Core Scientific, Inc./tx 8-K

What Happened

• On March 2, 2026 Core Scientific, Inc. (CORZ) issued a press release reporting its financial results for the fourth quarter ended December 31, 2025 and furnished that release as Exhibit 99.1 to the 8‑K.
• The Company’s Audit Committee determined on February 25, 2026 that consolidated financial statements for multiple prior periods should no longer be relied upon due to accounting errors. Affected periods include: three and six months ended June 30, 2024; three and nine months ended September 30, 2024; year ended December 31, 2024; three months ended March 31, 2025; three and six months ended June 30, 2025; and three and nine months ended September 30, 2025.
• The error: property, plant and equipment (PP&E) was overstated because assets committed to demolition (as facilities were converted from digital asset mining to high‑performance computing colocation) were improperly capitalized instead of being written down and charged to impairment in the periods the demolition commitment was made.

Key Details

• The company is filing amended reports: an amended Form 10‑K for the year ended Dec 31, 2024 and amended Form 10‑Q filings for the quarterly periods ended Mar 31, 2025, Jun 30, 2025 and Sep 30, 2025 to correct the errors. (The company does not intend to amend its previously filed 10‑Qs for Jun 30, 2024 and Sep 30, 2024.)
• Management identified a material weakness in internal control over financial reporting tied to inadequate controls and insufficient trained personnel to account for intended demolition and related impairment. Management concluded controls and disclosure controls were not effective as of Dec 31, 2024 and Dec 31, 2025 and during the interim non‑reliance periods in 2025.
• Marcum LLP (auditor for fiscal 2024) will revise and reissue its internal control report to an adverse opinion for 2024; KPMG LLP is the Company’s auditor for fiscal 2025.
• The company is developing a remediation plan and will disclose remediation efforts in the amended reports.

Why It Matters

• For investors: prior reported financial results and communications that cover the affected periods should not be relied on — instead rely on the forthcoming amended 10‑K and 10‑Qs and any future filings. The restatement could change previously reported asset balances, impairments, and related financial metrics.
• The identified material weakness and a reissued adverse auditor opinion may affect investor confidence and could lead to additional scrutiny from auditors, creditors or regulators until remediation is complete. The company has signaled it is addressing the issue and will report progress in its amended filings.