Core Scientific Q3 revenue rises as AI colocation capacity scales
Core Scientific reported $232.9 million of third-quarter revenue, with colocation revenue up nearly 60% sequentially to $215.4 million as billed capacity reached 485 megawatts.
Core Scientific reported $232.9 million in third-quarter 2026 revenue, up from $164.2 million in the second quarter and $81.1 million a year earlier. The data-center operator said colocation revenue rose nearly 60% sequentially to $215.4 million as it continued delivering capacity for high-density computing workloads.
Billing covered 485 megawatts at September 30, compared with 395 megawatts at June 30, representing more than $700 million in average annualized colocation GAAP revenue. Core Scientific said it was nearing full delivery under its first colocation agreement, while construction on a second agreement was underway across five campuses.
Adjusted EBITDA more than tripled sequentially to $133.6 million from $41.1 million, lifting the margin to 57% from 25%. Gross profit rose to $123.3 million from $70.0 million. Net income was $1.178 billion, compared with a $1.155 billion net loss in the second quarter, primarily reflecting changes in the fair value of warrants rather than operating performance.
Capital expenditures increased to $985.1 million from $797.5 million as the company continued building infrastructure. Liquidity and debt-service reserve accounts totaled $1.744 billion at quarter-end, down from $2.601 billion at June 30. Management said contracted capacity still to be delivered supports its next phase of growth, while the release noted that execution remains subject to construction, power, financing and other risks.
Total revenue
$232.9M
↑ +42% q/q
Colocation revenue
$215.4M
↑ +57.6% q/q
Billed capacity
485 MW
↑ +90 MW q/q
Sources
Quarterly revenue, Core Scientific, Inc./tx
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113M | $142M | $179M | $141M | $95.4M | $94.9M | $79.5M | $78.6M | $81.1M | $79.8M | $115M | $164M |
| Revenue growth | — | — | — | — | −15.5% | −33.1% | −55.6% | −44.3% | −14.9% | −16.0% | 44.9% | 108.8% |
| Gross margin | 13.7% | 27.7% | 43.3% | 27.5% | −0.2% | 5.0% | 10.3% | 6.4% | 4.8% | 26.0% | 26.1% | 42.7% |
| Operating margin | −10.7% | 2.8% | 30.8% | −64.3% | −43.2% | −68.9% | −59.1% | −33.4% | −67.6% | −147.3% | −269.4% | −47.8% |
| Net income | −$41.1M | −$196M | $211M | −$902M | −$455M | −$291M | $576M | −$937M | −$144M | $216M | −$347M | −$1.2B |
| Diluted EPS | −$0.11 | −$0.52 | $0.78 | −$5.05 | −$1.17 | −$0.69 | $1.24 | −$0.04 | −$0.45 | −$1.63 | −$1.06 | −$3.32 |
| Cash from operations | $5.4M | $21.7M | $22.2M | $1.2M | $5.7M | $13.8M | −$45.0M | $34.0M | $132M | $158M | $250M | −$18.9M |
| Capital expenditure | $2.7M | $11.6M | $31.9M | $3.1M | $31.2M | $28.8M | $84.0M | $121M | $244M | $279M | $389M | $565M |
| Free cash flow | $2.7M | $10.1M | −$9.7M | −$1.9M | −$25.5M | −$15.0M | −$129M | −$87.3M | −$113M | −$122M | −$139M | −$584M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Core Scientific, Inc./tx.
