Core Scientific revenue doubles in Q2 as AI colocation expansion accelerates
Core Scientific reported strong second-quarter revenue growth as AI colocation became its largest business, though a non-cash accounting charge resulted in a $1.15 billion net loss.
Digital infrastructure company Core Scientific more than doubled its second-quarter revenue as rapid growth in its artificial intelligence and high-performance computing (HPC) colocation business continued to reshape its earnings profile following its pivot beyond Bitcoin mining.
The company reported Tuesday that Q2 revenue increased to $164.2 million, up from $78.6 million a year earlier. Colocation revenue accounted for $136.7 million of the total, compared with just $10.6 million in the same period last year, while gross profit increased to $70 million from $5 million.
Despite the revenue surge, Core Scientific reported a net loss of $1.15 billion, driven primarily by a non-cash accounting charge related to the rising value of outstanding warrants as its share price increased.