Core Scientific Reports Q2 2026: $164M Revenue, $1.15B Net Loss
Core Scientific, Inc. (NASDAQ: CORZ) released its financial results for Q2 2026, reporting $164.2 million in total revenue, a 42% increase from Q1 2026. The company also announced a staggering $1.15 billion net loss for the quarter, primarily attributed to the revaluation of warrants, which surged following an increase in its stock price. This places the company's adjusted EBITDA at $41.1 million, a substantial improvement from $8.9 million in the prior quarter.
Business Highlights:
- Total leasable customer power capacity reached 1.1 gigawatts (GW), representing $24 billion in potential contracted revenue.
- Billable capacity climbed to 437 megawatts (MW), generating $635 million in average annualized colocation revenue under GAAP standards.
- Core Scientific inked a 15-year partnership with AMD, potentially supporting 2.5 GW of leasable capacity. Initial contracts cover 530 MW across five sites, projecting $14 billion in long-term revenue.
Despite the improved revenue trajectory, Core Scientific's capital expenditures ballooned to $797.5 million in Q2, underscoring its aggressive data center expansion strategy. Liquidity improved significantly, rising to $1.82 billion from $1.04 billion in the prior quarter, aided by the April 2026 pricing of $3.3 billion in senior secured notes.
Revenue Breakdown:
- Colocation services accounted for $136.7 million, a 76% QoQ jump driven by increased billable capacity.
- Digital asset self-mining revenue dropped to $21.5 million, down 29% from the previous quarter, impacted by higher energy costs and declining mining profitability.
- Hosted mining revenue from customers contributed $6 million, flat compared to Q1.
Strategic Positioning Amid AI and Bitcoin Trends
Core Scientific continues to shift its focus from Bitcoin mining to high-density colocation (HDC) services, catering to the booming AI-driven data center market. With facilities across seven U.S. states, including large campuses in Texas and Oklahoma, the company is leveraging its infrastructure to meet rising demand from AI and high-performance computing workloads.
The transition has been costly—Q2 gross profit reached $70 million, but the company reported a negative self-mining gross margin of 56%. Colocation, however, delivered a robust 59% gross margin, reflecting strong demand and pricing power in the HDC market.
Market Reaction and Outlook
As of July 28, 2026, Core Scientific's shares trade at $20.74, with a market capitalization of $6.7 billion. While the stock has gained momentum this year, the Q2 net loss raises questions about long-term profitability. Investors will closely monitor progress on the AMD partnership and the execution of large-scale data center expansions.
The company’s next earnings release for Q3 2026 is anticipated by late November, with key metrics likely to include updates on capacity utilization, colocation revenue growth, and the impact of ongoing capital investments. Core Scientific's ability to manage costs while capturing AI-driven demand will be pivotal for its future trajectory.