Core Scientific Reports Higher Revenue but Swings to Quarterly Loss

Bitcoin mining company Core Scientific reported stronger first-quarter revenue and gross profit for 2026, but the firm still posted a significant net loss that pressured its stock in after-hours trading.

The company generated $115.2 million in total revenue during the quarter, compared with $79.5 million during the same period last year. Gross profit also climbed to $30.1 million from $8.2 million a year earlier.

A major contributor to the revenue increase came from Core Scientific’s expanding colocation business, which produced approximately $77.5 million in Q1 revenue, sharply higher than the $8.6 million recorded in the first quarter of 2025.

AI Infrastructure Expansion Reshapes Bitcoin Mining Business

Despite the revenue growth, Core Scientific reported a net loss of $347.2 million, reversing the $576.3 million net income posted a year ago. The company attributed the losses mainly to $266.5 million in non cash impairment charges and additional fair-value adjustments tied to warrants and contingent value rights.

Meanwhile, self-mining revenue declined to $30.1 million as Bitcoin production fell by 45% amid the company’s strategic shift toward AI infrastructure and colocation services.

Core Scientific has continued expanding its data center and energy infrastructure across Texas, Oklahoma, Georgia, and North Carolina as demand for high-performance computing and artificial intelligence capacity grows rapidly.