Overview

* Core Scientific ( CORZ ) fiscal Q3 revenue falls to $81.1 mln from $95.4 mln yr/yr

* Net loss narrows to $146.7 mln from $455.3 mln yr/yr

* High-density colocation revenue rises

Outlook

* Core Scientific ( CORZ ) plans to increase revenue from high-density colocation services

* Company intends to repurpose facilities for high-density colocation services

* Pending acquisition by CoreWeave subject to shareholder approval

Result Drivers

* BITCOIN MINING DECLINE - Revenue from digital asset self-mining fell due to a 55% decrease in bitcoin mined, despite an 88% increase in average bitcoin price

* COLOCATION EXPANSION - High-density colocation revenue at $15 million, up from $10.3 million in the third quarter of 2024 due to the expansion of operations

* NET LOSS NARROWING - Net loss reduced primarily due to a smaller GAAP non-cash fair value adjustment

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net -$146.7

Income mln

Q3 -$2.40

Adjusted mln

EBITDA

Q3 Gross $3.90

Profit mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

* Wall Street's median 12-month price target for Core Scientific Inc ( CORZ ) is $19.00, about 4.9% above its October 23 closing price of $18.06

* The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 18 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)