Despite a 44.9% revenue increase in 2026Q1, the company continues to struggle with profitability, reporting a negative $14.7M operating income and a net loss of $347.2M.
| Sales/Revenue | 354.74M | 319.02M | 510.67M | 502.4M | 640.31M | 544.48M | 60.32M | 59.52M |
| Revenue Growth % | -13.67% | -37.53% | 1.65% | -21.54% | 17.6% | 802.66% | 1.34% | - |
| Cost of Goods Sold | 295.08M | 281.12M | 389.6M | 378.94M | 631.91M | 305.62M | 50.93M | 49M |
| COGS % of Revenue | - | 88.12% | 76.29% | 75.43% | 98.69% | 56.13% | 84.43% | 82.31% |
| Gross Profit | 59.79M | 37.9M | 121.07M | 123.46M | 8.4M | 238.86M | 9.39M | 10.53M |
| Gross Margin % | 16.86% | 11.88% | 23.71% | 24.57% | 1.31% | 43.87% | 15.57% | 17.69% |
| Gross Profit Growth % | - | -68.7% | -1.94% | 1369.75% | -96.48% | 2443.25% | -10.78% | - |
| Operating Expenses | 153.26M | 262.45M | 140.27M | 114.5M | 2.12B | 72.22M | 15.72M | 23.02M |
| OpEx % of Revenue | - | 82.27% | 27.47% | 22.79% | 330.77% | 13.26% | 26.06% | 38.67% |
| Selling, General & Admin | 205.96M | 182.6M | 120.42M | 100.93M | 226.01M | 64.55M | 16.32M | 17.54M |
| SG&A % of Revenue | - | 57.24% | 23.58% | 20.09% | 35.3% | 11.85% | 27.06% | 29.47% |
| Research & Development | 0 | 0 | 11.83M | 7.18M | 26.96M | 7.67M | 5.27M | 5.48M |
| R&D % of Revenue | - | - | 2.32% | 1.43% | 4.21% | 1.41% | 8.74% | 9.21% |
| Other Operating Expenses | -2M | 79.85M | 8.02M | 6.39M | 1.86B | 0 | -5.88M | 0 |
| Operating Income | -93.47M | -224.55M | -19.2M | 8.96M | -2.11B | 166.64M | -6.33M | -11.69M |
| Operating Margin % | -26.35% | -70.39% | -3.76% | 1.78% | -329.46% | 30.61% | -10.49% | -19.63% |
| Operating Income Growth % | - | -1069.77% | -314.22% | 100.42% | -1365.93% | 2733.79% | 45.86% | - |
| EBITDA | -47.06M | -144.37M | 100.92M | 105.41M | -1.88B | 200M | 3.08M | -5.57M |
| EBITDA Margin % | -13.27% | -45.25% | 19.76% | 20.98% | -294.15% | 36.73% | 5.1% | -9.36% |
| EBITDA Growth % | -441.4% | -243.05% | -4.25% | 105.6% | -1041.72% | 6402.02% | 155.23% | - |
| D&A (Non-Cash Add-back) | 46.41M | 80.18M | 120.12M | 96.44M | 226.09M | 33.36M | 9.4M | 6.12M |
| EBIT | 31.77M | -224.55M | -1.28B | -159.57M | -2.07B | 107.43M | -7.77M | -11.69M |
| Net Interest Income | -3.77M | 3.28M | -37.07M | -86.24M | -96.83M | -44.35M | -4.44M | -235K |
| Interest Income | 2.01M | 3.28M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.77M | 0 | 37.07M | 86.24M | 96.83M | 44.35M | 4.44M | 235K |
| Other Income/Expense | -1.12B | -63.48M | -1.29B | -254.76M | -53.86M | -103.56M | -5.88M | -235K |
| Pretax Income | -1.22B | -288.03M | -1.31B | -245.8M | -2.16B | 63.08M | -12.21M | -11.92M |
| Pretax Margin % | -342.65% | -90.29% | -257.34% | -48.93% | -337.87% | 11.58% | -20.24% | -20.03% |
| Income Tax | 978K | 583K | 859K | 683K | -17.09M | 15.76M | 0 | 0 |
| Effective Tax Rate % | -0.08% | -0.2% | -0.07% | -0.28% | 0.79% | 24.99% | 0% | 0% |
| Net Income | -1.22B | -288.62M | -1.32B | -246.49M | -2.15B | 47.31M | -12.21M | -11.92M |
| Net Margin % | -342.93% | -90.47% | -257.5% | -49.06% | -335.2% | 8.69% | -20.24% | -20.03% |
| Net Income Growth % | -28.13% | 78.05% | -433.5% | 88.52% | -4636.52% | 487.61% | -2.38% | - |
| Net Income (Continuing) | -1.22B | -288.62M | -1.32B | -246.49M | -2.15B | 47.31M | -12.21M | -11.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.77 | -0.88 | -5.14 | -0.65 | -6.30 | 0.20 | -0.06 | -0.28 |
| EPS Growth % | 76.03% | 82.88% | -690.77% | 89.68% | -3250% | 435.01% | 78.68% | - |
| EPS (Basic) | - | -0.88 | -5.14 | -0.65 | -6.30 | 0.23 | -0.06 | -0.28 |
| Diluted Shares Outstanding | 322.91M | 318.07M | 255.83M | 379.86M | 340.65M | 233.31M | 379.86M | 379.86M |
| Basic Shares Outstanding | 322.91M | 318.07M | 255.83M | 379.86M | 340.65M | 207.26M | 379.86M | 379.86M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Energy cost volatility exposure
According to recent financial filings, Core Scientific experienced a 44.9% revenue increase in 2026Q1, yet this follows a period of significant contraction, suggesting that top-line growth remains highly sensitive to both Bitcoin price fluctuations and the ongoing transition toward diversified high-performance computing infrastructure services.
The erratic revenue trajectory reflects the inherent instability of a business model caught between legacy mining operations and nascent hosting services. Investors should monitor whether the recent growth surge represents a sustainable shift in capacity utilization or merely a temporary benefit from favorable network conditions.
As reported in quarterly statements, Core Scientific's gross margin reached 26.1% in 2026Q1, a recovery from the near-zero levels seen in 2024Q3, yet the company continues to struggle with the high fixed-cost burden of its physical infrastructure and the relentless pressure of network difficulty.
The inability to maintain consistent gross margins suggests that the company lacks the pricing power to fully offset rising energy costs and hardware depreciation. This margin volatility appears to be a structural feature of the mining industry, necessitating a successful pivot to higher-margin hosting to achieve long-term stability.
Based on the provided income statement data, Core Scientific's operating income remains deeply negative at -$14.7M for 2026Q1, indicating that SG&A expenses continue to outpace gross profit generation despite the company's efforts to scale its energized power capacity and optimize its operational footprint.
The persistent failure to achieve positive operating leverage suggests that the company's administrative and infrastructure overhead is currently too heavy for its revenue base. Without a significant reduction in fixed costs or a massive expansion in high-margin hosting, the company may continue to struggle with profitability.
Financial disclosures reveal that Core Scientific's net income is frequently obscured by massive, non-recurring charges, such as the -$347.2M reported in 2026Q1, which complicates the assessment of core operational performance and suggests that reported EPS figures may not accurately reflect the company's underlying cash-generating capability.
The extreme variance in net income, often driven by impairment charges and restructuring-related items, warrants further investigation into the company's true economic earnings. Investors should focus on adjusted metrics that strip away these accounting anomalies to better understand the actual health of the business.
While proponents argue that Core Scientific's power interconnection queue represents a unique, scarce asset, the income statement data suggests that the company has yet to prove it can monetize this infrastructure profitably, as evidenced by the recurring net losses and the high sensitivity to energy prices.
Short-sellers may focus on the company's history of capital destruction and the risk that the transition to AI hosting will require more capital than the business can generate internally. The market's valuation of this company as an infrastructure play appears to be an optimistic interpretation that ignores the ongoing operational challenges.
Quick answers to the most common questions about buying CORZ stock.
For fiscal year 2025, Core Scientific, Inc. (CORZ) reported total revenue of $319.0M. This represents a 436.0% increase compared to $59.5M in 2019.
Core Scientific, Inc. (CORZ) reported a net loss of $288.6M for the fiscal year ending 2025.
Core Scientific, Inc. (CORZ) reported an operating income of $-224.6M, resulting in an operating profit margin of -70.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Core Scientific, Inc. (CORZ) generated $37.9M in gross profit for the year, representing a gross profit margin of 11.9%. This demonstrates the company's core pricing power and production efficiency.