Core Scientific Q4 Net Income $216M, Colocation Revenue Up 268% to $31.3M
Core Scientific recorded Q4 2025 revenue of $79.8 million, with colocation revenue rising to $31.3 million and GAAP net income of $216.0 million, reversing a $291.1 million loss. More than half of its 1.5 GW colocation pipeline is built, supported by $279.2 million of CapEx funding, as the company restates prior results for PP&E miscapitalization.
1. Fourth Quarter 2025 Financial Results
Core Scientific reported Q4 2025 revenue of $79.8 million, down from $94.9 million in Q4 2024. Colocation revenue rose to $31.3 million from $8.5 million, while digital asset self-mining revenue dropped to $42.2 million from $79.9 million. Gross profit increased to $20.8 million from $4.8 million, driving a GAAP net income of $216.0 million versus a $291.1 million loss and a non-GAAP adjusted EBITDA loss of $42.7 million.
2. Colocation Pipeline Expansion and CapEx Funding
The company is over halfway through building its 1.5 gigawatt pipeline of leasable colocation capacity, accelerating ready-for-service timelines across multiple sites. Q4 capital expenditures totaled $279.2 million, of which $226.2 million was funded by CoreWeave under existing colocation service agreements.
3. Restatement of Prior Financial Statements
During its auditor transition, Core Scientific identified that assets committed to demolition were improperly capitalized instead of being written down, overstating property, plant and equipment. The company determined the errors to be material and is restating consolidated financial statements dating back to June 30, 2024, although revenue, adjusted EBITDA and net cash flows for the affected periods remain unchanged.
4. Liquidity Position
As of December 31, 2025, liquidity stood at $533.4 million, comprising $311.4 million in cash and cash equivalents and $222.0 million in bitcoin holdings.