Core Scientific, Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights & Context

  • Core Scientific continues execution on colocation agreements, billing 485 MW (up from 120 MW at start of 2026) across five campuses with CoreWeave; remaining ~100 MW in commissioning, expected to drive additional revenue in coming months.
  • Secured initial 530 MW contract with AMD (plus 1.9 GW reservation rights); total contracted capacity ~1.1 GW between CoreWeave and AMD, expected to generate $1.8B average annual run-rate revenue and $1.6B NOI once fully delivered.
  • Exit from Bitcoin mining nearly complete (nearly 50% fewer miners online vs. year-end 2025); expect to enter 2027 as pure-play high-density colocation provider.
  • Regulatory outlook unchanged post-midterm elections; sites in Texas, Georgia, Oklahoma, and Alabama positioned with secured power, permits, and local relationships. No expected impact on existing operations or near-term delivery timelines.

Financial Performance (Q3 2026 vs. Q2 2026)

  • GAAP colocation revenue: $215 million, up nearly 60% sequentially from Q2 2026.
  • Adjusted EBITDA: $134 million (57% margin), more than tripled from $41 million (25% margin) in Q2 2026.
  • Expect double-digit sequential revenue increase in Q4 2026 as additional MW come online and prior deliveries contribute full-quarter revenue.
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Operator: Greetings, and welcome to the Core Scientific Fiscal Third Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Jon Charbonneau, Senior Vice President, Investor Relations. Please go ahead. Jon Charbonneau: Good morning, and welcome to Core Scientific's Third Quarter 2026 Earnings Call. Before we begin, statements made on this call other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations. Words such as anticipates, estimates, expects, intends, and believes, and similar expressions identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ substantially. For more information, please review the risk factors discussed in the company's reports on Forms 10-Q and 8-K filed today with the SEC, along with the press release and slide presentation included in those filings. Our forward-looking statements speak only as of today. We undertake no obligation to update them to reflect subsequent events or circumstances. Today's presentation is available on our websi
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