Core Scientific (CORZ), a bitcoin mining and digital infrastructure company, reported fourth-quarter revenue of $79.8 million for the period ending Dec. 31, compared to $94.93 million a year earlier. Consensus forecasts were for revenue of $122.08 million, according to LSEG data.
The company posted a loss of $0.42 per share, compared to expectations for a loss of $0.08 per share.
The weaker results come as bitcoin miners continue to adjust to the April 2024 halving, which halved block rewards and squeezed margins across the industry. A higher network hash rate and rising energy and infrastructure costs have put pressure on profitability, particularly for operators that are still expanding new capacity.
Core has been repositioning itself beyond pure self-extraction and toward hosting and colocation services for high-performance computing customers, including AI workloads. CEO Adam Sullivan said the company is leaning toward that strategy.
“We are now past the halfway point of our existing builds and have expanded our colocation platform to a portfolio of 1.5 gigawatts of leasable capacity,” Core Scientific CEO Adam Sullivan said in a statement. “With a presence in multiple geographies and proven execution, we are accelerating RFS’ timelines across multiple sites to position the company for lasting growth.”
As part of this plan, the company announced that it is expanding into Texas, adding about 430 megawatts of gross power capacity. It also increased capacity in other regions by about 300 megawatts.
CORZ shares fell 4.5% in after-hours trading.
Meanwhile, Riot Platforms (RIOT), a bitcoin mining and data center development company, reported fourth-quarter revenue of $647.4 million, up from $376.7 million a year earlier. Analysts expected revenue of $157.4 million, including $136 million from bitcoin mining and $21.3 million from engineering.
RIOT shares were flat after hours.
