Core Scientific reported a revenue decline in the fourth quarter, totaling $79.8 million compared to $94.9 million the previous year, primarily due to a drop in Bitcoin mining revenue which fell to $42.2 million. In response to shifting market demands, the company is pivoting from bitcoin mining to providing high-density colocation services, resulting in a significant increase in revenue from these services, which rose to $31.3 million from $8.5 million in 2024. CEO Adam Sullivan noted that the company is expanding its colocation platform to a 1.5 gigawatt pipeline of leasable capacity, positioning it for sustainable growth. Despite the mixed results, Core Scientific maintains a commercial relationship with CoreWeave following a rejected $9 billion merger proposal last October.
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