尽管收入下降，但核心科学发布了5.8亿美元的净收入$ 5.8亿美元

核心科学（NASDAQ：CORZ）周三报告了第1季度财务业绩，净收入为5.807亿美元

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）报告说，2025年第一季度净收入为5.807亿美元，这是巨大的期望。这在很大程度上是由与保证负债相关的大量非现金增益所驱动的。

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

但是，该公司的收益报告还显示，收入和持续运营损失急剧下降。

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.

该公司报告的总收入为7,950万美元，同比下降44％，四分之一季度下降了近92％。这一短缺可以归因于比特币减半以及向托管服务的战略转变。

Key Developments and Strategic Highlights

关键发展和战略重点

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.

该公司有望在2026年在年底上提供250兆瓦的可账单能力，以逐年结束，可能会赚取3.6亿美元的年度化托管收入。

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.

它预计在5月底之前将在其登顿设施提供8MW的容量，到本季度末额外上线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.

核心科学以7.786亿美元的现金，现金同等资产和数字资产结束了该季度，支持有机和无机增长机会。

Shift to Colocation Hits Mining Revenue

转移到托管点筹集采矿收入

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.

数字资产自矿收入收入急剧下降到6720万美元，低于上一年季度的1.5亿美元，造成9％的毛利率。下降源于BTC开采的75％下降，这部分被平均BTC价格上涨了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.

托管采矿收入降至380万美元，毛利润为170万美元（46％的利润率），受运营枢轴的影响，远离托管。

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%.

托管收入总计860万美元，毛利率不高。不包括直接通行费用，非GAAP毛利率为8％。

Non-Cash Gains Drive Net Income Surge

非现金获益推动净收入激增

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.

净收入从去年同期的2.107亿美元飙升，这主要是由于与认股权证和或有价值权利负债相关的6.215亿美元的商标到市场收益。这一收益是由公司股价下跌所推动的。

Core Scientific also benefited from:

核心科学也受益于：

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

利息费用下降了1630万美元，这取决于较低的利率

A $7.9 million increase in money market returns

货币市场收益增加了790万美元

These gains were partially offset by:

这些收益被部分抵消：

A $99.8 million drop in total revenue

总收入下降了9980万美元

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

1.114亿美元与重组相关的成本（第1季度2025年无反复出现）

Adjusted EBITDA Turns Negative

调整后的EBITDA变为负

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.

本季度调整后的EBITDA为$（61）百万美元，而一年前为8,800万美元。下降反映了收入疲软，运营费用较高以及采矿业务的盈利能力降低。

CEO: ‘Inflection Point for Our Business’

首席执行官：“我们业务的拐点”

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.

首席执行官亚当·沙利文（Adam Sullivan）称这四分之一是转折点，强调了该公司在基础设施项目上的加速执行及其在下一代数据中心基础设施中的日益增长的作用。

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

沙利文说：“我们不仅在扩大能力；我们正在为下一个数据中心基础设施时代奠定基础。”