Core Scientific posted a 45% year-over-year revenue increase to $115 million in the first quarter of 2026, powered by its push into AI data centers. But the company also reported a net loss of $347 million, which it attributed to hefty non-cash charges.
Revenue Boost from AI Data Centers
Revenue hit $115 million, up from roughly $79 million a year earlier. The growth came almost entirely from expansion of its AI-focused data center business. The company has been shifting resources toward high-performance computing infrastructure for artificial intelligence workloads, a move that is now showing up on the top line.
Non-Cash Charges Drive Net Loss
The $347 million net loss stands in stark contrast to the revenue jump. Core Scientific said the red ink came from significant non-cash charges. Those charges — often tied to asset write-downs, impairment or stock-based compensation — don't affect cash flow but can hammer reported earnings. The company did not provide a breakdown of the specific items behind the charge.
Next Steps for Core Scientific
The big question hanging over the results is how the company plans to manage its balance sheet going forward. With a steep loss on the books and capital demands from its AI expansion, investors will be watching for the next quarterly filing — due in August — for cash-flow details and any update on financing plans.
