--- title: "Core Scientifc - CW27 | 10-K: FY2025 Revenue: USD 319.02 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/277524228.md" datetime: "2026-03-02T21:55:26.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277524228.md) - [en](https://longbridge.com/en/news/277524228.md) - [zh-HK](https://longbridge.com/zh-HK/news/277524228.md) generator: "portal-rs" --- # Core Scientifc - CW27 | 10-K: FY2025 Revenue: USD 319.02 M Revenue: As of FY2025, the actual value is USD 319.02 M. EPS: As of FY2025, the actual value is USD -0.88. EBIT: As of FY2025, the actual value is USD -248.87 M. #### Overall Financial Performance - Total revenue decreased to $319.0 million in 2025 from $510.7 million in 2024, primarily due to lower digital asset self-mining and hosted mining revenue, partially offset by higher colocation revenue . - The company reported an operating loss of -$245.6 million in 2025, an increase from -$142.1 million in 2024 . - Net loss was -$288.6 million in 2025, significantly improving from -$1,437.9 million in 2024 . - Adjusted EBITDA decreased to -$29.7 million in 2025 from $157.4 million in 2024 . #### Segment Revenue - **Colocation Revenue**: Increased to $65.424 million in 2025 from $24.378 million in 2024, driven by incremental billable customer power capacity and new lease operations . - **Digital Asset Self-Mining Revenue**: Decreased to $229.207 million in 2025 from $408.740 million in 2024, mainly due to lower Bitcoin production . - **Digital Asset Hosted Mining Revenue**: Decreased to $24.388 million in 2025 from $77.554 million in 2024, primarily due to a shift towards colocation operations . #### Segment Cost of Revenue - **Cost of Colocation Services**: Increased to $45.679 million in 2025 from $21.709 million in 2024, driven by incremental billable capacity . - **Cost of Digital Asset Self-Mining**: Decreased to $218.868 million in 2025 from $314.335 million in 2024, primarily due to reduced self-mining activity . - **Cost of Digital Asset Hosted Mining Services**: Decreased to $16.574 million in 2025 from $53.558 million in 2024, due to the wind-down of hosted mining arrangements . #### Segment Gross Profit and Margin - **Colocation Segment**: Gross profit was $19.745 million in 2025 (30% gross margin) compared to $2.669 million in 2024 (11% gross margin) . - **Digital Asset Self-Mining Segment**: Gross profit was $10.339 million in 2025 (5% gross margin) compared to $94.405 million in 2024 (23% gross margin) . - **Digital Asset Hosted Mining Segment**: Gross profit was $7.814 million in 2025 (32% gross margin) compared to $23.996 million in 2024 (31% gross margin) . #### Other Key Operational Metrics - **Decrease in Fair Value of Digital Assets**: $31.603 million in 2025 compared to $1.052 million in 2024, driven by higher Bitcoin holdings and price declines . - **Impairment of Property, Plant and Equipment**: $11.359 million in 2025 compared to $122.869 million in 2024, due to a lower volume of assets committed to demolition for colocation conversion . - **Colocation Organizational and Site Startup Costs**: Increased to $48.249 million in 2025 from $13.734 million in 2024, mainly due to site startup costs for facility conversion . - **Selling, General and Administrative (SG&A)**: Increased to $159.224 million in 2025 from $113.691 million in 2024, driven by higher stock-based compensation, payroll, and professional fees . - **Change in Fair Value of Warrants and Contingent Value Rights**: $33.059 million in 2025 compared to $1,369.157 million in 2024, reflecting changes in stock price . - **Interest (Income) Expense, Net**: -$3.277 million in 2025 compared to $37.070 million in 2024, due to lower interest rates on debt and increased interest income . #### Cash Flow - **Net Cash Provided by Operating Activities**: Increased to $278.3 million in 2025 from $42.9 million in 2024, primarily due to higher cash inflows from deferred revenue associated with colocation services . - **Net Cash Used in Investing Activities**: Increased to -$740.8 million in 2025 from -$95.2 million in 2024, mainly reflecting capital expenditures for colocation expansion . - **Net Cash Used in Financing Activities**: -$63.1 million in 2025 compared to net cash provided of $819.6 million in 2024, due to the absence of prior-year financing proceeds . #### Unique Metrics: Mining Equipment and Capacity - **Total Leasable Customer Power Capacity**: 920 MW as of December 31, 2025 . - **Leased Customer Power Capacity**: 590 MW as of December 31, 2025 . - **Billable Customer Power Capacity**: 120 MW as of December 31, 2025 . - **Bitcoin Mined**: 2,276 in 2025, a 65% decrease from 6,595 in 2024 . - **Self-Miners in Operation**: 135,500 units (15.7 EH/s) as of December 31, 2025, decreased from 164,000 units (19.1 EH/s) as of December 31, 2024 . - **Hosted Miners in Operation**: 15,900 units (2.2 EH/s) as of December 31, 2025, increased from 7,100 units (1.0 EH/s) as of December 31, 2024 . - **Average Price of Bitcoin**: $101,639 in 2025, a 54% increase from $65,894 in 2024 . #### Outlook / Guidance The company anticipates significant revenue from high-density colocation (HDC) in 2026 and plans to convert its entire portfolio to HDC infrastructure over the next three years . 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