Core Scientific, Inc./tx (CORZ): auditor change — 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

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.95

Core Scientific, Inc./tx reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Marcum LLP

Exact text from the filing

On February 25, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of the Company, in consultation with management, determined that the Company’s consolidated financial statements for the three and six months ended June 30, 2024, the three and nine months ended September 30, 2024, the year ended December 31, 2024, the three months ended March 31, 2025, the three and six months ended June 30, 2025, and the three and nine months ended September 30, 2025 (the “Non-Reliance Periods”) should no longer be relied upon due to the accounting errors described below.

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Core Scientific, Inc./tx filing history →

Source: SEC EDGAR

accession 0001628280-26-013214

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