Core Scientific (CORZ), a bitcoin mining and digital infrastructure company, reported fourth-quarter revenue of $79.8 million for the period ended Dec. 31, compared with $94.93 million a year earlier. Consensus forecasts were for revenue of $122.08 million, according to LSEG data.
The company had a loss of USD 0.42 per per share, against expectations of a loss of $0.08 per share.
The weaker results come as bitcoin miners continue to adjust to the April 2024 halving, which halved block rewards and squeezed margins across the industry. A higher hash rate on the network and rising energy and infrastructure costs have squeezed profitability, especially for operators still scaling new capacity.
Core has repositioned itself beyond pure self-mining and towards hosting and colocation services for high-performance computing clients, including AI workloads. CEO Adam Sullivan said the company is leaning into that strategy.
“We are now past the halfway mark with our existing builds and scaling our colocation platform to a 1.5 gigawatt pipeline of rentable capacity,” Core Scientific CEO Adam Sullivan said in a statement. “With a multi-geographic footprint and proven execution, we are accelerating RFS timelines across multiple sites to position the business for sustained growth.”
As part of that plan, the company announced it is expanding into Texas and adding about 430 megawatts of gross power capacity. It also increased capacity across other regions by about 300 megawatts.
CORZ stock was lower by 4.5% in after-hours trading.
Meanwhile, Riot Platforms ( RIOT ), a bitcoin mining and data center development company, reported fourth-quarter revenue of $647.4 million, up from $376.7 million a year earlier. Analysts had expected revenue of $157.4 million, including $136 million from bitcoin mining and $21.3 million from engineering.
RIOT shares were flat after hours.
