Core Scientific shares slip after bitcoin miner swings to Q1 net loss despite higher revenue
The Block
Core Scientific reported a Q1 net loss despite increased revenue, primarily due to impairment charges.Summary
Core Scientific's shares declined after the company announced a first-quarter net loss, despite a significant increase in revenue and gross profit. Total revenue for Q1 2026 reached $115.2 million, up from $79.5 million in the prior year, with gross profit rising to $30.1 million from $8.2 million. While colocation revenue surged, self-mining revenue dropped due to reduced bitcoin mined and lower prices. The net loss of $347.2 million was largely attributed to $266.5 million in non-cash impairment charges and other non-cash losses. The company is also expanding its focus on AI infrastructure and high-performance computing, alongside its bitcoin mining operations.
(Source：The Block)