Core Scientific's first-quarter net loss was $347 million, with the stock price dropping 7% after hours due to non-cash impairment expenses.

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Bitcoin mining company Core Scientific (CORZ) released its Q1 2026 financial report showing total revenue of $115.2 million for the quarter, up 45% year-over-year; gross profit of $30.1 million, significantly higher than $8.2 million in the same period last year. Among them, hosting revenue soared from $8.6 million in the same period last year to $77.5 million, while self-mining revenue declined to $30.1 million due to strategic transformation and falling cryptocurrency prices. Despite the growth in performance, the company still recorded a net loss of $347.2 million (compared to a net profit of $576.3 million in the same period last year), mainly due to $266.5 million in non-cash impairment expenses and a $30.8 million loss related to changes in warrant fair value. The company’s stock price fell 7% after hours on Wednesday.

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