CoreWeave Inc (NASDAQ:CRWV) reported financial results for the first quarter after the market close on Wednesday. Here’s a rundown of the report.
Q1 Earnings: CoreWeave reported first-quarter revenue of $981.63 million, beating analyst estimates of $859.77 million, according to Benzinga Pro. The company reported a first-quarter adjusted loss of $1.49 per share.
Total revenue was up 420% on a year-over-year basis. The company said it ended the quarter with a revenue backlog of $25.9 billion. CoreWeave noted that a strategic deal with OpenAI during the quarter added $11.2 billion in revenue backlog.
The company reported $1.01 billion in operating expenses during the period, up 487% year-over-year, and ended the quarter with $1.28 billion in cash and cash equivalents.
“We’ve delivered an outstanding start to 2025 on multiple fronts. Our strong first quarter financial performance caps a string of milestones including our IPO, our major strategic deal with OpenAI as well as other customer wins, our acquisition of Weights & Biases and many technical achievements,” said Michael Intrator, co-founder and CEO of CoreWeave.
“Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand. The future runs on CoreWeave.”
CoreWeave executives will further discuss the quarter on a conference call with investors and analysts at 5 p.m. ET. The company noted that it will provide forward guidance on the call.
CoreWeave has operated data centers across the U.S. and Europe since 2017. The company provides access to Nvidia GPUs to large technology and AI-focused companies. CoreWeave made its public debut on the Nasdaq at $40 per share in March.
CRWV Price Action: CoreWeave shares were trading at all-time highs heading into Wednesday’s report, its first as a public company. The stock was up 7.92% at $68.97, according to Benzinga Pro.
Read Next:
- Nvidia, AMD And Other Chip Stocks Gain As Trump Plans To Ease AI Chip Export Rules
Photo: Shutterstock.
