Core Scientific (CORZ), a Bitcoin mining and digital infrastructure company, reported fourth-quarter revenue of $79.8 million for the period ended Dec. 31, up from $94.93 million a year earlier. The consensus was for revenue of $122.08 million, according to LSEG data.
The company reported a loss of $0.42 per share, compared to an expected 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 reduced margins across the industry. A higher network hash rate and rising energy and infrastructure costs have put pressure on profitability, particularly for operators who continue to develop new capabilities.
Core has repositioned itself beyond pure self-mining and toward hosting and colocation services for high-performance computing customers, including AI workloads. CEO Adam Sullivan said the company is building on that strategy.
“We are now more than halfway through our existing builds and evolution of our colocation platform to a pipeline of 1.5 gigawatts of rental capacity,” Adam Sullivan, CEO of Core Scientific, said in a statement. “With a multi-geographic presence and proven execution, we accelerate RFS timelines across multiple locations to position the business for sustainable growth. »
As part of the plan, the company announced its expansion into Texas, adding approximately 430 megawatts of gross electrical capacity. It also increased capacity in other regions by about 300 megawatts.
CORZ shares were down 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, with $136 million from Bitcoin mining and $21.3 million from engineering.
RIOT shares were flat after hours.
