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what it is
Core Scientific runs power-heavy facilities that mine bitcoin today and rent computing capacity to AI customers tomorrow.
how it gets paid
Last year Core Scientific made $319M in revenue.
why growth slowed
Revenue fell 37.5% last year. Gross margin at 7.2% matters most because it shows how little room Core has for mistakes while funding its AI buildout.
what just happened
Revenue hit $239M, but EPS fell to -$1.48 and the margin story stayed ugly.
At a glance
n/a balance sheet
18.5x trailing p/e — priced about right
$0.56 fy2024 eps est
$511M fy2024 rev est
77.0% operating margin
What they do
Core Scientific runs power-heavy facilities that mine bitcoin today and rent computing capacity to AI customers tomorrow.
Core’s edge is physical. It already controls purpose-built sites, power access, and 200 megawatts committed to CoreWeave, with options for another 500 MW. That matters because digital infrastructure (specialized computing space) → places packed with power and cooling → takes years to replicate, so your rival cannot just rent a random warehouse and catch up.
How they make money
$319M
annual revenue · revenue declined -37.5% last year
total revenue
$319M
37.5%
The products that matter
mines bitcoin for its own account
Self-Mining
$240M · largest disclosed segment
it's still the biggest disclosed revenue bucket, but a 44% decline from last year tells you the old engine is shrinking fast.
legacy engine
hosts customer equipment and workloads
Colocation & Hosting
$79M · flat growth
this is the steadier piece of the business, but at $79M it is still too small to offset what self-mining lost.
pivot base
future ai and hpc capacity
CoreWeave deal
$2B deal · 1.5-gigawatt pipeline
this is not today's revenue. it's the thesis. if that capacity fills and converts into hosting dollars, the story changes. if it does not, you are left with a cyclical mining operator carrying $1.1B of debt.
the bull case
Key numbers
77.0%
core margin
Operating margin → money left after running the business → so what: Core still loses 77 cents for every $1 of sales before interest and taxes.
$511M
2024 revenue view
That sits $192M above trailing revenue of $319M, which tells you the stock already assumes a hard revenue turn.
18.5x
trailing p/e
P/E → price compared with profit → so what: you are paying a growth multiple for a business with a 7.2% gross margin and a still-broken cost structure.
200 MW
ai capacity
Megawatts here mean contracted power and space for AI workloads, and this 200 MW deal is the cleanest proof the pivot is real.
Financial health
n/a
strength
- balance sheet grade n/a
- price stability 5 / 100
- long-term debt $1.1B (18% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CORZ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $239M, but EPS fell to -$1.48 and the margin story stayed ugly.
Revenue surged 195% vs. prior year, but gross margin was only 7.2%. Sales growth without profit is just more electricity with paperwork.
$80M
revenue
$1.48
eps
7.2%
gross margin
the number that mattered
Gross margin at 7.2% matters most because it shows how little room Core has for mistakes while funding its AI buildout.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the ai hosting pivot arriving slower than the self-mining business declines.
med
pivot execution risk
self-mining generated $240M and fell 44% from last year. the replacement story is a $2B CoreWeave agreement tied to future capacity, not current reported scale.
if hosting and hpc revenue ramp too slowly, the old business shrinks before the new one pays the bills.
med
earnings quality risk
Q4 showed $214.2M of net profit on $79.8M of revenue because bankruptcy accounting drove the headline. that makes conventional valuation ratios look cleaner than the business really is.
a forced re-focus on operating income could make 18.5x trailing earnings look far less reassuring.
med
balance sheet and financing risk
the company still carries $1.1B of long-term debt, equal to 18% of capital. that leaves less room for delays, overruns, or weaker crypto economics.
when leverage meets a 5 / 100 stability score, financing pressure can show up in the stock before it shows up in the income statement.
med
counterparty and governance risk
top shareholders reportedly considered a revolt over CoreWeave deal terms in august 2025. when one partnership matters this much, alignment matters too.
if the relationship weakens or the terms get challenged, the central re-rating narrative takes a direct hit.
when a company reports $214.2M of profit on $79.8M of revenue and the core operating business is shrinking, you are underwriting execution, counterparties, and leverage at the same time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
reported revenue mix
the key tell is whether hosting starts becoming a bigger share of reported revenue while self-mining stops doing all the shrinking.
metric
earnings quality
watch whether future profits come from operations instead of one-time reorganization gains. the headline number is not enough here.
calendar
next earnings report
you want the next quarter to say something cleaner about the underlying business than the last one did.
risk
CoreWeave dependency
the $2B deal is the centerpiece of the thesis. that also means it is the single fastest way the thesis can disappoint you.
Analyst rankings
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for CORZ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
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