Core Scientific (NASDAQ:CORZ) Issues Quarterly Earnings Results

Core Scientific (NASDAQ:CORZ) posted its quarterly earnings results on Thursday. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.54, Zacks reports. The company had revenue of $232.87 million during the quarter, compared to analyst estimates of $196.54 million.

Here are the key takeaways from Core Scientific’s conference call:

• Colocation growth sharply lifted results: Q3 colocation revenue rose nearly 60% sequentially to $215 million, while Adjusted EBITDA increased to $134 million from $41 million and the margin expanded to 57%. Management expects a double-digit sequential revenue increase in Q4 as more capacity begins billing.
• CoreWeave build-out is nearing completion: Core Scientific is billing for 485 MW of the 590 MW contracted across five campuses, with the remaining approximately 100 MW expected to come online by early 2027. The company says CoreWeave has funded most of the build-out and that contractual protections include end-customer support at certain campuses and security interests in infrastructure.
• AMD adds substantial contracted growth, though delivery remains ahead: The initial 530 MW commitment is expected to begin delivering in the first half of 2027, with roughly half coming online next year and the balance in 2028. Together, the CoreWeave and AMD contracts total about 1.1 GW; management projects $1.8 billion in average annual run-rate revenue and $1.6 billion in NOI once fully delivered and billing, while AMD also holds reservation rights for about 1.9 GW of additional capacity.
• Financing remains a key execution risk: Liquidity was approximately $1.7 billion at quarter-end, down about $1 billion sequentially after capital spending and the Polaris acquisition, and the company still needs financing for remaining AMD project costs. Management is pursuing project bonds and other debt options, does not expect to issue equity for the initial AMD build-out, and expects about $650 million from warrant exercises around January 2027.
• Development plans hinge on permits and power availability: Management says current delivery timelines are unchanged, but air permits for the Texas sites are still in process, and behind-the-meter generation plans require further partner and equipment decisions. The company also expects to finish winding down Bitcoin mining in Q4 and enter 2027 focused solely on colocation.

Core Scientific Trading Up 3.3%

Shares of CORZ stock opened at $11.76 on Friday. The stock has a market cap of $3.78 billion, a P/E ratio of -3.37 and a beta of 5.56. The stock has a 50 day simple moving average of $15.68 and a 200 day simple moving average of $19.48. Core Scientific has a 1 year low of $10.59 and a 1 year high of $30.46.

Key Stories Impacting Core Scientific

Here are the key news stories impacting Core Scientific this week:

• Positive Sentiment: Core Scientific reported Q3 2026 earnings of $0.47 per share, versus analysts’ expected loss, while revenue of $232.87 million also exceeded estimates. The results provide a fundamental catalyst for investor optimism. Core Scientific surpasses Q3 earnings and revenue estimates
• Positive Sentiment: Traders bought 143,273 CORZ call options Friday, about 127% above average volume. The surge may reflect increased bullish speculation, though options activity does not guarantee future gains.
• Neutral Sentiment: Needham cut its price target from $35 to $28 but maintained a Buy rating. The lower target tempers the outlook, while the continued Buy rating signals the analyst still sees substantial potential upside relative to the cited $11.76 price.
• Negative Sentiment: Insider Todd Duchene sold 10,000 shares for $127,800, reducing his holdings by 0.88%. The sale is a modest cautionary signal, although he retained more than 1.1 million shares. Core Scientific insider sale

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Compass Point reiterated a “buy” rating and set a $36.00 price target on shares of Core Scientific in a research report on Wednesday, July 29th. Freedom Capital raised shares of Core Scientific from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 30th. Canaccord Genuity Group reissued a “buy” rating and issued a $36.00 price objective on shares of Core Scientific in a research note on Thursday, October 15th. Wells Fargo & Company initiated coverage on Core Scientific in a research report on Thursday, September 17th. They set an “overweight” rating and a $28.00 target price on the stock. Finally, B. Riley Financial cut their target price on shares of Core Scientific from $42.00 to $31.00 and set a “buy” rating for the company in a research report on Friday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.54.

Insider Transactions at Core Scientific

In other news, Director Eric Weiss acquired 6,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $16.33 per share, for a total transaction of $97,980.00. Following the completion of the transaction, the director directly owned 265,262 shares of the company’s stock, valued at approximately $4,331,728.46. The trade was a 2.31% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd M. Duchene sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $12.78, for a total value of $127,800.00. Following the completion of the sale, the insider owned 1,123,286 shares in the company, valued at approximately $14,355,595.08. This represents a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have acquired 19,000 shares of company stock worth $342,290 and have sold 100,000 shares worth $1,628,600. Company insiders own 1.70% of the company’s stock.

About Core Scientific

Core Scientific, Inc is a digital infrastructure company that develops and operates data centers for high-performance computing. The company has historically focused on bitcoin mining, using specialized computing equipment and supporting infrastructure to validate transactions on the Bitcoin network. It also provides hosting and infrastructure services for other digital asset miners.

Core Scientific is expanding its business toward hosting high-performance computing and artificial intelligence workloads.