Core Scientific announced financial results for the first quarter of 2026. The company reported selling a total of 2,385 Bitcoins during the period, generating approximately $208.3 million in revenue. However, the company also reported a net loss of $347.2 million in the same period.
The majority of the loss consisted of $266.5 million in impairment charges for mining equipment and related assets. The company said these steps were taken to fund the transformation process towards AI data center operations.
Core Scientific also announced that it has completed the issuance of $3.3 billion in secured debt at an interest rate of 7.75% to support data center investments and restructure approximately $1 billion in term loans.
Artificial intelligence infrastructure has been central to the company’s recent growth strategy. Specifically, the long-term agreement with CoreWeave will increase capacity to 590 MW and is expected to generate approximately $10.2 billion in revenue over the next 12 years.
In the first quarter, revenue from high-density AI hosting services reached $77.5 million, while revenue from traditional Bitcoin mining operations was only $30.1 million. This has allowed the company’s AI data center business to surpass its mining business in terms of revenue.
Core Scientific currently reportedly operates 10 data centers with a total power capacity of approximately 1.9 gigawatts. The company’s total liquidity, including cash and Bitcoin, was approximately $1.04 billion at the end of the quarter.
*This is not investment advice.
