Core Scientific Shares Fall 7% After Q1 Net Loss of $347.2M Despite 45% Revenue Growth

According to its latest earnings report, Core Scientific (CORZ) reported a first-quarter net loss of $347.2 million on May 6, despite total revenue rising to $115.2 million from $79.5 million a year ago. Shares fell 7% in after-hours trading. The company's gross profit reached $30.1 million, up from $8.2 million in Q1 2025.

The net loss was primarily driven by $266.5 million in non-cash impairment charges and a $30.8 million non-cash loss tied to changes in fair value of warrants. Self-mining revenue declined to $30.1 million from $67.2 million in Q1 2025 due to a 45% decrease in bitcoin mined, as the company shifted focus toward its colocation business.