Core Scientific, Inc. (CORZ) Earnings
Core Scientific, Inc. is expected to report next earnings on October 23, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. CORZ has beaten EPS estimates in 3 of its last 9 reported quarters (average surprise -1529.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $-0.06 | $-3.32 | -5201.8% | $164M | +16.4% |
| May 6, 2026 | $-0.02 | $-0.10 | -400.0% | $115M | -1.5% |
| Oct 24, 2025 | $-0.07 | $-0.46 | -558.9% | $81M | -27.6% |
| Aug 8, 2025 | $-0.07 | $-0.04 | +42.9% | $79M | -29.4% |
| May 7, 2025 | $-0.12 | $-0.10 | +16.7% | $80M | -6.6% |
| Feb 26, 2025 | $-0.10 | $-0.01 | +90.0% | $95M | -2.2% |
| Mar 12, 2024 | $-0.03 | $-0.20 | -566.7% | $142M | +4.1% |
| Dec 4, 2023 | — | $-0.11 | — | $113M | — |
| Aug 4, 2023 | — | $-0.02 | — | $127M | — |
| May 12, 2023 | — | $-0.03 | — | $121M | — |
| Nov 28, 2022 | $-0.17 | $-1.23 | -623.5% | $163M | — |
| Aug 11, 2022 | $-0.03 | $-2.65 | -7671.3% | $164M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Strategic Partnership Announcement - Announced a 15-year strategic commercial partnership with AMD for up to 2.5 gigawatts of total data center capacity, with an initial commitment of 530 megawatts across five sites. - The initial agreement has $14 billion of base contracted revenue with 2.5% annual escalators. 380 megawatts are under a triple net lease for AMD directly, and 150 megawatts support Neocloud under a modified gross lease with full 15-year credit support from AMD, with no equity step-in rights to protect Core Scientific's equity. - AMD holds an exclusive reservation right for up to an additional 2 gigawatts of capacity across Core Scientific's campuses, positioning the company for long-term growth alongside AMD. Core Scientific issued a warrant to AMD at current market prices as part of the partnership. - Post-announcement, Core Scientific has 1.1 gigawatts of total contracted billable capacity, representing over $24 billion of total base contracted revenue, with improved customer diversification in the AI infrastructure space. ### Operational Execution Milestones - The company reached 437 megawatts of operational billable capacity for CoreWeave ahead of schedule; the final 150 megawatts of the CoreWeave build-out (Dalton Phase II) remains on track for completion in early 2027. - For the AMD build-out: Pecos (lead site) is on track for initial delivery in H1 2027, with vertical construction underway and major equipment arriving. All other AMD sites are progressing through design and pre-construction, with full ramped completion targeted for the end of 2028. - Core Scientific disclosed a full all-in build cost of $11 million to $12 million per megawatt, which covers all costs from site development through customer-ready commissioning, including construction labor, critical infrastructure equipment, design, permitting, and utility interconnection. ### Strategic Direction - The company's repeatable growth strategy is: secure power early, invest with discipline, deliver capacity at scale, and expand successful long-term customer relationships. - After converting existing capacity from Bitcoin mining to AI co-location over the past year, Core Scientific will now expand its power portfolio via selective acquisition of powered land and new site development. It has a new pipeline of over 2 gigawatts of potential incremental capacity, with initial capacity available from 2028 to 2030. - The company prioritizes disciplined, risk-adjusted returns and will only enter high-value, long-term strategic partnerships, prioritizing execution quality over one-off transactions.
Guidance
- The 530 megawatt initial AMD build is projected to require ~$6 billion of total capital at $11 million to $12 million per megawatt, which will be financed via project-level bonds, consistent with the CoreWeave financing structure. The company ended Q2 2026 with $1.8 billion of liquidity to support the build. - Core Scientific expects a meaningful sequential increase in GAAP co-location revenue in Q3 2026, as additional CoreWeave capacity comes online. Quarterly cash SG&A has a baseline in the low $30 million range, with some variability possible for targeted growth investments. - The company is prepared to invest up to $1 billion of corporate capital to advance 500 megawatts of pre-demand build for future capacity, to secure long-lead equipment and speed up ready-for-service timelines. - Initial AMD capacity delivery will begin in H1 2027, with half of the initial 530 megawatts delivered in 2027 and the remaining half delivered in 2028. The company's 2028 target for total annual capacity delivery is ~600 megawatts, with the flexibility to scale higher if demand allows. - The new 2+ gigawatt site pipeline will deliver initial capacity between late 2028 and 2030, aligned with the company's construction schedule and long-term AMD expansion opportunities.
Segment performance
Core Scientific operates two core business segments: high-density AI co-location and legacy Bitcoin mining. For Q2 2026: 1. AI Co-location: GAAP revenue reached $137 million, a large sequential increase driven by reaching 437 megawatts of billable capacity (nearly 200 megawatts more than the end of Q1 2026, ahead of schedule). This segment now accounts for nearly all of the company's contracted revenue base, representing 100% of the company's core growth focus. 2. Bitcoin Mining: The segment is in active wind-down to offset contractual power costs. The company ended Q2 2026 with 30% fewer miners online than the end of Q1, and only operates self-mining at two sites. Mining activity is expected to continue declining through the remainder of 2026, and it contributes a negligible share of current core revenue.
Risks & headwinds
- Labor market constraints: Skilled electrical and mechanical construction labor is scarce in key U.S. markets, with high saturation driving up labor costs and potentially impacting delivery timelines. - Supply chain and long-lead equipment risks: Equipment manufacturing capacity and delivery timelines can create schedule delays for behind-the-meter generation and core data center infrastructure. - Financing market volatility: Broad interest rate increases and investor digestion of AI-related infrastructure debt have pushed market rates higher, though management notes strong investor appetite for investment-grade secured project debt like the AMD-backed bonds. - Grid interconnection timing uncertainty: Additional on-grid power capacity at Pecos faces uncertain timing, requiring greater reliance on behind-the-meter solutions for near-term expansion. - Behind-the-meter development risks: Lateral natural gas pipeline construction and generation equipment delivery are the main critical path risks for additional behind-the-meter capacity expansion with AMD.
Analyst Q&A
Q: What is the timeline for AMD's 2 gigawatt exclusive expansion reservation, and does AMD provide credit support for the Neocloud lease? /
A: The expansion is an exclusive reservation agreement, but the timing of AMD exercising the option depends on AMD's own capacity demand growth. The agreement pairs reservation timelines with Core Scientific's ability to deliver incremental capacity across Pecos, Muskogee, and Hunt. AMD provides full 15-year credit support for the Neocloud lease, with no equity step-in rights, which protects Core Scientific's equity investment in the projects.
Q: What was the strategic rationale for committing such a large capacity share to a single customer, and how confident is management in delivering the initial AMD capacity on time? /
A: Management views this as a unique, one-of-a-kind partnership with a high-growth, creditworthy leader in the AI ecosystem. Core Scientific's proven execution track record delivering the CoreWeave contract made this large deal possible. Management notes that equipment is already secured, contractors are on site across all five campuses, and vertical construction is already well advanced at the lead Pecos site, putting the company in a strong position to meet delivery timelines.
Q: For the new 2 gigawatt future site pipeline, what is the development strategy, and how will the AMD projects be financed? /
A: The new pipeline follows the same pre-demand development strategy that allowed Core Scientific to secure the AMD deal: the company will selectively invest capital to bring new sites to pad-ready status with substations in place, ahead of customer contracts, with sites at varying stages of due diligence. All AMD projects will follow the same project bond SPV structure used for the CoreWeave contract; both direct AMD leases and credit-supported Neocloud leases fit the established structure, with similar credit support for debt.
Q: What is the current demand environment for AI data center capacity, and what should we expect for deal activity over the next six months? /
A: Management states that on-the-ground demand from hyperscalers and AI labs remains very strong, contrasting with weaker media headlines. A large backlog of GPUs has been delivered but has not yet been deployed in data centers, and new large-scale GPU contracts are still being signed that require capacity. Core Scientific expects continued large deal announcements through the end of 2026, as tight supply of available ready-to-occupy capacity drives ongoing leasing activity.