Bitcoin miner Core Scientific posts $580M Q1 profit but misses revenue estimates
Core Scientific Inc. reported a net profit of $580 million for Q1 2025, more than doubling its $210 million from the previous year. Total revenue reached $79.5 million, missing analyst estimates by 8.11% and down from $179.3 million in Q1 2024. Revenue sources included $67.2 million from self-mining, $3.8 million from hosted mining, and $8.6 million from colocation services. A decrease in Bitcoin mined and revenue was attributed to the halving on April 20, 2024, which reduced mining rewards, and a strategic shift towards high-performance computing (HPC) hosting. Despite challenges, a 74% increase in Bitcoin prices and a 33% reduction in power costs helped mitigate losses. Core Scientific is expanding its HPC hosting capabilities through a $1.2 billion deal with CoreWeave, projecting annualized colocation revenue of $360 million by 2026. CEO Adam Sullivan described the quarter as an “inflection point” in the demand for high-performance data infrastructure. Shares closed at $8.90 but rose to $9.24 after hours.
