Core Scientific, Inc./tx
For the period ended Mar 31, 2026. Filed May 6, 2026.
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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.
Mar 31, 2026 · Filed May 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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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 | March 31, 2026 | December 31, 2025 | |
|---|---|---|---|
| Assets: | |||
| Operating lease right-of-use assets | Operating lease right-of-use assets | $105,986 | $108,484 |
| Finance lease right-of-use assets | Other noncurrent assets | $1,748 | $1,843 |
| Liabilities: | |||
| Operating lease liabilities, current portion | Other current liabilities | $12,873 | $12,343 |
| Operating lease liabilities, net of current portion | Other noncurrent liabilities | $86,181 | $89,011 |
| Finance lease liabilities, current portion | Other current liabilities | $— | $— |
| Finance lease liabilities, net of current portion | Other noncurrent liabilities | $860 | $844 |
The components of lease expense were as follows (in thousands):
| Three Months Ended March 31, | |||
|---|---|---|---|
| Financial statement line item | 2026 | 2025 | |
| Operating lease expense | Cost of colocation services | $3,786 | $3,407 |
| Operating lease expense | Cost of digital asset self-mining | 102 | 85 |
| Operating lease expense | Cost of digital asset hosted mining services | 12 | 5 |
| Operating lease expense | Selling, general and administrative | 163 | 1,207 |
| Short-term lease expense | Cost of digital asset self-mining | 142 | 286 |
| Variable lease expense | Cost of colocation services | 385 | 269 |
| Finance lease expense: | |||
| Amortization of right-of-use assets | Cost of digital asset self-mining | 95 | 226 |
| Interest on lease liabilities | Interest expense, net | 16 | 49 |
| Total finance lease expense | 111 | 275 | |
| Total lease expense | $4,701 | $5,534 | |
Information relating to the lease term and discount rate is as follows:
| March 31, 2026 | March 31, 2025 | |
|---|---|---|
| Weighted Average Remaining Lease Term (Years) | ||
| Operating leases | 7.3 | 8.3 |
| Finance leases | 4.7 | 0.5 |
| Weighted Average Discount Rate | ||
| Operating leases | 8.5% | 8.5% |
| Finance leases | 7.4% | 12.6% |
Information relating to lease payments is as follows (in thousands):
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Lease Payments | ||
| Operating cash flows from operating leases | $5,058 | $3,052 |
| Operating cash flows from finance leases | $5 | $40 |
| Financing cash flows from finance leases | $1,095 | $509 |
| Supplemental Noncash Information | ||
| Operating lease right-of-use assets obtained in exchange for lease obligations | $1,988 | $— |
| Decrease in operating right-of-use assets due to lease modification | $— | $(593) |
| Decrease in operating right-of-use assets due to termination | $(1,318) | $— |
The Company’s minimum payments under noncancelable operating and finance leases having terms in excess ofone year are as
follows at March 31, 2026, and thereafter(in thousands):
| Operating Leases · Finance Leases | ||
|---|---|---|
| Remaining 2026 | $15,418 | $— |
| 2027 | 20,926 | — |
| 2028 | 21,215 | 257 |
| 2029 | 20,938 | 440 |
| 2030 | 21,079 | 403 |
| Thereafter | 33,239 | — |
| Total lease payments | 132,815 | 1,100 |
| Less: imputed interest | 33,761 | 240 |
| Total | $99,054 | $860 |
Lessor Accounting
We generate revenue by leasing property to a customer under licensing agreements. The manner in which the Company
recognizes these transactions in its financial statements is described in Note 2 — Summary of Significant Accounting Policies,
Revenue Recognition — Colocation Segment.
The components of lease revenue were as follows (in thousands):
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Lease Revenue | ||
| Operating lease revenue | $59,196 | $5,995 |
| Variable lease revenue | 10,219 | 2,578 |
| Total lease revenue | $69,415 | $8,573 |
The following table represents the maturity analysis of operating lease payments expected to be received at March 31, 2026,
and thereafter(in thousands):
| Operating Leases1 | |
|---|---|
| Remaining 2026 | $111,933 |
| 2027 | 153,848 |
| 2028 | 231,487 |
| 2029 | 302,930 |
| 2030 | 313,402 |
| Thereafter | 2,277,488 |
| Total | $3,391,088 |
1 Operating lease payments expected to be received exclude$5.8 billion in total future noncancellable operating lease payments expected to be received for operating
leases that have not yet commenced as of March 31, 2026, 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.