Core Scientific Stock Earnings Reports

Core Scientific reported strong execution and significant capital progress in Q1 2026. Operationally the company is billing for ~243 MW (which the company says equates to >$350M of annualized colocation GAAP revenue) and expects to deliver >450 billable MW by the end of the summer and the full 590 MW contracted to CoreWeave by early 2027. Management is accelerating development by investing ahead of signed leases—securing land, labor and long‑lead equipment—to achieve RFS timelines in the 12–14 month window that customers require. Key development sites include Pecos (scaling toward 1.5 GW), Muskogee (path to ~1.5 GW gross / ~1 GW leasable, aided by the Polaris acquisition), Hunt County, Dalton Phase III and Auburn. Commercial momentum: exclusivity on Pecos and Muskogee expired but multiple hyperscalers (three cited) immediately re-engaged; demand from hyperscalers, chip makers, AI labs and neo-clouds has increased. Financially, Core closed a $3.3B CoreWeave project bond at a 7.75% coupon (net proceeds ~ $2.9B after costs and reserves) with a lockbox structure; management plans roughly $2B of capex in 2026 (including ~$700M for Hunt County and Polaris) to enable ~1 GW of new billable capacity for delivery starting early 2027. The company increased its target cash gross profit margin for the CoreWeave contract to 80–85% (from 75–80%). Bitcoin mining activity will continue to wind down through the year and is being run to offset power costs; most BTC holdings were monetized earlier this year. SG&A (cash) was ~ $30M in Q1 and is considered a baseline going forward. Power strategy: management is actively pursuing behind‑the‑meter and grid solutions (lead time ~12–14 months) and expects blended customer power costs comparable to grid rates. Key risks remain execution, permitting (air quality for behind‑the‑meter), negotiating large deals/exclusivity timing, and forward‑looking assumptions.