Core Scientific, Inc./tx

Listed Company

CORZZCIK 0001839341NasdaqLarge AcceleratedFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$319.02M

Net Income

$-288.62M

Total Assets

$2.35B

Equity

$-962.74M

Shares Out

315.33M

Op. Cash Flow

$278.25M

Business

Core Scientific, Inc./tx designs, builds and operates digital infrastructure for high-performance computing and digital asset mining. It provides dedicated, purpose-built facilities and software solutions, including colocation, licensing of data center capacity, power delivery, facility operations, security, and maintenance for mining and HPC workloads. The company reports three operating segments: Digital Asset Self‑Mining, Digital Asset Hosted Mining, and HPC Hosting. Core Scientific operates large-scale data centers across multiple U.S. states and delivers services to third-party customers, hyperscale cloud providers and enterprises through colocation and hosting agreements.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	319	511	502	640	544
Total cost of revenue	281	390	379	632	306
Gross profit	38	121	123	8	239
Decrease in fair value of digital assets	32	1	0	0	—
Gain from sale of digital assets	0	0	−4	44	—
Impairment of digital assets	0	0	4	−231	−37
Decrease in fair value of energy derivatives	0	3	4	0	0
Loss on disposal of property, plant and equipment	10	4	2	−28	−118,000
Impairment of property, plant and equipment	11	123	0	−591	0
Colocation organizational and site startup costs	48	14	0	—	—
Advisor fees	23	5	0	—	—
Selling, general and administrative	159	114	108	—	—
Operating (loss) income	−246	−142	9	−2,110	131
Loss (gain) on debt extinguishment	2	487,000	−20	287,000	8
Interest (income) expense, net	−3	37	86	97	44
Change in fair value of warrants and contingent value rights	33	1,369	0	−38	—
Reorganization items, net	0	−111	191	−197	0
Loss on legal settlements	11	2	0	0	−3
Other non-operating expense (income), net	39,000	−2	−3	5	2,000
Total non-operating expense, net	42	1,295	255	54	68
Loss before income taxes	−288	−1,437	−246	−2,163	63
Income tax expense	600,000	900,000	700,000	−17	16
Net loss	−289	−1,438	−246	−2,146	47
Net loss per share, basic (in dollars per share)	−0.88	−4.87	−0.65	−6.3	0.23
Net loss per share, diluted (in dollars per share)	−0.88	−4.87	−0.65	−6.3	0.2
Weighted average shares outstanding, basic (in shares)	318	256	380	341	207
Weighted average shares outstanding, diluted (in shares)	318	256	380	341	233

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	311	836	50	16	118
Restricted cash	0	783,000	19	36	14
Digital assets	222	24	2	724,000	—
Customer funding receivable and other current assets	362	43	—	—	—
Total Current Assets	896	904	97	85	757
Property, plant and equipment, net	1,293	433	—	—	—
Operating lease right-of-use assets	108	114	8	20	7
Other noncurrent assets	50	24	22	9	21
Total Assets	2,348	1,476	712	808	2,439
Accounts payable	126	19	155	54	12
Accrued expenses	512	65	180	18	68
Deferred revenue	128	18	—	—	—
Other current liabilities	16	32	—	—	—
Total Current Liabilities	781	135	488	187	320
Convertible and other notes payable, net of current portion	1,060	1,074	684	0	652
Warrant liabilities	936	1,097	0	—	49
Deferred revenue, net of current portion	428	0	—	—	—
Other noncurrent liabilities	104	113	0	2	19
Total Liabilities	3,310	2,419	1,309	1,217	1,053
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	—	—
Common stock; $0.00001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; 314,231 and 292,606 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	3,000	3,000	36,000	36,000	27,000
Additional paid-in capital	3,184	2,915	1,823	1,764	1,380
Accumulated deficit	−4,147	−3,858	−2,420	−2,174	−27
Total Stockholders Deficit	−963	−943	−597	−409	1,341
Total Liabilities and Stockholders Deficit	2,348	1,476	712	808	2,439

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	69	113	96	225	33
Change in right-of-use assets	11	7	442,000	834,000	0
Stock-based compensation	98	52	59	183	39
Digital asset self-mining	−230	−425	−407	−398	—
Proceeds from sale of digital assets generated by self-mining and shared hosting revenues	0	402	405	444	—
Gain from sale of digital assets	0	0	−4	−44	—
Change in fair value of energy derivatives	0	−2	0	0	—
Decrease in fair value of contingent value rights	−906,000	−82	0	0	—
Loss on issuance of notes payable through settlements	0	0	9	0	0
Amortization of debt discount	6	4	752,000	7	1
Non-cash reorganization items	0	−144	0	−200	—
Non-cash PIK interest expense	0	4	0	0	7
Accounts receivable, net	0	659,000	−767,000	−8	−7
Accounts receivable from related parties	0	0	23,000	277,000	16,000
Deposits for equipment for sales to customers	0	0	−2	50	−244
Customer funding receivable and other current assets	16	−20	−18	52	−34
Accounts payable	11	−12	119	27	−22
Accrued expenses	−17	2	130	17	56
Other noncurrent assets and liabilities, net	−23	−6	−13	−4	−6
Net cash provided by operating activities	278	43	65	205	−57
Purchases of property, plant and equipment	−729	−95	−16	−384	0
Proceeds from sales of property and equipment	3	0	0	0	0
Proceeds from sale of Cedarvale	0	0	14	—	—
Purchase of equity investments	−5	0	0	—	—
Investments in intangible assets	−10	−231,000	−833,000	—	—
Net cash used in investing activities	−741	−95	−3	−591	−424
Principal repayments of finance leases	−2	−6	−4	−30	−8
Principal payments on debt	−9	−305	−41	−113	−49
Debt extinguishment payments	−28	0	0	—	—
Taxes paid related to net share settlement of equity awards	−32	0	0	—	—
Proceeds from issuance of new common stock	0	55	0	0	—
Proceeds from draw from exit facility	0	20	0	0	—
Restricted stock tax holding obligations	0	−3	0	0	0
Proceeds from exercise of warrants	7	5	0	—	—
Proceeds from exercise of stock options	0	9,000	0	25	—
Net cash (used in) provided by financing activities	−63	820	−45	306	604
Net (decrease) increase in cash, cash equivalents and restricted cash	−526	767	17	−79	123

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