Core Scientific, Inc./tx (CORZ) · Nov 5, 2026 · Earnings

Core Scientific earnings beat as AI colocation revenue surges

Beat — Total revenue $232.9M vs ~$196.9M consensus

Core Scientific earnings beat revenue expectations as AI colocation ramps, EBITDA expands and billing capacity reaches 485 MW—while heavy buildout spending drains liquidity.

Core Scientific entered this quarter in the middle of a business pivot: moving from bitcoin mining toward AI-focused high-density colocation, with CoreWeave already contracted and AMD-backed capacity being built out. Its prior quarter had already established the direction and the AMD reservation, so the new information is execution speed rather than strategy.

Metric	Q3 2026	Q2 2026	Consensus
Billing MW (Financial Highlights)	485 (+22.8%)	395
Colocation revenue (Financial Highlights)	$215.4M (+57.6%)	$136.7M
Total revenue (Financial Highlights)	$232.9M (+41.8%)	$164.2M	~$196.9M
Adjusted EBITDA (Adjusted EBITDA reconciliation)	$133.6M (+225.0%)	$41.1M
Liquidity and DSRA (Financial Highlights)	$1,744.2M (-32.9%)	$2,601.1M

The AI colocation transition is now producing real operating leverage. Billing capacity rose to 485 MW from 395 MW, while colocation revenue climbed to $215.4 million and colocation gross margin reached 60%, up from 59% in Q2 and 26% a year earlier. The quarter’s $232.9 million of total revenue exceeded the published consensus of roughly $196.9 million, making this a genuine earnings beat rather than merely a favorable presentation. The filing says, “Adjusted EBITDA more than tripled sequentially to $133.6 million, with margins expanding to 57%, up from 25%.”

The headline net income is not the business result. Core Scientific reported $1.2 billion of net income, but that figure was driven mainly by a $1.03 billion non-cash gain from revaluing warrants; diluted EPS was only $0.47 because of the warrant-related share impact. The more meaningful signal is operating income of $72.4 million and adjusted EBITDA of $133.6 million, which show that the colocation ramp—not accounting volatility—is doing the work. The company explicitly said net income benefited from “a non-cash gain in the change in fair value of warrants.”

Execution is improving, but the buildout remains cash-intensive. Capital expenditures reached $985.1 million in the quarter, cash and restricted cash fell from $2.60 billion at June 30 to $1.74 billion at September 30, and total liabilities remained above total assets, leaving stockholders’ deficit at $1.09 billion. That does not negate the operating beat, but it means the business is still converting contracted demand into infrastructure through a heavy financing and construction cycle rather than harvesting mature free cash flow.

The next leg is delivery, not demand proof. The company says it is nearing completion of the first CoreWeave agreement while construction on the second is underway; its presentation shows roughly 485 MW already billing against approximately 590 MW leased to CoreWeave. The AMD program’s first deliveries are expected in the first half of 2027, so the next test is whether construction converts the large contracted backlog into additional billable capacity on schedule. The filing says, “We are nearing full delivery under our first colocation agreement while construction under our second is underway across five campuses.” 〔0〕

Bottom line: This is a clear operating beat that validates Core Scientific’s AI-colocation pivot and shows rapidly improving margins. The business is advancing, but heavy construction spending and leverage still make the transition capital-hungry rather than fully self-funding.

What to watch next

AMD initial deliveries beginning in 1H 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Core Scientific earnings beat as AI colocation revenue surges

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