Core Scientific, Inc./tx (CORZ) FY2025 10-K Annual Report
Core Scientific, Inc./tx (CORZ) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Core Scientific, Inc./tx FY2025 10-K Analysis
Business Overview
- • Core business shift toward colocation data center services from digital asset self-mining and hosted mining
- • Colocation revenue surged 168% to $65.4M, now 20% of total revenue vs 5% prior year
- • Digital asset self-mining revenue declined 44% to $229.2M, reflecting reduced mining fleet and Bitcoin halving impact
- • Gross utility power capacity at 1,426 MW, leased customer power capacity increased to 590 MW, billable capacity 120 MW
- • Capital expenditures rose sharply to $729M in 2025 from $95M in 2024, funding colocation expansion and site conversions
Management Discussion & Analysis
- • No revenue figures or YoY changes disclosed in the text provided
- • No profitability or margin percentages mentioned
- • No segment performance data included
- • No cash flow, buybacks, dividends, or capex information provided
- • Forward-looking statements highlight risks in scaling, data center construction, energy sourcing, and talent retention risks
Risk Factors
- • Regulatory risk from new U.S. tariffs effective February 1, 2025, may increase equipment costs and delay high-density colocation (HDC) conversions
- • Geopolitical risk from overseas military or economic conflicts could raise natural gas prices, increasing electricity costs for mining operations
- • Operational risk in converting 1.4 GW data center portfolio to HDC; sensitive to equipment lead times, labor constraints, permitting, and supply chain delays
- • Competitive risk from hyperscale cloud providers and major data center REITs competing for high-power sites and capital for HDC infrastructure
- • Financial risk from $64.8 million deferred payments to Block, Inc. for ASIC mining equipment, with $36.6 million paid in January 2026 and balance payable through early 2027
Core Scientific, Inc./tx FY2025 Key Financial MetricsXBRL
Revenue
$319M
▼ -37.5% YoY
Net Income
-$289M
▲ +78.1% YoY
Gross Margin
11.9%
▼ -1183bp YoY
Operating Margin
-77.0%
▼ -7322bp YoY
Net Margin
-90.5%
▲ +16703bp YoY
ROE
30.0%
▼ -13035bp YoY
Total Assets
$2.3B
▲ +46.8% YoY
EPS (Diluted)
$-0.88
▲ +80.0% YoY
Operating Cash Flow
$278M
▲ +548.7% YoY
Source: XBRL data from Core Scientific, Inc./tx FY2025 10-K filing on SEC EDGAR. All figures in USD.
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