Core Scientific Reports Q1 Revenue Growth Despite Net Loss

Bitcoin mining company Core Scientific reported a total revenue of $115 million for the first quarter of 2026, an increase from $79.5 million in the same period last year. According to Odaily, the company achieved a gross profit of $30.1 million, with hosting business revenue rising from $8.6 million to $77.5 million, while self-mining revenue decreased to $30.1 million. Despite the revenue growth, Core Scientific recorded a net loss of $347 million this quarter, compared to a net profit of $576 million in the previous year. The loss was primarily due to 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, expanding its total power capacity to 4.5 GW. Following the financial report, the company's stock price fell by 7% in after-hours trading and dropped 6.25% in pre-market trading on Thursday.