Core Scientific — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for Q3 2026 was $232.9 million, up from $164.2 million in Q2 2026 and $81.1 million in Q3 2025.
• Colocation revenue increased nearly 60% sequentially to $215.4 million in Q3 2026, compared to $136.7 million in Q2 2026 and $15.0 million in Q3 2025.
• Net income for Q3 2026 was $1.2 billion ($1,178.1 million), a significant turnaround from a net loss of $1.2 billion ($1,155.3 million) in Q2 2026 and a net loss of $144.0 million in Q3 2025; the gain was primarily driven by a non-cash change in the fair value of warrants.
• Adjusted EBITDA more than tripled sequentially to $133.6 million in Q3 2026, up from $41.1 million in Q2 2026 and $6.5 million in Q3 2025.
• Adjusted EBITDA margins expanded to 57% in Q3 2026, up from 25% in Q2 2026.
• Gross profit for Q3 2026 was $123.3 million, compared to $70.0 million in Q2 2026 and $3.9 million in Q3 2025.
• Capital expenditures (CapEx) for Q3 2026 were $985.1 million, up from $797.5 million in Q2 2026 and $244.5 million in Q3 2025.
• Liquidity and Debt Service Reserve Account (DSRA) stood at $1,744.2 million as of September 30, 2026, down from $2,601.1 million in Q2 2026 but significantly higher than $694.8 million in Q3 2025.
• Total assets were $5.94 billion as of September 30, 2026, compared to $5.26 billion in June 2026 and $2.35 billion in December 2025.
• Long-term debt increased to $4.30 billion as of September 30, 2026, from $4.30 billion in June 2026 and $1.06 billion in December 2025.
• Deferred revenue (current and non-current combined) was $573.6 million as of September 30, 2026, down from $654.4 million in June 2026 and $555.9 million in December 2025.

Business Segments and Product Lines:

• The Colocation segment generated $215.4 million in revenue for Q3 2026, with a gross margin of 60%, compared to 59% in Q2 2026 and 26% in Q3 2025.
• The Digital Asset Self-Mining segment reported a gross loss of $7.5 million for Q3 2026, with a negative gross margin of (61%), compared to a loss of $12.2 million (margin -56%) in Q2 2026 and a loss of $2.0 million (margin -3%) in Q3 2025.
• The Digital Asset Hosted Mining segment generated $5.2 million in revenue for Q3 2026, with a gross margin of 46%, compared to 37% in Q2 2026 and 23% in Q3 2025.
• Billing capacity reached 485 MW as of September 30, 2026, up from 395 MW in Q2 2026, representing over $700 million in average annualized colocation GAAP revenue.
• The company is nearing full delivery under its first colocation agreement, with construction underway across five campuses for its second agreement.
• The company is repurposing remaining mining facilities to support high-density colocation services.

Other Key Points:

• The company operates facilities in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, and Texas.
• A conference call and webcast were hosted on November 5, 2026, featuring CEO Adam Sullivan, CFO Jim Nygaard, and SVP Investor Relations Jon Charbonneau.
• The company acquired land and development rights, with $676.9 million in cash paid for asset acquisitions during the nine months ended September 30, 2026.
• The company issued warrants valued at $296.4 million as a non-cash financing activity during the nine months ended September 30, 2026.
• The company assumed liabilities of $115.8 million in connection with an acquisition during the nine months ended September 30, 2026.
• Restricted cash included funds held in escrow for utility and development costs, with no restricted cash held for the now-closed Polaris DS LLC acquisition as of September 30, 2026.