Core Scientific shares slid Monday after the Bitcoin miner and AI compute provider reported fourth-quarter results that fell short of analyst expectations amid a late-year crypto downturn.
The company reported Q4 revenue of $79.8 million, down 16% year-over-year and below Wall Street estimates of $90.4 million. Crypto mining revenue dropped to $42.2 million, roughly half the level from Q4 2024. Core Scientific posted net income of $216 million for the quarter, driven chiefly by a $330.3 million fair-value gain on non-cash holdings; on an operating basis, adjusted EBITDA showed a loss of $42.7 million.
The results arrived as Bitcoin has traded well below its early-October peak, squeezing miner margins alongside rising energy and computing costs. To diversify revenue, Core Scientific — like many miners — is investing in AI-focused colocation services.
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 roughly 300 megawatts of power capacity across sites in Georgia and Texas.
Shares of 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 unchanged. The stock remains up more than 13% year-to-date.
Rival miner and AI compute host Riot Platforms also released Q4 results Monday, reporting revenue of $152.8 million, a 7% year-over-year increase but short of expectations of $157 million. Riot’s shares were essentially flat, ending the regular session at $16.43 and trading at $16.28 after hours.