Core Scientific (NASDAQ:CORZ – Get Free Report) announced its earnings results on Thursday. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.54, Zacks reports. The company had revenue of $232.87 million during the quarter, compared to analysts’ expectations of $196.54 million.
Here are the key takeaways from Core Scientific’s conference call:
- Colocation growth sharply lifted results: Q3 colocation revenue rose nearly 60% sequentially to $215 million, while Adjusted EBITDA increased to $134 million from $41 million and the margin expanded to 57%. Management expects a double-digit sequential revenue increase in Q4 as more capacity begins billing.
- CoreWeave build-out is nearing completion: Core Scientific is billing for 485 MW of the 590 MW contracted across five campuses, with the remaining approximately 100 MW expected to come online by early 2027. The company says CoreWeave has funded most of the build-out and that contractual protections include end-customer support at certain campuses and security interests in infrastructure.
- AMD adds substantial contracted growth, though delivery remains ahead: The initial 530 MW commitment is expected to begin delivering in the first half of 2027, with roughly half coming online next year and the balance in 2028. Together, the CoreWeave and AMD contracts total about 1.1 GW; management projects $1.8 billion in average annual run-rate revenue and $1.6 billion in NOI once fully delivered and billing, while AMD also holds reservation rights for about 1.9 GW of additional capacity.
- Financing remains a key execution risk: Liquidity was approximately $1.7 billion at quarter-end, down about $1 billion sequentially after capital spending and the Polaris acquisition, and the company still needs financing for remaining AMD project costs. Management is pursuing project bonds and other debt options, does not expect to issue equity for the initial AMD build-out, and expects about $650 million from warrant exercises around January 2027.
- Development plans hinge on permits and power availability: Management says current delivery timelines are unchanged, but air permits for the Texas sites are still in process, and behind-the-meter generation plans require further partner and equipment decisions. The company also expects to finish winding down Bitcoin mining in Q4 and enter 2027 focused solely on colocation.
Core Scientific Stock Performance
Shares of CORZ opened at $11.38 on Friday. Core Scientific has a fifty-two week low of $10.59 and a fifty-two week high of $30.46. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of -2.57 and a beta of 5.56. The firm has a 50 day moving average price of $15.80 and a 200-day moving average price of $19.52.
Trending Headlines about Core Scientific
Here are the key news stories impacting Core Scientific this week:
- Positive Sentiment: For the quarter ended September 2026, Core Scientific earned $0.47 per share, versus analyst estimates calling for a small loss, and revenue was $232.87 million against expectations of about $196.5 million. Earnings also improved from a $0.46-per-share loss a year earlier. The beat could support investor confidence in the business, though it has not prevented recent share weakness. Zacks Q3 earnings report
- Positive Sentiment: The company also published its Q3 earnings-call presentation, giving investors more detail on its results and outlook. Q3 earnings-call presentation
- Negative Sentiment: Insider Todd DuChene sold 10,000 shares for about $127,800. The sale reduced his position by 0.88%; he still owned more than 1.12 million shares afterward, making the transaction relatively small compared with his remaining stake. Insider sale report
Analyst Upgrades and Downgrades
CORZ has been the subject of several research analyst reports. Freedom Capital raised Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Wolfe Research reiterated a “buy” rating on shares of Core Scientific in a report on Wednesday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $39.00 price objective on shares of Core Scientific in a research report on Wednesday, October 14th. BTIG Research reiterated a “buy” rating and set a $38.00 price objective on shares of Core Scientific in a research report on Thursday, October 15th. Finally, Needham & Company LLC decreased their price objective on Core Scientific from $35.00 to $28.00 and set a “buy” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.87.
View Our Latest Stock Analysis on CORZ
Insider Activity at Core Scientific
In related news, insider Todd DuChene sold 10,000 shares of the stock in a transaction on Monday, October 19th. The shares were sold at an average price of $13.87, for a total transaction of $138,700.00. Following the transaction, the insider owned 1,143,286 shares of the company’s stock, valued at approximately $15,857,376.82. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have acquired 19,000 shares of company stock worth $342,290 and have sold 100,000 shares worth $1,628,600. Corporate insiders own 1.70% of the company’s stock.
About Core Scientific
Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.
Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.
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