Core Scientific, Inc. (CORZ) experienced a significant 24-hour plunge of 8.24% in post-market trading on Wednesday. The sharp decline followed the release of the company's first-quarter fiscal 2026 financial results.

The company reported a quarterly loss that significantly missed analyst expectations. According to earnings reports, Core Scientific posted a loss of $1.06 per diluted share, far worse than the FactSet consensus estimate of a $0.06 loss. On an adjusted basis, the company reported a loss of $0.10 per share, missing the estimate of $0.07. This resulted in a net loss of $347.2 million for the quarter, which included $266.5 million in non-cash impairment charges, representing a sharp swing from profitability in the year-ago period.

While the company's revenue of $115.2 million beat expectations and showed a 44.9% year-over-year increase driven by growth in its colocation business, the substantial earnings miss and large net loss reversed earlier positive sentiment. The stock had rallied during regular trading hours after Jefferies raised its price target, but the disappointing results triggered a complete reversal in after-hours trading. Additional negative pressure came from regulatory filings showing insider stock sales by the company's Chief Legal Officer just days before the earnings release.