Core Scientific's $13.9 million in AI revenue includes $3.5 million in electricity costs

Core Scientific reported Q2 AI and high-performance computing (HPC) colocation revenue of $136.7 million (approximately 182.4 billion won), with $35.1 million (about 46.8 billion won) of that being pass-through power costs billed to customers at no margin, according to its SEC filing. The company recorded both the power costs and matching expense in revenue and cost of sales, so gross profit for the colocation segment was $80.0 million (about 106.7 billion won), yielding a 59% gross margin. This marks dramatic year-over-year growth from $10.6 million in revenue and an 11% gross margin in the year-ago quarter, underscoring Core Scientific's rapid pivot from bitcoin mining toward AI/HPC hosting contracts. The filing clarifies that gross profit excludes interest, operating expenses, taxes, and capital expenditures, so net income and cash flow figures will differ. Investors should watch upcoming quarterly disclosures for the split between pass-through power revenue and contracted colocation services revenue, as well as progress on new AI/HPC customer agreements and data center buildout capacity.