Core Scientific announced its financial results for the first quarter of 2026. The company reported selling a total of 2,385 Bitcoin during the period, generating approximately $208.3 million in revenue. However, the company also reported a net loss of $347.2 million for the same period.
A significant portion of the losses consisted of $266.5 million in impairment expenses for mining equipment and related assets. The company stated that these steps were taken to finance the transformation process towards AI data center operations.
Core Scientific also announced that it has completed the issuance of $3.3 billion in secured bonds with an interest rate of 7.75 percent to support data center investments and restructure approximately $1 billion in term loans.
Artificial intelligence infrastructure has been at the heart of the company’s recent growth strategy. In particular, the long-term agreement with CoreWeave, which increases capacity to 590 megawatts, is expected to generate approximately $10.2 billion in revenue over the next 12 years.
In the first quarter, revenue from high-density AI hosting services reached $77.5 million, while revenue from traditional Bitcoin mining operations remained at $30.1 million. This allowed the company’s AI data center business to surpass its mining operations in terms of revenue.
Core Scientific reportedly currently operates 10 data centers with a total power capacity of approximately 1.9 gigawatts. The company’s total liquidity, including cash and Bitcoin, was approximately $1.04 billion as of the end of the quarter.
*This is not investment advice.