secwatch.observer — SEC 8-K summary
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Issuer:     Core Scientific, Inc./tx (CORZ)
CIK:        0001839341
Form:       8-K
Filed at:   2026-03-02T23:59:59+00:00
Accession:  0001628280-26-013214
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 4.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1839341/000162828026013214/0001628280-26-013214-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1839341/000162828026013214/core-20260302.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-013214

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