Key Highlights
- First-quarter revenue reached $2.08 billion, representing a 112% year-over-year surge and exceeding the $1.97 billion forecast
- Second-quarter revenue projection of $2.45B–$2.60B fell short of the $2.69 billion analyst consensus
- Net loss expanded to $740 million compared to $315 million in the prior-year period
- Contract backlog climbed to approximately $100 billion, reflecting a $33 billion increase over the past quarter
- Shares declined more than 5% during Friday’s premarket session
Despite delivering impressive triple-digit revenue expansion once again, CoreWeave faced investor disappointment as shares tumbled more than 5% in Friday’s premarket activity following second-quarter guidance that underwhelmed analysts.
CoreWeave, Inc. Class A Common Stock, CRWV
First-quarter results showed revenue of $2.08 billion, marking a 112% year-over-year increase and surpassing the anticipated $1.97 billion figure. However, the revenue achievement was eclipsed by a profit shortfall and conservative Q2 projections that failed to meet market expectations.
For the upcoming quarter, the company projected revenue ranging from $2.45 billion to $2.60 billion. Wall Street analysts had been anticipating $2.69 billion. This discrepancy proved sufficient to trigger a sell-off following the guidance announcement during Thursday afternoon’s earnings presentation.
The quarterly net loss ballooned to $740 million from $315 million during the comparable period last year. Interest expenses alone totaled $536 million — representing 26% of the quarter’s total revenue.
Per-share losses stood at $1.40. Although this represents a marginal improvement from the $1.49 reported twelve months earlier, it still fell short of the $0.91 analyst projection.
Capital Investment Accelerates
Full-year capital expenditure projections were increased by approximately $500 million at the midpoint, now estimated between $31 billion and $35 billion. Leadership attributed the adjustment to escalating component costs. The company deployed nearly $7 billion during Q1, with an additional $7 billion to $9 billion planned for the second quarter.
The quarter concluded with $25 billion in outstanding debt and $10 billion in lease obligations. Additionally, the company has committed to $38.5 billion in future lease payments. Throughout 2026, CoreWeave has secured over $21 billion through various financing mechanisms including equity offerings, credit facilities, and bond issuances.
The company’s most recent major loan carries a floating interest rate near 6%, representing favorable terms. The blended interest rate has decreased by 0.8 percentage points this year, following a three-point reduction in 2025.
Contract Pipeline Expands Significantly
A particularly notable metric: the revenue backlog now approaches $100 billion, having grown by $33 billion over just the past three-month period. CEO Michael Intrator characterized it as the company’s most successful bookings quarter to date.
Microsoft continues to represent the primary client, contributing approximately two-thirds of 2025 revenues. However, expanding partnerships with Meta Platforms and OpenAI are gaining momentum, which should diversify the revenue mix in coming periods.
Jefferies analysts highlighted the anticipated second-half profitability acceleration as a critical factor to monitor — management projects only $81 million in adjusted operating profit for the first six months, versus $919 million expected in the latter half. This represents a substantial improvement that leadership must execute successfully.
The company has also exceeded 1 gigawatt of operational power capacity and is pursuing a target exceeding 8 GW by 2030.
Full-year revenue and profitability projections remained intact, with only capital expenditure estimates modified. Wall Street forecasts annual revenue will reach $12.5 billion for the current year.
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