By Christine Ji
The company beats revenue expectations on ‘unprecedented’ AI demand but posts a wider loss than analysts were predicting
CoreWeave posted its second-quarter results Tuesday afternoon.
CoreWeave Inc. has enjoyed an impressive run since going public in March, with its stock up nearly 300% from its IPO price. And the company continued to see robust demand for its services throughout the second quarter, though the stock is cooling in the wake of the latest results.
While CoreWeave (CRWV) beat revenue expectations for the period, it disclosed on Tuesday a steeper loss than analysts were anticipating. Shares were falling about 6% in the extended session.
CoreWeave reported second-quarter sales of $1.2 billion, up roughly 200% from a year earlier. Chief Executive Michael Intrator said the AI cloud-computing company is “scaling rapidly as we look to meet the unprecedented demand for AI.”
Analysts tracked by FactSet had been projecting about $1 billion in sales for the second quarter.
The company also flagged $30.1 billion of revenue backlog as of June 30.
While the sales numbers wowed, CoreWeave posted a wider-than-expected loss this quarter. The company reported a net loss of $291 million for the quarter, while analysts had only expected a $199 million loss.
The adjusted net loss deepened as well, to $131 million, amounting to a -11% margin, and missed consensus expectations for a $103 million loss. In the same quarter last year, the company reported a loss of $5 million, with a -1% margin.
CoreWeave reported adjusted earnings before interest, taxes, depreciation and amortization for the quarter of $753 million, while analysts had been predicting $677 million.
Earlier this week, JP Morgan analyst Mark Murphy anticipated bigger, albeit “lumpier,” bookings for CoreWeave going forward. Murphy cited the company’s growing base of enterprise customers – which currently includes tech giants like Nvidia Corp. (NVDA) and Microsoft Corp. (MSFT)- as a promising driver of future growth. CoreWeave said in its earnings materials that it “signed and expanded” a new hyperscaler customer in the latest quarter.
At the same time, Murphy noted that supply constraints have been an issue for cloud providers across the industry as players rush to get their hands on enough Nvidia graphics processing units.
After a mixed earnings report, there are more catalysts ahead for investors. Shares of CoreWeave have been volatile, and there could be more bumpiness down the road with the stock’s lockup period set to expire on Thursday. That means insiders will be able to sell stock after being previously subject to restrictions.
-Christine Ji
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-12-25 1707ET
Copyright (c) 2025 Dow Jones & Company, Inc.