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Side-by-side financial comparison of Core Scientific, Inc. (CORZ) and Energy Recovery, Inc. (ERII). Click either name above to swap in a different company.
Core Scientific, Inc. is the larger business by last-quarter revenue ($79.8M vs $66.9M, roughly 1.2× Energy Recovery, Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs 40.2%, a 228.2% gap on every dollar of revenue. On growth, Energy Recovery, Inc. posted the faster year-over-year revenue change (-0.3% vs -16.0%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-450.8M). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs -33.3%).
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
CORZ vs ERII — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.8M | $66.9M |
| Net Profit | $214.2M | $26.9M |
| Gross Margin | 26.0% | 67.2% |
| Operating Margin | -149.5% | 46.8% |
| Net Margin | 268.5% | 40.2% |
| Revenue YoY | -16.0% | -0.3% |
| Net Profit YoY | 180.6% | 14.7% |
| EPS (diluted) | $-1.63 | $0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $79.8M | $66.9M | ||
| Q3 25 | $81.1M | $32.0M | ||
| Q2 25 | $78.6M | $28.1M | ||
| Q1 25 | $79.5M | — | ||
| Q4 24 | $94.9M | $67.1M | ||
| Q3 24 | $95.4M | $38.6M | ||
| Q2 24 | $141.1M | $27.2M | ||
| Q1 24 | $179.3M | $12.1M |
| Q4 25 | $214.2M | $26.9M | ||
| Q3 25 | $-144.0M | $3.9M | ||
| Q2 25 | $-936.8M | $2.1M | ||
| Q1 25 | $576.3M | — | ||
| Q4 24 | $-265.5M | $23.5M | ||
| Q3 24 | $-455.3M | $8.5M | ||
| Q2 24 | $-902.2M | $-642.0K | ||
| Q1 24 | $210.7M | $-8.3M |
| Q4 25 | 26.0% | 67.2% | ||
| Q3 25 | 4.8% | 64.2% | ||
| Q2 25 | 6.4% | 64.0% | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 5.0% | 70.2% | ||
| Q3 24 | -0.2% | 65.1% | ||
| Q2 24 | 27.5% | 64.6% | ||
| Q1 24 | 43.3% | 59.0% |
| Q4 25 | -149.5% | 46.8% | ||
| Q3 25 | -67.6% | 11.4% | ||
| Q2 25 | -33.4% | 5.3% | ||
| Q1 25 | -59.1% | — | ||
| Q4 24 | -41.9% | 38.2% | ||
| Q3 24 | -43.2% | 18.3% | ||
| Q2 24 | -64.3% | -7.4% | ||
| Q1 24 | 30.8% | -90.4% |
| Q4 25 | 268.5% | 40.2% | ||
| Q3 25 | -177.6% | 12.1% | ||
| Q2 25 | -1191.4% | 7.3% | ||
| Q1 25 | 724.6% | — | ||
| Q4 24 | -279.7% | 35.0% | ||
| Q3 24 | -477.4% | 22.0% | ||
| Q2 24 | -639.4% | -2.4% | ||
| Q1 24 | 117.5% | -68.3% |
| Q4 25 | $-1.63 | $0.49 | ||
| Q3 25 | $-0.45 | $0.07 | ||
| Q2 25 | $-0.04 | $0.04 | ||
| Q1 25 | $1.24 | — | ||
| Q4 24 | $0.51 | $0.40 | ||
| Q3 24 | $-1.17 | $0.15 | ||
| Q2 24 | $-5.05 | $-0.01 | ||
| Q1 24 | $0.78 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $311.4M | $75.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-962.7M | $206.2M |
| Total Assets | $2.3B | $231.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $311.4M | $75.2M | ||
| Q3 25 | $453.4M | $70.4M | ||
| Q2 25 | $581.3M | $79.5M | ||
| Q1 25 | $697.9M | — | ||
| Q4 24 | $836.2M | $78.0M | ||
| Q3 24 | $253.0M | $118.6M | ||
| Q2 24 | $96.1M | $101.0M | ||
| Q1 24 | $98.1M | $117.4M |
| Q4 25 | $-962.7M | $206.2M | ||
| Q3 25 | $-1.3B | $180.8M | ||
| Q2 25 | $-1.2B | $185.2M | ||
| Q1 25 | $-308.8M | — | ||
| Q4 24 | $-943.0M | $210.0M | ||
| Q3 24 | $-826.7M | $233.9M | ||
| Q2 24 | $-1.2B | $218.5M | ||
| Q1 24 | $-318.5M | $216.0M |
| Q4 25 | $2.3B | $231.5M | ||
| Q3 25 | $2.2B | $209.6M | ||
| Q2 25 | $1.9B | $212.3M | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | $242.8M | ||
| Q3 24 | $824.6M | $262.7M | ||
| Q2 24 | $664.2M | $249.0M | ||
| Q1 24 | $814.0M | $244.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $278.3M | $7.1M |
| Free Cash FlowOCF − Capex | $-450.8M | $6.4M |
| FCF MarginFCF / Revenue | -565.1% | 9.6% |
| Capex IntensityCapex / Revenue | 914.0% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.30× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $-779.8M | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.3M | $7.1M | ||
| Q3 25 | $131.8M | $-3.1M | ||
| Q2 25 | $34.0M | $4.1M | ||
| Q1 25 | $-45.0M | — | ||
| Q4 24 | $42.9M | $9.0M | ||
| Q3 24 | $5.7M | $-3.0M | ||
| Q2 24 | $1.2M | $8.1M | ||
| Q1 24 | $22.2M | $6.5M |
| Q4 25 | $-450.8M | $6.4M | ||
| Q3 25 | $-112.7M | $-3.5M | ||
| Q2 25 | $-87.3M | $4.0M | ||
| Q1 25 | $-129.0M | — | ||
| Q4 24 | $-52.1M | $8.9M | ||
| Q3 24 | $-25.5M | $-3.2M | ||
| Q2 24 | $-1.9M | $7.9M | ||
| Q1 24 | $-9.7M | $5.7M |
| Q4 25 | -565.1% | 9.6% | ||
| Q3 25 | -139.0% | -10.9% | ||
| Q2 25 | -111.0% | 14.3% | ||
| Q1 25 | -162.2% | — | ||
| Q4 24 | -54.8% | 13.2% | ||
| Q3 24 | -26.7% | -8.2% | ||
| Q2 24 | -1.4% | 28.9% | ||
| Q1 24 | -5.4% | 46.9% |
| Q4 25 | 914.0% | 1.0% | ||
| Q3 25 | 301.5% | 1.1% | ||
| Q2 25 | 154.2% | 0.5% | ||
| Q1 25 | 105.6% | — | ||
| Q4 24 | 100.0% | 0.2% | ||
| Q3 24 | 32.7% | 0.4% | ||
| Q2 24 | 2.2% | 0.7% | ||
| Q1 24 | 17.8% | 6.8% |
| Q4 25 | 1.30× | 0.26× | ||
| Q3 25 | — | -0.81× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | -0.08× | — | ||
| Q4 24 | — | 0.38× | ||
| Q3 24 | — | -0.35× | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.11× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
