$CORZZ

Core Scientific, Inc./tx

CIK:0001839341|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 164,201	$ 78,628	$ 279,445	$ 158,153
Total cost of revenue	94,157	73,603	179,295	144,915
Gross profit	70,044	5,025	100,150	13,238
Loss (gain) on fair value of digital assets	9,368	(29,797)	15,926	(19,109)
Loss on disposal of property, plant and equipment	1,273	4,166	14,911	4,172
Loss on remeasurement of assets held for sale	19,495	0	19,495	0
Impairment of property, plant and equipment	0	0	266,488	0
Loss on contract termination	41,948	0	41,948	0
Colocation organizational and site startup costs	27,039	11,655	35,704	23,322
Selling, general and administrative	49,389	45,285	94,568	78,175
Operating loss	(78,468)	(26,284)	(388,890)	(73,322)
Non-operating expenses (income), net:
Loss on debt extinguishment	5,435	1,377	5,435	1,377
Interest expense (income), net	23,833	(1,185)	28,690	(3,372)
Change in fair value of warrants and contingent value rights	1,045,515	909,958	1,076,314	288,494
Other non-operating expense, net	152	207	662	364
Total non-operating expense, net	1,074,935	910,357	1,111,101	286,863
Loss before income taxes	(1,153,403)	(936,641)	(1,499,991)	(360,185)
Income tax expense	1,907	158	2,507	363
Net loss	$ (1,155,310)	$ (936,799)	$ (1,502,498)	$ (360,548)
Net loss per share, basic (in dollars per share)	$ (3.32)	$ (0.04)	$ (4.39)	$ (0.23)
Net loss per share, diluted (in dollars per share)	$ (3.32)	$ (0.04)	$ (4.39)	$ (0.23)
Weighted average shares outstanding, basic (in shares)	325,329	317,985	324,128	316,593
Weighted average shares outstanding, diluted (in shares)	325,329	317,985	324,128	316,593
Colocation revenue
Revenue:
Revenue from customers	$ 136,669	$ 10,560	$ 214,208	$ 19,133
Total cost of revenue	56,686	9,430	90,304	17,536
Digital asset self-mining revenue
Revenue:
Digital asset self-mining revenue	21,535	62,424	51,640	129,603
Total cost of revenue	33,700	59,589	80,889	120,759
Digital asset hosted mining revenue from customers
Revenue:
Revenue from customers	5,997	5,644	13,597	9,417
Total cost of revenue	$ 3,771	$ 4,584	$ 8,102	$ 6,620

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Cash flows from Operating Activities:

Net loss

$ (1,155,310)

$ (936,799)

$ (1,502,498)

$ (360,548)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

32,146

38,487

Loss on disposal of property, plant and equipment

1,273

4,166

14,911

4,172

Loss on remeasurement of assets held for sale

19,495

Impairment of property, plant and equipment

266,488

Change in operating lease right-of-use assets

6,400

5,404

Stock-based compensation

36,001

40,355

Digital asset self-mining revenue

(51,640)

(129,769)

Proceeds from sales of digital assets generated by self-mining revenues

^[1]

208,249

Loss (gain) on fair value of digital assets

9,368

(29,797)

15,926

(19,109)

Change in fair value of warrants and contingent value rights

1,045,515

909,958

1,076,314

288,494

Loss on debt extinguishment

5,435

1,377

5,435

1,377

Changes in operating assets and liabilities:

Customer funding receivable and other current assets

(81,842)

(207,550)

Accounts payable

(35,594)

133,531

Accrued expenses

155,200

70,826

Deferred revenue from colocation services

98,409

131,293

Other operating assets and liabilities, net

(32,451)

(8,004)

Net cash provided by (used in) operating activities

230,949

(11,041)

Cash flows from Investing Activities:

Purchases of property, plant and equipment

(954,244)

(205,259)

Proceeds from sales of property and equipment

3,927

1,671

Acquisitions of land and development rights

(232,500)

Other investing activities

(74)

(5,036)

Net cash used in investing activities

(1,182,891)

(208,624)

Cash flows from Financing Activities:

Debt extinguishment payments

(1,000,000)

(26,862)

Proceeds from the issuance of debt

4,275,250

Debt issuance costs

(48,143)

(35,310)

Principal payments on debt

(8,613)

Other financing activities

158

(495)

Net cash provided by (used in) financing activities

3,191,955

(35,970)

Net increase (decrease) in cash, cash equivalents and restricted cash

2,240,013

(255,635)

Cash, cash equivalents and restricted cash—beginning of period

311,378

836,980

Cash, cash equivalents and restricted cash—end of period

2,551,391

581,345

2,551,391

581,345

Supplemental disclosure of other cash flow information:

Cash paid for interest, net of capitalized interest

12,846

8,386

Income tax payments

652

457

Supplemental disclosure of non-cash investing and financing activities:

Purchases of property, plant and equipment in accounts payable and accrued expense

127,520

129,904

Reclass of property, plant and equipment to Held for Sale

33,286

Operating lease right-of-use assets obtained in exchange for lease obligations

13,440

109

Non-cash exercise of warrants

1,458

19,559

Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:

Cash and cash equivalents

1,769,735

581,345

1,769,735

581,345

Restricted cash, current portion

165,745

Restricted cash, net of current portion

615,911

Total cash, cash equivalents and restricted cash

$ 2,551,391

$ 581,345

$ 2,551,391

$ 581,345

[1]	Proceeds from digital assets received as non-cash revenue consideration liquidated upon management's discretion.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 1,769,735	$ 311,378
Digital assets	49,675	222,000
Customer funding receivable and other current assets	458,489	362,159
Restricted cash, current portion	165,745	0
Total Current Assets	2,443,644	895,537
Property, plant and equipment, net	1,774,142	1,293,299
Intangibles, net	228,625	1,076
Operating lease right-of-use assets	114,199	108,484
Restricted cash, net of current portion	615,911	0
Other noncurrent assets	80,972	49,248
Total Assets	5,257,493	2,347,644
Current Liabilities:
Accounts payable	112,374	126,106
Accrued expenses	509,189	511,957
Deferred revenue	287,201	127,561
Warrant liabilities, current portion	1,811,587	0
Other current liabilities	17,443	15,777
Total Current Liabilities	2,737,794	781,401
Long-term debt	4,297,967	1,060,325
Warrant liabilities, net of current portion	163,683	936,107
Deferred revenue, net of current portion	367,242	428,290
Other noncurrent liabilities	110,163	104,261
Total Liabilities	7,676,849	3,310,384
Commitments and contingencies (Note 10)
Stockholders’ Deficit:
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock; $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; 319,587 and 314,231 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	3,229,842	3,183,960
Accumulated deficit	(5,649,201)	(4,146,703)
Total Stockholders’ Deficit	(2,419,356)	(962,740)
Total Liabilities and Stockholders’ Deficit	$ 5,257,493	$ 2,347,644