Core Scientific Announces Second Quarter 2026 Results

Core Scientific Announces Second Quarter 2026 Results MIAMI, Florida, July 28, 2026 - Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the second quarter ended June 30, 2026. Recent Business Developments •Announced a partnership with AMD with the potential to support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue. •Increased total leased customer power capacity to approximately 1.1 GW, representing more than $24 billion of potential contracted revenue. •Billing for 437 MW of capacity as of mid-July, representing approximately $635 million in average annualized colocation GAAP revenue. Financial Summary and Operating Metrics (in millions, except billing megawatts) Metric Q2 2026 Q1 2026 Q2 2025 Billing MW 395 225 N/A Colocation Revenue $ 136.7 $ 77.5 $ 10.6 Total Revenue $ 164.2 $ 115.2 $ 78.6 Gross Profit $ 70.0 $ 30.1 $ 5.0 Net loss(1) $ (1,155.3) $ (347.2) $ (936.8) Adjusted EBITDA $ 41.1 $ 8.9 $ 28.5 Capital Expenditures (“CapEx”)(2) $ 797.5 $ 389.2 $ 121.3 Liquidity(3) $ 1,819.4 $ 1,042.5 $ 754.1 (1)Net loss for the quarter ended June 30, 2026 was primarily driven by the change in fair value of warrants, reflecting appreciation in the Company’s stock price during the period. (2)CapEx includes purchases of property, plant and equipment and acquisitions of land and development rights. (3)Liquidity is comprised of cash and cash equivalents and digital assets. Conference Call and Earnings Presentation In conjunction with this release, Core Scientific, Inc. will host a conference call today, Tuesday, July 28, 2026, at 8:30 am Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Jim Nygaard, Chief Financial Officer, Matt Brown, Chief Operating Officer, and Jon Charbonneau, Senior Vice President, Investor Relations will host the call. Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=IPzPbUYf A supplementary investor presentation for the second quarter 2026 may be accessed at https://investors.corescientific.com/news-events/presentations -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 2 Audio Replay An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com. About Core Scientific Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow. Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com. Special Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue, contracted revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully finance and complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and acquire suitable additional land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s Quarterly Reports on Form 10-Q. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 3 Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 4 Core Scientific, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value) (Unaudited) June 30, 2026 March 31, 2026 December 31, 2025 Assets Current Assets: Cash and cash equivalents $ 1,769,735 $ 1,005,148 $ 311,378 Digital assets 49,675 37,312 222,000 Customer funding receivable and other current assets 458,489 352,128 362,159 Restricted cash, current portion 165,745 60,244 — Total Current Assets 2,443,644 1,454,832 895,537 Property, plant and equipment, net 1,774,142 1,344,924 1,293,299 Intangibles, net 228,625 10,945 1,076 Operating lease right-of-use assets 114,199 105,986 108,484 Restricted cash, net of current portion 615,911 80,593 — Other noncurrent assets 80,972 72,284 49,248 Total Assets $ 5,257,493 $ 3,069,564 $ 2,347,644 Liabilities and Stockholders’ Deficit Current Liabilities: Accounts payable $ 112,374 $ 218,857 $ 126,106 Accrued expenses 509,189 364,479 511,957 Deferred revenue 287,201 219,555 127,561 Notes payable, current portion — 993,944 — Warrant liabilities, current portion 1,811,587 844,752 — Other current liabilities 17,443 20,196 15,777 Total Current Liabilities 2,737,794 2,661,783 781,401 Long-term debt 4,297,967 1,061,651 1,060,325 Warrant liabilities, net of current portion 163,683 116,495 936,107 Deferred revenue, net of current portion 367,242 434,672 428,290 Other noncurrent liabilities 110,163 100,649 104,261 Total Liabilities 7,676,849 4,375,250 3,310,384 Commitments and contingencies Stockholders’ Deficit: Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025 — — — Common stock; $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; 319,587 and 314,231 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 3 3 3 Additional paid-in capital 3,229,842 3,188,202 3,183,960 Accumulated deficit (5,649,201) (4,493,891) (4,146,703) Total Stockholders’ Deficit (2,419,356) (1,305,686) (962,740) Total Liabilities and Stockholders’ Deficit $ 5,257,493 $ 3,069,564 $ 2,347,644 Certain prior year amounts have been reclassified for consistency with the current year presentation. -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 5 Core Scientific, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenue: Colocation revenue $ 136,669 $ 77,539 $ 10,560 $ 214,208 $ 19,133 Digital asset self-mining revenue 21,535 30,105 62,424 51,640 129,603 Digital asset hosted mining revenue from customers 5,997 7,600 5,644 13,597 9,417 Total revenue 164,201 115,244 78,628 279,445 158,153 Cost of revenue: Cost of colocation services 56,686 33,618 9,430 90,304 17,536 Cost of digital asset self-mining 33,700 47,189 59,589 80,889 120,759 Cost of digital asset hosted mining services 3,771 4,331 4,584 8,102 6,620 Total cost of revenue 94,157 85,138 73,603 179,295 144,915 Gross profit 70,044 30,106 5,025 100,150 13,238 Change in fair value of digital assets 9,368 6,558 (29,797) 15,926 (19,109) Loss on disposal of property, plant and equipment 1,273 13,638 4,166 14,911 4,172 Loss on remeasurement of assets held for sale 19,495 — — 19,495 — Impairment of property, plant and equipment — 266,488 — 266,488 — Loss on contract termination 41,948 — — 41,948 — Colocation organizational and site startup costs 27,039 8,665 11,655 35,704 23,322 Selling, general and administrative 49,389 45,179 45,285 94,568 78,175 Operating loss (78,468) (310,422) (26,284) (388,890) (73,322) Non-operating expenses (income), net: Loss on debt extinguishment 5,435 — 1,377 5,435 1,377 Interest expense (income), net 23,833 4,857 (1,185) 28,690 (3,372) Change in fair value of warrants and contingent value rights 1,045,515 30,799 909,958 1,076,314 288,494 Other non-operating expense, net 152 510 207 662 364 Total non-operating expense, net 1,074,935 36,166 910,357 1,111,101 286,863 Loss before income taxes (1,153,403) (346,588) (936,641) (1,499,991) (360,185) Income tax expense 1,907 600 158 2,507 363 Net loss $ (1,155,310) $ (347,188) $ (936,799) $ (1,502,498) $ (360,548) Net loss per share, basic and diluted $ (3.32) $ (1.06) $ (0.04) $ (4.39) $ (0.23) Weighted average shares outstanding, basic and diluted 325,329 322,911 317,985 324,128 316,593 Supplemental information - stock based compensation: Cost of revenue $ 1,283 $ 853 $ 941 $ 2,136 $ 2,323 Colocation organizational and site startup costs 4,302 4,224 4,638 8,526 7,590 Selling, general and administrative 12,655 12,684 18,592 25,339 30,442 Stock-based compensation expense, net of amounts capitalized 18,240 17,761 24,171 36,001 40,355 Capitalized stock-based compensation 519 626 176 1,145 396 Total stock-based compensation cost $ 18,759 $ 18,387 $ 24,347 $ 37,146 $ 40,751 Certain prior year amounts have been reclassified for consistency with the current year presentation. -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 6 Core Scientific, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) Six Months Ended June 30, 2026 2025 Cash flows from Operating Activities: Net loss $ (1,502,498) $ (360,548) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 32,146 38,487 Loss on disposal of property, plant and equipment 14,911 4,172 Loss on remeasurement of assets held for sale 19,495 — Impairment of property, plant and equipment 266,488 — Change in operating lease right-of-use assets 6,400 5,404 Stock-based compensation 36,001 40,355 Digital asset self-mining revenue (51,640) (129,769) Proceeds from sales of digital assets generated by self-mining revenues(1) 208,249 — Loss (gain) on fair value of digital assets 15,926 (19,109) Change in fair value of warrants and contingent value rights 1,076,314 288,494 Loss on debt extinguishment 5,435 1,377 Changes in operating assets and liabilities: Customer funding receivable and other current assets (81,842) (207,550) Accounts payable (35,594) 133,531 Accrued expenses 155,200 70,826 Deferred revenue from colocation services 98,409 131,293 Other operating assets and liabilities, net (32,451) (8,004) Net cash provided by (used in) operating activities 230,949 (11,041) Cash flows from Investing Activities: Purchases of property, plant and equipment (954,244) (205,259) Proceeds from sales of property and equipment 3,927 1,671 Acquisitions of land and development rights (232,500) — Other investing activities (74) (5,036) Net cash used in investing activities (1,182,891) (208,624) Cash flows from Financing Activities: Principal payments on debt — (8,613) Debt extinguishment payments (1,000,000) (26,862) Taxes paid related to net share settlement of equity awards (35,310) — Proceeds from the issuance of debt 4,275,250 — Debt issuance costs (48,143) — Other financing activities 158 (495) Net cash provided by (used in) financing activities 3,191,955 (35,970) Net increase (decrease) in cash, cash equivalents and restricted cash 2,240,013 (255,635) Cash, cash equivalents and restricted cash—beginning of period 311,378 836,980 Cash, cash equivalents and restricted cash—end of period $ 2,551,391 $ 581,345 Supplemental disclosure of other cash flow information: Cash paid for interest, net of capitalized interest $ 12,846 $ 8,386 Income tax payments 652 $ 457 Supplemental disclosure of non-cash investing and financing activities: Purchases of property, plant and equipment in accounts payable and accrued expense $ 127,520 $ 129,904 Reclass of property, plant and equipment to Held for Sale 33,286 — Operating lease right-of-use assets obtained in exchange for lease obligations 13,440 109 Non-cash exercise of warrants $ 1,458 $ 19,559 -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 7 Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above: Cash and cash equivalents $ 1,769,735 $ 581,345 Restricted cash, current portion 165,745 — Restricted cash, net of current portion 615,911 $ — Total cash, cash equivalents and restricted cash $ 2,551,391 $ 581,345 (1)Proceeds from digital assets received as noncash revenue consideration liquidated upon management's discretion. Certain prior year amounts have been reclassified for consistency with the current year presentation. -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 8 Core Scientific, Inc. Segment Results (in thousands, except percentages) (Unaudited) Three Months Ended Six Months Ended (in thousands, except percentages) June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Colocation Segment Colocation revenue: License fees $ 98,812 $ 59,195 $ 7,010 $ 158,008 $ 13,005 Power fees passed through to customer 35,073 21,059 3,464 56,132 6,050 Maintenance and other 2,784 (2,715) 86 68 78 Total colocation revenue 136,669 77,539 10,560 214,208 19,133 Cost of colocation services: Power fees passed through to customer 35,073 21,059 3,464 56,132 6,050 Depreciation expense 4,621 2,075 104 6,696 171 Employee compensation 4,801 2,986 1,148 7,787 2,442 Facility operations expense 10,381 6,755 4,336 17,136 8,187 Other segment items 1,810 743 378 2,553 686 Total cost of colocation services 56,686 33,618 9,430 90,304 17,536 Colocation gross profit $ 79,983 $ 43,921 $ 1,130 $ 123,904 $ 1,597 Colocation gross margin 59 % 57 % 11 % 58 % 8 % Digital Asset Self-Mining Segment Digital asset self-mining revenue $ 21,535 30,105 $ 62,424 $ 51,640 $ 129,603 Cost of digital asset self-mining: Power fees 17,861 27,271 30,720 45,131 61,039 Depreciation expense 9,897 13,909 18,058 23,806 37,317 Employee compensation 4,052 3,527 8,272 7,579 15,607 Facility operations expense 1,286 1,972 2,089 3,258 5,369 Other segment items 604 510 450 1,115 1,427 Total cost of digital asset self-mining 33,700 47,189 59,589 80,889 120,759 Digital Asset Self-Mining gross profit $ (12,165) $ (17,084) $ 2,835 $ (29,249) $ 8,844 Digital Asset Self-Mining gross margin (56) % (57) % 5 % (57) % 7 % Digital Asset Hosted Mining Segment Digital asset hosted mining revenue from customers $ 5,997 7,600 $ 5,644 $ 13,597 $ 9,417 Cost of digital asset hosted mining services: Power fees 2,356 3,303 3,208 5,659 4,574 Depreciation expense 626 306 334 931 479 Employee compensation 542 427 779 969 1,110 Facility operations expense 167 234 220 401 368 Other segment items 80 61 43 142 89 Total cost of digital asset hosted mining services 3,771 4,331 4,584 8,102 6,620 Digital Asset Hosted Mining gross profit $ 2,226 $ 3,269 $ 1,060 $ 5,495 $ 2,797 Digital Asset Hosted Mining gross margin 37 % 43 % 19 % 40 % 30 % Consolidated Consolidated total revenue $ 164,201 $ 115,244 $ 78,628 $ 279,445 $ 158,153 Consolidated cost of revenue $ 94,157 $ 85,138 $ 73,603 0 $ 179,295 — $ 144,915 Consolidated gross profit $ 70,044 $ 30,106 $ 5,025 $ 100,150 $ 13,238 Consolidated gross margin 43 % 26 % 6 % 36 % 8 % -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 9 Core Scientific, Inc. Non-GAAP Financial Measures (Unaudited) Adjusted EBITDA is a non-GAAP financial measure defined as our net loss, adjusted to eliminate the effect of (i) interest expense (income), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) loss on disposal and impairment of property, plant and equipment; (vi) loss on remeasurement of assets held for sale; (vii) loss on contract termination; (viii) colocation organizational startup costs primarily related to the initial ramp up of new colocation sits and the conversion of existing facilities to colocation data center operations; (ix) loss on debt extinguishment; (x) change in fair value of warrant and contingent value rights; (xi) loss on legal settlements; (xii) post-emergence bankruptcy advisory costs incurred related to reorganization and (xiii) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net loss to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA is an important measure because it allows management, investors, and our Board of Directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non-cash items, variable charges and timing differences. Moreover, we have included Adjusted EBITDA in this earnings release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature or because the amount and timing of these items are not related to the current results of our core business operations which renders evaluation of our current performance, comparisons of performance between periods and comparisons of our current performance with our competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating this measure. Our presentation of this measure should not be construed as an inference that its future results will be unaffected by unusual items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. You should review the reconciliation of net loss to Adjusted EBITDA below and not rely on any single financial measure to evaluate our business. -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 10 The following table reconciles the non-GAAP financial measure to the most directly comparable U.S. GAAP financial performance measure, which is net loss, for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Adjusted EBITDA Net loss $ (1,155,310) $ (347,188) $ (936,799) $ (1,502,498) $ (360,548) Adjustments: Interest expense (income), net 23,833 4,857 (1,185) 28,690 (3,372) Income tax expense 1,907 600 158 2,507 363 Depreciation and amortization 15,498 16,648 18,756 32,146 38,487 Stock-based compensation expense 13,938 13,537 19,533 27,475 32,765 Loss on disposal of property, plant and equipment 1,273 13,638 4,166 14,911 4,172 Loss on remeasurement of assets held for sale 19,495 — — 19,495 — Impairment of property, plant and equipment — 266,488 — 266,488 — Colocation organizational and site startup costs(1) 27,039 8,665 11,655 35,704 23,322 Loss on contract termination 41,948 — — 41,948 — Loss on debt extinguishment 5,435 — 1,377 5,435 1,377 Change in fair value of warrants and contingent value rights 1,045,515 30,799 909,958 1,076,314 288,494 Loss on legal settlements(2) — 500 — 500 — Post-emergence bankruptcy advisory costs(3) 397 317 695 714 1,298 Other 135 27 207 162 364 Adjusted EBITDA $ 41,103 $ 8,888 $ 28,521 $ 49,991 $ 26,722 (1)Included in Colocation organizational and site startup costs are costs associated to Stock-based compensation expense of $4.3 million, $4.2 million, and $4.6 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, and $8.5 million and $7.6 million for the six months ended June 330, 2026 and 2025, respectively. For the six months ended June 30, 2025, there was also $4.4 million in site conversion demolition costs included within this amount. (2)Included in Other non-operating expense, net on the condensed consolidated statements of operations. (3)Included in Selling, general and administrative on the condensed consolidated statements of operations. -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 11 Term Library Term (MW) Definition How management uses it Gross Utility Power Capacity Total electric utility power capacity agreements associated with our data center sites under our control as of period end, including capacity that is commissioned for future use. Used for portfolio planning and utility power allocation discussions. Total Leasable Customer Power Capacity Our estimate of the total non-redundant customer IT load that our data center sites could support in the aggregate as of period end, regardless of whether such capacity has been contracted with customers or remains available for sale. This metric is representative of the amount of power available for customer use in servicing their workloads. Used to assess total customer usable IT load available for leasing, evaluate leased versus unleased capacity, and plan conversion/development sequencing and sales capacity. Leased Customer Power Capacity Power capacity that is committed to customers under executed customer contracts, regardless of whether service has commenced as of period end. Used to monitor signed customer commitments and contracted backlog and to plan future deployment/commissioning requirements. Unleased Customer Power Capacity The portion of Total Leasable Customer Power Capacity not committed under customer contracts as of period end. This metric is calculated as Total Leasable Customer Power Capacity minus Leased Customer Power Capacity. Used to monitor remaining uncommitted customer IT load and to prioritize incremental contracting and conversion/commissioning plans. Billable Customer Power Capacity Portion of Leased Customer Power Capacity for which service has commenced, and we are actively billing as of period end. Used to monitor in-service customer power that is billing and to track deployment/commissioning pace and near-term revenue ramp. -more- Core Scientific, Inc. First Quarter 2026 Earnings Release - 12 ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Please follow us on: https://www.linkedin.com/company/corescientific/ https://twitter.com/core_scientific https://www.youtube.com/@Core_Scientific CONTACTS Investors: ir@corescientific.com Media: press@corescientific.com -end-