Core Scientific Q1 loss $347M as AI hosting outpaces mining

Core Scientific reported a $347.2 million net loss for the first quarter, reflecting $266.5 million in non‑cash impairment charges and a $30.8 million non‑cash loss from changes in the fair value of warrants and contingent value rights. The company recorded a net loss of $1.06 per diluted share, compared with diluted earnings of $1.24 per share a year earlier. Total revenue for the quarter was $115.2 million, up from $79.5 million a year earlier but short of analyst forecasts.

The digital asset self‑mining business declined during the quarter. Core Scientific mined 279 Bitcoin, down about 45% from the same period in 2025, and mining revenue fell to $30.1 million from $67.2 million a year earlier. Per the company’s 10‑Q filing, Core Scientific sold 2,385 Bitcoin during the quarter for $208.3 million to fund planned capital expenditures and other cash needs.

Growth in the quarter was driven by high‑density colocation services tied to AI hosting. Colocation revenue increased to $77.5 million from $8.6 million a year earlier as the company brought additional billable customer power capacity online. Core Scientific reported it was billing for 243 megawatts of capacity as of March 31, which it estimates represents about $350 million in average annualized colocation revenue.

The company has expanded long‑term hosting agreements with CoreWeave. In June 2024 Core Scientific signed 12‑year contracts to deliver roughly 200 megawatts of infrastructure for CoreWeave’s high‑performance computing operations. A February 2025 SEC filing showed the relationship later grew to about 590 megawatts of contracted infrastructure across six sites.

Core Scientific is advancing development at its Muskogee, Oklahoma, campus. The company plans to scale the site to about 1.5 gigawatts of gross power capacity, or roughly 1.0 gigawatt of leasable power, in part through a planned acquisition of Polaris DS. Construction has begun on a second, currently unleased, 82.5‑megawatt building at the campus.

Shares of Core Scientific had risen over the prior six months, closing at $24.63 on Wednesday, up about 19.6% over that period, before trading at $22.80 in premarket activity, a decline of about 7.4% from that close.

Hosting and colocation generated the largest share of revenue in the quarter, while revenue from the company’s digital asset self‑mining business contributed a smaller portion of total revenue.