Core Scientific's Q4 revenue declined, with a significant drop in Bitcoin mining revenue, accelerating its transformation into data center infrastructure.

According to reports, Bitcoin mining company Core Scientific released its Q4 2025 financial report, showing mixed performance. Mining revenue declined significantly as the company accelerated its transformation towards high-density data center colocation services. The report shows that the company's total revenue in Q4 was $79.8 million, a decrease from $94.9 million in the same period last year. Bitcoin mining revenue fell to $42.2 million, compared to $79.9 million in the same period of 2024, a significant drop. However, the company emphasized that its data center colocation service revenue increased significantly to $31.3 million, up from $8.5 million in 2024. This growth was mainly due to the operational expansion of the colocation business. Colocation refers to the deployment of non-owned computing infrastructure by enterprises. Core Scientific CEO Adam Sullivan stated that the company's existing projects are more than half completed, and it is expanding its colocation platform to a 1.5 gigawatt leasable capacity pipeline. Leveraging its multi-regional footprint and mature execution capabilities, the company is accelerating the commissioning of multiple sites to drive long-term sustainable growth. In terms of profitability, gross profit rose to $20.8 million in the fourth quarter, up from $4.8 million in the same period of 2024; however, the company's adjusted EBITDA remained at -$42.7 million, indicating that profitability pressures persist during the transformation process.