Growth Driven by Accelerating Demand for CoreWeave's Purpose-built AI Platform
LIVINGSTON, N.J., May 14, 2025 -- 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/
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