Core Scientific (CORZ) Q3 2026 earnings summary

Executive summary

• ~1.12 GW is contracted across CoreWeave and AMD, representing $24B+ in contracted revenue and expected average annual recurring GAAP revenue of $1.8B and annual NOI of $1.6B.

• Colocation generated 84% of 9M revenue as high-density data-center operations scaled; bitcoin mining is winding down, with hosted mining expected to conclude by year-end 2026.

• Q3 colocation revenue reached $215.4M and Adjusted EBITDA was $133.6M; reported net income of $1.178B included a non-cash warrant and CVR remeasurement gain.

Financial highlights

• Total Q3 revenue was $232.9M versus $81.1M in Q3 2025; 9M revenue was $512.3M versus $239.3M.

• Colocation revenue was $215.4M, up from $136.7M in Q2 and $31.3M in Q4 2025.

• Q3 Adjusted EBITDA was $133.6M versus $41.1M in Q2; margin expanded to 57% from 25%.

• Net income was $1.178B, versus losses of $1.155B in Q2 and $144.0M in Q3 2025; the Q3 result included a $1.034B non-cash warrant and CVR fair-value gain.

• Q3 operating income was $72.4M and gross profit was $123.3M; 9M operating loss included a $266.5M mining-asset impairment.

Outlook and guidance

• Q4 revenue is expected to rise by double digits sequentially as new megawatts enter billing and prior deliveries contribute for a full quarter.

• AMD’s initial 530 MW is scheduled to begin delivery at Pecos in H1 2027; roughly half is expected online in 2027, with full delivery by end-2028 across five sites.

• Approximately 385 MW of additional grid-connected power is secured; AMD-related pathways also include ~600 MW under load study and ~940 MW of behind-the-meter potential.

• Approximately $4.4B of construction and purchase commitments are expected to be spent primarily over the next 24 months; AMD and Neocloud development requires additional financing.

• Hosted mining is expected to conclude by Dec. 31, 2026, with no material new mining-capacity investment planned.