Short answer
Core Scientific, Inc./tx (CORZ) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $319M (−37.5% year over year) and net income of −$289M.
- Top risk flagged: Regulatory risk from new U.S. tariffs effective February 1, 2025, may increase equipment costs and delay high-density colocation (HDC) conversions
FY2025 key financial metrics · XBRL
- Revenue
- $319M
- −37.5% YoY
- Net income
- −$289M
- +78.1% YoY
- Operating margin
- -77.0%
- −73.2 pp YoY
- Gross margin
- 11.9%
- −11.8 pp YoY
- EPS (diluted)
- −$0.88
- +80.0% YoY
- ROE
- 30.0%
- −130.4 pp YoY
- Operating cash flow
- $278M
- +548.7% YoY
Source: XBRL data from the Core Scientific, Inc./tx (CORZ) FY2025 10-K on SEC EDGAR. USD.
Core Scientific, Inc./tx FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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 profitability or margin percentages mentioned
- 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
Generated from the filing text; verify against the original. How to read a 10-K
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