Core Scientific(CORZ) - 2025 Q3 - Quarterly Results

Revenue Performance - Total revenue for Q3 2025 was $81.1 million, a decrease of 15% from $95.4 million in Q3 2024[3] - Digital asset self-mining revenue was $57.4 million, down 16% from $68.1 million year-over-year, primarily due to a 55% decrease in bitcoin mined[3] - High-Density Colocation revenue increased to $15.0 million, up 45% from $10.3 million in the same period last year[3] - Total revenue for Q3 2025 was $81.1 million, a decrease of 15% compared to $95.4 million in Q3 2024[22] - Digital asset self-mining revenue decreased to $57.4 million in Q3 2025 from $68.1 million in Q3 2024, representing a decline of 16%[22] - Digital asset hosted mining revenue from customers in Q3 2025 was $8,714,000, down 48.7% from $16,878,000 in Q3 2024[28] - Consolidated total revenue for the nine months ended September 30, 2025, was $239,256,000, compared to $415,747,000 for the same period in 2024, reflecting a decline of 42.5%[28] Profitability and Loss - Gross profit improved to $3.9 million compared to a gross loss of $0.2 million in Q3 2024[3] - Net loss narrowed to $146.7 million from $455.3 million in the prior-year period, largely due to a smaller non-cash fair value adjustment[3] - Adjusted EBITDA was $(2.4) million, a decline from $10.1 million in the prior year, driven by increased cash operating expenses[3] - Gross profit for the nine months ended September 30, 2025, was $17.1 million, down from $116.3 million in the same period of 2024[22] - The company reported a net loss of $(146,660,000) for Q3 2025, compared to $(455,259,000) in Q3 2024[33] - Adjusted EBITDA for Q3 2025 was $(2,432,000), a significant decrease from $10,132,000 in Q3 2024[33] - Consolidated gross profit for the nine months ended September 30, 2025, was $17,143,000, compared to $116,307,000 for the same period in 2024[28] Assets and Liabilities - Total assets increased to $2.3 billion as of September 30, 2025, up from $1.6 billion at the end of 2024[19] - Total liabilities rose to $3.4 billion as of September 30, 2025, compared to $2.4 billion at the end of 2024[19] - Cash and cash equivalents decreased to $453.4 million as of September 30, 2025, from $836.2 million at the end of 2024[19] - Stockholders' deficit increased to $1.1 billion as of September 30, 2025, from $820.2 million at the end of 2024[19] Cash Flow and Capital Expenditures - Operating cash flow for the nine months ended September 30, 2025, was $125.2 million, compared to $29.1 million in the same period of 2024[25] - Capital expenditures totaled $244.5 million, with $196.4 million funded by CoreWeave under existing agreements[3] Future Plans and Mergers - The pending merger with CoreWeave is subject to stockholder approval and other customary closing conditions[4] - The company plans to repurpose existing facilities to support high-density colocation services and artificial intelligence workloads[6] Margins - Digital Asset Hosted Mining gross margin for Q3 2025 was 23%, down from 29% in Q3 2024[28] - Digital Asset Self-Mining gross margin improved to 4% for the nine months ended September 30, 2025, compared to 28% in the same period of 2024[28]