Core Scientific’s Q3 2025 revenue fell to $81.1 million as it shifted focus from Bitcoin mining

Core Scientific has reported a decline in third-quarter revenue as the US-based digital infrastructure provider transitions away from Bitcoin mining and toward high-density colocation (HDC) services, while its pending $9 billion all-stock acquisition by CoreWeave continues to hang in the ￰0￱ Nasdaq-listed company saw its total revenue for the fiscal third quarter of 2025 fall to $81.1 million, down from $95.4 million a year earlier. A 55% decline in Bitcoin mined led to digital asset self-mining revenue dipping from $68.1 million to $57.4 million. However, the impact of the decline was partially offset by an 88% rise in the average Bitcoin ￰1￱ mining revenue plummeted to $8.7 million from $16.9 million, reflecting what the company described as a “continued strategic shift” toward its expanding high-density colocation ￰2￱ revenue up despite total revenue decline Revenue from high-density colocation, formerly known as high-performance computing (HPC) hosting, rose to $15 million from $10.3 million a year ago, which may be considered a small win as the company’s pivot toward artificial intelligence–focused ￰3￱ Scientific reported gross profit of $3.9 million from a loss of $0.2 million, while net loss dropped to $146.7 million from $455.3 million in the same quarter last ￰4￱ attributed the relatively smaller loss to a lower non-cash fair value adjustment of $74.9 million, down from $408.5 million a year ago, and this is related to warrant and contingent value right ￰5￱ EBITDA turned negative at $2.4 million, compared with $10.1 million a year ￰6￱ was reportedly weighed down by increased operating expenses and lower ￰7￱ expenditures (capex) totaled $244.5 million, and $196.4 million of the capex was funded by CoreWeave under existing colocation ￰8￱ company ended the quarter with $694.8 million in liquidity, comprising $453.4 million in cash and equivalents and $241.4 million in Bitcoin.

A transition toward high-density colocation Once one of North America’s largest Bitcoin miners, Core Scientific has been steadily repurposing its vast data center footprint to serve AI workloads and enterprise ￰9￱ third-quarter uptick in HDC revenue highlights early traction in this direction, though it still represents a small fraction of total ￰10￱ mining yields shrinking and energy costs rising, companies like Core Scientific are rebranding themselves as partners to the artificial intelligence boom, leveraging their access to power and data center ￰11￱ company stated that it plans to “rapidly increase revenue derived from high-density colocation” and convert most of its remaining mining facilities to support AI-related ￰12￱ uncertainty grows ahead of shareholder vote CoreWeave announced in July that it had reached an agreement with Core Scientific to acquire it in an all-stock transaction valuing the miner at roughly $9 ￰13￱ merger is expected to help CoreWeave, whose business reportedly accounts for 76% of Core Scientific’s revenue, expand its AI infrastructure footprint.

However, the deal has faced growing resistance. A proxy advisory firm recently recommended that investors vote against the acquisition, as it reportedly stated that Core Scientific could sustain the “considerable success” it has so far achieved as a standalone ￰14￱ large shareholders have also voiced opposition to the acquisition, and one of them is Core Scientific’s third-largest shareholder, Gullane ￰15￱ founder, Trip Miller, reportedly said , “Under the math of the deal today, I would have to vote no.” Another investor, Two Seas Capital, also said it would be voting against the ￰16￱ fate of the acquisition now lies on the results of the upcoming shareholders’ meeting scheduled for October 30, as the investors are expected to cast their votes ￰17￱ smartest crypto minds already read our ￰18￱ in?

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