Nasdaq-listed Bitcoin mining firm Core Scientific Inc. posted a net profit of $580 million with its first quarter results, but missed analyst revenue estimates after a drop in its mining profits.
Core Scientific’s Q1 2025 results, shared on May 7, saw it more than double its $210 million net income from the year-ago quarter, while its total revenue reached $79.5 million, missing Zacks analysts’ estimates by 8.11%, and falling from its $179.3 million in revenues for Q1 2024.
The firm’s primary source of revenue came from $67.2 million in self-mining revenue, $3.8 million in hosted mining revenue, and $8.6 million in colocation, formerly listed as high-performance computing (HPC) hosting.
Source: Core Scientific
Core Scientific said its drop in Bitcoin (BTC) mined and revenue was due to the halving on