Core Scientific, Inc./tx
For the period ended Sep 30, 2025. Filed Oct 24, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 24, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
5 — Leases
- LEASES
Lessee Accounting
The components of operating and finance leases are presented on the Company’s Condensed Consolidated Balance Sheets as follows (in thousands):
| Financial statement line item | September 30, 2025 | December 31, 2024 | |
|---|---|---|---|
| Assets: | |||
| Operating lease right-of-use assets | Operating lease right-of-use assets | $107,784 | 114,472 |
| Finance lease right-of-use assets | Property, plant and equipment, net | $— | 5,873 |
| Liabilities: | |||
| Operating lease liabilities, current portion | Other current liabilities | $11,353 | 9,974 |
| Operating lease liabilities, net of current portion | Other noncurrent liabilities | $90,869 | 97,843 |
| Finance lease liabilities, current portion | Other current liabilities | $— | 1,669 |
The components of lease expense were as follows (in thousands):
| Three Months Ended September 30, | |||
|---|---|---|---|
| Financial statement line item | 2025 | 2024 | |
| Operating lease expense | Cost of Colocation services | $3,412 | $4,833 |
| Operating lease expense | Cost of digital asset self-mining | 79 | 106 |
| Operating lease expense | Cost of digital asset hosted mining services | 11 | 22 |
| Operating lease expense | Selling, general and administrative expenses | 1,297 | (1,133) |
| Short-term lease expense | Cost of digital asset self-mining | 318 | 68 |
| Variable lease expense | Cost of Colocation services | 304 | — |
| Finance lease expense: | |||
| Amortization of right-of-use assets | Cost of digital asset self-mining | 101 | 231 |
| Interest on lease liabilities | Interest expense, net | 11 | 91 |
| Total finance lease expense | 112 | 322 | |
| Total lease expense | $5,533 | $4,218 | |
| Nine Months Ended September 30, | |||
|---|---|---|---|
| Financial statement line item | 2025 | 2024 | |
| Operating lease expense | Cost of Colocation services | $10,221 | $7,930 |
| Operating lease expense | Cost of digital asset self-mining | 240 | 302 |
| Operating lease expense | Cost of digital asset hosted mining services | 25 | 78 |
| Operating lease expense | Selling, general and administrative expenses | 3,722 | 1,025 |
| Short-term lease expense | Cost of digital asset self-mining | 943 | 262 |
| Variable lease expense | Cost of Colocation services | 877 | — |
| Finance lease expense: | |||
| Amortization of right-of-use assets | Cost of digital asset self-mining | 497 | 880 |
| Interest on lease liabilities | Interest expense, net | 90 | 1,132 |
| Total finance lease expense | 587 | 2,012 | |
| Total lease expense | $16,615 | $11,609 | |
Information relating to the lease term and discount rate is as follows:
| September 30, 2025 | September 30, 2024 | |
|---|---|---|
| Weighted Average Remaining Lease Term (Years) | ||
| Operating leases | 7.8 | 6.9 |
| Finance leases | 0.0 | 1.0 |
| Weighted Average Discount Rate | ||
| Operating leases | 8.5% | 9.3% |
| Finance leases | —% | 12.5% |
Information relating to lease payments is as follows (in thousands):
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Lease Payments | ||
| Operating cash flows from operating leases | $12,512 | $5,414 |
| Operating cash flows from finance leases | $82 | $1,819 |
| Financing cash flows from finance leases | $1,672 | $5,328 |
| Supplemental Noncash Information | ||
| Operating lease right-of-use assets obtained in exchange for lease obligations | $2,154 | $70,690 |
| Decrease in operating right-of-use assets due to lease modification | $(593) | $— |
The Company’s minimum payments under noncancelable operating leases having initial terms and bargain renewal periods in excess of one year are as follows at September 30, 2025, and thereafter (in thousands):
| Operating Leases | |
|---|---|
| Remaining 2025 | $4,750 |
| 2026 | 19,631 |
| 2027 | 20,064 |
| 2028 | 20,405 |
| 2029 | 20,754 |
| Thereafter | 54,318 |
| Total lease payments | 139,922 |
| Less: imputed interest | 37,700 |
| Total | $102,222 |
Lessor Accounting
We generate revenue by leasing property to a customer under licensing agreements. The manner in which we recognize these transactions in our financial statements is described in Note 2 — Summary of Significant Accounting Policies, Revenue Recognition — Colocation Revenue.
The components of lease revenue were as follows (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Lease Revenue | ||||
| Operating lease revenue | $9,848 | $7,806 | $22,853 | $11,625 |
| Variable lease revenue | 5,103 | 2,532 | 11,231 | 4,232 |
| Total lease revenue | $14,951 | $10,338 | $34,084 | $15,857 |
The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received at September 30, 2025, and thereafter (in thousands):
| Operating Leases(1) | |
|---|---|
| Remaining 2025 | $10,203 |
| 2026 | 38,520 |
| 2027 | 39,748 |
| 2028 | 54,614 |
| 2029 | 58,476 |
| Thereafter | 317,899 |
| Total | $519,460 |
(1) Operating lease payments expected to be received excludes $9.55 billion in total future noncancellable minimum lease payments for operating leases that have not yet commenced at September 30, 2025, which have initial lease terms of 12 years from commencement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.