Restatement of PP&E accounting for site conversions
Company: Core Scientific
The claim, verbatim
Upon transition to KPMG, Core Scientific identified an error where demolition costs and carrying values from mining-to-colocation conversions since 2024 were capitalized rather than expensed; amended filings were submitted to the SEC with no impact on revenue, adjusted EBITDA or cash.
Source (primary)
Fourth Quarter Fiscal Year 2025 Earnings Presentation (IR page (investors.corescientific.com), ir_presentation)
View cached copy (2026-10-16)Live source ↗Archive.org ↗
Quote: “we identified an accounting error related to the treatment of certain Property, Plant and Equipment (PP&E) associated with legacy mining-to-colocation site conversions going back to 2024”
How we checked this
Checked on October 17, 2026. The cited source supports every part of this claim.
The restatement overview slide establishes each element of the claim.
Confirmed in the source:
- The error was identified in connection with Core Scientific's transition to KPMG as independent auditor
- Demolition costs and existing carrying values tied to mining-to-colocation conversions going back to 2024 were capitalized rather than expensed
- Amended filings were submitted to the SEC
- The correction had no impact on revenue, adjusted EBITDA or net cash flow
What we did: Read our cached copy of IR page (investors.corescientific.com) (https://d1io3yog0oux5.cloudfront.net/_b76ddaa46c59e7a64138659274ff5f32/corescientific/db/1066/11266/pdf/Q4+FY25+earnings+deck+vfinal.2+PDF.pdf) in full (13,731 characters, retrieved October 16, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Fourth Quarter Fiscal Year 2025 Earnings Presentation
Quote: “we identified an accounting error related to the treatment of certain Property, Plant and Equipment (PP&E) associated with legacy mining-to-colocation site conversions going back to 2024”