Core Scientific Revenue Jumps 187% as AI Colocation Becomes Its Main Business

Core Scientific $CORZ reported third-quarter revenue of $232.9 million, up 187% year over year and above the $195 million analyst estimate. Earnings reached $0.47 per share against expectations for a $0.04 loss.
Colocation generated $215.4 million in revenue, accounting for more than 92% of the quarterly total. Self-mining revenue fell 79% to $12.3 million, while hosted mining declined 41% to $5.2 million, highlighting the company's transition toward data center infrastructure.
Adjusted EBITDA reached $133.6 million, representing a margin of approximately 57%. Core Scientific also reported 485 megawatts of billing capacity, equivalent to more than $700 million in annualized colocation revenue.
Reported net income of approximately $1.2 billion included a $1 billion non-cash gain from changes in warrant fair value. That accounting benefit should be distinguished from recurring operating earnings.
The results underline the growing importance of contracted power and data center capacity as Core Scientific shifts away from Bitcoin mining toward infrastructure services.