Core Scientific (NASDAQ:CORZ) Releases Earnings Results, Misses Expectations By $3.26 EPS

Core Scientific (NASDAQ:CORZ) issued its earnings results on Tuesday. The company reported ($3.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($3.26), FiscalAI reports. The company had revenue of $164.20 million during the quarter, compared to analysts’ expectations of $144.83 million.

Here are the key takeaways from Core Scientific’s conference call:

• AMD partnership adds major contracted growth: Core Scientific signed agreements covering approximately 530 megawatts across five campuses, representing more than $14 billion in base revenue over 15 years with 2.5% annual escalators. AMD also has exclusive reservation rights for up to an additional 2 gigawatts.
• Contracted portfolio and execution expanded: The company now reports approximately 1.1 gigawatts of contracted billable capacity and more than $24 billion of base contracted revenue. Core Scientific reached 437 billable megawatts ahead of schedule, while the remaining 150 megawatts of the CoreWeave build-out is expected to be completed in early 2027.
• Colocation revenue is accelerating: Second-quarter GAAP colocation revenue increased sequentially to $137 million, driven by the ramp to 437 billable megawatts, and management expects another meaningful increase in the third quarter. Bitcoin mining continues to wind down, with nearly 30% fewer miners online than at the end of the prior quarter.
• Large capital requirements and execution risks remain: The initial AMD build-out is expected to require approximately $6 billion, or $11 million-$12 million per megawatt, to be financed primarily through project-level bonds. Management cited elevated labor, equipment and supply-chain costs, while behind-the-meter expansion depends on fuel infrastructure and generation-equipment availability.

Core Scientific Price Performance

Core Scientific stock opened at $22.16 on Thursday. The stock has a market capitalization of $7.05 billion, a PE ratio of -5.02 and a beta of 5.50. Core Scientific has a 12 month low of $12.60 and a 12 month high of $30.46. The business has a 50 day simple moving average of $25.22 and a 200-day simple moving average of $20.78.

Insider Buying and Selling at Core Scientific

In other news, insider Todd M. Duchene sold 10,000 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $20.95, for a total transaction of $209,500.00. Following the transaction, the insider owned 1,989,101 shares in the company, valued at $41,671,665.95. This trade represents a 0.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 90,000 shares of company stock worth $2,234,900. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORZ. AQR Capital Management LLC increased its stake in shares of Core Scientific by 106.1% during the first quarter. AQR Capital Management LLC now owns 283,432 shares of the company’s stock worth $2,052,000 after purchasing an additional 145,905 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Core Scientific by 180.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,109,387 shares of the company’s stock worth $8,032,000 after buying an additional 714,388 shares in the last quarter. Cetera Investment Advisers increased its stake in Core Scientific by 200.0% during the 2nd quarter. Cetera Investment Advisers now owns 38,819 shares of the company’s stock worth $663,000 after buying an additional 25,878 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of Core Scientific during the second quarter valued at approximately $181,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Core Scientific by 61.9% during the second quarter. Russell Investments Group Ltd. now owns 3,942 shares of the company’s stock valued at $67,000 after acquiring an additional 1,507 shares during the last quarter.

Core Scientific News Summary

Here are the key news stories impacting Core Scientific this week:

• Positive Sentiment: AMD partnership supports Core Scientific’s AI pivot. AMD agreed to lease up to 2.5 gigawatts of data-center capacity, beginning with approximately 529–530 megawatts under 15-year agreements across five sites. The initial deployment represents about $14 billion in potential base contracted revenue, subject to development and execution. Mining For Megawatts: AMD’s Billion-Dollar Grid Grab
• Positive Sentiment: Colocation growth demonstrates progress beyond cryptocurrency mining. Second-quarter revenue reached $164.2 million, above expectations, while colocation revenue surged to $136.7 million from $10.6 million a year earlier. Adjusted EBITDA was $41.1 million, suggesting improving underlying operations. Core Scientific second-quarter results
• Positive Sentiment: Wall Street support remains strong. Keefe, Bruyette & Woods upgraded CORZ to Outperform with a $28 price target, while Needham and BTIG maintained Buy ratings. Canaccord also reiterated Buy and raised its target to $36. The appointment of AI and semiconductor executive Mark Adams to the board adds relevant industry expertise. Core Scientific board appointment
• Neutral Sentiment: Options activity signals heightened speculation. Traders purchased roughly 141,404 call options, about 55% above typical volume. This may reflect bullish expectations, but it also highlights CORZ’s elevated volatility.
• Negative Sentiment: GAAP results were sharply worse than expected. Core Scientific reported a quarterly loss of $3.32 per share versus consensus for a $0.06 loss. The roughly $1.15 billion net loss was driven largely by noncash warrant fair-value adjustments, but the size of the miss is weighing on sentiment despite the revenue beat.
• Negative Sentiment: AI conversion requires substantial capital and carries dilution risk. Quarterly capital expenditures were approximately $797.5 million as former mining facilities are upgraded. AMD received warrants for up to 30 million CORZ shares at $23.47, potentially diluting shareholders. Insider Todd Duchene also sold 10,000 shares in a recent transaction, although the sale represented only about 0.5% of his holdings.

Analyst Ratings Changes

CORZ has been the topic of several recent research reports. Cantor Fitzgerald upped their price objective on shares of Core Scientific from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Sanford C. Bernstein restated an “outperform” rating and set a $32.00 target price on shares of Core Scientific in a research report on Wednesday, June 3rd. Needham & Company LLC upped their price target on shares of Core Scientific from $29.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday. Canaccord Genuity Group increased their price target on Core Scientific from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Loop Capital set a $40.00 price objective on Core Scientific in a report on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.60.

About Core Scientific

Core Scientific, Inc (NASDAQ: CORZ) is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.

Core Scientific’s service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.