Core Scientific Posts $144 Million Q3 Loss as Revenue Drops 15%
Core Scientific, a digital infrastructure and Bitcoin mining company, reported a net loss of $144 million for the third quarter of fiscal 2025, wider than the $41.2 million operating loss, as revenue fell to $81.1 million.
Core Scientific, Inc., a digital infrastructure provider for high-density colocation services and Bitcoin mining operations, reported a net loss of $144 million for the three months ending September 30, 2025. Revenue for the quarter declined 15% to $81.1 million from $95.4 million in the same period a year earlier. Read more earnings reports.
The Texas-based company's operating loss for Q3 2025 reached $54.8 million, compared to an operating loss of $41.2 million in Q3 2024. For the nine months ending September 30, 2025, Core Scientific accumulated a net loss of $504.6 million on revenue of $239.3 million, down 42% from $415.7 million in the prior-year period.
Core Scientific reported gross profit of $3.9 million in Q3 2025, a turnaround from a gross loss of $156,000 in Q3 2024. Cost of revenue decreased to $77.2 million from $95.5 million year-over-year for the quarter. However, selling, general and administrative expenses surged to $69.4 million in Q3 2025 from $40.3 million in Q3 2024.
The company's cash position weakened substantially during the nine-month period. Cash and cash equivalents fell to $453.4 million as of September 30, 2025, down from $836.2 million at the end of fiscal 2024. Cash from operations generated $120.7 million for the nine months, while investing activities consumed $463 million, primarily driven by capital expenditures.
Core Scientific's balance sheet shows total assets of $2.17 billion as of September 30, 2025, up from $1.48 billion at year-end 2024. Total liabilities climbed to $3.42 billion from $2.42 billion over the same period. The company recorded negative stockholders' equity of $1.25 billion, deteriorating from a deficit of $943 million nine months earlier.
Long-term debt stood at $1.06 billion as of September 30, 2025, slightly down from $1.07 billion at the end of 2024. The company also reported $260.3 million in deferred revenue on its balance sheet, a line item that did not appear in the prior year-end figures.
Accounts payable surged to $212.2 million as of September 30, 2025, from $19.3 million at the beginning of the fiscal year. Current liabilities jumped to $669.9 million from $134.6 million over the same timeframe.
Basic and diluted loss per share for Q3 2025 came in at $0.45, compared to a loss of $1.17 per share in Q3 2024. For the nine-month period, the company posted a loss of $1.48 per share versus $4.09 per share in the prior year. The weighted average shares outstanding increased to 318.6 million for Q3 2025 from 292.5 million a year earlier.
| Metric | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Total Revenue | $81.1M | $95.4M | $239.3M | $415.7M |
| Gross Profit | $3.9M | ($0.2M) | $17.1M | $116.3M |
| Operating Loss | ($54.8M) | ($41.2M) | ($128.1M) | ($76.7M) |
| Net Loss | ($144.0M) | ($455.3M) | ($504.6M) | ($1,146.7M) |
| EPS (Basic & Diluted) | ($0.45) | ($1.17) | ($1.48) | ($4.09) |
As of September 30, 2025, Core Scientific had 308.4 million common shares outstanding, up from 292.6 million at the end of fiscal 2024. The company operates as a large accelerated filer and is incorporated in Delaware.