According to reports from Wu, Core Scientific announced its Q1 2025 financial report, with net revenue of $581 million, an increase of $370 million year-on-year, mainly due to a non-cash fair value adjustment of $622 million.
Total revenue decreased by 55.6% year-on-year to $79.525 million, including self-mining revenue of $67.179 million, hosting mining revenue of $3.773 million, and hosting income of $8.573 million.
Adjusted EBITDA was -$6.107 million, compared to $87.996 million in the same period last year. The company expects to provide 250MW of hosting capacity to CoreWeave by the end of 2025, and hosting annual revenue could reach $360 million in 2026.