儘管收入下降，但核心科學發布了5.8億美元的淨收入$ 5.8億美元

核心科學（NASDAQ：CORZ）週三報告了第1季度財務業績，淨收入為5.807億美元

Core Scientific (NYSE:CORZ) reported first-quarter 2025 net income of $580.7 million, smashing expectations. This was largely driven by a substantial non-cash gain tied to warrant liabilities.

Core Scientific（NYSE：CORZ）報告說，2025年第一季度淨收入為5.807億美元，這是巨大的期望。這在很大程度上是由與保證負債相關的大量非現金增益所驅動的。

However, the company's earnings report also revealed a sharp drop in revenue and continued operating losses.

但是，該公司的收益報告還顯示，收入和持續運營損失急劇下降。

The company reported total revenue of $79.5 million, down 44% year-over-year and nearly 92% quarter-over-quarter. This shortfall can be attributed to the Bitcoin halving and a strategic shift toward colocation services.

該公司報告的總收入為7,950萬美元，同比下降44％，四分之一季度下降了近92％。這一短缺可以歸因於比特幣減半以及向託管服務的戰略轉變。

Key Developments and Strategic Highlights

關鍵發展和戰略重點

The company is on track to deliver 250MW of billable capacity to CoreWeave by year-end, potentially driving $360 million in annualized colocation revenue in 2026.

該公司有望在2026年在年底上提供250兆瓦的可賬單能力，以逐年結束，可能會賺取3.6億美元的年度化託管收入。

It expects to deliver 8MW of capacity at its Denton facility by the end of May, with an additional 40MW coming online by the end of the current quarter.

它預計在5月底之前將在其登頓設施提供8MW的容量，到本季度末額外上線40兆瓦。

Core Scientific ended the quarter with $778.6 million in cash, cash equivalents, and digital assets, supporting both organic and inorganic growth opportunities.

核心科學以7.786億美元的現金，現金同等資產和數字資產結束了該季度，支持有機和無機增長機會。

Shift to Colocation Hits Mining Revenue

轉移到託管點籌集採礦收入

Digital asset self-mining revenue fell sharply to $67.2 million, down from $150 million in the prior year's quarter, resulting in a 9% gross margin. The decline stems from a 75% drop in BTC mined, which was partially offset by a 74% increase in average BTC price and lower power costs.

數字資產自礦收入收入急劇下降到6720萬美元，低於上一年季度的1.5億美元，造成9％的毛利率。下降源於BTC開采的75％下降，這部分被平均BTC價格上漲了74％和功率成本下降74％。

Hosted mining revenue declined to $3.8 million, with gross profit of $1.7 million (46% margin), affected by the operational pivot away from hosting.

託管採礦收入降至380萬美元，毛利潤為170萬美元（46％的利潤率），受運營樞軸的影響，遠離託管。

Colocation revenue totaled $8.6 million, with a modest 5% gross margin. Excluding direct power pass-through costs, non-GAAP gross margin stood at 8%.

託管收入總計860萬美元，毛利率不高。不包括直接通行費用，非GAAP毛利率為8％。

Non-Cash Gains Drive Net Income Surge

非現金獲益推動淨收入激增

The net income soared from $210.7 million in the year-ago quarter, mainly due to a $621.5 million mark-to-market gain related to warrant and contingent value right liabilities. This gain was driven by a decline in the company's share price.

淨收入從去年同期的2.107億美元飆升，這主要是由於與認股權證和或有價值權利負債相關的6.215億美元的商標到市場收益。這一收益是由公司股價下跌所推動的。

Core Scientific also benefited from:

核心科學也受益於：

A $16.3 million drop in interest expense, helped by lower rates

利息費用下降了1630萬美元，這取決於較低的利率

A $7.9 million increase in money market returns

貨幣市場收益增加了790萬美元

These gains were partially offset by:

這些收益被部分抵消：

A $99.8 million drop in total revenue

總收入下降了9980萬美元

$111.4 million in reorganization-related costs (none recurring in Q1 2025)

1.114億美元與重組相關的成本（第1季度2025年無反復出現）

Adjusted EBITDA Turns Negative

調整後的EBITDA變為負

Adjusted EBITDA for the quarter was $(6.1) million, compared to $88.0 million a year ago. The decline reflects weaker revenue, higher operating expenses, and reduced profitability in mining operations.

本季度調整後的EBITDA為$（61）百萬美元，而一年前為8,800萬美元。下降反映了收入疲軟，運營費用較高以及採礦業務的盈利能力降低。

CEO: ‘Inflection Point for Our Business’

首席執行官：“我們業務的拐點”

CEO Adam Sullivan called the quarter a turning point, highlighting the company's accelerated execution on infrastructure projects and its growing role in next-gen data center infrastructure.

首席執行官亞當·沙利文（Adam Sullivan）稱這四分之一是轉折點，強調了該公司在基礎設施項目上的加速執行及其在下一代數據中心基礎設施中的日益增長的作用。

"We are not just expanding capacity; we are shaping the foundation for the next era of data center infrastructure," said Sullivan.

沙利文說：“我們不僅在擴大能力；我們正在為下一個數據中心基礎設施時代奠定基礎。”