Key Highlights

  • Second-quarter 2026 Revenue was $164.2 million, with colocation revenue of $136.7 million.
  • The net loss of $1,155.3 million included a non-cash $1,045.5 million change in the Fair Value of warrants.
  • A Partnership with AMD could support up to 2.5 gigawatts of leasable capacity, including 15-year agreements for about 530 megawatts and more than $14 billion of potential base contracted revenue.

Second-quarter results

Core Scientific (NASDAQ:CORZ), which operates high-density data centres for artificial intelligence and other computing customers, reported second-quarter 2026 results on 28 July 2026. Total revenue was $164.2 million, compared with $115.2 million in the first quarter and $78.6 million a year earlier. Colocation revenue was $136.7 million, up from $77.5 million in the first quarter and $10.6 million a year before. Adjusted EBITDA, a non-GAAP measure, was $41.1 million.

Gross profit was $70.0 million, against $30.1 million in the first quarter. The operating loss narrowed to $78.5 million from $310.4 million, though the first quarter included a $266.5 million property impairment. Second-quarter costs included a $41.9 million loss on contract termination and $27.0 million of colocation site start-up and organisational costs. The colocation segment's gross Margin was 59 per cent, compared with 57 per cent in the first quarter. Licence fees were $98.8 million and power fees passed through to customers were $35.1 million.

Why the net loss was so large

The net loss was $1,155.3 million, or $3.32 per share. The change in fair value of warrants was $1,045.5 million of that, a non-cash item. The figure is therefore an accounting consequence of Warrant valuation and not a measure of day-to-day operations. Warrant liabilities stood at $1,811.6 million current and $163.7 million non-current at 30 June 2026.

Net interest expense also rose to $23.8 million from $4.9 million in the first quarter, reflecting the larger Debt load described below.

The AMD partnership and capacity

The most notable commercial development was a partnership with AMD that the company said could support up to 2.5 gigawatts of leasable capacity. It includes 15-year agreements for about 530 megawatts across five sites and more than $14 billion of potential base contracted revenue. The word potential matters: this is contract value that could be earned over the agreements' lives, not revenue recognised, and it depends on construction.

Total leased customer power capacity was approximately 1.1 gigawatts, representing more than $24 billion of potential contracted revenue. Billing capacity was 395 megawatts at quarter-end, up from 225 in the first quarter, and 437 megawatts by mid-July, equal to about $635 million of average annualised colocation revenue. That is roughly 40 per cent of leased capacity.

Balance sheet and funding

Cash was $1,769.7 million and total liquidity, including digital assets, was $1,819.4 million at 30 June 2026. Long-term debt was $4,298.0 million, up from $1,061.7 million at 31 March, and the company reported a stockholders' Deficit of $2,419.4 million. Capital Expenditure in the quarter was $797.5 million, almost five times revenue. Operating Cash Flow for the six months was $230.9 million.

Self-mining of digital Assets is now a smaller part of the business. Self-mining revenue was $21.5 million, against $62.4 million a year earlier, and it produced a gross loss of $12.2 million. Digital-asset holdings were $49.7 million, down from $222.0 million at the end of 2025. There were 319.6 million shares outstanding at 30 June 2026.

The release contained no numeric guidance, so there is no company forecast to compare with these results.

What to watch

The next dated event is the third-quarter report, which the company has said will be released before US markets open on Thursday 5 November 2026, with a conference call at 8.30am Eastern Time. Items to watch include billing megawatts, how construction is financed, warrant fair-value changes and construction progress at the AMD sites.