Core Scientific Q2 Revenue More Than Doubles, Beating Estimates on Colocation Growth
CORZ sits 76% above its 52-week low of $12.595.
Summary
Core Scientific reported Q2 revenue of $164.2 million, more than doubling year-over-year and handily beating the $143 million consensus. The surge was driven by colocation services, where revenue hit $136.7 million and leased power capacity reached 1.1 GW. Gross margin expanded dramatically to 43% from 6% a year ago, reflecting the scaling of high-density infrastructure. The company posted a large net loss of $3.32 per share, but this was entirely due to non-cash warrant revaluation. This follows the AMD partnership and $3.3 billion notes offering announced in May, confirming the strategic pivot to AI/HPC is gaining traction. No forward guidance was provided, leaving the trajectory dependent on continued colocation demand and execution of the AMD deal.
At the time of this announcement, CORZ was trading at $22.13 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $6.6B. The 52-week trading range was $12.60 to $30.46. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.