Core Scientific’s shares fell Monday after the Bitcoin miner and AI compute provider reported fourth-quarter results that missed analyst expectations amid a late-year crypto market downturn.
The company posted Q4 revenue of $79.8 million, down 16% year-over-year and below Wall Street estimates of $90.4 million. Crypto mining revenue declined to $42.2 million, nearly half the level from Q4 2024. Core Scientific reported net income of $216 million for the quarter, driven largely by a $330.3 million fair value gain on non-cash holdings, while adjusted EBITDA showed a loss of $42.7 million.
The results come as Bitcoin has traded significantly lower than its early-October peak, weighing on miner profitability alongside rising energy and computing costs. Many miners, including Core Scientific, are investing in AI-related colocation services to diversify revenue.
CEO Adam Sullivan said the company is “now past the halfway point on our existing builds and scaling our colocation platform into a 1.5-gigawatt pipeline of leasable capacity.” Core Scientific said it is expanding a Texas site to support 430 megawatts of gross power capacity and has added about 300 megawatts of power capacity across sites in Georgia and Texas.
Shares in Core Scientific (CORZ) closed Monday down 2.8% at $16.49, touched a post-market low of $14.69, and finished the after-hours session flat. The stock is up more than 13% year-to-date.
Rival miner and AI compute host Riot Platforms also reported Q4 results Monday, posting revenue of $152.8 million, up 7% year-over-year but below expectations of $157 million. Riot’s shares traded flat, ending the day at $16.43 and moving to $16.28 after hours.