Core Scientific Reports Q4 2025 Net Income of $216 Million, Announces Texas Power Expansion and Financial Restatement
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Core Scientific (NASDAQ: CORZ), Inc. announced its financial and operational results for the fourth quarter of 2025 on March 2, 2026, highlighting a strategic pivot toward high-performance computing (HPC) colocation and a significant expansion of its power pipeline.
The company reported that it is now scaling its colocation platform into a 1.5 gigawatt (GW) pipeline of leasable capacity. Core Scientific has surpassed the halfway point on its existing builds and is accelerating "Ready for Service" (RFS) timelines across multiple sites.
Recent infrastructure milestones include:
Hunt County, Texas: Announced an agreement for a new top-market site expected to support approximately 430 MW of gross power capacity.
Capacity Increases: Added approximately 300 MW of gross power capacity across existing locations in Dalton, Georgia, and Pecos, Texas.
CoreWeave Progress: Energized roughly 350 MW to date under its existing contract, with plans to deliver a total of 590 MW by early 2027.
Fourth Quarter Financial Results
Total revenue for the quarter was $79.8 million, compared to $94.9 million in the fourth quarter of 2024. This change was largely driven by a shift in revenue mix:
Colocation Revenue: Increased to $31.3 million, up from $8.5 million in the prior-year period, reflecting the expansion of HPC hosting operations.
Self-Mining Revenue: Declined to $42.2 million from $79.9 million in Q4 2024. While the average bitcoin price rose by 20%, the amount of bitcoin mined decreased by 57%.
As of December 31, 2025, the company reported total liquidity of $533.4 million, including $311.4 million in cash and $222.0 million in bitcoin.
Financial Restatements
During the 2025 year-end audit, Core Scientific identified an error in how it capitalized certain assets during its change in accounting firms to KPMG LLP. The company determined that the carrying values of assets slated for demolition during site conversions from mining to HPC were improperly capitalized instead of being recognized as impairment charges.
As a result, the company is restating several prior interim and annual financial statements. Management noted that these restatements have no impact on the company's previously reported revenue, adjusted EBITDA, or net cash flows.
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