Core Scientific reports Q1 net loss compared to year-ago profit

Core Scientific

06/05/2026 21:31

Overview

US digital infrastructure provider's Q1 revenue rose yr/yr, beating analyst expectations

Company posted Q1 net loss, impacted by $266.5 mln in non-cash impairment charges

Colocation revenue surged as company shifted focus from digital asset self-mining

Outlook

Company did not provide specific financial guidance for the current quarter or full year

Result Drivers

COLOCATION GROWTH - Colocation revenue rose sharply, driven by incremental billable customer power capacity delivered during the quarter

STRATEGIC SHIFT - Digital asset self-mining revenue declined due to a continued strategic shift to colocation business and lower average bitcoin price

Company press release: ID:nBw6nv8nqa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$115.20 mln
$111.25 mln (15 Analysts)
Q1 EPS
-$1.06
Q1 Net Income
-$347.20 mln
Q1 Adjusted EBITDA
$4.40 mln
Q1 Gross Profit
$30.10 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

Wall Street's median 12-month price target for Core Scientific Inc is $26.00, about 17.2% above its May 5 closing price of $22.19

The stock recently traded at 155 times the next 12-month earnings vs. a P/E of 137 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)