CoreWeave, Inc. Class A Common Stock
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.48%.
Did CRWV Beat Earnings? Q2 2025 Results
CoreWeave delivered a tale of two metrics in Q2 2025, posting record revenue of $1.21 billion — up 206.8% year-over-year and 12.15% ahead of the $1.08 billion consensus — while its bottom line fell sharply short, with a loss of $0.60 per share against analyst expectations of -$0.21, a miss of 189.72% that rattled investors already bracing for the expiration of the company's IPO lock-up period. The earnings gap traced directly to CoreWeave's heavily leveraged capital structure: $266.97 million in net interest expense drove the quarter's $290.51 million net loss despite the company swinging to positive GAAP operating income of $19.21 million. The strategic picture, however, remained compelling — a $4.00 billion OpenAI contract expansion, a $30.10 billion revenue backlog, and the addition of major enterprise clients signaled durable demand for AI cloud infrastructure. With total contracted power rising to 2.2 GW and a new 250 MW data center campus under development in New Jersey, investors watching <a href="https://247wallst.com/investing/2025/11/10/live-complete-coreweave-crwv-q3-earnings-coverage/">how the next quarter shapes up</a> will be scrutinizing whether operating leverage can finally outrun the company's debt burden.
- Unprecedented demand for AI infrastructure driving rapid revenue growth
- Expansion of key customer relationships including $4 billion OpenAI expansion deal
- Rapid scaling of data center infrastructure to approximately 470 MW of active power
- Revenue backlog of $30.1 billion providing strong visibility
“Our strong second quarter performance demonstrates continued momentum across every dimension of our business. We are scaling rapidly as we look to meet the unprecedented demand for AI. Our purpose-built AI cloud platform continues to set new benchmarks for performance and scalability including becoming the first company to offer the complete Blackwell GPU portfolio at scale, making CoreWeave the platform of choice for the world's most advanced AI workloads and AI pioneers.”
CRWV CEO, on the earnings call
Forward Guidance & Outlook
CoreWeave stated it would provide forward-looking guidance on its earnings conference call and webcast. Revenue backlog was $30.1 billion as of June 30, 2025, providing substantial visibility into future revenue. The company is developing a new 250 MW greenfield data center campus in Kenilworth, NJ, with initial phase delivery expected in 2026. Total contracted power increased approximately 600 MW to 2.2 GW, signaling continued capacity expansion.
CRWV YoY Financials
Figures from SEC filings and company reports. Not investment advice.