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.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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