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 Texas footprint with a new Hunt County site, adding ~430 MW of gross power capacity and ramping to full power by 2029.

• Energized ~350 MW of capacity, with nearly 200 MW billing, and delivered 185+ MW of billable capacity supporting 65,000+ customer GPUs.

• Increased gross power capacity by ~300 MW at Dalton, Georgia and Pecos, Texas, with Dalton expanding to 450 MW and Pecos to 200 MW.

• Did not sign a new customer contract by the call but have two sites under exclusivity and expect near-term leasing agreements.

Financial highlights

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

• Total revenue for Q4 2025 was $79.8M, down from $94.9M in Q4 2024, but gross profit increased to $20.8M from $4.8M year-over-year.

• Colocation revenue rose to $31.3M from $8.5M year-over-year, with gross margin rising to 46% from 9%.

• Net income was $216.0M, compared to a net loss of $291.1M in Q4 2024, 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 megawatt 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 ability to develop up to 500 MW per year, contingent on customer commitments and financing.

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

• Plans to rapidly increase revenue from high-density colocation as facilities are repurposed.