Core Scientific, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. Guidance figures: 1 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Colocation revenue grew on delivered capacity: Total revenue was $115.2 million against $79.5 million a year earlier. Colocation revenue was $77.5 million against $8.6 million, driven by incremental billable customer power capacity delivered during the quarter. Source
• Net loss against prior-year profit: Net loss was $347.2 million, against net income of $576.3 million a year earlier. Diluted EPS was $(1.06). Source
• Colocation gross margin reached 57%: Colocation gross profit was $43.9 million, a 57% margin against 5% a year earlier. Colocation cost of services included $21.1 million of power fees passed through to the customer. Source
• 243 MW now billed to customer: Billing covers 243 MW of capacity, representing about $350 million of average annualized colocation GAAP revenue. Source
• Impairment charge of $266.5 million: Impairment of property, plant and equipment was $266.5 million, and a $13.6 million loss on disposal was also recorded. Operating loss was $(310.4) million. Source
• Liquidity rose to $1.04 billion: Liquidity was $1.04 billion at March 31, 2026: $1.01 billion of cash and $37.3 million of bitcoin. Year-end liquidity was $533.4 million. Source
• Gross power pipeline expanded to 4.5 GW: Total gross power capacity pipeline was expanded to 4.5 GW, including planned 1.5 GW expansions at Muskogee and Pecos. The prior release gave a 1.5 GW leasable-capacity pipeline, a different measure. Source
• Hunt County land and power acquired: Land and power in Hunt County, Texas were acquired for about $233 million, expected to support about 430 MW of gross power capacity. Source

“Core Scientific is differentiated by our ability to combine capital readiness with speed to delivery,”

Adam Sullivan, Chief Executive Officer of Core Scientific

Guidance

What changed from last quarter

• New: The Hunt County site moved from an announced agreement to a closed acquisition of land and power for about $233 million. Source
• New: A $3.3 billion offering of 7.75% senior secured notes due 2031 closed on the release date. Source
• New: The total gross power capacity pipeline was expanded to 4.5 GW, with planned 1.5 GW expansions at Muskogee and Pecos. Source
• New: The facility listing shows Texas at four sites, up from three in the prior release. Source

Results and growth drivers

• Colocation revenue grew on delivered capacity: Total revenue was $115.2 million against $79.5 million a year earlier. Colocation revenue was $77.5 million against $8.6 million, driven by incremental billable customer power capacity delivered during the quarter. Source
• Net loss against prior-year profit: Net loss was $347.2 million, against net income of $576.3 million a year earlier. Diluted EPS was $(1.06). Source
• Adjusted EBITDA moved to $4.4 million: Adjusted EBITDA was $4.4 million against $(6.1) million a year earlier. Total revenue rose $35.7 million and fair value of digital assets added $4.1 million. Source
• Revenue compared with fourth quarter: In the fourth quarter of 2025, total revenue was $79.8 million and Adjusted EBITDA was $(42.7) million, per the prior release.

Segments and margins

• Colocation gross margin reached 57%: Colocation gross profit was $43.9 million, a 57% margin against 5% a year earlier. Colocation cost of services included $21.1 million of power fees passed through to the customer. Source
• Self-mining revenue fell with bitcoin volume: Self-mining revenue was $30.1 million, down from $67.2 million. Management attributed the drop to a 45% fall in bitcoin mined and an 18% lower average bitcoin price. Source
• Self-mining posted a gross loss: Self-mining gross loss was $(17.1) million, a (57)% margin, against a 9% margin a year earlier. Cost of self-mining was $47.2 million against $30.1 million of revenue. Source
• Hosted mining margin was 43%: Hosted mining gross profit was $3.3 million on $7.6 million of hosted revenue, at a 43% margin against 46% a year earlier. Source
• Consolidated gross margin was 26%: Consolidated gross profit was $30.1 million, a 26% margin, against $8.2 million and a 10% margin a year earlier. Source

“That execution capability is accelerating customer discussions and reinforcing the value of our high-density compute infrastructure platform.”

Adam Sullivan, Chief Executive Officer of Core Scientific

Colocation capacity and customers

• 243 MW now billed to customer: Billing covers 243 MW of capacity, representing about $350 million of average annualized colocation GAAP revenue. Source
• Deferred revenue on colocation contracts rose: Current deferred revenue was $219.6 million at March 31, 2026, against $127.6 million at year-end. Noncurrent deferred revenue was $434.7 million. Source
• Colocation deferred revenue lifted operating cash: Deferred revenue from colocation services added $98.8 million within operating cash flow, against $42.0 million a year earlier. Source

Costs and charges

• Impairment charge of $266.5 million: Impairment of property, plant and equipment was $266.5 million, and a $13.6 million loss on disposal was also recorded. Operating loss was $(310.4) million. Source
• SG&A and site startup costs: Selling, general and administrative expense was $44.8 million against $32.3 million. Colocation organizational and site startup costs were $8.7 million against $11.7 million. Source
• Cash costs and operating expenses rose: Cash cost of revenue rose $17.5 million and adjusted operating expenses rose $11.9 million, both reducing the Adjusted EBITDA gain. Source

Capital, cash and funding

• $3.3 billion secured notes closed: A $3.3 billion offering of 7.75% senior secured notes due 2031 closed on the release date. Management said it supports strategic data center development projects. Source
• Capital expenditures partly funded by CoreWeave: Capital expenditures were $389.2 million, of which $129.9 million was funded by CoreWeave, Inc. under existing colocation service agreements. Source
• Liquidity rose to $1.04 billion: Liquidity was $1.04 billion at March 31, 2026: $1.01 billion of cash and $37.3 million of bitcoin. Year-end liquidity was $533.4 million. Source
• Operating cash flow was $249.9 million: Net cash provided by operating activities was $249.9 million, against $(45.0) million a year earlier. Source
• Shares outstanding and tax withholding: Shares outstanding were 316.9 million at March 31, 2026, up from 314.2 million. Taxes paid on net share settlement of equity awards were $21.7 million. Source
• Restricted cash added at quarter end: Restricted cash was $60.2 million current and $80.6 million noncurrent at March 31, 2026. None was reported at year-end. Source

Strategy and site development

• Gross power pipeline expanded to 4.5 GW: Total gross power capacity pipeline was expanded to 4.5 GW, including planned 1.5 GW expansions at Muskogee and Pecos. The prior release gave a 1.5 GW leasable-capacity pipeline, a different measure. Source
• Hunt County land and power acquired: Land and power in Hunt County, Texas were acquired for about $233 million, expected to support about 430 MW of gross power capacity. Source
• Texas site count rose to four: The facility list shows Texas at four sites, up from three in the prior release. The other states are unchanged. Source
• Mining sites moving to colocation: Remaining mining facilities are being repurposed to support high-density colocation services, as circumstances allow. Source

Coming up, as management said on 6 May 2026

• B. Riley investor conference: Core Scientific plans to attend the B. Riley Annual Investor Conference on May 20, 2026. Source
• TD Cowen conference appearance: Core Scientific plans to attend the TD Cowen 54th Annual Technology, Media & Telecom Conference on May 28, 2026. Source

Figures management reported

Risks management discussed

• Financial: The release names a non-cash loss from changes in fair value of warrants and contingent value rights as part of the net loss, along with $266.5 million of impairment charges. Source
• Operational: Management said it is investing ahead of contracts and advancing ready-for-service dates across multiple sites. Source

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.