Core Scientific Sees Revenue Growth Amid Q1 Loss

Core Scientific reported its Q1 earnings on Wednesday, showing revenue growth despite a significant net loss. The company brought in $115.2 million in total revenue for the first quarter of 2026, up from $79.5 million in the same period last year.

This increase was largely driven by Core Scientific's colocation business, which generated $77.5 million in Q1 2026, a sharp rise from $8.6 million in the same period last year. However, self-mining revenue fell to $30.1 million from $67.2 million in Q1 2025 due to an 18% drop in the average BTC price and a strategic shift toward colocation services.

The net loss of $347.2 million was primarily caused by non-cash impairment charges of $266.5 million and a non-cash loss tied to changes in the fair value of warrants and contingent value rights of $30.8 million. Despite this, gross profit improved to $30.1 million from $8.2 million in Q1 2025.

Core Scientific's CEO Adam Sullivan emphasized the company's ability to combine capital readiness with speed to delivery as a key differentiator in the current market. The company is investing ahead of contracts and advancing ready-for-service dates across multiple sites.