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

Bitcoin miner Core Scientific (NASDAQ: CORZ) reported mixed fourth-quarter results as mining revenue declined amid a push to supply more high-density colocation services.

The company's total revenue dropped to $79.8 million during the fourth quarter of last year, declining from $94.9 million the previous year. Bitcoin mining revenue was down to $42.2 million as compared to $79.9 million during Q4 2024.

Core Scientific, however, emphasized that its colocation services revenue jumped to $31.3 million from $8.5 million in 2024. The company said the increase was due to an operational expansion of its colocation services. Colocation involves a company renting computing infrastructure it does not own.

“We’re now past the halfway point on our existing builds and scaling our colocation platform into a 1.5 gigawatt pipeline of leasable capacity,” Core Scientific CEO Adam Sullivan said in a statement. “With a multi-geography footprint and proven execution, we’re accelerating RFS timelines across multiple sites to position the company for durable growth.”

While its fourth-quarter gross profit increased to $20.8 million from $4.8 million in 2024, Core Scientific registered a negative adjusted EBITDA of $42.7 million. 

The company also said its liquidity at the end of last year was $533.4 million, comprised of $311.4 million in cash and cash equivalents plus $222 million worth of bitcoin.

Last October, Core Scientific shareholders rejected a proposed $9 billion all-stock merger with CoreWeave, although the two companies maintain a commercial relationship.

Core Scientific's shares were down slightly in after-hours trading following the release of their fourth-quarter results.