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Side-by-side financial comparison of Core Scientific, Inc. (CORZ) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $79.8M, roughly 1.2× Core Scientific, Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs 25.0%, a 243.5% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -16.0%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-450.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
CORZ vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.8M | $92.9M |
| Net Profit | $214.2M | $23.2M |
| Gross Margin | 26.0% | 78.7% |
| Operating Margin | -149.5% | 24.1% |
| Net Margin | 268.5% | 25.0% |
| Revenue YoY | -16.0% | 23.3% |
| Net Profit YoY | 180.6% | 17.3% |
| EPS (diluted) | $-1.63 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $81.1M | $67.5M | ||
| Q2 25 | $78.6M | $63.2M | ||
| Q1 25 | $79.5M | $52.6M | ||
| Q4 24 | $94.9M | $75.4M | ||
| Q3 24 | $95.4M | $57.9M | ||
| Q2 24 | $141.1M | $52.7M | ||
| Q1 24 | $179.3M | $51.3M |
| Q4 25 | $214.2M | $23.2M | ||
| Q3 25 | $-144.0M | $5.1M | ||
| Q2 25 | $-936.8M | $-553.0K | ||
| Q1 25 | $576.3M | $-11.2M | ||
| Q4 24 | $-265.5M | $19.8M | ||
| Q3 24 | $-455.3M | $-901.0K | ||
| Q2 24 | $-902.2M | $-4.7M | ||
| Q1 24 | $210.7M | $-3.9M |
| Q4 25 | 26.0% | 78.7% | ||
| Q3 25 | 4.8% | 73.5% | ||
| Q2 25 | 6.4% | 73.7% | ||
| Q1 25 | 10.3% | 69.0% | ||
| Q4 24 | 5.0% | 77.6% | ||
| Q3 24 | -0.2% | 71.9% | ||
| Q2 24 | 27.5% | 69.5% | ||
| Q1 24 | 43.3% | 68.9% |
| Q4 25 | -149.5% | 24.1% | ||
| Q3 25 | -67.6% | 5.1% | ||
| Q2 25 | -33.4% | -3.2% | ||
| Q1 25 | -59.1% | -24.3% | ||
| Q4 24 | -41.9% | 24.5% | ||
| Q3 24 | -43.2% | -4.3% | ||
| Q2 24 | -64.3% | -11.5% | ||
| Q1 24 | 30.8% | -10.7% |
| Q4 25 | 268.5% | 25.0% | ||
| Q3 25 | -177.6% | 7.5% | ||
| Q2 25 | -1191.4% | -0.9% | ||
| Q1 25 | 724.6% | -21.4% | ||
| Q4 24 | -279.7% | 26.3% | ||
| Q3 24 | -477.4% | -1.6% | ||
| Q2 24 | -639.4% | -8.9% | ||
| Q1 24 | 117.5% | -7.5% |
| Q4 25 | $-1.63 | $0.46 | ||
| Q3 25 | $-0.45 | $0.10 | ||
| Q2 25 | $-0.04 | $-0.01 | ||
| Q1 25 | $1.24 | $-0.23 | ||
| Q4 24 | $0.51 | $0.40 | ||
| Q3 24 | $-1.17 | $-0.02 | ||
| Q2 24 | $-5.05 | $-0.10 | ||
| Q1 24 | $0.78 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-962.7M | $354.6M |
| Total Assets | $2.3B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $311.4M | $137.5M | ||
| Q3 25 | $453.4M | $135.4M | ||
| Q2 25 | $581.3M | $116.9M | ||
| Q1 25 | $697.9M | $112.9M | ||
| Q4 24 | $836.2M | $116.2M | ||
| Q3 24 | $253.0M | $101.7M | ||
| Q2 24 | $96.1M | $102.5M | ||
| Q1 24 | $98.1M | $110.6M |
| Q4 25 | $-962.7M | $354.6M | ||
| Q3 25 | $-1.3B | $321.9M | ||
| Q2 25 | $-1.2B | $306.8M | ||
| Q1 25 | $-308.8M | $295.5M | ||
| Q4 24 | $-943.0M | $292.0M | ||
| Q3 24 | $-826.7M | $257.5M | ||
| Q2 24 | $-1.2B | $243.0M | ||
| Q1 24 | $-318.5M | $233.9M |
| Q4 25 | $2.3B | $488.0M | ||
| Q3 25 | $2.2B | $453.3M | ||
| Q2 25 | $1.9B | $435.6M | ||
| Q1 25 | $1.5B | $424.6M | ||
| Q4 24 | $1.5B | $432.7M | ||
| Q3 24 | $824.6M | $390.4M | ||
| Q2 24 | $664.2M | $376.8M | ||
| Q1 24 | $814.0M | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-450.8M | $12.8M |
| FCF MarginFCF / Revenue | -565.1% | 13.8% |
| Capex IntensityCapex / Revenue | 914.0% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.30× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-779.8M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.3M | $15.0M | ||
| Q3 25 | $131.8M | $22.1M | ||
| Q2 25 | $34.0M | $8.2M | ||
| Q1 25 | $-45.0M | $6.6M | ||
| Q4 24 | $42.9M | $22.2M | ||
| Q3 24 | $5.7M | $10.2M | ||
| Q2 24 | $1.2M | $18.5M | ||
| Q1 24 | $22.2M | $7.2M |
| Q4 25 | $-450.8M | $12.8M | ||
| Q3 25 | $-112.7M | $19.5M | ||
| Q2 25 | $-87.3M | $81.0K | ||
| Q1 25 | $-129.0M | $-7.6M | ||
| Q4 24 | $-52.1M | $8.5M | ||
| Q3 24 | $-25.5M | $-9.2M | ||
| Q2 24 | $-1.9M | $1.8M | ||
| Q1 24 | $-9.7M | $-6.8M |
| Q4 25 | -565.1% | 13.8% | ||
| Q3 25 | -139.0% | 28.8% | ||
| Q2 25 | -111.0% | 0.1% | ||
| Q1 25 | -162.2% | -14.5% | ||
| Q4 24 | -54.8% | 11.2% | ||
| Q3 24 | -26.7% | -15.9% | ||
| Q2 24 | -1.4% | 3.4% | ||
| Q1 24 | -5.4% | -13.3% |
| Q4 25 | 914.0% | 2.4% | ||
| Q3 25 | 301.5% | 3.9% | ||
| Q2 25 | 154.2% | 12.9% | ||
| Q1 25 | 105.6% | 27.0% | ||
| Q4 24 | 100.0% | 18.3% | ||
| Q3 24 | 32.7% | 33.5% | ||
| Q2 24 | 2.2% | 31.8% | ||
| Q1 24 | 17.8% | 27.3% |
| Q4 25 | 1.30× | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.08× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
