Core Scientific swings to $1.2 billion Q3 profit: Can CORZ sustain recent gains?

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Core Scientific jumps 3.72% to $11.87

Highlights

Core Scientific posted third-quarter 2026 revenue of $232.9 million and a net income jump to $1.2 billion, mainly from a non-cash warrant gain.
The company achieved 60% sequential growth in colocation revenue to $215 million as billing capacity reached 485 MW with a recent 90 MW expansion.
Shares of Core Scientific trade below key moving averages with strong bearish momentum, and the expected 2 to 3 day range is $10.24 to $13.5.

Warrant-driven profit surge reshapes outlook as business pivots away from mining

Core Scientific reported third-quarter 2026 revenue of $232.9 million and a net income swing to $1.2 billion, primarily driven by a non-cash warrant gain, according to Gurufocus. This headline profit improvement lifts near-term sentiment, even as non-recurring effects account for most of the gains. Operationally, the company delivered nearly 60% sequential growth in colocation revenue to $215 million with billing capacity reaching 485 MW after a 90 MW expansion, as reported by Finance Biggo, signaling substantial progress in its core operations. The announcement of a planned exit from Bitcoin mining and a shift toward a pure-play AI data center and high-density colocation business, according to Benzinga, represents a significant pivot expected to impact revenue composition and investor perceptions moving forward.

Bearish momentum continues amid resistance levels and neutral oscillators

On the technical front, CORZ is trading below the MA-20 ($12.39) and MA-50 ($13.19) on the hourly chart, and remains under the long-term MA-200 ($19.54) on the daily timeframe. The Ichimoku Kijun sets immediate resistance at $12.43. Both MACD and ADX continue to give Sell signals, confirming sustained bearish momentum. RSI, Stoch RSI, and CCI are all in neutral terrain, indicating neither overbought nor oversold conditions at present. Bull/Bear Power prints negative at -0.28, reflecting intraday seller dominance, while the Awesome Oscillator remains neutral. Recent gains have occurred against this backdrop of bearish momentum and neutral oscillators, with notable divergence between the price move and momentum indicators.

Low breakout odds as consolidation and downside risk dominate forecast

Looking ahead over the next two to three trading days, CORZ is expected to fluctuate within a range of $10.24 to $13.5, a volatility band relative to current levels. The probability of an upward breakout is considered very low, while further downside is highly likely. The baseline scenario is for price to consolidate within this corridor; a bullish move above resistance could push the price toward the upper end of the range, while a break below support may lead to losses extending toward the lower boundary.

Viktoras Karapetjanc, analyst at Traders Union, sees fresh revenue growth and strategic repositioning as major positives for Core Scientific. He notes the ongoing transformation away from Bitcoin mining toward AI colocation, which could reshape earnings quality over time. Technical levels still show a bearish bias, but stronger fundamentals may soon improve sentiment. In his view, the near-term setup favors consolidation, yet the underlying pivot creates new structural upside. "If Core Scientific executes on its AI data center strategy, I believe it is well positioned to capture significant future value despite recent technical weakness."

Earlier, analysts noted that Core Scientific is undergoing a strategic transition away from Bitcoin mining toward a pure-play high-density AI data center and colocation model. This latest operational and technical update strengthens the case for sustained volatility in CORZ, with a close watch warranted on potential breaks outside the $10.24 to $13.5 range in the coming sessions.

Source of Data: CORZ Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.