Core Scientific, Inc. Tranche 2 Warrants

CORZZ

Software - Infrastructure · Technology

Price

$17.57

-0.36 (-2.01%)

Market Cap

$5.69B

Exchange

NASDAQ Global Select

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+36.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 233.3M (2021) → 318.1M (2025)

Winston Score History

The full picture

Established in 2017 and based in Dover, Delaware, Core Scientific, Inc. specializes in delivering digital asset mining services throughout North America. The company operates through two primary divisions: its own digital asset mining operations and comprehensive hosting services for other substantial bitcoin miners. Core Scientific provides robust blockchain infrastructure, which includes dedicated data center facilities and various software solutions. For its hosting clients, the company manages the entire lifecycle of their digital asset mining equipment, from initial deployment and continuous monitoring to troubleshooting, performance optimization, and regular maintenance. Additionally, it offers vital infrastructure support like electrical power and repair services, and directly sells mining hardware to customers.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+108.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Runway

~9 months

$1.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Core Scientific, Inc. Tranche 2 Warrants grew revenue 109% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

42.7%

Healthy — 42.7% gross margin

Profit after running costs

Operating Margin

-43.9%

Losing money on operations — -43.9%

Return on the money invested

ROCE

-3.8%

Weak — -3.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+26.4%

Fast-growing sales (+26.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-219.8%

Burning cash (-219.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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