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CoreWeave Reports Strong First Quarter 2025 Results

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CoreWeave (NASDAQ: CRWV) reported its Q1 2025 financial results, showing substantial growth. Revenue surged 420% to $981.6 million compared to Q1 2024. The company's revenue backlog reached $25.9 billion, including $14.7 billion in RPO. Despite strong top-line growth, CoreWeave posted an operating loss of $27.5 million and a net loss of $314.6 million. Key Q1 highlights include a strategic partnership with OpenAI adding $11.2 billion to backlog, collaboration with IBM for compute capacity, and expansion of infrastructure to ~420 MW of active power. The company completed its IPO, raising $1.4 billion in net proceeds. Adjusted EBITDA grew 480% to $606.1 million with a 62% margin, while Adjusted Operating Income increased 550% to $162.6 million.

CoreWeave (NASDAQ: CRWV) ha riportato i risultati finanziari del primo trimestre 2025, mostrando una crescita sostanziale. I ricavi sono aumentati del 420% raggiungendo 981,6 milioni di dollari rispetto al primo trimestre 2024. Il portafoglio ordini dell'azienda ha raggiunto 25,9 miliardi di dollari, inclusi 14,7 miliardi in RPO. Nonostante una forte crescita del fatturato, CoreWeave ha registrato una perdita operativa di 27,5 milioni di dollari e una perdita netta di 314,6 milioni. Tra i principali risultati del primo trimestre vi sono una partnership strategica con OpenAI che ha aggiunto 11,2 miliardi al portafoglio ordini, la collaborazione con IBM per la capacità di calcolo e l'espansione dell'infrastruttura a circa 420 MW di potenza attiva. L'azienda ha completato la sua IPO, raccogliendo 1,4 miliardi di dollari di proventi netti. L'EBITDA rettificato è cresciuto del 480% raggiungendo 606,1 milioni di dollari con un margine del 62%, mentre l'utile operativo rettificato è aumentato del 550% a 162,6 milioni.
CoreWeave (NASDAQ: CRWV) reportó sus resultados financieros del primer trimestre de 2025, mostrando un crecimiento sustancial. Los ingresos aumentaron un 420% hasta 981,6 millones de dólares en comparación con el primer trimestre de 2024. La cartera de ingresos de la compañía alcanzó los 25,9 mil millones de dólares, incluyendo 14,7 mil millones en RPO. A pesar del fuerte crecimiento en los ingresos, CoreWeave registró una pérdida operativa de 27,5 millones de dólares y una pérdida neta de 314,6 millones. Entre los aspectos destacados del primer trimestre se encuentran una asociación estratégica con OpenAI que añadió 11,2 mil millones a la cartera, la colaboración con IBM para capacidad de cómputo y la expansión de infraestructura a aproximadamente 420 MW de potencia activa. La compañía completó su IPO, recaudando 1,4 mil millones de dólares en ingresos netos. El EBITDA ajustado creció un 480% hasta 606,1 millones de dólares con un margen del 62%, mientras que el ingreso operativo ajustado aumentó un 550% hasta 162,6 millones.
CoreWeave(NASDAQ: CRWV)는 2025년 1분기 재무 실적을 발표하며 상당한 성장을 보였습니다. 수익은 2024년 1분기 대비 420% 급증하여 9억 8,160만 달러에 달했습니다. 회사의 매출 잔액은 259억 달러에 달했으며, 이 중 147억 달러는 RPO에 해당합니다. 강력한 매출 성장에도 불구하고 CoreWeave는 2,750만 달러의 영업 손실과 3억 1,460만 달러의 순손실을 기록했습니다. 1분기 주요 성과로는 OpenAI와의 전략적 파트너십으로 112억 달러의 잔액 추가, IBM과의 컴퓨팅 용량 협력, 약 420MW의 활성 전력 인프라 확장이 포함됩니다. 회사는 IPO를 완료하여 14억 달러의 순수익을 모았습니다. 조정 EBITDA는 480% 증가한 6억 610만 달러, 62% 마진을 기록했으며, 조정 영업이익은 550% 증가한 1억 6,260만 달러를 기록했습니다.
CoreWeave (NASDAQ : CRWV) a publié ses résultats financiers du premier trimestre 2025, affichant une croissance substantielle. Le chiffre d'affaires a bondi de 420 % pour atteindre 981,6 millions de dollars par rapport au premier trimestre 2024. Le carnet de commandes de l'entreprise a atteint 25,9 milliards de dollars, dont 14,7 milliards en RPO. Malgré une forte croissance du chiffre d'affaires, CoreWeave a enregistré une perte d'exploitation de 27,5 millions de dollars et une perte nette de 314,6 millions. Parmi les faits marquants du premier trimestre figurent un partenariat stratégique avec OpenAI ajoutant 11,2 milliards au carnet de commandes, une collaboration avec IBM pour la capacité de calcul, et l'expansion de l'infrastructure à environ 420 MW de puissance active. La société a finalisé son introduction en bourse, levant 1,4 milliard de dollars de produit net. L'EBITDA ajusté a augmenté de 480 % pour atteindre 606,1 millions de dollars avec une marge de 62 %, tandis que le résultat opérationnel ajusté a progressé de 550 % pour s'établir à 162,6 millions.
CoreWeave (NASDAQ: CRWV) meldete seine Finanzergebnisse für das erste Quartal 2025 und zeigte ein erhebliches Wachstum. Der Umsatz stieg im Vergleich zum ersten Quartal 2024 um 420 % auf 981,6 Millionen US-Dollar. Der Umsatzrückstand des Unternehmens erreichte 25,9 Milliarden US-Dollar, davon 14,7 Milliarden US-Dollar im RPO. Trotz des starken Umsatzwachstums verzeichnete CoreWeave einen Betriebsverlust von 27,5 Millionen US-Dollar und einen Nettoverlust von 314,6 Millionen US-Dollar. Zu den wichtigsten Highlights des ersten Quartals zählen eine strategische Partnerschaft mit OpenAI, die 11,2 Milliarden zum Rückstand hinzufügte, die Zusammenarbeit mit IBM zur Rechenkapazität und die Erweiterung der Infrastruktur auf rund 420 MW aktive Leistung. Das Unternehmen schloss seinen Börsengang ab und erzielte 1,4 Milliarden US-Dollar Nettomittelzufluss. Das bereinigte EBITDA stieg um 480 % auf 606,1 Millionen US-Dollar bei einer Marge von 62 %, während das bereinigte Betriebsergebnis um 550 % auf 162,6 Millionen US-Dollar zunahm.
Positive
  • Revenue grew 420% YoY to $981.6 million
  • Massive revenue backlog of $25.9 billion, including $11.2B OpenAI deal
  • Adjusted EBITDA increased 480% to $606.1M with 62% margin
  • Infrastructure expansion to 420 MW active power and 1.6 GW contracted power
  • Successfully raised $1.4B through IPO
Negative
  • Operating loss of $27.5M compared to $16.8M profit in Q1 2024
  • Net loss widened 143% to $314.6M
  • Interest expense increased 549% to $263.8M
  • Operating expenses grew 487% to $1.01B

Insights

CoreWeave's Q1 shows massive 420% revenue growth to $982M, but operates at a loss with substantial debt expenses hampering profitability.

CoreWeave's Q1 2025 results reveal extraordinary revenue growth of 420% year-over-year, reaching $981.6 million compared to $188.7 million in Q1 2024. This dramatic expansion reflects surging demand for their specialized AI infrastructure services.

However, beneath the impressive top-line growth lies a more complex financial reality. The company posted an operating loss of $27.5 million, a concerning shift from the $16.8 million operating profit in the same period last year. This represents a 263% negative swing, with operating margin deteriorating from 9% to -3%.

A major contributor to CoreWeave's financial challenges is its substantial interest expense of $263.8 million – more than five times higher than last year's $40.7 million. This reflects the significant debt the company has taken on to fund its rapid infrastructure expansion, with total debt and equity raised reaching $17.2 billion.

The company's net loss widened to $314.6 million, though as a percentage of revenue, the net loss margin actually improved from -68% to -32%. On a non-GAAP basis, Adjusted EBITDA showed strong growth, increasing 480% to $606.1 million with margins expanding from 55% to 62%.

Perhaps the most striking metric is CoreWeave's revenue backlog of $25.9 billion, including a strategic deal with OpenAI contributing $11.2 billion. This suggests strong future revenue visibility, though executing on this backlog will require continued rapid scaling of infrastructure.

The company now operates approximately 420 MW of active power capacity with 1.6 GW of contracted power, highlighting the massive infrastructure investments required to service the AI computing market. The recent IPO raised $1.4 billion in net proceeds, providing additional capital for this expansion.

CoreWeave's Q1 results illustrate the high-stakes nature of the AI infrastructure race – enormous growth potential balanced against significant capital requirements and financial strain from rapid scaling.

Growth Driven by Accelerating Demand for CoreWeave's Purpose-built AI Platform

LIVINGSTON, N.J., May 14, 2025 /PRNewswire/ -- CoreWeave, Inc. (Nasdaq: CRWV), the AI Hyperscaler™, today reported financial results for the first quarter ended March 31, 2025.

"We've delivered an outstanding start to 2025 on multiple fronts. Our strong first quarter financial performance caps a string of milestones including our IPO, our major strategic deal with OpenAI as well as other customer wins, our acquisition of Weights & Biases and many technical achievements," said Michael Intrator, CoreWeave's co-founder and Chief Executive Officer. "Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand. The future runs on CoreWeave."

"CoreWeave's strong financial performance in Q1 highlights the large and rapidly growing opportunity," said Nitin Agrawal, CoreWeave's Chief Financial Officer. "We are focused on executing, while effectively managing our capital structure to support accelerating investments in growth and maintaining flexibility to capitalize on strategic opportunities."

First Quarter 2025 Financial Highlights

(In thousands, except percentages and per share amounts)

Three Months Ended March 31,




2025


2024


% Change

Revenue

$          981,632


$          188,684


420 %

Operating expenses*

1,009,102


171,837


487 %

Operating income (loss)*

$           (27,470)


$            16,847


(263) %

Operating income (loss) margin*

(3) %


9 %



Interest expense, net

$         (263,835)


$           (40,656)


549 %

Net loss*

$         (314,641)


$         (129,248)


143 %

Net loss margin*

(32) %


(68) %



Basic net loss per share*

$               (1.40)


$               (0.62)


126 %

Diluted net loss per share*

$               (1.49)


$               (0.62)


140 %

*Includes $177 million of stock-based compensation expense for awards with a liquidity-event performance-based vesting condition which was satisfied at IPO and for which the service-based vesting condition had also been satisfied as of that date.

Non-GAAP Measures

(In thousands, except percentages)

Three Months Ended March 31,




2025


2024


% Change

Adjusted EBITDA

$          606,131


$          104,546


480 %

Adjusted EBITDA margin

62 %


55 %



Adjusted operating income

$          162,634


$            25,036


550 %

Adjusted operating income margin

17 %


13 %



Adjusted net loss

$         (149,555)


$           (23,559)


535 %

Adjusted net loss margin

(15) %


(12) %



(See "Non-GAAP Financial Measures" below for the definitions of Adjusted EBITDA, Adjusted Operating Income, and Adjusted Net Loss)

Additional First Quarter 2025 Financial Highlights

Revenue backlog was $25.9 billion as of March 31, 2025. Revenue backlog includes RPO of $14.7 billion, plus, subject to the satisfaction of delivery and availability of service requirements, other amounts we estimate will be recognized as revenue in future periods under committed customer contracts of $11.2 billion.

First Quarter 2025 Highlights 

  • Key customer wins across AI labs, hyperscalers and enterprises including
    • Strategic deal with OpenAI, adding $11.2 billion in revenue backlog
    • Announced partnership with IBM to deliver compute capacity for IBM's Granite models
  • Continued rapid scaling of our purpose-built AI Infrastructure, including the addition of new compute capacity which totaled approximately 420 MW of active power and approximately 1.6 GW of contracted power at quarter end
  • Continued to drive our AI Hyperscaler™ leadership position
    • MLPerf Inference v5.0 results set a new industry benchmark in AI inference with NVIDIA GB200 Grace Blackwell Superchips
    • The only AI cloud provider to receive the highest Platinum rating based on SemiAnalysis's ClusterMAX™ Rating System
  • New product launches to extend our cloud platform capabilities
    • General availability of CoreWeave AI Object Storage (CAIOS) for high-performance data access
    • Support for GB200 based instances throughout our Cloud Platform Stack (CKS, SUNK, Observability, Fleet LifeCycle Controller)
    • On-Demand Cluster Scaling via CoreWeave Kubernetes Service
    • General availability of detailed billing and usage metrics
    • Support for NVIDIA AI Enterprise software and NVIDIA Cloud Functions to help enterprises quickly ramp up their AI applications
  • Raised $1.4 billion in net proceeds through our IPO, increasing to $17.2 billion of total debt and equity raised to support the company's strategy to drive the next generation of cloud computing for the future of AI

Business Outlook

CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Webcast and Conference Call Information

CoreWeave will host an audio webcast to discuss the results for the first quarter of 2025, provide a business update, and forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave's earnings conference call can be accessed at the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and earnings presentation.

Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.

Disclosure Information

CoreWeave uses our investor relations page (investors.coreweave.com), our X account (@CoreWeave), and our LinkedIn page to disclose material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor these websites, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.

About CoreWeave  

CoreWeave, the AI Hyperscaler™, delivers a cloud platform of cutting-edge software powering the next wave of AI. The company's technology provides enterprises and leading AI labs with cloud solutions for accelerated computing. Since 2017, CoreWeave has operated a growing footprint of data centers across the US and Europe. CoreWeave was ranked as one of the TIME100 most influential companies and featured on Forbes Cloud 100 ranking in 2024. Learn more at www.coreweave.com.

Investor Relations contact:
Investor-Relations@coreweave.com / https://investors.coreweave.com/ 

Media contact:
Press@coreweave.com / https://www.coreweave.com/about-us 

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our market opportunity and future growth; market trends; demand for our platform; capital structure; our plans to scale our platform; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.

Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our final prospectus filed with the SEC pursuant to Rule 424(b), dated March 27, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, copies of which may be obtained by visiting our Investor Relations website at https://investors.coreweave.com or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. CoreWeave encourages investors to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave's business.

 

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)



Three Months Ended March 31,


2025


2024





Revenue

$        981,632


$        188,684

Operating expenses:




Cost of revenue

262,394


59,220

Technology and infrastructure

561,402


92,881

Sales and marketing

10,549


4,050

General and administrative

174,757


15,686

Total operating expenses

1,009,102


171,837

Operating income (loss)

(27,470)


16,847

Gain (loss) on fair value adjustments

26,837


(97,500)

Interest expense, net

(263,835)


(40,656)

Other income (expense), net

(4,137)


7,460

Loss before provision for (benefit from) income taxes

(268,605)


(113,849)

Provision for (benefit from) income taxes

46,036


15,399

Net loss

$      (314,641)


$      (129,248)

Net loss attributable to common stockholders, basic

$      (343,363)


$      (129,248)

Net loss attributable to common stockholders, diluted

$      (370,208)


$      (129,248)

Net loss per share attributable to common stockholders, basic

$            (1.40)


$            (0.62)

Net loss per share attributable to common stockholders, diluted

$            (1.49)


$            (0.62)

Weighted-average shares used in computing net loss per share

   attributable to common stockholders, basic

245,608


209,228

Weighted-average shares used in computing net loss per share

   attributable to common stockholders, diluted

249,293


209,228

 

COREWEAVE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)



March 31,
2025


December 31,
2024

Assets




Current assets




Cash and cash equivalents

$     1,276,456


$     1,361,083

Restricted cash and cash equivalents, current

624,250


37,394

Accounts receivable, net

1,055,208


416,526

Prepaid expenses and other current assets

146,733


101,246

Total current assets

3,102,647


1,916,249

Restricted cash and cash equivalents, non-current

617,110


637,356

Restricted marketable securities, non-current


29,308

Property and equipment, net

14,210,992


11,914,774

Operating lease right-of-use assets

3,063,220


2,589,547

Intangible assets, net

4,395


4,909

Goodwill

19,544


19,544

Other non-current assets

842,475


720,912

Total assets

$   21,860,383


$   17,832,599

Liabilities, Redeemable Convertible Preferred Stock, Redeemable

Common Stock, and Stockholders' Equity (Deficit)




Current liabilities




Accounts payable

$     1,242,100


$        868,259

Accrued liabilities

1,377,013


355,821

Debt, current

3,776,595


2,468,425

Deferred revenue, current

436,530


768,927

Operating lease liabilities, current

239,549


213,104

Finance lease liabilities, current

59,010


57,801

Other current liabilities


230,244

Total current liabilities

7,130,797


4,962,581

Debt, non-current

4,935,071


5,457,915

Derivative and warrant liabilities

491


200,089

Deferred revenue, non-current

3,611,469


3,294,977

Operating lease liabilities, non-current

2,867,838


2,388,912

Finance lease liabilities, non-current

18,814


34,120

Deferred tax liabilities, non-current

193,849


149,232

Other non-current liabilities

32,772


36,260

Total liabilities

18,791,101


16,524,086

Commitments and contingencies




Redeemable convertible preferred stock and redeemable common stock




Redeemable convertible preferred stock


1,722,111

Redeemable Class A common stock

1,163,159


Stockholders' equity (deficit)




Preferred stock


Class A common stock

2


1

Class B common stock

0


0

Class C common stock


Treasury stock

(33,524)


(33,524)

Additional paid-in capital

3,730,521


1,096,160

Accumulated deficit

(1,790,876)


(1,476,235)

Total stockholders' equity (deficit)

1,906,123


(413,598)

Total liabilities, redeemable convertible preferred stock, redeemable

common stock, and stockholders' equity (deficit)

$   21,860,383


$   17,832,599

 

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



Three Months Ended March 31,


2025


2024

Cash flows from operating activities:




Net loss

$      (314,641)


$      (129,248)

Adjustments to reconcile net loss to net cash provided by operating activities




Depreciation and amortization

443,497


79,510

Non-cash lease expense

66,869


15,090

Amortization of debt discounts and issuance costs and accretion of redemption premiums

37,691


8,058

Loss (gain) on fair value adjustments

(26,837)


97,500

Stock-based compensation

183,973


8,189

Deferred income taxes

44,617


14,686

Other non-cash reconciling items

22,723


(886)

Changes in operating assets and liabilities, net of effect of business acquisition:




Accounts receivable

(638,750)


54,328

Prepaid expenses and other current assets

(9,929)


23,228

Accounts payable and accrued expenses

62,327


515,295

Deferred revenue

(15,904)


1,439,571

Lease liabilities

(51,109)


(5,819)

Other non-current assets

256,641


(80,464)

Net cash provided by (used in) operating activities

$          61,168


$     2,039,038

Cash flows from investing activities:




Purchase of property and equipment, including capitalized internal-use software

(1,407,359)


(1,741,935)

Maturities of marketable securities

29,308


Purchase of restricted marketable securities


(29,308)

Issuance of notes receivable

(55,000)


Net cash provided by (used in) investing activities

$    (1,433,051)


$    (1,771,243)

Cash flows from financing activities:




Proceeds from issuance of debt

784,956


931,647

Repayments of debt

(271,104)


(4,956)

Issuance of redeemable convertible preferred stock, net of issuance costs


25,000

Redeemable convertible preferred stock cash dividends paid

(26,101)


Proceeds from exercise of stock options

2,794


45

Proceeds from initial public offering, net of underwriting discounts and commissions

1,422,619


Payment of tax withholdings on settlement of RSUs

(15,685)


Deferred offering costs paid

(16,870)


Other financing activities

(26,743)


(32,241)

Net cash provided by (used in) financing activities

1,853,866


919,495

Net increase in cash, cash equivalents, and restricted cash

481,983


1,187,290

Cash, cash equivalents, and restricted cash—beginning of period

2,035,833


480,075

Cash, cash equivalents, and restricted cash—end of period

$     2,517,816


$     1,667,365

Supplemental disclosures of cash flow information:




Cash paid for interest, net of capitalized amounts

142,193


1,971

Non-cash investing and financing activities:




Capitalized interest not yet paid

10,776


48,215

Operating lease right-of-use assets acquired through lease liability

535,524


431,838

Accounts payable and accrued expenses related to property and equipment additions

2,008,056


287,795

Issuance of common stock for contract incentive

350,000


Conversion of redeemable convertible preferred stock in connection with initial public offering

1,722,140


Reclassification of warrant liabilities to equity  

172,808


Settlement of Series B tranche liability


69,598

Reclassification of customer deposit to debt

230,244


Deferred offering costs not yet paid

11,899


Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated

balance sheets:




Cash and cash equivalents

1,276,456


1,306,872

Restricted cash and cash equivalents, current

624,250


35,493

Restricted cash and cash equivalents, non-current

617,110


325,000

Total cash, cash equivalents, and restricted cash

$     2,517,816


$     1,667,365

 

Reconciliation of GAAP to Non-GAAP Results

Reconciliation of Net Loss to Adjusted EBITDA

(in thousands, except percentages)



Three Months Ended March 31,


2025


2024





Net loss

$   (314,641)


$   (129,248)

Depreciation and amortization

443,497


79,510

Interest expense, net

263,835


40,656

Stock-based compensation

183,974


8,189

Provision for (benefit from) income taxes

46,036


15,399

Acquisition related costs

6,130


Other expense (income), net

4,137


(7,460)

(Gain) loss on fair value adjustments(1)

(26,837)


97,500

Adjusted EBITDA         

$     606,131


$     104,546

Revenue          

$     981,632


$     188,684

Net loss margin

(32) %


(68) %

Adjusted EBITDA margin           

62 %


55 %



(1)

Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements for additional information.

 

Reconciliation of Operating Income to Adjusted Operating Income

(in thousands, except percentages)



Three Months Ended March 31,


2025


2024





Operating income (loss)

$     (27,470)


$       16,847

Stock-based compensation

183,974


8,189

Acquisition related costs

6,130


Adjusted operating income

$     162,634


$       25,036

Revenue          

$     981,632


$     188,684

Operating income (loss) margin 

(3) %


9 %

Adjusted operating income margin         

17 %


13 %

 

Reconciliation of Net Loss to Adjusted Net Loss

(in thousands, except percentages)



Three Months Ended March 31,


2025


2024





Net loss

$   (314,641)


$   (129,248)

Stock-based compensation

183,974


8,189

Acquisition related costs

6,130


Other adjustments(1)

1,819


(Gain) loss on fair value adjustments(2)

(26,837)


97,500

Adjusted net loss(3)

$   (149,555)


$     (23,559)

Revenue

981,632


188,684

Net loss margin

(32) %


(68) %

Adjusted net loss margin(3)

(15) %


(12) %



(1)

Primarily relates to accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.

(2)

Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements for additional information.

(3)

There were no material income tax effects on our non-GAAP adjustments for all periods presented. 

 

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SOURCE CoreWeave

FAQ

What was CoreWeave's (CRWV) revenue growth in Q1 2025?

CoreWeave's revenue grew 420% year-over-year to $981.6 million in Q1 2025, compared to $188.7 million in Q1 2024.

How much did CoreWeave (CRWV) raise in their IPO?

CoreWeave raised $1.4 billion in net proceeds through their IPO.

What is CoreWeave's (CRWV) revenue backlog as of Q1 2025?

CoreWeave's revenue backlog was $25.9 billion as of March 31, 2025, including $14.7 billion in RPO and $11.2 billion in committed customer contracts.

What was CoreWeave's (CRWV) net loss in Q1 2025?

CoreWeave reported a net loss of $314.6 million in Q1 2025, compared to a net loss of $129.2 million in Q1 2024.

What major partnerships did CoreWeave (CRWV) announce in Q1 2025?

CoreWeave announced a strategic deal with OpenAI adding $11.2 billion in revenue backlog, and a partnership with IBM to deliver compute capacity for IBM's Granite models.
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