Core Scientific Q1 Loss Hits $347M As Mining Revenue Falls

Core Scientific reported a first-quarter net loss of $347.2 million, impacted by a sharp decline in Bitcoin self-mining revenue. The company's revenue rose to $115.2 million from $79.5 million a year prior, but missed analyst expectations. The loss included significant non-cash charges. This financial performance highlights Core Scientific's ongoing transition from a Bitcoin mining operation to an AI infrastructure provider, with high-density colocation now becoming its primary revenue source. Bitcoin mining revenue fell to $30.1 million from $67.2 million, and the company mined 45% fewer Bitcoin. Despite weaker mining results, the company's shares have seen gains over the past six months. Core Scientific is also expanding its AI-linked colocation business, planning to scale its Muskogee campus and acquire Polaris DS, and has secured significant hosting agreements with CoreWeave for high-performance computing operations.

(Source：Cointelegraph)