Core Scientific Reports Q3 2025 Revenue Decline Amid Bitcoin Mining Drop

Core Scientific, Inc. reported a third-quarter loss of $0.46 per share, which was better than expected but accompanied by a 15% decline in revenue to $81.1 million due to a 55% drop in bitcoin mined, despite higher bitcoin prices. The company’s digital asset self-mining revenue, the majority of its topline, fell significantly, partially offset by growth in high-density colocation services. Core Scientific is currently undergoing an all-stock acquisition by AI company CoreWeave, valued at approximately $9 billion and expected to close in Q4 2025. Analysts generally maintain a Buy rating on the stock, with a median price target slightly above the current trading price, although financial indicators reflect challenges including negative margins and a distressed Altman Z-Score. Despite a net loss of $146.7 million, the loss narrowed from the prior year, helped by lower fair value adjustments. The company is transitioning its operations to support AI-related workloads while continuing to expand its colocation business amid declining crypto mining activity.