Shares of Core Scientific fell on Monday after the Bitcoin miner and artificial intelligence computing provider missed analysts’ expectations for the fourth quarter amid a year-end decline in crypto markets.
Core Scientific reported 4th quarter revenue of $79.8 million, down 16% from the year-ago quarter and missing Wall Street expectations of $90.4 million. Its crypto mining revenue nearly halved to $42.2 million in Q4 2024.
The company posted net income of $216 million in the quarter, boosted largely by a $330.3 million fair value gain on its non-cash assets. Its adjusted EBITDA showed a loss of $42.7 million.
The gains come as Bitcoin (BTC) trades nearly 50% below its peak of around $68,000 in early October. The cryptocurrency fell sharply late last year after reaching a peak of more than $126,000, ending 2025 at less than $88,500.
The decline has hurt the profits of bitcoin miners, who also face higher energy and computing costs as many, including Core Scientific, spend to transform AI by providing location services for high-end computers.
Core Scientific CEO Adam Sullivan said the company is “now halfway through our existing builds and expanding our shared platform to a pipeline of 1.5 gigawatts of leased capacity.”
The company added that it is expanding one of its sites in Texas to support 430 megawatts of total power capacity and has increased power capacity at other sites in Georgia and Texas by 300 megawatts.
Shares of Core Scientific (CORZ) traded down 2.8% in mid-day trading on Monday, hitting $16.49. Its stock fell to $14.69 after the bell, but recovered to finish the after-hours session. Shares of Core Scientific are up more than 13% this year.
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Riot Platforms is trading flat from Q4 earnings
Meanwhile, rival Bitcoin miner and AI computing host Riot Platforms posted fourth-quarter results on Monday, with revenue of $152.8 million, up 7% from a year earlier, but missing analysts’ expectations of $157 million.
Shares of Riot Platforms ( RIOT ) were flat on Monday, ending the day at $16.43, and were seen moving less than 1% after hours to $16.28.
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