Core Scientific Reports $347.2 Million First-Quarter Net Loss Despite Revenue Growth

Core Scientific shares fell sharply in after-hours trading after the Bitcoin miner reported a steep first-quarter net loss despite higher revenue.

The Block reported on May 7 that Core Scientific posted total revenue of $115.2 million in its first-quarter 2026 earnings report. That was up about 45% from $79.5 million a year earlier.

Growth in the company's data center colocation business helped drive the increase. Self-mining revenue, however, dropped to $30.1 million from $67.2 million a year earlier as Bitcoin production declined and Bitcoin prices fell.

Core Scientific swung to a net loss of $347.2 million in the first quarter. The company said the loss was driven by a $266.5 million impairment charge and a $30.8 million non-cash loss related to changes in the value of warrants and other items.

The quarterly loss sent Core Scientific shares down 7% in after-hours trading on May 6. Earlier in the session, the stock had closed 11% higher on news that the company would acquire Oklahoma-based mining company Polaris DS for $421 million, before earnings concerns pulled the shares lower again.