Core Scientific (CORZ) reported a first-quarter loss of $347.2 million, despite revenue increasing to $115.2 million. The former Bitcoin mining giant sold 2,385 Bitcoin, generating $208.3 million in proceeds, and recorded a $266.5 million impairment of mining-related assets.
The company stated that proceeds from Bitcoin sales are used to cover capital expenditures and other cash needs, continuing the miner's model. Selling Bitcoin funds AI data centers.
The company also closed a $3.3 billion offering of senior secured notes with a coupon rate of 7.75%, planning to use the proceeds for data center development and to repay a $1 billion term loan. The bond offering aims to fund its transition from cryptocurrency mining to AI-focused data center operations.
托管收入 公司透露 According to the company’s earnings report, this business grew from $8.6 million a year ago to $77.5 million, becoming Core Scientific’s largest revenue line.
CORZ stated that cryptocurrency mining revenue decreased from $67.2 million to $30.1 million due to a 45% decline in Bitcoin mining volume and an 18% drop in the average Bitcoin price.
According to the company’s latest data, as of the end of March, it operated 10 data centers across seven U.S. states, with a total installed capacity of approximately 1.9 gigawatts and customer-available power capacity of approximately 1.3 gigawatts.10-Q
Core Scientific stated in its submitted filing that its first high-density hosting agreement with CoreWeave was later expanded to 590 megawatts of leased customer power capacity.
In a February 2025 expansion, CoreWeave signed a contract with Core Scientific to scale its infrastructure to six sites totaling approximately 590 megawatts, with projected revenue of $10.2 billion over 12 years.
Customer concentration remains high. Core Scientific’s 10-Q report shows that a single custodial customer accounted for 67% of total revenue in the first quarter, up from 11% in the same period last year.
Since CoreWeave's failure, Core Scientific's AI transformation has been closely watched by investors. A nearly $9 billion all-stock acquisition attempt by the company from Chapter 11, 2024 has since led bitcoin miners to seek to convert their access to power into AI infrastructure contract revenue, making them one of the primary examples of this trend.
As of the end of March, the company had $1.04 billion in liquidity, including $1.01 billion in cash and $37.3 million in Bitcoin.