Core Scientific reports $580M profit but misses $79M revenue

Core Scientific Inc., a Nasdaq-listed Bitcoin (CRYPTO:BTC) mining company, reported a net profit of $580 million for the first quarter of 2025.

This figure more than doubled the $210 million net income recorded in the same quarter last year.

However, the company’s total revenue fell to $79.5 million, missing analyst estimates by 8.11 percent and declining from $179.3 million in Q1 2024.

The majority of Core Scientific’s revenue came from $67.2 million in self-mining, $3.8 million from hosted mining, and $8.6 million in colocation services, previously categorised as high-performance computing (HPC) hosting.

The decline in Bitcoin mined and revenue was attributed to the Bitcoin halving event on April 20, 2024, which reduced mining rewards from 6.25 BTC to 3.125 BTC.

Core Scientific also shifted operations toward HPC hosting, primarily serving artificial intelligence workloads.

These losses were partially offset by a 74 percent increase in Bitcoin’s average price and a 33 percent reduction in power costs due to lower rates and usage.

In February, Core Scientific signed a $1.2 billion data center expansion deal with AI startup CoreWeave, aiming to boost HPC hosting capacity.

The company expects annualised colocation revenue to reach $360 million by 2026.

CEO Adam Sullivan described the quarter as an “inflection point,” positioning the firm at the “center of one of the most important shifts in modern computing” driven by demand for high-performance data infrastructure.

Core Scientific’s shares closed May 7 down 1 percent at $8.90 but rose over 3 percent to $9.24 in after-hours trading.

An August report from asset manager VanEck estimated that if Bitcoin miners shift 20 percent of energy capacity to AI and HPC by 2027, they could generate an additional $13.9 billion in annual profits over 13 years.

Several mining companies, including Hive Digital and Hut 8, have already begun converting operations toward HPC and AI workloads.