CoreWeave Reports Strong First Quarter 2025 Results

PR Newswire

LIVINGSTON, N.J., May 14, 2025

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$(TM)$, 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(TM) 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(TM) 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 $(SEC.UK)$ filings, public conference calls and public webcasts.

About CoreWeave

CoreWeave, the AI Hyperscaler(TM), 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

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