 49,675 222,000
Customer funding 282,659 383,758 337,158
receivable
Restricted cash, 201,745 165,745 —
current portion
Other current assets 131,115 74,731 25,001
Total Current Assets 1,422,150 2,443,644 895,537
Property, plant and 2,630,353 1,774,142 1,293,299
equipment, net
Intangibles, net 737,531 228,625 1,076
Operating lease 110,503 114,199 108,484
right-of-use assets
Deferred lease
incentive, net of 295,000 — —
current
portion
Restricted cash, net 635,858 615,911 —
of current portion
Other noncurrent 104,319 80,972 49,248
assets
Total Assets $ 5,935,714 $ 5,257,493 $ 2,347,644
Liabilities and
Stockholders’
Deficit
Current Liabilities:
Accounts payable $ 120,876 $ 112,374 $ 126,106
Accrued expenses 779,520 509,189 511,957
Deferred revenue, 309,065 287,201 127,561
current portion
Warrant liabilities, 880,725 1,811,587 —
current portion
Other current 17,028 17,443 15,777
liabilities
Total Current 2,107,214 2,737,794 781,401
Liabilities
Long-term debt 4,302,175 4,297,967 1,060,325
Deferred revenue,
net of current 264,506 367,242 428,290
portion
Warrant liabilities,
net of current 238,180 163,683 936,107
portion
Other noncurrent 115,717 110,163 104,261
liabilities
Total Liabilities 7,027,792 7,676,849 3,310,384
Commitments and
contingencies
Stockholders’
Deficit:
Preferred stock;
$0.00001 par value;
2,000,000 shares
authorized; none
issued — — —
and outstanding at
September 30, 2026
and December 31,
2025
Common stock;
$0.00001 par value;
10,000,000 shares
authorized at
September 30, 2026
and December 31,
2025; 321,972 and 3 3 3
314,231 shares
issued
and outstanding at
September 30, 2026
and December 31,
2025, respectively
Additional paid-in 3,378,990 3,229,842 3,183,960
capital
Accumulated deficit -4,471,071 -5,649,201 -4,146,703
Total Stockholders’ -1,092,078 -2,419,356 -962,740
Deficit
Total Liabilities
and Stockholders’ $ 5,935,714 $ 5,257,493 $ 2,347,644
Deficit
Certain prior year amounts have been reclassified for consistency with the
current year presentation.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 5
Core Scientific, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
Three Sept… June Sept… Nine Sept… Septe…
Months 30, 30, 30, Months 30, 30,
Ended 2026 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rev…
Col… $ 215,… $ 136,6… $ 14,9… $ 429,… $ 34,084
rev…
Dig…
ass… 12,2… 21,535 57,4… 63,9… 187,0…
sel…
rev…
Dig…
ass…
hos… 5,171 5,997 8,714 18,7… 18,131
min…
rev…
Tot… 232,… 164,2… 81,1… 512,… 239,2…
rev…
Cost
of
rev…
Cost
of 87,0… 56,686 11,0… 177,… 28,602
col…
ser…
Cost
of
dig… 19,7… 33,700 59,4… 100,… 180,1…
ass…
sel…
Cost
of
dig…
ass… 2,780 3,771 6,694 10,8… 13,314
hos…
min…
ser…
Tot…
cost 109,… 94,157 77,1… 288,… 222,1…
of
rev…
Gro… 123,… 70,044 3,905 223,… 17,143
pro…
Loss
(ga…
on
fair -19,… 9,368 -10,… -3,3… -30,0…
val…
of
dig…
ass…
Loss
on
dis…
of 5,342 1,273 300 20,2… 4,472
pro…
pla…
and
equ…
Loss
on
rem…
of
ass… 1,518 19,495 — 21,0… —
held
for
sal…
net
Imp…
of
pro… — — — 266,… —
pla…
and
equ…
Loss
on — 41,948 — 41,9… —
con…
ter…
Col…
org…
and 12,9… 27,039 16,1… 48,6… 39,496
site
sta…
cos…
Adv… 4,839 381 5,785 5,553 7,083
fees
Sel…
gen… 45,5… 49,008 47,3… 139,… 124,2…
and
adm…
Ope…
inc… 72,3… -78,4… -54,… -316… -128,…
(lo…
Non…
exp…
(in…
net:
Loss
on — 5,435 — 5,435 1,377
debt
ext…
Int…
exp… 35,0… 23,833 -821 63,7… -4,193
(in…
net
Cha…
in
fair
val…
of -1,0… 1,045… 74,8… 41,9… 363,3…
war…
and
con…
val…
rig…
Loss
on — — 15,0… 500 15,504
leg…
set…
Oth…
non…
exp… 37 152 -8 200 -73
(in…
net
Tot…
non…
exp… -999… 1,074… 89,1… 111,… 375,9…
(in…
net
Inc…
(lo…
bef…
inc… 1,07… -1,15… -143… -428… -504,…
tax
exp…
(be…
Inc…
tax -106… 1,907 125 -103… 488
exp…
(be…
Net
inc… $ 1,17… $ -1,15… $ -144… $ -324… $ -504,…
(lo…
Net
inc…
(lo… $ 3.42 $ -3.32 $ -0.45 $ -0.93 $ -1.48
per
sha…
bas…
Net
inc…
(lo… $ 0.47 $ -3.32 $ -0.45 $ -0.93 $ -1.48
per
sha…
dil…
Wei…
ave…
sha… 327,… 325,3… 318,… 325,… 317,3…
out…
bas…
Wei…
ave…
sha… 469,… 325,3… 318,… 325,… 317,3…
out…
dil…
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 6
Supplement…
information
- stock
based
compensati…
──────────────────────────────────────────────────────────────────────────────
Cost of $ 685 $ 1,283 $ 1,251 $ 2,821 $ 3,574
revenue
Colocation
organizati…
and site 6,584 4,302 7,241 15,110 14,831
startup
costs
Selling,
general and 17,916 12,655 21,454 43,255 51,896
administra…
Stock-based
compensati…
expense, 25,185 18,240 29,946 61,186 70,301
net of
amounts
capitalized
Capitalized
stock-based 57 519 227 1,202 623
compensati…
Total
stock-based $ 25,242 $ 18,759 $ 30,173 $ 62,388 $ 70,924
compensati…
cost
Certain prior year amounts have been reclassified for consistency with the
current year presentation.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 7
Core Scientific, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Cash flows from Nine Months Ended
Operating September 30,
Activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net loss $ -324,368 $ -504,575
Adjustments to
reconcile net loss
to net
cash provided by
operating
activities:
Depreciation and 50,133 54,816
amortization
Loss on disposal of
property, plant and 20,253 4,472
equipment
Loss on
remeasurement of 21,013 —
assets held for
sale, net
Impairment of
property, plant and 266,488 —
equipment
Change in operating
lease right-of-use 10,046 8,248
assets
Stock-based 61,186 70,301
compensation
Digital asset -63,903 -187,396
self-mining revenue
Proceeds from sales
of digital assets
generated by 286,765 —
self-mining
revenue(1)
Gain on fair value -3,338 -30,066
of digital assets
Change in fair value
of warrants and 41,956 363,358
contingent value
rights
Loss on debt 5,435 1,377
extinguishment
Deferred income -105,816 —
taxes
Accrued interest
capitalized to -23,273 —
construction in
progress
Changes in operating
assets and
liabilities:
Customer funding 54,499 -335,643
receivable
Accounts payable -82,177 105,615
Accrued expenses 167,124 244,977
Deferred revenue
from colocation 19,151 323,796
services
Other current assets -50,979 11,500
Other operating
assets and -53,952 -10,040
liabilities,
net
Net cash provided by
operating 296,243 120,740
activities
Cash flows from
Investing
Activities:
Purchases of
property, plant and -1,494,979 -449,752
equipment
Proceeds from sales
of property, plant 6,094 1,929
and equipment
Cash paid for asset -676,881 —
acquisitions
Other investing -149 -15,160
activities
Net cash used in -2,165,915 -462,983
investing activities
Cash flows from
Financing
Activities:
Debt extinguishment -1,000,000 -26,862
payments
Proceeds from the 4,275,250 —
issuance of debt
Debt issuance costs -50,907 —
Taxes paid related
to net share -35,152 -5,893
settlement of equity
awards
Principal payments — -8,613
on debt
Proceeds from 11,742 1,746
exercise of warrants
Other financing -1,095 -1,672
activities
Net cash provided by
(used in) financing 3,199,838 -41,294
activities
Net increase
(decrease) in cash,
cash 1,330,166 -383,537
equivalents and
restricted cash
Cash, cash
equivalents and
restricted 311,378 836,980
cash—beginning of
period
Cash, cash
equivalents and $ 1,641,544 $ 453,443
restricted
cash—end of period
Supplemental
disclosures of other
cash
flow information:
Cash paid for
interest, net of $ 19,313 $ 15,285
capitalized interest
Income tax payments 640 $ 298
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 8
Supplemental disclosures of non-cash
investing and financing activities:
────────────────────────────────────────────────────────────────────────
Purchases of property, plant and
equipment in accounts payable and $ 429,937 $ 154,440
accrued expenses
Reclass of property, plant and equipment $ 51,262 $ —
to held for sale
Operating lease right-of-use assets
obtained in exchange for lease $ 13,440 $ 2,154
obligations
Non-cash exercise of warrants $ 1,514 $ 24,692
Liabilities assumed in acquisition $ 115,790 $ —
Issuance of warrants $ 296,423 $ —
Interest capitalized to construction in $ 25,828 $ —
progress
Reconciliation of cash, cash equivalents
and restricted cash within the Condensed
Consolidated Balance Sheets to the
amounts shown in the Condensed
Consolidated Statements of Cash Flows
above:
Cash and cash equivalents $ 803,941 $ 453,443
Restricted cash, current portion 201,745 —
Restricted cash, net of current portion 635,858 —
Total cash, cash equivalents and $ 1,641,544 $ 453,443
restricted cash
(1) Proceeds from digital assets received as noncash revenue consideration
liquidated at management's discretion.
Certain prior year amounts have been reclassified for consistency with the
current year presentation.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 9
Core Scientific, Inc.
Segment Results
(Unaudited, in thousands, except percentages)
Thr… Se… June Se… Nine Se… Sep…
Mon… 30, 30, 30, Mon… 30, 30,
End… 20… 2026 20… End… 20… 2025
──────────────────────────────────────────────────────────────────────────────
Co…
Se…
Co…
re…
Li… $ 15… $ 98,… $ 9,… $ 31… $ 22,…
fe…
Po…
fe…
pa… 57… 35,… 3,… 11… 9,6…
th…
to
cu…
Ma…
and 611 2,7… 1,… 679 1,6…
ot…
To…
co… 21… 136… 14… 42… 34,…
re…
Co…
of
co…
se…
Po…
fe…
pa… 57… 35,… 3,… 11… 9,6…
th…
to
cu…
De… 10… 4,6… 219 16… 389
ex…
Em… 6,… 4,8… 2,… 14… 4,6…
co…
Fa…
op… 10… 10,… 4,… 27… 12,…
ex…
Ot…
se… 2,… 1,8… 702 5,… 1,3…
it…
To…
co…
of 87… 56,… 11… 17… 28,…
co…
se…
Co…
gr… $ 12… $ 79,… $ 3,… $ 25… $ 5,4…
pr…
Co…
gr… 60 % 59 % 26 % 59 % 16 %
ma…
Di…
As…
Se…
Se…
Di…
as… $ 12… 21,… $ 57… $ 63… $ 187…
se…
re…
Co…
of
di…
as…
se…
Po… 10… 17,… 33… 55… 94,…
fe…
De… 7,… 9,8… 15… 30… 52,…
ex…
Em… 1,… 4,0… 7,… 8,… 23,…
co…
Fa…
op… 636 1,2… 2,… 3,… 7,4…
ex…
Ot…
se… 208 604 792 1,… 2,2…
it…
To…
co…
of 19… 33,… 59… 10… 180…
di…
as…
se…
Di…
As…
Se… $ -7… $ -12… $ -2… $ -3… $ 6,8…
gr…
pr…
Di…
As…
Se… -61 % -56 % -3 % -57 % 4 %
gr…
ma…
Di…
As…
Ho…
Mi…
Se…
Di…
as…
ho…
mi… $ 5,… 5,9… $ 8,… $ 18… $ 18,…
re…
fr…
cu…
Co…
of
di…
as…
ho…
mi…
se…
Po… 1,… 2,3… 4,… 7,… 9,3…
fe…
De… 401 626 376 1,… 856
ex…
Em… 233 542 1,… 1,… 2,2…
co…
Fa…
op… 119 167 297 520 665
ex…
Ot…
se… 40 80 113 182 201
it…
To…
co…
of
di… 2,… 3,7… 6,… 10… 13,…
as…
ho…
mi…
se…
Di…
As…
Ho… $ 2,… $ 2,2… $ 2,… $ 7,… $ 4,8…
Mi…
gr…
pr…
Di…
As…
Ho… 46 % 37 % 23 % 42 % 27 %
Mi…
gr…
ma…
Co…
Co…
to… $ 23… $ 164… $ 81… $ 51… $ 239…
re…
Co…
co… $ 10… $ 94,… $ 77… $ 28… $ 222…
of
re…
Co…
gr… $ 12… $ 70,… $ 3,… $ 22… $ 17,…
pr…
Co…
gr… 53 % 43 % 5 % 44 % 7 %
ma…
(1) Other segment items consist primarily of software and IT costs, travel,
professional and contract services, and telecommunications costs.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 10
Core Scientific, Inc.
Non-GAAP Financial Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial measure defined as our net loss,
adjusted to eliminate the effect of (i) interest expense (income), net; (ii)
provision for income taxes; (iii) depreciation and amortization; (iv) stock-
based compensation expense; (v) loss on disposal and impairment of property,
plant and equipment; (vi) loss on remeasurement of assets held for sale; (vii)
loss on contract termination; (viii) colocation organizational startup costs
primarily related to the initial ramp up of new colocation sits and the
conversion of existing facilities to colocation data center operations; (ix)
loss on debt extinguishment; (x) change in fair value of warrant and contingent
value rights; (xi) loss on legal settlements; (xii) post-emergence bankruptcy
advisory costs incurred related to reorganization and (xiii) certain additional
non-cash items that do not reflect the performance of our ongoing business
operations. For additional information, including the reconciliation of net loss
to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA
is an important measure because it allows management, investors, and our Board
of Directors to evaluate and compare our operating results, including our return
on capital and operating efficiencies, from period-to-period by making the
adjustments described above. In addition, it provides useful information to
investors and others in understanding and evaluating our results of operations,
as well as provides a useful measure for period-to-period comparisons of our
business, as it removes the effect of net interest expense, taxes, certain non-
cash items, variable charges and timing differences. Moreover, we have included
Adjusted EBITDA in this earnings release because it is a key measurement used by
our management internally to make operating decisions, including those related
to operating expenses, evaluate performance, and perform strategic and financial
planning.
The above items are excluded from our Adjusted EBITDA measure because these
items are non-cash in nature or because the amount and timing of these items are
not related to the current results of our core business operations which renders
evaluation of our current performance, comparisons of performance between
periods and comparisons of our current performance with our competitors less
meaningful. However, you should be aware that when evaluating Adjusted EBITDA,
we may incur future expenses similar to those excluded when calculating this
measure. Our presentation of this measure should not be construed as an
inference that its future results will be unaffected by unusual items. Further,
this non-GAAP financial measure should not be considered in isolation from, or
as a substitute for, financial information prepared in accordance with
accounting principles generally accepted in the United States (“GAAP”). We
compensate for these limitations by relying primarily on GAAP results and using
Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may
not be comparable to other similarly titled measures computed by other companies
because not all companies calculate this measure in the same fashion. You should
review the reconciliation of net loss to Adjusted EBITDA below and not rely on
any single financial measure to evaluate our business.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 11
The following table reconciles the non-GAAP financial measure to the most
directly comparable U.S. GAAP financial performance measure, which is net loss,
for the periods presented (in thousands):
Three Sept… June Sept… Nine Sept… Septe…
Months 30, 30, 30, Months 30, 30,
Ended 2026 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Adj…
EBI…
Net
inc… $ 1,17… $ -1,15… $ -144… $ -324… $ -504,…
(lo…
Adj…
Int…
exp… 35,0… 23,833 -821 63,7… -4,193
(in…
net
Inc…
tax -106… 1,907 125 -103… 488
exp…
(be…
Dep…
and 17,9… 15,498 16,3… 50,1… 54,816
amo…
Sto…
com… 18,6… 13,938 22,7… 46,0… 55,470
exp…
Loss
on
dis…
of 5,342 1,273 300 20,2… 4,472
pro…
pla…
and
equ…
Loss
on
rem…
of
ass… 1,518 19,495 — 21,0… —
held
for
sal…
net
Imp…
of
pro… — — — 266,… —
pla…
and
equ…
Col…
org…
and 12,9… 27,039 16,1… 48,6… 39,496
site
sta…
cos…
Loss
on — 41,948 — 41,9… —
con…
ter…
Loss
on — 5,435 — 5,435 1,377
debt
ext…
Cha…
in
fair
val…
of -1,0… 1,045… 74,8… 41,9… 363,3…
war…
and
con…
val…
rig…
Loss
on — — 15,0… 500 15,504
leg…
set…
Pos…
ban… 29 397 278 743 1,576
adv…
cos…
Mer…
tra… 4,809 -16 5,507 4,809 5,507
adv…
fee…
Oth… 37 151 -8 200 -73
Adj… $ 133,… $ 41,103 $ 6,501 $ 183,… $ 33,223
EBI…
(1) Included in Colocation organizational and site startup costs are costs
associated to Stock-based compensation expense of $6.6 million, $4.3 million,
and $7.2 million for the three months ended September 30, 2026, June 30, 2026,
and September 30, 2025, respectively, and $15.1 million and $14.8 million for
the nine months ended September 30, 2026 and 2025, respectively. For the nine
months ended September 30, 2025, there was also $4.4 million in site conversion
demolition costs.
(2) Included in Advisor fees on the condensed consolidated statements of
operations.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 12
Term Library
Term (MW) Definition How management uses it
Total electric utility
power capacity
agreements associated Used for portfolio
Gross Utility Power with our data center planning and utility
Capacity sites under our control power allocation
as of period end, discussions.
including capacity that
is commissioned for
future use.
Our estimate of the
total non-redundant
customer IT load that
our data center sites
could support in the Used to assess total
aggregate as of period customer usable IT load
end, regardless of available for leasing,
Total Leasable whether such capacity evaluate leased versus
Customer Power has been contracted unleased capacity, and
Capacity with customers or plan
remains available for conversion/development
sale. This metric is sequencing and sales
representative of the capacity.
amount of power
available for customer
use in servicing their
workloads.
Power capacity that is Used to monitor signed
committed to customers customer commitments
Leased Customer Power under executed customer and contracted backlog
Capacity contracts, regardless and to plan future
of whether service has deployment/commissioni…
commenced as of period requirements.
end.
The portion of Total
Leasable Customer Power
Capacity not committed Used to monitor
under customer remaining uncommitted
Unleased Customer contracts as of period customer IT load and to
Power Capacity end. This metric is prioritize incremental
calculated as Total contracting and
Leasable Customer Power conversion/commissioni…
Capacity minus Leased plans.
Customer Power
Capacity.
Portion of Leased Used to monitor
Customer Power Capacity in-service customer
Billable Customer for which service has power that is billing
Power Capacity commenced, and we are and to track
actively billing as of deployment/commissioni…
period end. pace and near-term
revenue ramp.
-more-
Core Scientific, Inc. Third Quarter 2026 Earnings
Release - 13
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CONTACTS
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Media:
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-end-