Core Scientific restates financials for multiple periods due to improper asset capitalization, reports Q4 2025 results

Core Scientific, Inc./tx

Restatement for Non-Reliance Periods from June 30, 2024 through Sept 30, 2025 due to improper capitalization of assets committed to demolition during mining-to-HPC conversion.
Material weakness identified in internal control over financial reporting; Marcum LLP to revise opinion to adverse on 2024 internal controls.
Q4 2025 revenue $79.8M vs $94.9M Q4 2024; colocation revenue rose to $31.3M from $8.5M; self-mining revenue fell to $42.2M.
Net income $216.0M vs net loss $291.1M in Q4 2024, driven by non-cash fair value gain of $330.3M on warrant and CVR liabilities.
Capital expenditures $279.2M in Q4 2025, with $226.2M funded by CoreWeave; liquidity of $533.4M including $311.4M cash and $222.0M bitcoin.

item 2.02 item 4.02 item 7.01 item 9.01

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