Core Scientific reports Q4 2025 results and restates prior financials

Key points

Q4 2025 total revenue of $79.8 million, gross profit of $20.8 million and net income of $216.0 million
Q4 2025 adjusted EBITDA of $(42.7) million; capital expenditures of $279.2 million, of which $226.2 million funded by CoreWeave
Restatement announced: 2024-2025 financial statements should no longer be relied upon due to improper capitalization of assets committed to demolition; restated Q4 2024 net loss is $291.1 million and restated 2024 total assets $1,475.9 million; no impact on revenue, adjusted EBITDA or cash flows
Material weakness in internal control identified; amended 10-K and 10-Qs filed concurrently
New Hunt County, Texas site expected to support ~430 MW gross power, plus ~300 MW added across Dalton, Georgia and Pecos, Texas

Site	Status	Active	In build	Theoretical
PecosPecos, TX Power expansion alongside Dalton (~300MW combined added); part of 377MW AMD lease tranche	Under construction	—	—	—
HuntHunt County, TX New top-market site announced Q4 2025 earnings; ERCOT interconnection ramp schedule approved; part of 377MW AMD lease tranche (with Pecos, Muskogee)	Under construction	0 MW	—	430 MWgross