CORZCore Scientific, Inc./tx

Finance Services

Revenue: $319M; 38% YoY
Operating margin: -77.0%; 177% YoY
EBITDA: −$177M; 512% YoY
Market cap: $4.2B
Employees: 325; $982K revenue each
Net debt / EBITDA: —; $286M net debt
AI in 10-K: 6.6; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
31% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
64% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$982K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.6 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
5 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$544M	$640M	$502M	$511M	$319M	38%
Operating income	$131M	−$2.1B	$9M	−$142M	−$246M	73%
Net income	$47M	−$2.1B	−$246M	−$1.4B	−$289M	80%
Operating cash flow	−$57M	$205M	$65M	$43M	$278M	549%
Capex	$0	$384M	$16M	$95M	$729M	668%
Stock-based comp	$39M	$183M	$59M	$52M	$98M	89%
Buybacks	—	$32M	$0	$0	—

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 26, 2025	DEFM14A	CoreWeave, Inc.	$5.75	27.2%
Jan 3, 2022	DEFM14A	Power & Digital Infrastructure Acquisition Corp.	$10.00	100%

13D filers

Filed	Filer	Form	Stake	Intent
Aug 4, 2026	Situational Awareness LP	SCHEDULE 13D/A	4.4%	Passive
Apr 23, 2026	Two Seas Capital LP	SCHEDULE 13D/A	4.4%	Passive
Apr 16, 2026	Two Seas Capital LP	SCHEDULE 13D/A	5.7%	Passive
Mar 20, 2026	Two Seas Capital LP	SCHEDULE 13D/A	5.5%	Passive
Mar 4, 2026	Two Seas Capital LP	SCHEDULE 13D/A	5.9%	Active
Feb 19, 2026	Two Seas Capital LP	SCHEDULE 13D/A	6.7%	Active
Jan 20, 2026	Two Seas Capital LP	SCHEDULE 13D/A	7.2%	Passive
Dec 18, 2025	Two Seas Capital LP	SCHEDULE 13D/A	8.1%	Active
Dec 1, 2025	Two Seas Capital LP	SCHEDULE 13D/A	7.9%	Passive
Nov 17, 2025	Two Seas Capital LP	SCHEDULE 13D/A	8.0%	Passive

Insider trading

Open-market buys, 12 mo: $552K · 5
Open-market sells, 12 mo: $6M · 49
Net: −$6M

Pay vs performance

No pay-versus-performance disclosure yet.