Live: CoreWeave (CRWV) Down 6% After Earnings But Conference Call Will Prove Pivotal

Here’s what the company said:

“Now turning to guidance for Q3 and for full year 2025. As Mike mentioned, we are seeing an acceleration of customer demand, and our pipeline remains robust and increasingly diversified. We are still operating in a structurally supply-constrained environment where demand far outstrips supply for our products and services. Our operations and engineering teams are working relentlessly to deploy more capacity faster for our customers.

With the strong demand backdrop, we expect Q3 revenue in the range of $1.26 billion to $1.30 billion. In addition, we anticipate Q3 adjusted operating income between $160 million to $190 million as we are quickly ramping our capacity to meet customer demand. As we have discussed earlier, as we deploy scale capacity and bring large chunks of capacity online, we incur some costs prior to revenue generation. The scale of our deployments relative to our base implies that these costs ahead of revenue have a short-term impact on our margins. We expect our Q3 interest expense to be in the range of $350 million to $390 million, impacted by increased debt to support our demand-led CapEx growth, partly offset by increasingly lower cost of capital. We expect our CapEx for the third quarter to be $2.9 billion and $3.4 billion.

In addition, like last quarter, we expect stock-based compensation to remain slightly elevated throughout the year for grants issued in connection with the IPO and incremental hiring to support our growth. Moving to full year guidance. For the second quarter in a row, we are raising our full year revenue guidance. For 2025, we now expect revenue in the range of $5.15 billion to $5.35 billion, a $250 million increase from our prior guidance of $4.9 billion to $5.1 billion, driven by continued strong customer demand.

We expect adjusted operating income in the range of $800 million to $830 million, unchanged from our prior guidance as we remain cost disciplined while rapidly scaling our deployments at an unprecedented rate to end the year with over 900 megawatts of active power. We expect CapEx in the range of $20 billion to $23 billion, unchanged from our prior guidance in the backdrop of continued strong customer demand. A significant portion of our full year CapEx will fall in Q4 due to the timing of go-live dates of our infrastructure.”

Guidance will come at the end of statements from Nitin Agrawal. He should begin talking soon. After his guidance, the company will move to a Q&A session from Wall Street analysts.

CoreWeave’s conference call has started and we’re listening in.

We should know their guidance for next quarter and the full year shortly. Simply leave this blog open and we’ll post an update right after they announce.

As we’ve noted time and time again in this live blog, the guidance CoreWeave gives on their conference call will be very important. If you’re an investor in the stock you don’t want to miss this.

There are a couple ways you can follow.

1. You can register and join their conference call here.
2. Leave this live blog open and we will post what the guidance the company issues. Once again, updates should automatically appear as long as you leave this page open.

We’ve got CoreWeave’s last conference call pulled up, and have pasted the guidance they gave below.

Here’s the TLDR on what to expect on their call tonight:

• A revenue range for Q3 (Wall Street expects the company to report $1.245 billion next year, so the range’s midpoint will need to clearly exceed this number)
• Operating Income
• Interest Expense
• Capital Expenditures
• Full Year Revenue (Expect them to raise this, Wall Street currently expects $5.04 billion)
• Full Year Operating Income
• Full Year Capital Expenditures

The company announced additional revenue from OpenAI in their press release, so that should provide material upside in full year revenue. We’ve pasted CoreWeave’s guidance from their prior conference call below:

“With the strong demand backdrop, we expect Q2 revenue in the range of $1.06 billion to $1.1 billion. In addition, we anticipate Q2 adjusted operating income between $140 million to $170 million as we accelerate and pull in our investments to meet customer demand. We expect our interest expense for Q2 to be in the range of $260 million to $300 million, impacted by similar factors as in Q1.

And we expect our CapEx for the second quarter to be $3 billion to $3.5 billion, reflecting our strategic decision to accelerate our platform investments to meet customer demand. In addition, we expect stock-based compensation to remain slightly elevated through the year for the grants issued in connection with the IPO.

For 2025, we expect revenue to be in the range of $4.9 billion to $5.1 billion. We expect adjusted operating income in the range of $800 million to $830 million and CapEx of $20 billion to $23 billion due to increased and accelerated investment in our platform to meet customer demand. This FY ’25 guidance reflects the OpenAI contract we signed in March, the recent $4 billion expansion with a large AI enterprise and the impact of Weights & Biases.”

While we’re waiting for CoreWeave’s conference call that begins at 5 p.m., here’s a good way to pass the time.

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We will continue updating this live blog during CoreWeave’s conference call, so don’t leave this page. 

Looking at GAAP EPS, Wall Street consensus was at ($.49), and the company came in at ($.60), which is eleven cents worse than expected.

It’s worth noting that the company is down 7% after hours, but had risen 6.4% during the trading day on optimism heading into earnings. 

That is to say, tonight’s after hours action leaves the company little changed from where it was trading at market close yesterday.

That seems about right. Earnings were a little worse than expected, but the Street is more focused on revenue which beat by a healthy margin.

Once again, don’t tune out of earnings yet. The company will announce forward-looking guidance on its conference call.

After initially seeing shares trade largely flat after announcing earnings, CoreWeave shares are in freefall. They’re now down 7% as of 4:15 p.m ET.

As a reminder, the company will provide guidance on their conference call so the reaction from Wall Street could change depending on what CoreWeave projects for next quarter. 

• $4 billion expansion deal with OpenAI, in addition to previously announced $11.9 billion deal
• New hyperscaler customer – signed and expanded in the quarter
• Continued rapid scaling of our purpose-built AI Infrastructure. We ended the quarter with approximately 470 MW of active power and we increased total contracted power approximately 600 MW to 2.2 GW
• First to bring NVIDIA GB200 NVL72 systems online for customers at scale, with AI frontier companies like Cohere, IBM and Mistral AI and we announced general availability of B200 based instances
• Developing, as part of a joint venture, a new data center campus in Kenilworth, NJ, with capacity of up to 250MW. This marks CoreWeave’s first greenfield purpose-built AI data center project, with the initial phase expected to be delivered in 2026

CRWV | CoreWeave Q2’25 Earnings Highlights:

• Adj. EPS: $(0.60) [✅]
• Revenue: $1.21B [✅]; [UP] +206% YoY
• Net Income: $(290.51)M [✅];
• Adjusted EBITDA: $753.17M [✅]; [UP] +201% YoY
• Revenue Backlog: $30.1B

Outlook:

Announced on conference call.

Q2 Segment Performance:

• AI Infrastructure Revenue: $1.21B [✅]; [UP] +206% YoY
• Operating Expenses: $1.19B [✅]; [UP] +275% YoY
• Operating Income: $19.21M [✅]; [DOWN] -75% YoY
• Adjusted Operating Income: $199.79M [✅]; [UP] +134% YoY

Other Key Q2 Metrics:

• Adj. Operating Income: $199.79M [✅]; [UP] +134% YoY
• Adj. Operating Expenses: $1.19B [✅]; [UP] +275% YoY
• Free Cash Flow: $(251.25)M;
• Effective Tax Rate: 19.7% (vs. 14.5% YoY)
• Cash and Cash Equivalents: $1.15B
• Total Assets: $26.24B
• Total Liabilities: $22.42B

CEO Commentary:

• Michael Intrator: “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.”

We had a bit steeper loss than expected but revenues were much stronger than Wall Street anticipated. This will be an intersting reaction.

-.$60 of EPS (miss) / Revenue of $1.21 billion (beat)

The stock is down in after hours trading but we still don’t see a release.

Here’s what Wall Street expects when the company reports:

– Revenue: $1.08 billion
– EPS (Normalized): –$0.20

Full-year FY 2025 forecasts:

– FY 2025 Revenue: $5.04 billion
– FY 2025 EPS: –$1.21

The market is closed and CoreWeave jumped 6% today. Earnings are expected within the next few minutes and we’ll begin posting updates.

CoreWeave’s IPO-era earnings showed a revenue beat but sharp EPS miss. Stock declined on day one but recovered over the next week — signaling investor willingness to back the long-term growth case despite short-term cost pressure.