Core Scientific Reports $115.2 Million Revenue, Shifts Focus to Colocation Services

Core Scientific, Inc. reported significant financial changes in its latest quarterly filing, revealing a total revenue of $115.2 million for the three months ended March 31, 2026, a substantial increase from $79.5 million in the same period last year. This growth was primarily driven by a surge in colocation revenue, which rose to $77.5 million from $8.6 million, attributed to increased billable customer power capacity. However, the company experienced a decline in digital asset self-mining revenue, which fell to $30.1 million from $67.2 million, reflecting lower bitcoin production and prices. The overall operating loss for the quarter was $310.4 million, compared to a loss of $47.0 million in the prior year, largely due to $266.5 million in non-cash impairment charges related to mining assets.

In terms of operational metrics, Core Scientific's total assets increased to $3.07 billion as of March 31, 2026, up from $2.35 billion at the end of 2025. The company reported cash and cash equivalents of $1.0 billion, a significant rise from $311.4 million at the end of the previous year. The total liabilities also increased to $4.38 billion, up from $3.31 billion, primarily due to a rise in current liabilities, which included a notable increase in accounts payable and accrued expenses. The company’s stockholders’ deficit widened to $1.31 billion, compared to $962.7 million at the end of 2025.

Strategically, Core Scientific is transitioning its focus from digital asset mining to high-density colocation services, which it believes will provide more stable revenue streams. The company is actively converting its existing facilities to support artificial intelligence and high-performance computing workloads. As of March 31, 2026, Core Scientific operated ten data centers across seven states, with a total gross utility power capacity of approximately 1.9 gigawatts. The company is also pursuing acquisitions to expand its data center footprint, including a recent acquisition of land in Texas for future development.

Looking ahead, Core Scientific anticipates that its revenue from colocation services will continue to grow as it signs new customers and increases capacity. The company has entered into a $3.3 billion senior secured notes offering to fund its operations and repay existing debt, which closed on May 6, 2026. Despite the challenges posed by the volatility in bitcoin prices and operational transitions, Core Scientific remains optimistic about its strategic direction and the potential for increased revenue from its colocation services.