LDR
- Core Scientific (CORZ) delivered Q4 revenue of $79.8 million, falling significantly short of Wall Street’s $122 million projection, while losses expanded to $0.42 per share compared to anticipated $0.08.
- Cryptocurrency mining operations generated $42.2 million in Q4, representing a nearly 50% year-over-year decline as Bitcoin prices hover around $68,000 — approximately 46% below the late-2025 high.
- The firm continues accelerating its strategic transition into HPC and AI colocation services, developing a 1.5-gigawatt pipeline of available hosting capacity.
- Expansion efforts include 430 megawatts of new gross power capacity in Texas, alongside 300 megawatts of additional capacity at current Georgia and Texas facilities.
- CORZ closed Monday’s session 2.8% lower at $16.49, briefly touching $14.69 during extended trading before stabilizing — the stock maintains year-to-date gains exceeding 13%.
Core Scientific delivered fourth-quarter results that fell substantially below Wall Street projections, pressuring CORZ shares during Monday’s trading.
The mining and infrastructure company posted Q4 revenue of $79.8 million — representing a 16% decline from the prior year period and missing analyst projections that ranged between $90 million and $122 million across various research firms.
Per-share losses reached $0.42, substantially worse than the $0.08 loss analysts had modeled.
Cryptocurrency mining operations experienced the steepest decline, with revenue plummeting nearly 50% year-over-year to land at $42.2 million.
Bitcoin currently trades near $68,000 — roughly half the cryptocurrency’s peak value above $126,000 reached during late 2025. After closing 2025 just below $88,500, Bitcoin prices have maintained a downward trajectory.
These price declines have compressed profitability throughout the mining industry. The April 2024 halving event, which reduced mining rewards by 50%, compounded challenges alongside escalating energy and infrastructure expenses.
Pivoting to AI and HPC
Core Scientific has been strategically shifting its business model away from cryptocurrency-focused operations toward hosting and colocation services supporting high-performance computing and artificial intelligence applications.
CEO Adam Sullivan emphasized that the company has “now past the halfway point on our existing builds and scaling our colocation platform into a 1.5-gigawatt pipeline of leasable capacity.”
The strategy includes concrete expansion initiatives. The company revealed plans for a Texas facility that will add approximately 430 megawatts of gross power capacity.
Additional capacity totaling 300 megawatts will come online across existing Georgia and Texas properties.
Sullivan highlighted the company’s “multi-geography footprint and proven execution” as key drivers for accelerating RFS — ready for service — deployment schedules.
The company recorded Q4 net income of $216 million, though this figure reflected a substantial $330.3 million non-cash fair value adjustment. Adjusted EBITDA revealed a loss of $42.7 million.
RIOT Holds Flat on Its Own Miss
Competing miner Riot Platforms announced Q4 revenue of $152.8 million — representing 7% growth year-over-year, though trailing the $157 million consensus estimate.
A notable discrepancy emerged in reported figures: separate LSEG data showed RIOT’s Q4 revenue at $647.4 million, a variance likely attributable to different analyst methodologies regarding engineering revenue and supplementary revenue streams.
RIOT closed Monday at $16.43, showing minimal movement in after-hours trading to $16.28.
CORZ finished the regular trading day down 2.8% at $16.49. During extended hours, shares dipped to $14.69 before recovering to end after-hours trading roughly unchanged.
Despite recent pressure, CORZ maintains year-to-date gains above 13%.
