Bitcoin mining company Core Scientific reported a first-quarter loss of $347.2 million as it kept moving its focus from crypto mining to AI infrastructure and data centre operations.
Core Scientific sold 2,385 Bitcoin, worth over $208 million, during the quarter to fund capital spending and support its move to AI operations. Revenue rose to $115.2 million, but write-downs and lower crypto mining income hurt earnings. Revenue from AI and data centre services became the company’s largest business segment, rising sharply from the previous year. Meanwhile, crypto mining revenue declined significantly as Bitcoin production fell and market prices weakened.
Core Scientific is now positioning itself as an infrastructure provider for AI companies. It recently expanded its deal with AI cloud provider CoreWeave, bringing projected contract revenue to over $10 billion through long-term agreements.
Investors are watching this shift closely, as many Bitcoin miners are now considering AI data centres as another way to make money, given higher mining costs and volatile crypto prices.
Despite the losses, Core Scientific ended the quarter with over $1 billion in liquidity, giving it more financial flexibility as it continues to expand into AI. After-hours trading followed reporting stronger-than-expected first-quarter earnings, even as the company posted its first quarterly loss in three years.
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