Live: Complete CoreWeave (CRWV) Q3 Earnings Coverage

We’re presently listening to the earnings call for CoreWeave, which started at 5 p.m. ET. Shares of the company just went into freefall.

Here’s the key quote that caused the share plunge from CoreWeave’s CEO:

“While we are experiencing relentless demand for our platform, data center developers across the industry are also enduring unprecedented pressure across supply chains. In our case, we are affected by temporary delays related to a third-party data center developer who is behind schedule. This impacts fourth quarter expectations, which Nitin will discuss shortly.

Having said that, the customer affected by the current delays has agreed to adjust the delivery schedule and extend the expiration date. As a result, we maintain the total value of the original contract and the customer preserves their capacity for the full duration of the initial agreement, demonstrating the confidence they have in our ability to provide the most performance solutions in market.”

In short, the company began telegraphing that Q4 revenue is going to come in below expectations, and shares plunged as a result.

CoreWeave’s conference call is starting in the next few minutes and shares are down 2.5%. We’ll see if there are any major shifts in share price druing the call.

After shares initially popping, then falling… Shares of CoreWeave have now settled into about a 1% loss.

If you’re a CoreWeave investor, this reaction might be deeply confusing.

After all, the company topped revenue expectations by a solid margin. As we showed earlier, operating income fell, but adjusted operating income rose sharply and beat Wall Street estimates.

And the company’s adjusted EPS and adjusted EBITDA both topped Wall Street expectations.

So, why aren’t shares moving north after hours? First and foremost, CoreWeave isn’t alone. Fellow neocloud Terawulf reported after-hours, and its shares are also down 3%.

After last week’s AI sell-off, there’s still an environment with more fear than investors have seen in recent months.

Second, while results were generally very good, they weren’t perfect. Active power stands at 590 megawatts, which might be a disappointment as every neocloud races to bring capacity online. CoreWeave has contracted power of about 2.9 gigawatts, which shows how much of the company’s revenue is still contracted into the future.

It’s worth noting that the company’s OpenAI partnership is now up to $22.4 billion and CoreWeave also touted their capacity deal with Meta stands at $14.2 billion.

Next up: the company’s conference call. You can register to join here. It begins at 5 p.m. ET. We don’t expect any massive movement from disclosures on the call, but conference calls for neocloud companies have generally had some big price movements during them so it’d be best to follow along if you’re a CoreWeave investor.

If you leave this page open, new updates will populate as we post them. While updates should slow, we will post our takeaways from the company’s conference call. 

Revenue more than doubled, rising 133.7% to $1.36 B, while operating income plunged 55.7% to $51.85 M. The company’s net loss narrowed by 69.4%, improving to $110.12 M from a $359.81 M deficit a year ago.

“We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion,” Michael Intrator said, reflecting a very bullish outlook on accelerating AI demand. He added that disciplined execution—from scaling infrastructure to deepening customer relationships—has never been more critical as CoreWeave cements its role as the essential cloud for AI.

As of 4:17 p.m. ET, investors have had CoreWeave’s earnings for ~7 minutes and shares have gone negative. Right now CoreWeave shares are down about .91% in after-hours trading.

Here are all the main need-to-know figures from CoreWeave’s (Nasdaq: CRWV) third quarter earnings:

CRWV | CoreWeave Q3’25 Earnings Highlights:

• Adj. EPS: $(0.22) (Est. $(0.51))
• Revenue: $1.36B [✅]; UP +134% YoY
• Adj. Gross Margin: 61% [✅]; DOWN -400 bps YoY
• Net Income: $(110.12)M [✅]; DOWN -69% YoY
• Adjusted EBITDA: $838.12M  [✅]; UP +121% YoY
• Adjusted Operating Income: $217.15M  [✅]; UP +74% YoY
• Revenue Backlog: $55.6B

Q4’25 Outlook:

• • CoreWeave anticipates continued strong demand for AI infrastructure, driven by recent customer wins and partnerships.
  • The company expects to leverage its expanded capacity and technological advancements to meet growing market needs.

Other Key Q3 Metrics:

• Adj. Operating Expenses: $1.31B [✅]; UP +181% YoY
• Cash and Cash Equivalents: $1.89B
• Debt: $14.03B

CEO Commentary:

• Michael Intrator: “We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion. Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services. CoreWeave’s position as the essential cloud for AI has never been stronger as we drive growth through focus and innovation to power the next generation of AI.”

CoreWeave earnings are out, and here are the headline numbers:

• EPS: -$.22
• Revenue: $1.36B

As a reminder, here’s what investors expected:

Shares are initially up 3% on the news. 

After fierce sell offs last week, most AI stocks bounced back this week. CoreWeave has been a relative underperformer, after opening the day up more than 5%, shares briefly turned negative at noon before bouncing back to a late gain of 1.25%.

While smaller neoclouds have soared recently, CoreWeave share are down 43% from their high in June.

We expect CoreWeave earnings to hit the newswires around 4:05 p.m. ET and will begin posting updates shortly thereafter.