Catenaa, Thursday, March 05, 2026- Core Scientific reported lower fourth-quarter revenue as bitcoin mining income declined, while its colocation services business expanded.
Total revenue fell to $79.8 million from $94.9 million a year earlier, reflecting reduced mining returns.
Bitcoin mining revenue dropped to $42.2 million compared with $79.9 million in the prior-year quarter.
The company cited shifting market conditions and a broader transition toward high-density colocation infrastructure.
Colocation services revenue rose to $31.3 million from $8.5 million in 2024, driven by operational expansion. The segment involves leasing computing infrastructure to external clients rather than mining bitcoin directly.
Gross profit increased to $20.8 million from $4.8 million a year earlier. However, Core Scientific posted a negative adjusted EBITDA of $42.7 million for the quarter.
The company reported year-end liquidity of $533.4 million, including $311.4 million in cash and cash equivalents and $222 million in bitcoin holdings.
Management said it is scaling its colocation platform toward a 1.5 gigawatt pipeline of leasable capacity across multiple sites.
Last October, shareholders rejected a proposed $9 billion all-stock merger with CoreWeave, though the firms continue a commercial relationship.
Core Scientific shares edged lower in after-hours trading following the earnings release.
