Key Takeaways
- CoreWeave delivered Q1 revenue of $2.08 billion, representing 112% year-over-year growth and surpassing the $1.97 billion forecast
- Second quarter revenue outlook of $2.45B–$2.60B disappointed against Street expectations of $2.69 billion
- The company’s net loss expanded to $740 million compared to $315 million in the prior-year period
- Contracted revenue backlog climbed to nearly $100 billion, adding $33 billion quarter-over-quarter
- Shares declined more than 5% during Friday’s premarket session
CoreWeave delivered yet another quarter of explosive revenue expansion, but investors weren’t impressed. Shares tumbled more than 5% in premarket action Friday following the company’s disappointing second quarter revenue guidance.
CoreWeave, Inc. Class A Common Stock, CRWV
First quarter revenue reached $2.08 billion, marking a 112% jump from the year-ago period and topping the Street’s $1.97 billion projection. However, the revenue upside was quickly eclipsed by a bottom-line miss and forward guidance that fell below expectations.
Management projected Q2 revenue in the range of $2.45 billion to $2.60 billion. Wall Street analysts were modeling $2.69 billion. The shortfall triggered a selloff when the forecast was disclosed during Thursday afternoon’s earnings presentation.
The quarterly net loss ballooned to $740 million from $315 million recorded in the comparable quarter last year. Interest costs alone totaled $536 million — representing 26% of the period’s total revenue.
The per-share loss reached $1.40. Though this represents an improvement from the $1.49 loss posted twelve months earlier, it fell short of the analyst consensus of $0.91.
Capital Outlays Continue Surging
Full-year capital expenditure projections were increased by approximately $500 million at the midpoint, now ranging from $31 billion to $35 billion. Leadership attributed the adjustment to elevated component costs. The company deployed nearly $7 billion in Q1 and expects to spend between $7 billion and $9 billion in the current quarter.
CoreWeave closed the first quarter carrying $25 billion in debt obligations and $10 billion in lease liabilities. The company has also locked in $38.5 billion worth of future lease commitments. Year-to-date in 2026, CoreWeave has secured more than $21 billion through equity offerings, credit facilities, and debt instruments.
The company’s largest new financing agreement features a floating interest rate near 6%, representing favorable terms. The weighted average borrowing cost has declined by 0.8 percentage points this year following a three-point reduction in 2025.
Contract Pipeline Expands Substantially
A particularly noteworthy metric: the committed revenue pipeline has swelled to nearly $100 billion, climbing $33 billion during the quarter alone. CEO Michael Intrator characterized it as the company’s most successful bookings period on record.
Microsoft continues as the primary revenue driver, representing approximately two-thirds of 2025’s total revenue. However, expanding partnerships with Meta Platforms and OpenAI are accelerating, which should diversify the customer concentration moving forward.
Jefferies analysts highlighted the aggressive second-half profitability trajectory as a critical factor to monitor — management anticipates just $81 million in adjusted operating profit for the first six months, compared with $919 million expected in the latter half. Executing on this sharp improvement will be essential.
The company also crossed the 1 gigawatt threshold for active power capacity and has established a goal of exceeding 8 GW by decade’s end.
Full-year revenue and profitability targets remained intact, with only capital spending guidance receiving an adjustment. Wall Street currently projects annual revenue of $12.5 billion for the current fiscal year.
