Bitcoin mining company Core Scientific reports Q1 total revenue of $115 million, net loss of $347 million

Odaily reports: According to the official financial report of Bitcoin mining company Core Scientific, the company's total revenue for the first quarter of 2026 was $115 million, an increase from $79.5 million in the same period last year. Gross profit was $30.1 million. Hosting revenue increased to $77.5 million from $8.6 million in the year-ago quarter, while self-mining revenue decreased to $30.1 million. Despite the revenue growth, the company recorded a net loss of $347 million for the quarter, compared to a net profit of $576 million in the same period last year.

The loss was primarily driven by a $266 million non-cash impairment loss and a $30.8 million non-cash loss related to changes in the fair value of warrants and contingent value rights. Additionally, Core Scientific announced the acquisition of Bitcoin mining company Polaris DS LLC for $421 million and expanded its total planned power capacity to 4.5 GW. Impacted by the financial report, the company's stock fell 7% in after-hours trading and declined 6.25% in pre-market trading on Thursday.