Colocation Hits Two Hundred Fifteen Million and Adjusted EBITDA Triples
Core Scientific's release put total revenue at $232.9 million, up from $81.1 million a year earlier, with colocation revenue of $215.4 million versus $136.7 million in the second quarter and $15.0 million a year earlier. Billing megawatts reached 485 at quarter-end, which the company said represented more than $700 million in average annualized colocation GAAP revenue. Gross profit was $123.3 million. Adjusted EBITDA more than tripled sequentially to $133.6 million, with margins expanding to 57% from 25%.
GAAP net income was $1.178 billion, or $0.47 per diluted share, versus a $144.0 million loss a year earlier. The release said the quarter's net income was primarily driven by a non-cash change in the fair value of warrants. MarketBeat put the Street bar near a $0.07 loss and about $196.5 million of revenue, so both the diluted EPS and top-line prints cleared consensus on that read.
Warrant Marks, Capex, and a Still-Heavy Buildout Tape
Liquidity and debt-service reserve accounts stood at $1.744 billion at quarter-end, down from $2.601 billion in the second quarter, while capital expenditures were $985.1 million. CEO Adam Sullivan said the firm was nearing full delivery under its first colocation agreement while construction under a second was underway across five campuses. Digital-asset self-mining revenue fell to $12.3 million from $57.4 million a year earlier as the mix shifted toward colocation — the same AI-infrastructure pivot that has kept CORZ inside the broader chip-and-data-center volatility complex this week.
Ten Percent Through the Report, Then Calls Run Hot on Friday
Earnings Watcher put the November 5 earnings implied move near ±15.1%. Thursday's roughly 10.8% cash drop from $12.76 to $11.38 landed inside that prepaid band. Stocknear, using a Thursday close snapshot, later showed a November 13 expected move of about ±$1.71, or 15.0%, and a November 20 expected move of about ±$2.26, or 19.9%, with IV30 near 94.5%.
MarketBeat said traders bought about 143,273 CORZ call options on Friday, roughly 127% above a typical daily call volume near 62,978, while Friday cash traded near $11.95 midday before settling at $11.76. A call-heavy tape after an inside-the-band earnings gap often reflects either bounce-buying or dealers hedging short-call inventory; volume alone cannot show which side initiated. Delayed Yahoo Finance options and Cboe delayed quotes are references rather than fills. Short premium that sold a roughly 15% earnings move is still solvent versus Thursday's close, while Friday's call surge can reprice near-dated IV even without another double-digit cash gap. Our implied volatility guide covers how post-earnings IV usually behaves after an inside move, and the OCC options disclosure document explains the risks of standardized options.
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*By the OptionsPilot Editorial Team. Published November 6, 2026, 1:20 PM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
