Core Scientific shares tumble 7% after-hours as $347M net loss overshadows strong revenue growth!

Core Scientific posted $115.2 million in total revenue for Q1 2026, up from $79.5 million a year ago, but the headline number was buried by a $347.2 million net loss — a sharp reversal from the $576.3 million net income it recorded in Q1 2025. Shares fell 7% in after-hours trading on May 6 and remained down 6.25% in pre-market Thursday.

The loss was largely non-cash: $266.5 million in impairment charges and a $30.8 million hit from fair-value changes on warrants and contingent value rights. Self-mining revenue collapsed to $30.1 million from $67.2 million a year ago, driven by a 45% drop in bitcoin mined as the company deliberately pivots toward colocation — which surged to $77.5 million from just $8.6 million in Q1 2025.

The after-hours drop came despite a strong regular session — CORZ gained 11% to close at $24.63 after Core announced a $421 million deal to acquire Oklahoma-based…