Core Scientific Announces Second Quarter 2026 Results
Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the second quarter ended June 30, 2026....
MIAMI: Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the second quarter ended June 30, 2026.
Recent Business Developments
- Announced a partnership with AMD with the potential to support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue.
- Increased total leased customer power capacity to approximately 1.1 GW, representing more than $24 billion of potential contracted revenue.
- Billing for 437 MW of capacity as of mid-July, representing approximately $635 million in average annualized colocation GAAP revenue.
Financial Summary and Operating Metrics (in millions, except billing megawatts)
Metric | Q2 2026 | Q1 2026 | Q2 2025 | ||||||
Billing MW |
| 395 |
|
| 225 |
|
| N/A |
|
Colocation Revenue | $ | 136.7 |
| $ | 77.5 |
| $ | 10.6 |
|
Total Revenue | $ | 164.2 |
| $ | 115.2 |
| $ | 78.6 |
|
Gross Profit | $ | 70.0 |
| $ | 30.1 |
| $ | 5.0 |
|
Net loss(1) | $ | (1,155.3 | ) | $ | (347.2 | ) | $ | (936.8 | ) |
Adjusted EBITDA | $ | 41.1 |
| $ | 8.9 |
| $ | 28.5 |
|
Capital Expenditures (“CapEx”)(2) | $ | 797.5 |
| $ | 389.2 |
| $ | 121.3 |
|
Liquidity(3) | $ | 1,819.4 |
| $ | 1,042.5 |
| $ | 754.1 |
|
(1) |
| Net loss for the quarter ended June 30, 2026 was primarily driven by the change in fair value of warrants, reflecting appreciation in the Company’s stock price during the period. |
(2) |
| CapEx includes purchases of property, plant and equipment and acquisitions of land and development rights. |
(3) |
| Liquidity is comprised of cash and cash equivalents and digital assets. |
Conference Call and Earnings Presentation
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Tuesday, July 28, 2026, at 8:30 am Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer; Jim Nygaard, Chief Financial Officer; Matt Brown, Chief Operating Officer; and Jon Charbonneau, Senior Vice President, Investor Relations will host the call.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com, or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=IPzPbUYf.
A supplementary investor presentation for the second quarter 2026 may be accessed at https://investors.corescientific.com/news-events/presentations.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com.
About Core Scientific
Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow. Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com.
Special Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue, contracted revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully finance and complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and acquire suitable additional land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. - “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s Quarterly Reports on Form 10-Q. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.
Core Scientific, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value) (Unaudited) | |||||||||||
| June 30, 2026 |
| March 31, 2026 |
| December 31, 2025 | ||||||
Assets |
|
|
|
|
| ||||||
Current Assets: |
|
|
|
|
| ||||||
Cash and cash equivalents | $ | 1,769,735 |
|
| $ | 1,005,148 |
|
| $ | 311,378 |
|
Digital assets |
| 49,675 |
|
|
| 37,312 |
|
|
| 222,000 |
|
Customer funding receivable and other current assets |
| 458,489 |
|
|
| 352,128 |
|
|
| 362,159 |
|
Restricted cash, current portion |
| 165,745 |
|
|
| 60,244 |
|
|
| - |
|
Total Current Assets |
| 2,443,644 |
|
|
| 1,454,832 |
|
|
| 895,537 |
|
Property, plant and equipment, net |
| 1,774,142 |
|
|
| 1,344,924 |
|
|
| 1,293,299 |
|
Intangibles, net |
| 228,625 |
|
|
| 10,945 |
|
|
| 1,076 |
|
Operating lease right-of-use assets |
| 114,199 |
|
|
| 105,986 |
|
|
| 108,484 |
|
Restricted cash, net of current portion |
| 615,911 |
|
|
| 80,593 |
|
|
| - |
|
Other noncurrent assets |
| 80,972 |
|
|
| 72,284 |
|
|
| 49,248 |
|
Total Assets | $ | 5,257,493 |
|
| $ | 3,069,564 |
|
| $ | 2,347,644 |
|
Liabilities and Stockholders’ Deficit |
|
|
|
|
| ||||||
Current Liabilities: |
|
|
|
|
| ||||||
Accounts payable | $ | 112,374 |
|
| $ | 218,857 |
|
| $ | 126,106 |
|
Accrued expenses |
| 509,189 |
|
|
| 364,479 |
|
|
| 511,957 |
|
Deferred revenue |
| 287,201 |
|
|
| 219,555 |
|
|
| 127,561 |
|
Notes payable, current portion |
| - |
|
|
| 993,944 |
|
|
| - |
|
Warrant liabilities, current portion |
| 1,811,587 |
|
|
| 844,752 |
|
|
| - |
|
Other current liabilities |
| 17,443 |
|
|
| 20,196 |
|
|
| 15,777 |
|
Total Current Liabilities |
| 2,737,794 |
|
|
| 2,661,783 |
|
|
| 781,401 |
|
Long-term debt |
| 4,297,967 |
|
|
| 1,061,651 |
|
|
| 1,060,325 |
|
Warrant liabilities, net of current portion |
| 163,683 |
|
|
| 116,495 |
|
|
| 936,107 |
|
Deferred revenue, net of current portion |
| 367,242 |
|
|
| 434,672 |
|
|
| 428,290 |
|
Other noncurrent liabilities |
| 110,163 |
|
|
| 100,649 |
|
|
| 104,261 |
|
Total Liabilities |
| 7,676,849 |
|
|
| 4,375,250 |
|
|
| 3,310,384 |
|
Commitments and contingencies |
|
|
|
|
| ||||||
Stockholders’ Deficit: |
|
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