CORZ
Core Scientific, Inc.14.73
-0.55-3.6%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
500MW exclusivity advances diversification
Q&A spotlighted 500 megawatts under exclusivity with a large investment-grade counterparty, a key diversification step post-merger talks. Management touted Hunt County's appeal, unscathed by ERCOT shifts, with lease rates climbing alongside CapEx and labor costs. They confirmed comfort building 500 megawatts yearly, customer-driven, and noted substantial CoreWeave financing availability pre-full stabilization. Tech teams adapt nimbly to evolving GPUs and TPUs. Execution trumps pipeline talk. Bitcoin mining limps in runoff. Investors eye near-term colo signings.
Key Stats
Market Cap
4.57BP/E (TTM)
-Basic EPS (TTM)
-2.16Dividend Yield
0%Recent Filings
8-K
Core Scientific secures $500M loan
Core Scientific closed a $500M senior secured term loan facility with Morgan Stanley on March 4, 2026, drawing the full amount on March 5 for data center development—equipment buys, energy deposits, real estate. SOFR +2.50% interest matures in 364 days, with $500M accordion option. Funds fuel expansion, but strict prepayment triggers from asset sales or new debt curb flexibility.
8-K
Q4 results, restatements announced
Core Scientific reported Q4 2025 revenue of $79.8 million, down from $94.9 million, with colocation surging to $31.3 million yet self-mining plunging 57% on bitcoin output. Material weakness flagged: PP&E overstated from improper capitalization of demolition-bound assets during mining-to-HPC shifts, prompting restatements of 2024-2025 reports—no cash impact. Restatements hit. Remediation underway.
10-K
FY2025 results
Core Scientific's FY2025 revenue fell 37% y/y to $319M, with digital asset self-mining dropping to $229M from $409M amid Bitcoin halving, fleet cuts to 15.7 EH/s (down 18% y/y), and network difficulty spikes; colocation surged to $65M (20% of total) from incremental Denton and Marble capacity. Q4 self-mining margins held at 5% despite headwinds, while colocation hit 30% margins on 120MW billable power. Capex hit $729M for HDC conversions, funded partly by customer prepays; $1.1B debt remains at year-end. No annual guidance disclosed. Delays in facility conversions risk HDC ramp.
8-K
Core Scientific-Two Seas pact
Core Scientific struck a cooperation deal with Two Seas Capital on February 18, 2026, agreeing to add three new independent directors by 2027—in consultation with Two Seas—while Chairman Jordan Levy steps down at the 2026 Annual Meeting and one other director exits in 2027. Two Seas, holding 20,960,279 shares, commits to a one-year standstill and supportive voting. Board refresh settled.
8-K
Merger rejected, agreement terminated
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