Core Scientific, Inc. reported a significant decline in financial performance for the third quarter of 2025, with total revenue falling to $81.1 million, a decrease of 15% from $95.4 million in the same period last year. The company's digital asset self-mining revenue dropped by 16% to $57.4 million, while digital asset hosted mining revenue decreased by 48% to $8.7 million. In contrast, colocation revenue increased by 44% to $15.0 million, reflecting the company's strategic shift towards high-density colocation services. The overall gross profit for the quarter was $3.9 million, compared to a loss of $156,000 in the prior year.
For the nine months ending September 30, 2025, Core Scientific's total revenue was $239.3 million, down 42% from $415.7 million in the same period of 2024. The company reported a net loss of $502.8 million, a notable improvement from a loss of $1.05 billion in the previous year. The decrease in revenue was primarily attributed to a 43% decline in digital asset self-mining revenue, driven by a 67% reduction in bitcoin mined and a 50% decrease in block rewards due to the April 2024 halving. However, the average price of bitcoin increased by 70% during this period, partially offsetting the revenue decline.
Strategically, Core Scientific is transitioning from traditional bitcoin mining to high-density colocation services, which are expected to provide more stable revenue streams. The company has been repurposing its facilities to support artificial intelligence and high-performance computing workloads. As of September 30, 2025, Core Scientific had a billable power load of approximately 895 megawatts and was in discussions with utility providers for additional power allocations. The company aims to deliver 250 megawatts of billable capacity by the end of 2025.
Operationally, Core Scientific's self-mining hash rate decreased by 20% year-over-year to 16.3 EH/s, while the total hash rate, including hosted miners, fell by 21% to 18.5 EH/s. The company reported a significant increase in selling, general, and administrative expenses, which rose by 72% to $69.4 million, largely due to costs associated with the colocation segment's startup and advisory fees related to the proposed merger with CoreWeave, Inc. This merger, announced on July 7, 2025, is expected to enhance Core Scientific's capabilities in the high-density colocation market.
Looking ahead, Core Scientific anticipates that the ongoing transition to colocation services will mitigate its exposure to the volatility of bitcoin prices. The company is focused on expanding its infrastructure to meet the growing demand for high-density colocation solutions, which it believes will lead to improved financial stability and growth in the coming years.
About Core Scientific, Inc./tx
Core Scientific, Inc. designs, builds, and operates digital infrastructure for high-performance computing, focusing on cryptocurrency mining and third-party HPC colocation services. Its core activities include bitcoin mining and providing scalable data center solutions for AI, machine learning, and cloud computing workloads. Serving primarily large enterprise and hyperscale clients, the company leverages energy-efficient technologies and extensive infrastructure to deliver secure, high-capacity hosting and mining operations.
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