Q2 2022 gross profit decline

Company: Core Scientific

This claim was withdrawn on September 26, 2026. The source puts Q1 2022 gross profit at $70.0 million, so the $24.5 million baseline cannot be Q1 2022, and it attributes the overall decline mainly to 'a $18.9 million decrease in gross profit in the hosting and equipment segment' (power costs and bitcoin price are cited only for the mining segment's gross margin), so the claim's comparison period and stated drivers are both wrong even though the.

How this was decided: Evidence review against the cited source. The claim is preserved below exactly as it was originally published, so the record shows what was asserted as well as what became of it.

Subject kind: guidance
Statement date: 2022-08-11
Promised amount: 12700000.0 USD
Current status: withdrawn

The claim, verbatim

Core Scientific reported Q2 2022 gross profit of $12.7 million, down 48% from Q1 2022, driven by higher power costs and lower bitcoin prices.

Source (primary)

Core Scientific, Inc. — Entry #1842: Adversary case 22-03345 (RECAP (purchased via PACER), court_filing)
View cached copy (2026-09-26)Live source ↗

Quote: “Gross profit of $12.7 million decreased by $11.8 million, or 48%, from $24.5 million. The decrease in gross margin for the mining segment was driven by higher miner depreciation as well as higher power costs and lower average price per bitcoin mined.”

How we checked this

Checked on September 28, 2026. The cited source supports part of this claim, but not all of it.

The complaint confirms the $12.7 million Q2 2022 gross profit and the 48% decline from $24.5 million. It does not support a comparison to Q1 2022, and it attributes the overall decline mainly to the hosting segment rather than to power costs and bitcoin prices.

Confirmed in the source:

Core Scientific reported second-quarter 2022 gross profit of $12.7 million
Gross profit decreased by $11.8 million, or 48%, from $24.5 million
Higher power costs and a lower average price per bitcoin mined, along with higher miner depreciation, drove a decline in the mining segment's gross margin

We could not confirm this from the cited source:

That the 48% decline was measured against Q1 2022 (the same document reports Q1 2022 gross profit of $70.0 million, so the $24.5 million baseline is not Q1 2022)
That the overall gross profit decline was driven by higher power costs and lower bitcoin prices (the release attributes it primarily to an $18.9 million drop in hosting and equipment segment gross profit, partly offset by higher mining segment gross profit)

That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.

What we did: Read our cached copy of RECAP (purchased via PACER) (https://storage.courtlistener.com/recap/gov.uscourts.txsb.460090/gov.uscourts.txsb.460090.1842.0.pdf) in full (60,424 characters, retrieved September 26, 2026) and checked each assertion in the claim against it.

Additional evidence

confirms Core Scientific, Inc. — Entry #1842: Adversary case 22-03345

View cached copy (2026-09-26)Live source ↗

Record of changes

September 26, 2026 — stated

Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.

September 26, 2026 — withdrawn

Evidence review against the cited source. The source puts Q1 2022 gross profit at $70.0 million, so the $24.5 million baseline cannot be Q1 2022, and it attributes the overall decline mainly to 'a $18.9 million decrease in gross profit in the hosting and equipment segment' (power costs and bitcoin price are cited only for the mining segment's gross margin), so the claim's comparison period and stated drivers are both wrong even though the.