Core Scientific Reports $580 Million Net Income Despite Q1 Revenue Slide

Despite a significant drop in revenue, Core Scientific achieved a notable net income of $580 million for the first quarter of 2025. This unexpected result is attributed to non-cash gains and operational shifts. The company reported total revenue of $79.5 million, down nearly 56% from Q1 2024, primarily driven by the Bitcoin halving event and a strategic transition towards colocation services.