AI Takeaway
CORZ reported a sharp revenue decline of 37.5% to $319.0M in FY2025, with gross margin compressing to 11.9% and an operating loss widening to -$245.6M, though net loss improved significantly to -$288.6M versus -$1.44B in the prior year, while total liabilities surged to $3.31B against deeply negative stockholders' equity of -$962.7M.
Revenue
$319.02M
-37.53% YoY
EPS (Basic)
$-0.88
++81.93% YoY
Gross Margin
11.9%
-11.83% YoY
Operating Income
$-245.59M
-72.87% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue fell 37.5% year-over-year from $510.7M to $319.0M, likely reflecting the impact of the April 2024 Bitcoin halving event which cut block rewards in half, compressing mining economics across the industry.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Gross margin collapsed from 23.7% to 11.9%, with gross profit falling 68.7% to $37.9M, as cost of revenue declined only 27.8% despite a 37.5% revenue drop — indicating that fixed infrastructure costs remain a significant burden relative to mining revenues.
Source: Source: 10-K Income Statement (XBRL Financial Data)
SG&A expenses rose sharply from $113.7M to $159.2M (+40.0%), widening the operating loss to -$245.6M from -$142.1M, suggesting the company continued to invest in corporate infrastructure and growth initiatives even as top-line revenues contracted.
Source: Source: 10-K Income Statement (XBRL Financial Data)
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Upgrade to unlockCORZ carries stockholders' equity of -$962.7M against total liabilities of $3.31B, meaning liabilities exceed assets by nearly $1B. Current liabilities surged 480.7% to $781.4M, creating near-term liquidity pressure. This balance sheet structure raises serious concerns about the company's long-term financial viability.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
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Upgrade to unlockReported EPS of $0.42 versus the $-0.09 analyst consensus — a +587.8% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $319.02M | $510.67M | -37.53% |
Cost of Revenue | $281.12M | $389.6M | -27.84% |
Gross Profit | $37.9M | $121.07M | -68.70% |
Operating Income | $-245.59M | $-142.06M | -72.87% |
Net Income | $-288.62M | $-1.44B | +79.93% |
EPS (Basic) | $-0.88 | $-4.87 | +81.93% |
EPS (Diluted) | $-0.88 | $-4.87 | +81.93% |
SG&A Expense | $159.22M | $113.69M | +40.05% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $2.35B | $1.48B | +59.06% |
Current Assets | $895.54M | $903.96M | -0.93% |
Total Liabilities | $3.31B | $2.42B | +36.85% |
Current Liabilities | $781.4M | $134.56M | +480.70% |
Stockholders' Equity | $-962.74M | $-943.05M | -2.09% |
Cash & Equivalents | $311.38M | $836.2M | -62.76% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $278.25M | $42.9M | +548.66% |
Investing Cash Flow | $-740.75M | $-95.19M | -678.16% |
Financing Cash Flow | $-63.1M | $819.57M | -107.70% |
D&A | $68.91M | $113.2M | -39.13% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Gross Margin | 11.9% | 23.7% | -11.83% |
Operating Margin | -77.0% | -27.8% | -49.16% |
Net Margin | -90.5% | — | — |
ROE | 30.0% | — | — |
ROA | -12.3% | — | — |
Current Ratio | $1.146 | — | — |
Debt to Equity | $-3.439 | — | — |
CORZ reported FY2025 revenue of $319.0M, down 37.5% year-over-year, with a net loss of -$288.6M that was significantly better than the prior year's -$1.44B loss. Gross margin compressed to 11.9% from 23.7%, and the operating loss widened to -$245.6M, while operating cash flow improved strongly to $278.3M. The results reflect the challenging post-halving Bitcoin mining environment combined with heavy capital investment.
CORZ's revenue fell 37.5% to $319.0M in FY2025 from $510.7M in the prior year, likely driven by the April 2024 Bitcoin halving which cut block rewards by 50% and significantly reduced mining revenues. Despite the revenue drop, cost of revenue only declined 27.8%, causing gross profit to collapse 68.7% to $37.9M.
Based on the financial data, CORZ shows multiple going concern indicators: stockholders' equity is deeply negative at -$962.7M, total liabilities are $3.31B, current liabilities surged 480.7% to $781.4M, and cash fell 62.8% to $311.4M. While the actual auditor's going concern opinion is not available in the provided filing text, these metrics collectively suggest significant financial stress that auditors would likely flag.
CORZ's net loss improved to -$288.6M from -$1.44B (+79.9% improvement) even as operating losses widened, which typically indicates the prior year included large non-cash charges such as asset impairments, debt restructuring losses, or goodwill write-downs that did not recur in FY2025. The operating loss actually worsened to -$245.6M from -$142.1M, so the improvement in net income is likely attributable to below-the-line items rather than operational improvement.
CORZ's financial health in FY2025 is under significant stress: the company has negative stockholders' equity of -$962.7M, a current ratio of just 1.15, and cash reserves that fell 62.8% to $311.4M after $740.8M in capital expenditures. On the positive side, operating cash flow improved strongly to $278.3M, suggesting the business can generate cash from operations, but the heavy debt load and widening operating losses represent material financial risks.