Core Scientific (CORZ) Q2 2026 earnings summary

Executive summary

• Announced a major commercial partnership with AMD for up to 2.5 GW of data center capacity, including an initial 530 MW across five sites, representing over $14 billion in base contracted revenue over 15 years with 2.5% annual escalators.

• Transitioned to high-density colocation as the primary business, with 77% of H1 2026 revenue from colocation, and total contracted billable capacity now at approximately 1.1 GW, representing more than $24 billion in base contracted revenue.

• Significant expansion potential through partnerships with AMD and CoreWeave, targeting over 3 GW of customer contracted capacity.

• Operates high-density colocation facilities supporting AI and compute-intensive workloads, with a strategic shift from bitcoin mining to digital infrastructure services for third parties.

• Closed $3.3B Senior Secured Notes offering and repaid $1B term loan; acquired Hunt County, TX site for $233M and announced $421M Polaris DS LLC acquisition.

Financial highlights

• Q2 2026 total revenue was $164.2 million, up from $78.6 million in Q2 2025; colocation revenue reached $136.7 million, up from $10.6 million, with billable capacity at 437 MW as of mid-July.

• Gross profit for Q2 2026 was $70.0 million, with a 59% colocation gross margin, and Adjusted EBITDA was $41.1 million, up from $28.5 million in Q2 2025.

• Net loss for Q2 2026 was $1.2 billion, primarily due to warrant fair value changes and mining asset impairment.

• Cash and equivalents plus digital assets totaled $1.8 billion as of June 30, 2026, providing a strong foundation for capital expenditures.

• Capital expenditures for Q2 2026 were $797.5 million, with $180.9 million funded by customers.

Outlook and guidance

• Expect another step-up in colocation revenue in Q3 as additional capacity comes online, with initial AMD delivery in early 2027 and full 530 MW by end of 2028.

• Hosted mining operations expected to conclude by year-end 2026; self-mining operations winding down.

• Targeting delivery of about 600 MW per year in 2028, with flexibility to scale further if market demand supports it.

• Over 2 GW in new site opportunities are under due diligence for potential purchase, supporting robust industry demand.

• Focus on diversifying customer base beyond CoreWeave to reduce revenue concentration risk.