Core Scientific stocks declined on Monday after reporting Q4 results below expectations. Revenue reached $79.8 million, down 16% year-over-year and below the forecast of $90.4 million. Cryptocurrency mining revenue plummeted nearly 50%, to $42.2 million.
The company reported a net profit of $216 million, mainly due to a non-cash asset revaluation gain of $330.3 million, while adjusted EBITDA showed a loss of $42.7 million. The disappointing results occurred as Bitcoin traded around $68,000, a sharp decline from the end-of-year peak, putting pressure on miners’ profits.
Core Scientific is shifting focus to AI infrastructure, expanding its colocation platform to 1.5 gigawatts. The stock fell 2.8% to $16.49 but remains up over 13% since the start of the year. Competitor Riot Platforms also missed revenue estimates and traded sideways.
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