Core Scientifc - CW29 | 10-Q: FY2025 Q2 Revenue: USD 78.63 M
I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2025 Q2, the actual value is USD 78.63 M.
EPS: As of FY2025 Q2, the actual value is USD -0.04.
EBIT: As of FY2025 Q2, the actual value is USD -26.28 M.
Digital Asset Self-Mining Segment
- Revenue: $62.4 million for Q2 2025, down from $110.7 million in Q2 2024.
- Cost of Revenue: $59.6 million for Q2 2025, down from $80.0 million in Q2 2024.
- Gross Profit: $2.8 million for Q2 2025, down from $30.7 million in Q2 2024.
- Gross Margin: 5% for Q2 2025, down from 28% in Q2 2024.
Digital Asset Hosted Mining Segment
- Revenue: $5.6 million for Q2 2025, down from $24.8 million in Q2 2024.
- Cost of Revenue: $4.6 million for Q2 2025, down from $17.4 million in Q2 2024.
- Gross Profit: $1.1 million for Q2 2025, down from $7.4 million in Q2 2024.
- Gross Margin: 19% for Q2 2025, down from 30% in Q2 2024.
Colocation Segment
- Revenue: $10.6 million for Q2 2025, up from $5.5 million in Q2 2024.
- Cost of Revenue: $9.4 million for Q2 2025, up from $4.9 million in Q2 2024.
- Gross Profit: $1.1 million for Q2 2025, up from $0.6 million in Q2 2024.
- Gross Margin: 11% for Q2 2025, consistent with 11% in Q2 2024.
Consolidated Results
- Total Revenue: $78.6 million for Q2 2025, down from $141.1 million in Q2 2024.
- Total Cost of Revenue: $73.6 million for Q2 2025, down from $102.3 million in Q2 2024.
- Gross Profit: $5.0 million for Q2 2025, down from $38.8 million in Q2 2024.
- Gross Margin: 6% for Q2 2025, down from 28% in Q2 2024.
Future Outlook and Strategy
- Core Business Focus: The company is transitioning from bitcoin mining to high-density colocation services for HPC workloads, including artificial intelligence-related applications. This strategic shift aims to provide more stable and predictable revenue streams.
- Non-Core Business: The company will continue to mine digital assets profitably until additional high-density colocation service opportunities are identified.
- Priority: The company is focused on expanding its high-density colocation customer base and increasing available infrastructure to support HPC customers.