Core Scientific (NASDAQ: CORZ) has released its Q3 2025 financials, and the miner reported a year-over-year decline to total revenue despite a near 50% uptick in AI revenue.
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Core Scientific generated $81.1 million revenue in Q3, a 15% haircut from the $95.4 million it drew in the same quarter last year. For the rest, Core Scientific earned $3.9 million in gross profit versus a $0.2 million loss in Q3 2024, recorded a net loss of $146.7 million ($455.3 million loss in Q3 2024), and reported -$2.4 million in adjusted EBITDA versus $10.1 million in Q3 last year.
The revenue hit comes from Core Scientific’s bitcoin mining business (both self-mining and hosting), which generated $66.1 million over the quarter from versus $85 million in Q3 2024 (-22% YoY), despite the fact that hashprice (a metric for measuring bitcoin mining revenue) was higher in Q3 2025 than Q3 2024.
Core Scientific mined less bitcoin last quarter because it is diverting its power resources away from bitcoin mining to AI and HPC. For instance, Core Scientific’s reduced its own bitcoin mining operations by 20% from 20.4 exahashes per second (EH/s) to 16.3 EH/s over the last year (for reference, the entire Bitcoin mining network currently produces 1,103 EH/s). Core Scientific also reduced its bitcoin mining hosting services operations by 27% over the same period from 3 EH/s to 2.2 EH/s.
With these megawatts freed up, Core Scientific is deploying GPUs for AI compute instead of bitcoin miners to provide HPC colocation services for CoreWeave. CoreScientific earned $15 million from its AI business line in Q3 2025, compared to $10.3 million in the same period in 2024 (+45%). Per the company’s Q3 2025 10-Q, Core Scientific plans to have 250 MW online for CoreWeave’s AI colocation by the end of the year.
The bump in revenue is notable, because this AI business line’s revenue potential is one of the main complaints against CoreWeave’s proposed all-stock acquisition of its business partner CoreScientific. Proposed in July, CoreWeave offered to purchase Core Scientific in an all-stock deal that valued the company at $9 billion at the time, with each CORZ share worth 1/8th a CRWV share per the deal.
Some investors have criticized the deal, saying it undervalues the company and amounts to a “golden parachute” for Core Scientific management. One of Core Scientific’s largest active shareholder, Two Seas Capital, is urging investors to vote “No” on the deal come the October 30, 2025 shareholder vote.
Core Scientific closed Friday up 7.1% on the day but down 0.44% on the week.
