Core Scientific (NASDAQ:CORZ) Releases Earnings Results

Key Points

• Core Scientific reported a Q1 EPS loss of ($1.06), missing consensus (~($0.02)), with revenue of $115.2M slightly below estimates but up 44.9% year‑over‑year.
• The company closed a $3.3 billion CoreWeave project bond at 7.75% (net proceeds ≈ $2.9 billion) to fund capex, and is ramping capacity from 243 MW today to >450 MW by summer and 590 MW by early 2027.
• Core Scientific is pivoting from bitcoin mining toward AI/high‑density colocation—raising CoreWeave gross profit targets to 80–85%, acquiring Polaris DS for ~$421M to help scale Muskogee toward ~1.5 GW, and winding down most mining sites this year.

Core Scientific (NASDAQ:CORZ - Get Free Report) posted its quarterly earnings results on Wednesday. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($1.04), FiscalAI reports. The business had revenue of $115.24 million during the quarter, compared to analysts' expectations of $117.04 million. The business's quarterly revenue was up 44.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 EPS.

Here are the key takeaways from Core Scientific's conference call:

• Closed a $3.3 billion CoreWeave project bond at 7.75% (net proceeds ~$2.9 billion) with a lockbox structure, enabling corporate‑level deployment of proceeds and supporting roughly $2 billion of planned 2026 capex.
• Billing 243 MW today (≈$350M annualized GAAP colocation revenue), expects >450 MW by end of summer and the full 590 MW by early 2027, and raised CoreWeave cash gross profit target to 80–85%.
• Accelerating development by investing ahead of leases—securing land, labor and long‑lead equipment to hit 12–14 month RFS targets and pursue campus growth (Pecos and Muskogee paths to ~1.5 GW each).
• Pursuing behind‑the‑meter and natural gas options (lead time ~12–14 months) with a mix of ownership and PPAs and active permitting efforts, which enables expansion but adds regulatory and execution complexity.
• Bitcoin mining will continue winding down through the year (only one or two sites expected running by year‑end) after monetizing most holdings, shifting the business mix toward colocation.

Core Scientific Price Performance

Shares of NASDAQ:CORZ traded up $2.44 during trading on Wednesday, reaching $24.63. 39,169,850 shares of the stock were exchanged, compared to its average volume of 14,489,662. Core Scientific has a 1-year low of $8.74 and a 1-year high of $25.01. The stock has a fifty day moving average of $17.66 and a two-hundred day moving average of $17.47. The firm has a market cap of $7.77 billion, a price-to-earnings ratio of 21.05 and a beta of 5.45.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $20.86, for a total transaction of $208,600.00. Following the transaction, the insider directly owned 1,980,348 shares of the company's stock, valued at $41,310,059.28. This represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 50,000 shares of company stock worth $933,400 over the last quarter. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Core Scientific

Several large investors have recently bought and sold shares of the stock. Alberta Investment Management Corp bought a new position in Core Scientific during the 4th quarter valued at $1,820,000. Creek Drive Management Group LLC bought a new position in Core Scientific during the 4th quarter valued at $1,638,000. Feynman Point Asset Management LLC bought a new position in Core Scientific during the 4th quarter valued at $3,035,000. Vident Advisory LLC lifted its stake in Core Scientific by 9.3% during the 4th quarter. Vident Advisory LLC now owns 959,564 shares of the company's stock valued at $13,971,000 after acquiring an additional 81,875 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Core Scientific by 15.8% during the 4th quarter. NewEdge Advisors LLC now owns 48,263 shares of the company's stock valued at $703,000 after acquiring an additional 6,576 shares in the last quarter.

Key Core Scientific News

Here are the key news stories impacting Core Scientific this week:

• Positive Sentiment: Acquisition to accelerate Oklahoma buildout — Core Scientific signed a deal to acquire Polaris DS LLC for ~$421M to add land, substation access and up to ~440 MW of gross power adjacent to its Muskogee campus, supporting the company’s plan to scale Muskogee to ~1.5 GW of gross power and speed delivery of high‑density colocation capacity for AI/HPC customers. This is a direct growth catalyst for future revenue from AI customers. Polaris Acquisition
• Positive Sentiment: Capital plan to fund AI colocation expansion — Company announcements and coverage indicate Core Scientific has raised or arranged major financing (~$3.3B reported) aimed at expanding AI/high‑density colocation capacity, which supports aggressive buildout plans and de‑risking of future capacity starts. Financing for Expansion
• Positive Sentiment: Strong market interest / options flow — Unusual activity: a large increase in call option buying (roughly 196k calls), signaling bullish speculative or hedged institutional interest ahead of/after the corporate announcements. (No direct link available in feed.)
• Neutral Sentiment: Corporate governance update — Appointment of Jorge Ray as Principal Accounting Officer (April 30) is a routine exec hire that may modestly affect investor confidence in financial controls but is not an immediate earnings driver. Accounting Officer Appointment
• Negative Sentiment: Q1 earnings miss — Core Scientific reported a wider-than-expected Q1 EPS loss (MarketBeat cites ($1.06) EPS vs. consensus ≈ ($0.02)) and revenue slightly below estimates ($115.2M vs $117.0M). The EPS miss is the main negative catalyst and explains near‑term selling pressure in some sessions. Q1 Release
• Negative Sentiment: Insider selling — Director/officer Todd M. Duchene sold 10,000 shares at an average of $20.86 (disclosed), a small but visible insider sale that can be interpreted negatively by some investors. SEC Form 4

Analyst Upgrades and Downgrades

CORZ has been the topic of a number of research analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Core Scientific in a report on Monday, April 20th. Zacks Research upgraded Core Scientific from a "strong sell" rating to a "hold" rating in a report on Tuesday, January 13th. Keefe, Bruyette & Woods increased their price target on Core Scientific from $19.00 to $25.00 and gave the stock a "moderate buy" rating in a report on Tuesday, January 27th. Wall Street Zen raised Core Scientific to a "sell" rating in a research report on Saturday, March 14th. Finally, Cantor Fitzgerald upped their target price on Core Scientific from $25.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $25.07.

Core Scientific Company Profile

Core Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.