Core Scientific missed revenue expectations in the fourth quarter as Bitcoin miners were squeezed by lower prices and higher costs.
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 by nearly half compared to Q4 2024, to $42.2 million.
The company posted a net income of $216 million for the quarter, largely boosted by a fair value gain of $330.3 million in its non-cash holdings. Its adjusted EBITDA showed a loss of $42.7 million.
