Shares of Bitcoin miner turned AI factory Core Scientific (NASDAQ: CORZ) fell 9% following the company’s earnings call, held Wednesday evening.
The firm announced Q1 2026 revenue of $115.24 million and an adjusted earnings per share of negative $1.06. The company has been shifting its business from mining cryptocurrency for its own account toward high-density colocation (HDC) tied to AI/HPC workloads.
The results fell short of Wall Street expectations. Analysts had projected revenue of $117.04 million and adjusted EPS of negative $0.02, according to MarketBeat. That put adjusted EPS $1.04 below the estimate.
Investors were likely expecting a new tenant signing at one of CORZ many sites, just as competitor Hut 8 (NASDAQ: HUT) announced Wednesday.
In more bullish news, Core Scientific announced the extension of is Oklahoma site with an additional 440 MW under development. Shares shot up in pre-market hours 7%, before giving back value in post-market hours. Shares of CORZ are now trading hands at $22.33 as of publishing time.
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