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

Odaily Planet Daily News 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, of which hosting service revenue increased from $8.6 million in the same period last year to $77.5 million, while self-mining revenue decreased to $30.1 million. Despite revenue growth, the company recorded a net loss of $347 million in this quarter, compared to a net profit of $576 million in the same period last year.

The loss was mainly caused by a non-cash impairment loss of $266 million and a non-cash loss of $30.8 million related to changes in the fair value of warrants and contingent value rights. In addition, 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. Affected by the financial report, the company's stock price fell 7% in after-hours trading on Thursday and fell 6.25% in pre-market trading on Thursday.