Core Scientific revenue drops in Q4 as bitcoin miner pushes into supplying data center infrastructure

Bitcoin miner Core Scientific reported mixed fourth-quarter results, with total revenue declining to $79.8 million from $94.9 million the previous year, primarily because bitcoin mining revenue dropped to $42.2 million from $79.9 million in Q4 2024. However, the company is strategically pivoting, as its colocation services revenue surged to $31.3 million from $8.5 million, driven by operational expansion. CEO Adam Sullivan highlighted that the company is scaling its colocation platform across a 1.5 gigawatt pipeline of leasable capacity. Despite the revenue shift, Core Scientific saw its gross profit increase to $20.8 million, though it registered a negative adjusted EBITDA of $42.7 million. The company maintained strong liquidity at $533.4 million at year-end, comprising cash and bitcoin holdings.

(Source：The Block)