CORZ // Core Scientific Inc.

DES <GO> NASDAQ CIK 0001839341 ↗

Financials • Finance: Consumer Services

$14.43 ▼ -0.57 (-3.80%)

MKT CAP: $4.64B • VOL: 8.47M

52W L $12 52W H $30

ALTMAN Z

0.45 RISK

PIOTROSKI

5 / 9

CORZ // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 51/100 [D] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D

RQD CONFIDENCE

51 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Underperform / Distribution Warning

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.86

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON CORZ)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +5.85σ

CORZ Accounting Gap: Net Income (+79.9%) Outpaced OCF (+220%) With +237.5% Working-Capital Build

CASH CONVERSION GAP

-140.1% (NI vs OCF)

RECEIVABLES / WC BLOAT

+237.5% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Core Scientific Inc. (CORZ) exposes a +-140.1% Cash Conversion Gap as YoY Net Income growth (+79.9%) diverged from Operating Cash Flow growth (+220.0%). Non-cash current assets and receivables expanded +237.5% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

CORZ // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -33.75%⚡ TESTING RESISTANCE

2026-10-30O $13.56H $13.68L $12.77C $13.25VOL 18.91M

RES: $14.68SUP: $11.14SMA50: $16.19SMA200: $19.65

CORZ // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

Core Scientific Inc. (CORZ) exhibits 11.9% gross margins and -35.0% return on invested capital within Financials (Finance: Consumer Services), balanced against a 24.0x enterprise multiple and 7.3% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 11.9% gross profitability converts into -60.0% operating margin and -35.0% ROIC, outpacing sector cost of capital.

ROIC: -35.0% // GM: 11.9%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -37.5% paired with -9.72% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -37.5% // FCF YLD: -9.72%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.45 and Piotroski F-Score of 5/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.45 // F-SCORE: 5/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (29.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±7.3% implied move with a 0.86 put/call ratio around $14.00 max pain.

IMPL MOVE: ±7.3% // P/C: 0.86

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Finance: Consumer Services require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 0.85x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 29.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.12).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 29.0x

EV / EBITDA —

FCF YIELD -9.72%

GROSS MARGIN 11.9%

OPERATING MARGIN -60.0%

NET MARGIN -60.0%

ROIC % -35.0%

REV GROWTH YOY -37.5%

DILUTED EPS TTM $-0.90

DEBT / EQUITY 0.85x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 39.0

5Y EQUITY BETA 1.12

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // CORZPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $13.20

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for CORZ & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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