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Core Viewpoints - CoreWeave's Q3 earnings report shows mixed results, with revenue of $1.36 billion exceeding expectations, but the revenue guidance for 2025 has been lowered to a range of $5.05 billion to $5.15 billion due to delays from third-party data center contractors [1][2][7] - The company anticipates that capital expenditures for 2026 will exceed double that of 2025, which is projected to be between $12 billion and $14 billion [3][45] - Despite the challenges, CoreWeave's order backlog has surged to $55.6 billion, nearly doubling from the previous quarter [4][15] Financial Performance - Q3 revenue reached $1.36 billion, a year-over-year increase of 134%, surpassing the expected $1.29 billion [6][18] - The net loss for Q3 was $110 million, significantly reduced from $359 million in the same period last year, but the operating margin was only 4%, below the expected 6.5% [6][10] - Adjusted operating income for Q3 was $217 million, with an adjusted EBITDA of $838 million, reflecting a doubling compared to the previous year [20][41] Revenue Guidance and Market Position - The revenue guidance for the remainder of 2025 is set between $5.05 billion and $5.15 billion, with an adjusted operating profit expected between $690 million and $720 million [23][45] - CEO Michael Intrator emphasized CoreWeave's critical role in the AI infrastructure landscape, stating that the company is the "essential cloud for AI" [24][26] Contractual Developments - Significant contracts signed in Q3 include a $14.2 billion six-year agreement with Meta and an expanded $6.5 billion agreement with OpenAI [5][15] - The company has secured its sixth contract with a leading hyperscale cloud service provider, further diversifying its client base [5][15] Capital Expenditure and Infrastructure Challenges - The company faces challenges in rapidly deploying data center infrastructure due to a shortage of "powered shell" data centers, which has led to delays in expected revenue [16][18] - CoreWeave's capital expenditures for Q3 totaled $1.9 billion, lower than previously anticipated due to delays from third-party contractors [42][45] Strategic Outlook - CoreWeave's strategy involves leveraging NVIDIA chips to secure substantial private debt for rapid data center construction, which is critical for meeting the growing demand from AI giants [12][13] - The company is focused on expanding its infrastructure and market presence, with plans to increase its active power capacity significantly in the coming years [23][24]

Core Insights - CoreWeave (CRWV) reported its third quarter earnings amidst market volatility, particularly in the AI sector, where stock prices fluctuate by over 5% daily [1] - Initially, shares of CoreWeave spiked higher following the earnings report but have since declined [1] Financial Performance - The earnings report was released after market close on Monday, indicating a strategic timing for investor engagement [1] - The volatility in AI stocks suggests a dynamic market environment that could impact CoreWeave's stock performance [1]

Group 1 - The discussion includes a positive sentiment towards Uber, indicating it has shown slight upward movement recently [1] - There is a mention of a potential disconnect in power supply statements between different CEOs, with a preference for Satya Nadella's perspective [1] Group 2 - John Allayia is noted to be in attendance, with a reference to "Structure Therapeutics," suggesting a focus on this company [2]

Financial Data and Key Metrics Changes - CoreWeave reported Q3 revenue of $1.4 billion, representing a 134% year-over-year increase [5][23] - Revenue backlog reached $55.6 billion, nearly doubling in the third quarter alone [5][23] - Adjusted operating income for Q3 was $217 million, compared to $125 million in Q3 of 2024, with an adjusted operating margin of 16% [24] - Net loss for Q3 was $110 million, an improvement from a $360 million net loss in Q3 of 2024 [25] - Adjusted EBITDA for Q3 was $838 million, more than double the $379 million in Q3 of 2024, with an adjusted EBITDA margin of 61% [25] Business Line Data and Key Metrics Changes - CoreWeave expanded its active power footprint by 120 megawatts sequentially to approximately 590 megawatts [6][7] - Contracted power capacity grew over 600 megawatts to 2.9 gigawatts [7][11] - The number of customers exceeding $100 million in revenue over the last 12 months tripled year-over-year [8] Market Data and Key Metrics Changes - More than 60% of revenue backlog is tied to investment-grade customers, down from approximately 85% at the beginning of the year [23][81] - No single customer represents more than approximately 35% of revenue backlog, down from approximately 50% last quarter [23][81] Company Strategy and Development Direction - CoreWeave aims to diversify its customer base and reduce customer concentration, with significant growth in its revenue backlog [23][24] - The company is expanding its data center footprint and has launched CoreWeave Federal to serve U.S. government agencies [10][12] - Recent acquisitions, including OpenPipe, Merge, and Monolith, are intended to enhance CoreWeave's product offerings and market reach [17][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing supply constraints in the industry and the need for strategic partnerships to manage infrastructure delivery [5][22] - The company expects continued robust demand for its services, with a revenue forecast for 2025 in the range of $5.05-$5.15 billion [30] - Management expressed confidence in the long-term trajectory of the business, emphasizing the importance of infrastructure investments [32] Other Important Information - CoreWeave's CapEx in Q3 totaled $1.9 billion, lower than anticipated due to delays from a third-party data center provider [25][26] - The company has secured $14 billion in debt and equity transactions year-to-date to support its growth [29] Q&A Session Summary Question: Can you speak to the situation relating to the third-party provider? - Management acknowledged systemic challenges in supply chains affecting infrastructure delivery but emphasized efforts to diversify data center providers and mitigate delays [36][37] Question: How should we think about your infrastructure and the risk of overcapacity? - Management clarified that the infrastructure is fungible and designed to be flexible for various customer needs, ensuring effective use of resources [41][42] Question: How far are we away from reaching a point where disruptions do not affect revenue outlook? - Management indicated that as the company scales, the impact of individual data center delays will diminish, with significant capacity expected to come online in the next 12 to 24 months [47][48] Question: What is the uniqueness of CoreWeave's value proposition in the future? - Management highlighted the company's ability to deliver customized infrastructure quickly and effectively, maintaining a competitive edge in the market [49][50] Question: Can you provide clarity on CapEx and funding sources? - Management confirmed that the CapEx reduction was primarily due to delays from a single provider and emphasized exploring various financing options to support growth [64][68]

Financial Data and Key Metrics Changes - CoreWeave reported Q3 revenue of $1.4 billion, representing a 134% year-over-year increase [5][23] - Revenue backlog reached over $55 billion at the end of Q3, nearly doubling from Q2 [5][23] - Adjusted operating income for Q3 was $217 million, with an adjusted operating margin of 16% [24] - Net loss for Q3 was $110 million, a significant improvement from a $360 million loss in Q3 of 2024 [25] - Adjusted EBITDA for Q3 was $838 million, more than doubling from $379 million in Q3 of 2024, with an adjusted EBITDA margin of 61% [25] Business Line Data and Key Metrics Changes - CoreWeave expanded its active power footprint by 120 MW sequentially to approximately 590 MW [6][7] - Contracted power capacity grew over 600 MW to 2.9 GW, with more than 1 GW of contracted capacity expected to be sold to customers in the next 12 to 24 months [7][12] - The number of customers exceeding $100 million in revenue over the last 12 months tripled year-over-year, indicating a diversification of the revenue base [8] Market Data and Key Metrics Changes - More than 60% of CoreWeave's revenue backlog is tied to investment-grade customers, down from approximately 85% at the beginning of the year [23][81] - No single customer represents more than approximately 35% of the revenue backlog, a decrease from about 50% last quarter [23][81] Company Strategy and Development Direction - CoreWeave aims to scale aggressively in a supply-constrained environment, focusing on AI cloud services [5][20] - The company is diversifying its customer base and expanding its product offerings, including new acquisitions to enhance its capabilities [17][20] - CoreWeave is also entering the public sector with the launch of CoreWeave Federal to serve U.S. government agencies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, despite current supply chain challenges [22][32] - The company anticipates continued robust demand for its services, with expectations for 2025 revenue in the range of $5.05-$5.15 billion [30] - Management noted that delays from a third-party data center provider would impact Q4 results but are expected to be resolved by Q1 of the following year [30][54] Other Important Information - CoreWeave's capital expenditures in Q3 totaled $1.9 billion, lower than anticipated due to delays [25][26] - The company has secured $14 billion in debt and equity transactions year-to-date to support its growth [29] - CoreWeave's new storage product, AI Object Storage, has already surpassed $100 million in annual recurring revenue (ARR) in Q3 [16] Q&A Session Summary Question: Can you speak to the situation relating to the third-party provider? - Management acknowledged systemic challenges in supply chains affecting infrastructure delivery but emphasized efforts to diversify data center providers and manage delays [36][37] Question: How should we think about your infrastructure and its fungibility? - Management confirmed that the infrastructure is designed to be fungible, allowing for flexibility in usage across different customers and applications [41][42] Question: How far are we from reaching a point where disruptions should not affect revenue outlook? - Management indicated that as the company scales, the impact of individual delays will become less significant, with expectations for smoother operations as capacity increases [47][48] Question: What is the uniqueness of CoreWeave's value proposition in the future? - Management highlighted the company's focus on delivering customized infrastructure and software solutions that differentiate it from competitors [49][50] Question: Can you clarify the impact of CapEx reductions? - Management confirmed that the CapEx reduction is primarily due to delays from a single data center provider, with most of the impact expected to be resolved in Q1 [64][65] Question: How do you think about funding paths for CapEx? - Management stated that they will explore various financing options, including leasing, to ensure cost-effective scaling and service delivery [68][69]

Financial Data and Key Metrics Changes - CoreWeave reported Q3 2025 revenue of $1.4 billion, representing a 134% year-over-year increase [4][19] - Revenue backlog reached over $55 billion, nearly doubling in Q3 alone, and RPO reached $50 billion, the fastest growth in cloud history [4][19] - Operating expenses for Q3 were $1.3 billion, with an adjusted operating income of $217 million, up from $125 million in Q3 2024 [20] - Net loss for Q3 was $110 million, significantly improved from a $360 million loss in Q3 2024 [21] - Adjusted EBITDA for Q3 was $838 million, more than doubling from $379 million in Q3 2024, with an adjusted EBITDA margin of 61% [21] Business Line Data and Key Metrics Changes - CoreWeave expanded its active power footprint by 120 megawatts to approximately 590 megawatts and contracted power capacity to 2.9 gigawatts [5][10] - The number of customers exceeding $100 million in revenue over the last 12 months tripled year-over-year, indicating a diversification of the revenue base [6] - The company executed large-scale compute contracts with major clients like Meta and OpenAI, enhancing customer relationships [5][6] Market Data and Key Metrics Changes - CoreWeave's customer concentration decreased, with no single customer representing more than 35% of revenue backlog, down from 50% last quarter and 85% at the beginning of the year [19] - More than 60% of revenue backlog is tied to investment-grade customers, reflecting successful diversification efforts [19] Company Strategy and Development Direction - CoreWeave aims to be the essential cloud for AI, focusing on scaling operations and diversifying its customer base across various sectors [4][17] - The company is expanding its data center footprint and has launched CoreWeave Federal to serve U.S. government agencies [8][10] - Recent acquisitions, including OpenPipe, Merge, and Monolith, are intended to enhance product offerings and market reach [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing supply constraints in the industry and the need for strategic partnerships to navigate these challenges [4][30] - The company expects continued robust demand for its services, with 2025 revenue guidance set between $5.05 billion and $5.15 billion [25][26] - Management expressed confidence in the long-term growth trajectory, emphasizing the importance of infrastructure investments to support future demand [28][29] Other Important Information - CoreWeave's CapEx for Q3 totaled $1.9 billion, lower than anticipated due to delays from a third-party data center provider [21] - The company has secured $14 billion in debt and equity transactions year-to-date to support its growth ambitions [24] Q&A Session Summary Question: Can you speak to the situation relating to the third-party provider? - Management acknowledged systemic challenges in supply chains affecting infrastructure delivery but emphasized efforts to diversify data center providers and manage operational components effectively [30][31][32] Question: How should we think about your infrastructure and the risk of overcapacity? - Management clarified that infrastructure is designed to be fungible, allowing flexibility in usage across different clients, which mitigates risks associated with overcapacity [36][37] Question: What are the implications of the delays on 2026? - Management indicated that the majority of delays are expected to be resolved by Q1 of next year, with a ramp-up in capacity anticipated [43][44] Question: How do you think about the pacing on contracting out the remaining capacity? - Management expressed confidence in the demand for infrastructure and the company's ability to allocate remaining capacity thoughtfully to meet customer needs [56][58] Question: Is there any IP that CoreWeave has that contributes to the build-out of these data centers? - Management stated that the company has built an organization capable of assisting with self-build efforts, embedding deeper into the supply chain to enhance delivery capabilities [59][60]

CoreWeave Q3'25 Earnings Presentation November 10, 2025 1 2 Q3'25 at a Glance STRONG REVENUE TRAJECTORY Q1' 25 QoQ Revenue $1.4 billion ADJUSTED EBITDA3 ADJUSTED OPERATING INCOME3 61% Margin $838 million $217 million 16% Margin up 134% YoY STRONG REVENUE TRAJECTORY REVENUE BACKLOG1 $55.6 billion up 271% YoY REVENUE STRONG REVENUE TRAJECTORY CAPITAL EXPENDITURES 2 $1.9 billion $(41) million (3)% Margin ADJUSTED NET INCOME (LOSS) 3 Forward-Looking Statements This presentation contains "forward-looking stateme ...

Core Weave Overview - Core Weave's backlog has increased significantly to $55 billion from $30 billion at the end of the second quarter, largely due to $20 billion worth of contracts signed with OpenAI and Meta [2] - The operating income margins showed better-than-expected performance, alleviating previous concerns about potential underperformance [3][4] Market Position and Demand - The company is positioned to provide swing capacity to hyperscalers like Microsoft, Amazon, and Google, which may rely on Core Weave when they cannot meet their own capacity needs [6] - Core Weave's contracted revenue is expected to remain stable even if AI demand pulls back, as contracts are typically multi-year in nature [7] Challenges and Opportunities - The failure of the Core Scientific deal, which would have accelerated Core Weave's access to additional capacity, poses a challenge for the company [9][10] - Without the Core Scientific acquisition, Core Weave will need to seek other partnerships to fill its pipeline, such as deals with other crypto miners [11]

Core Viewpoint - The cloud-computing company exceeded revenue and earnings expectations due to CoreWeave securing several large cloud deals in the third quarter [1] Financial Performance - The company reported better-than-expected revenue and earnings for the third quarter [1]