Shares in Core Scientific moved lower on Monday after the Bitcoin miner and artificial intelligence compute provider’s fourth-quarter earnings missed analyst expectations amid a late-year drop in crypto markets.
Core Scientific reported Q4 revenues of $79.8 million, down 16% from the year-ago quarter and missing Wall Street expectations of $90.4 million. Its crypto mining revenue fell nearly in half from Q4 2024 to $42.2 million.
The company posted net income of $216 million for the quarter, largely boosted by a $330.3 million fair value gain on its non-cash holdings. Its adjusted EBITDA showed a loss of $42.7 million.
The earnings come as Bitcoin (BTC) is trading nearly 50% below its peak in early October at around $68,000. The cryptocurrency fell sharply late last year after hitting a peak of over $126,000, ending 2025 at just under $88,500.
The drop has hurt Bitcoin miners’ profits, which are also facing headwinds from higher energy and computing costs, as many, including Core Scientific, spend big on pivoting to AI by offering colocation services for high-performance computers.
Core Scientific CEO Adam Sullivan said the company was “now past the halfway point on our existing builds and scaling our colocation platform into a 1.5-gigawatt pipeline of leasable capacity.”
The company added that it is expanding one of its sites in Texas to support 430 megawatts of gross power capacity and has increased power capacity at other sites in Georgia and Texas by 300 megawatts.
Shares in Core Scientific (CORZ) ended trading on Monday down 2.8% to $16.49. Its stock fell to a low of $14.69 after the bell, but recovered to end the after-hours session flat. Core Scientific’s stock is up over 13% so far this year.
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Riot Platforms trades flat on Q4 revenue miss
Rival Bitcoin miner and AI compute hoster Riot Platforms also posted its Q4 results on Monday, reporting revenue of $152.8 million, up 7% from a year ago but missing analyst expectations of $157 million.
Shares in Riot Platforms (RIOT) traded flat on Monday, ending the day at $16.43 and moving less than 1% after hours to $16.28.
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