Core Scientific Inc. (NASDAQ: CORZ) reported third-quarter revenue of $81.1 million, down from $95.4 million in the same period last year, according to a press release from the digital infrastructure and bitcoin mining company.

The Austin-based company posted a net loss of $146.7 million for the quarter, compared to a net loss of $455.3 million in the prior-year period. The improvement was primarily due to a smaller non-cash fair value adjustment of $74.9 million related to outstanding warrants and contingent value rights, versus $408.5 million in the third quarter of 2024.

Digital asset self-mining revenue fell to $57.4 million from $68.1 million year-over-year, driven by a 55% decrease in bitcoin mined, though this was partially offset by an 88% increase in average bitcoin price. Digital asset hosted mining revenue dropped to $8.7 million from $16.9 million as the company continues its strategic shift toward high-density colocation services.

High-density colocation revenue increased to $15.0 million from $10.3 million in the third quarter of 2024, reflecting the expansion of colocation operations. The company reported gross profit of $3.9 million compared to a gross loss of $0.2 million in the prior year.

Core Scientific spent $244.5 million on capital expenditures during the quarter, with $196.4 million funded by CoreWeave Inc. under existing colocation service agreements. The company's liquidity totaled $694.8 million, consisting of $453.4 million in cash and cash equivalents and $241.4 million in bitcoin holdings.

The company is proceeding with a planned merger with CoreWeave, announced in July 2025. Under the all-stock transaction, Core Scientific shareholders would receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share. The transaction requires approval from Core Scientific stockholders at a special meeting scheduled for October 30, 2025.

Due to the pending transaction, Core Scientific did not host an earnings conference call for the third quarter results.