- CoreWeave reported second-quarter revenue of $2.6 billion, up 112% year-over-year, driven by surging demand from hyperscalers for AI compute capacity.
- CoreWeave stock surged 18% in premarket trading on Wednesday following the results.
- The company guided third-quarter revenue between $3.4 billion and $3.6 billion.
- Citi analysts described the quarter as 'one of the cleaner quarters' since CoreWeave went public, citing robust AI demand and better-than-expected margins.
- Operating expenses for the quarter more than doubled year-on-year, leading to an operating loss of $49 million.
- CoreWeave's revenue backlog for the quarter stands at $104 billion as of June 30, which doesn't include $25 billion in new customer commitments for the third quarter.
- For the full year, the company forecasts revenue of $12.4 billion to $13.2 billion and adjusted operating income of $960 million to $1.15 billion.
CoreWeave's second-quarter revenue doubled to $2.6 billion, a 112% increase from the previous year, driven by surging AI demand.
The company forecasts third-quarter revenue between $3.4 billion and $3.6 billion and a full-year revenue of $12.4 billion to $13.2 billion.
Despite the revenue surge, CoreWeave reported an operating loss of $49 million due to operating expenses rising to $2.6 billion, exceeding revenue.
CEO Michael Intrator noted, “CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage.”
The company has a revenue backlog of $104 billion and secured $25 billion in new customer commitments for the third quarter.
Citi analysts praised the quarter as “one of the cleaner quarters” since CoreWeave went public, highlighting robust AI demand and improved profitability guidance.
CoreWeave's partnerships expanded with clients like Bentley Systems and Grammarly, and it deepened ties with Jane Street, which committed $1 billion in strategic investments.
Analysts expect shares to rise on increased investor confidence in CoreWeave's execution and profitability improvements.
“CoreWeave's second-quarter revenue hit $2.6 billion, up 112% from a year earlier, but operating expenses also doubled, leaving an operating loss of $49 million. The company guides third-quarter revenue to $3.4–$3.6 billion and forecasts full-year revenue of $12.4–$13.2 billion.”
cnbc.com
