Earnings Releases·Nov 5, 2026, 7:04 AM ET

Core Scientific — Third Quarter 2026 Earnings Summary

Total revenue surged to $232.9 million in Q3 2026, up 42% sequentially from Q2 2026 and 187% year-over-year from Q3 2025, driven by a nearly 60% sequential increase in colocation revenue to $215.4 million.
Net income turned positive at $1.2 billion due to a non-cash change in warrant fair value, while adjusted EBITDA more than tripled sequentially to $133.6 million and margins expanded to 57%.
Capital expenditures rose to $985.1 million and long-term debt increased to $4.30 billion, while deferred revenue declined to $573.6 million and liquidity reserves decreased to $1,744.2 million.
Billing capacity reached 485 MW with over $700 million in annualized revenue, as the company nears full delivery on its first colocation agreement and constructs five campuses for a second agreement.
The company paid $676.9 million for asset acquisitions and assumed $115.8 million in liabilities during the nine months ended September 2026, while repurposing mining facilities for high-density colocation services.