CORZ

MKT CAP:$7B

Core Scientific, Inc.

Market Cap

$7B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$21.07+$5.08 (+31.77%)

Apr 24, 2026

Company Details

Core Scientific, Inc. operates facilities for digital asset mining and colocation services in North America. It provides blockchain infrastructure, software solutions, and services. The company mines digital assets for its own account and p...

CEO

Adam Sullivan

IPO Date

Jan 24, 2024

Website

www.corescientific.com

Key Metrics TTM

Revenue

$319M

-42.8% YoY

Net Income

-$289M

EPS (Diluted)

$1.42

Free Cash Flow

-$461M

Revenue / Share

$1.00

Gross Margin

11.9%

Operating Margin

-38.0%

Net Margin

-90.5%

FCF Margin

-144.5%

P/S

21.0x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 2, 2026

$319M-37.5%EPS -$0.88

Q4 2025

Mar 2, 2026

$80MEPS $0.67

Q3 2025

Oct 24, 2025

$81M-14.9%EPS -$0.46

Q2 2025

Aug 8, 2025

$79M-44.3%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$302M	$141M	$123M
Q1 22	$193M	$70M	-$27M
Q2 22	$164M	$13M	-$1.0B
Q3 22	$163M	-$27M	-$401M
Q4 22	$121M	-$47M	-$636M
Q1 23	$121M	$32M	$8M
Q2 23	$127M	$37M	$9M
Q3 23	$113M	$15M	-$12M
Q4 23	$142M	$39M	$4M
Q1 24	$179M	$78M	$55M
Q2 24	$141M	$39M	$7M
Q3 24	$95M	-$156.0K	-$41M
Q1 25	$80M	$8M	-$43M
Q2 25	$79M	$5M	-$26M
Q3 25	$81M	$4M	-$65M
Q4 25	$80M	$21M	$13M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	8.2x	—
Q4 22	10.5x	—
Q1 23	11.8x	—
Q2 23	12.6x	—
Q3 23	13.9x	—
Q4 23	13.3x	—
Q1 24	11.9x	—
Q2 24	11.7x	—
Q3 24	12.0x	—
Q1 25	13.5x	—
Q2 25	17.0x	—
Q3 25	20.0x	—
Q4 25	21.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$110M	$226M
Q1 22	-$4M	-$273M
Q2 22	$145M	-$42M
Q3 22	-$52M	-$57M
Q4 22	$116M	-$24M
Q1 23	$20M	$18M
Q2 23	$18M	$17M
Q3 23	$5M	$3M
Q4 23	$22M	$10M
Q1 24	$22M	-$10M
Q2 24	$1M	-$2M
Q3 24	$6M	-$25M
Q1 25	-$41M	-$129M
Q2 25	$34M	-$87M
Q3 25	$132M	-$123M
Q4 25	$153M	-$122M

Capital Expenditures

Quarter	CapEx
Q4 21	$116M
Q1 22	$269M
Q2 22	$187M
Q3 22	$5M
Q4 22	$140M
Q1 23	$2M
Q2 23	$949.0K
Q3 23	$3M
Q4 23	$12M
Q1 24	$32M
Q2 24	$3M
Q3 24	$31M
Q1 25	$88M
Q2 25	$121M
Q3 25	$255M
Q4 25	$275M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-59.8%	+322.5%
Q1 23	-37.3%	-48.4%
Q2 23	-22.6%	-90.3%
Q3 23	-30.6%	-77.8%
Q4 23	+17.1%	-81.8%
Q1 24	+48.6%	+9.7%
Q2 24	+11.2%	+14.5%
Q3 24	-15.5%	+9.3%
Q1 25	-44.0%	-11.5%
Q2 25	-56.1%	-15.4%
Q3 25	-42.5%	+8.9%
Q4 25	-16.4%	-51.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$26M	13.4%
Q2 22	$111M	67.7%
Q3 22	$30M	18.3%
Q4 22	$16M	13.5%
Q1 23	$12M	10.2%
Q2 23	$14M	11.3%
Q3 23	$15M	13.2%
Q4 23	$17M	12.3%
Q1 24	-$1M	-0.6%
Q2 24	$8M	6.0%
Q3 24	$21M	21.5%
Q1 25	$16M	20.4%
Q2 25	$24M	30.7%
Q3 25	$30M	36.9%
Q4 25	$28M	35.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$3M	—	—	$15M
Q1 22	$3M	$40M	$1M	—
Q2 22	$15M	$91M	$10M	—
Q3 22	$6M	$43M	$39.0K	—
Q4 22	$3M	$39M	$1M	—
Q1 23	$1M	$22M	$1M	—
Q2 23	$2M	$24M	$1M	—
Q3 23	$2M	$24M	$1M	—
Q4 23	$2M	$24M	$4M	—
Q1 24	$2M	—	—	$17M
Q2 24	$2M	—	—	$31M
Q3 24	$3M	$34M	$3M	—
Q1 25	—	$40M	—	—
Q2 25	—	—	—	$57M
Q3 25	—	—	—	$69M
Q4 25	—	—	—	$35M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	—	39.2%	—
Q1 22	—	-187.0%	—
Q2 22	—	-32.5%	—
Q3 22	—	-205.0%	—
Q4 22	-59.8%	-301.1%	-361.0
Q1 23	-37.3%	16.7%	-20.6
Q2 23	-22.6%	24.1%	1.5
Q3 23	-30.6%	-12.7%	-43.3
Q4 23	17.1%	-56.7%	-39.7
Q1 24	48.6%	142.1%	190.7
Q2 24	11.2%	27.1%	38.3
Q3 24	-15.5%	-438.7%	-454.2
Q1 25	-44.0%	-25.4%	-69.3
Q2 25	-56.1%	-0.8%	-57.0
Q3 25	-42.5%	-157.2%	-199.7
Q4 25	-16.4%	277.1%	260.7

Rule of 40

Revenue Segments

Quarter	Digital Asset Mining Service	Hosting Service
Q3 23	$83M	$25M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$96M	$0	$96M
Q2 22	$129M	$0	$129M
Q3 22	$30M	$0	$30M
Q4 22	$16M	$0	$16M
Q1 23	$47M	$0	$47M
Q2 23	$77M	$321.0K	$77M
Q3 23	$64M	$559.0K	$65M
Q4 23	$50M	$0	$50M
Q1 24	$98M	$0	$98M
Q2 24	$96M	$0	$96M
Q3 24	$253M	$0	$253M
Q4 24	$836M	$0	$836M
Q1 25	$698M	$0	$698M
Q2 25	$581M	$0	$581M
Q3 25	$453M	$0	$453M
Q4 25	$311M	$0	$311M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	272M	—	—
Q1 22	307M	+13.2%	—
Q2 22	325M	+5.7%	—
Q3 22	354M	+9.0%	—
Q4 22	375M	+5.9%	+38.2%
Q1 23	375M	+0.1%	+22.1%
Q2 23	376M	+0.1%	+15.6%
Q3 23	382M	+1.8%	+8.0%
Q4 23	385M	+0.7%	+2.6%
Q1 24	283M	-26.6%	-24.7%
Q2 24	288M	+1.8%	-23.5%
Q3 24	292M	+1.7%	-23.5%
Q1 25	363M	+24.2%	-5.7%
Q2 25	318M	-12.5%	+12.5%
Q3 25	319M	+0.2%	+10.8%
Q4 25	318M	-0.1%	+8.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$1M	205
Q1 22	$939.1K	205
Q2 22	$799.9K	205
Q3 22	$793.0K	205
Q4 22	$516.0K	235
Q1 23	$513.4K	235
Q2 23	$540.1K	235
Q3 23	$480.4K	235
Q4 23	$496.3K	286
Q1 24	$626.9K	286
Q2 24	$493.4K	286
Q3 24	$333.4K	286
Q1 25	$244.7K	325
Q2 25	$241.9K	325
Q3 25	$249.5K	325
Q4 25	$245.4K	325

Revenue / Employee