CoreWeave（CRWV.US）美股盘后跌逾10%，报133.553美元。CoreWeave表示，公司处于到2025年年底 交付900 MW Active power的正轨之上。（市场对该公司）金融服务的应用有所增加。预计全年营收51.5 亿-53.5亿美元，公司原本预计49亿-51亿美元。预计三季度营收12.6亿-13.0亿美元，分析师预期12.5亿美 元。预计三季度调整后运营利润1.60亿-1.90亿美元，分析师预期1.92亿美元。维持全年资本开支预期在 200亿-230亿美元不变，分析师预期210.3亿美元。预计三季度资本开支29亿-34亿美元，公司原本预计30 亿-35亿美元。 ...

Market Performance - The S&P 500 and Nasdaq reached new closing highs, with the Dow gaining 483 points (+1.13%), S&P 500 up 72 points (+1.13%), Nasdaq increasing by 296 points (+1.39%), and Russell 2000 rising by 2.99% [1] - Year-to-date, Russell 2000 is up 2.3%, while the Dow is up 4.5%, S&P 500 is up 9.6%, and Nasdaq is up 12.3% [2] Federal Reserve Outlook - Markets are pricing in a potential Fed rate cut in September, with expectations of a reduction of either -25 basis points to a range of 4.00-4.25% or -50 basis points to 3.75-4.00% [3] Company Earnings Reports - CAVA Group shares fell by 22.5% after a mixed Q2 report, with earnings of 16 cents per share exceeding the consensus of 13 cents, but revenues of $281 million missed expectations of $287 million. Full-year revenue guidance was lowered to +4-6% from +6-8% [4] - CoreWeave shares decreased by 5.5% due to a larger-than-expected loss of 60 cents per share compared to the expected 23 cents, although revenues of $1.21 billion surpassed the forecast of $1.08 billion [5] Upcoming Economic Indicators - The Producer Price Index (PPI) report is expected on Thursday, which is often seen as a precursor to future consumer prices [6] - Presentations by Fed Chairs are scheduled for Wednesday, with earnings reports from Brinker International and Cisco Systems also anticipated [7]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ________________ Commission file number 001-42563 _________________________ CoreWeave, Inc. (Exact na ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 grew 207% year over year to $1,200,000,000, marking the first quarter with both $1,000,000,000 in revenue and $200,000,000 in adjusted operating income [6][21] - Adjusted operating income for Q2 was $200,000,000, compared to $85,000,000 in Q2 2024, with an adjusted operating income margin of 16% [23] - Net loss for the quarter was $291,000,000, an improvement from a net loss of $323,000,000 in 2024 [23] - Adjusted EBITDA for Q2 was $753,000,000, scaling more than 3x year over year, with an adjusted EBITDA margin of 62% [24] - Capital expenditures (CapEx) in Q2 totaled $2,900,000,000, up over $1,000,000,000 quarter over quarter [24] Business Line Data and Key Metrics Changes - The company signed expansion contracts with both hyperscale customers, contributing to a robust pipeline and increased demand across various sectors [20][8] - Significant growth was noted in the VFX cloud service product, with a fourfold increase in usage [8] - The healthcare and life sciences verticals also showed significant growth, with partnerships established with companies like Hippocratic AI [9] Market Data and Key Metrics Changes - The total contracted power increased approximately 600 megawatts to 2.2 gigawatts, with a contracted backlog of $30,100,000,000, up 86% year over year [7][22] - The company is experiencing a structurally supply-constrained market, with demand outstripping supply for AI cloud services [20][52] Company Strategy and Development Direction - The company is focused on vertical integration to enhance operational efficiencies and reduce costs, highlighted by the proposed acquisition of Core Scientific [15][16] - Continued investment in data center infrastructure is planned, with over $6,000,000,000 allocated for a new data center in Pennsylvania [15] - The company aims to maintain its leadership in AI cloud services by expanding its infrastructure and enhancing its service offerings [19][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for AI cloud services, with expectations for Q3 revenue in the range of $1,260,000,000 to $1,300,000,000 [29] - The company anticipates a full-year revenue guidance increase to between $5,150,000,000 and $5,350,000,000, driven by strong customer demand [32] - Management acknowledged the challenges of scaling infrastructure to meet demand but remains optimistic about future growth [20][29] Other Important Information - The company has successfully raised $6,400,000,000 in the capital markets through high-yield offerings, reducing its cost of capital [21][28] - The company is introducing flexible capacity products to help customers manage demand more effectively [12] Q&A Session Summary Question: Renewal of hyperscaler contracts and achieving better return on assets - Management focuses on expansion rather than renewals, indicating confidence in continued business with hyperscaler clients [41][42] - Strategies to improve return on assets include acquisitions and operational efficiencies [43][44] Question: Demand and supply dynamics - The company sees a significant increase in inference workloads and acknowledges supply constraints primarily at the power level [50][52] Question: Government interest in AI data centers - Management noted discussions with various governments about building AI infrastructure, with varying levels of receptiveness to US-based providers [56][59] Question: Backlog figures and future expectations - The backlog of $30,100,000,000 reflects strong demand, with significant contracts expected to move the needle in the future [85][86] Question: Repurposing older GPU clusters - Older GPU clusters are being recontracted for additional terms, indicating strong demand for legacy infrastructure [89] Question: CapEx timing and cost implications - CapEx is expected to ramp up in Q4, with costs incurred ahead of revenue generation due to infrastructure deployment [96][99]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 grew 207% year over year to $1,200,000,000, marking the first quarter with both $1,000,000,000 in revenue and $200,000,000 in adjusted operating income [5][21] - Adjusted operating income for Q2 was $200,000,000, with an adjusted operating income margin of 16% [22] - Net loss for the quarter was $291,000,000, an improvement from a net loss of $323,000,000 in Q2 2024 [23] - Adjusted EBITDA for Q2 was $753,000,000, scaling more than 3x year over year, with an adjusted EBITDA margin of 62% [24] - Capital expenditures (CapEx) in Q2 totaled $2,900,000,000, up over $1,000,000,000 quarter over quarter [25] Business Line Data and Key Metrics Changes - The company ended Q2 with $30,100,000,000 in contracted backlog, up $4,000,000,000 from Q1 and doubling year to date [6][21] - Significant growth was noted in the VFX cloud service product, with a fourfold increase in usage [7] - Expansion contracts were signed with both hyperscale customers, indicating strong demand across various sectors [20] Market Data and Key Metrics Changes - The company is experiencing unprecedented demand for AI cloud services, with a structurally undersupplied market [5][20] - Increased adoption in sectors such as healthcare, finance, and media is driving demand for specialized cloud infrastructure [9][10] - The company is expanding its footprint to meet intensifying demand signals from customers [6] Company Strategy and Development Direction - CoreWeave is focused on vertical integration to enhance operational efficiencies and reduce costs, exemplified by the proposed acquisition of Core Scientific [16][18] - The company aims to scale its infrastructure rapidly to meet customer demand, with plans to deliver over 900 megawatts of active power by year-end [6][31] - Investments in data center infrastructure are being prioritized to support growth and meet the evolving needs of customers [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strong demand for AI services, despite a structurally supply-constrained environment [20][29] - The company anticipates Q3 revenue in the range of $1,260,000,000 to $1,300,000,000, with adjusted operating income between $160,000,000 to $190,000,000 [29][30] - Full-year revenue guidance has been raised to a range of $5,150,000,000 to $5,350,000, driven by ongoing strong customer demand [31] Other Important Information - The company has successfully raised $6,400,000,000 in the capital markets, reducing its cost of capital [20][27] - A new flexible capacity product is being introduced to help customers manage demand more effectively [12] Q&A Session Summary Question: Renewal of hyperscaler contracts and achieving better return on assets - Management focuses on expansion rather than renewals, indicating confidence in continued business with hyperscaler clients [40][41] - Cost savings and operational efficiencies are being pursued through acquisitions and disciplined scaling [42][43] Question: Demand and supply dynamics - The company is experiencing significant demand for both training and inference workloads, with supply constraints primarily at the power level [47][51] - Management maintains that the market is structurally supply constrained, impacting the ability to meet demand [68] Question: Government interest in AI data centers - Various governments are exploring partnerships for AI infrastructure, with differing levels of openness to US-based providers [56][57] Question: Backlog figures and future expectations - The $30,100,000,000 backlog reflects significant demand, with large contracts expected to move the needle in the future [84][85] Question: Repurposing older GPU clusters - Older GPU clusters are being successfully recontracted for additional terms, primarily for inference workloads [88] Question: CapEx timing and cost implications - CapEx is expected to ramp up in Q4, with costs incurred ahead of revenue generation due to infrastructure deployment [96][98]

Financial Performance - Revenue reached $1.213 billion, a 207% year-over-year increase, driven by strong demand for the company's AI Cloud Platform[9, 14, 15] - Adjusted EBITDA was $753 million, a threefold increase compared to Q2'24, with a margin of 62%[9, 22] - Adjusted operating income was $200 million, up 134% year-over-year, representing a 16% margin[9, 17, 18] - Adjusted net loss was $(131) million, with a margin of (11)%[9, 11, 21] Capital Expenditure and Infrastructure - Capital expenditures totaled $2.9 billion, the highest in the company's history, reflecting continued investment in scaling the platform[10, 27, 30] - The company has 33 data centers with ~470MW active power and ~2.2GW contracted power[32] Revenue Backlog - Revenue backlog reached $30.1 billion, an 86% year-over-year increase, driven by strategic deals and contract expansions[9, 23, 24, 26] - The revenue backlog increased 2x year-to-date[26] - 40% of the revenue backlog is expected to be recognized within 24 months, 45% between 25-48 months, and 15% between 49-72 months[24]

Core Financial Performance - CoreWeave reported a revenue of $1.21 billion for the second quarter, exceeding expectations of $1.08 billion, and more than tripling from $395.4 million a year earlier [1][5] - The company registered a net loss of $290.5 million, an improvement from a loss of $323 million in the same quarter of 2024 [1][2] - The operating margin decreased to 2% from 20% a year ago, primarily due to $145 million in stock-based compensation costs [2] Business Developments - CoreWeave highlighted an expansion in its business relationship with OpenAI, a significant client and investor [2] - The company acquired Weights and Biases, a startup focused on AI model monitoring, for $1.4 billion [2] Market Performance - CoreWeave shares fell approximately 6% in extended trading despite the strong revenue performance [1] - The stock was trading at $148.75, resulting in a market capitalization of over $72 billion, following its IPO where it raised $1.5 billion by selling 37.5 million shares at $40 each [3] Future Outlook - A data center project with a capacity of up to 250 megawatts is scheduled for delivery in 2026 [4] - Management will discuss the financial results and provide guidance during a conference call [4]

CoreWeave Reports Strong Second Quarter 2025 Results Record Second Quarter Revenue Underscores Robust Demand and Strong Execution LIVINGSTON, N.J., – August 12, 2025 – CoreWeave, Inc. (Nasdaq: CRWV), the AI Hyperscaler™, today reported financial results for the second quarter ended June 30, 2025. "Our strong second quarter performance demonstrates continued momentum across every dimension of our business," said Michael Intrator, Co-Founder, Chairman of the Board and Chief Executive Officer, CoreWeave. "We a ...

Core View - CoreWeave Inc (CRWV) has experienced a significant increase of over 250% year-to-date, maintaining a strong upward trend as it approaches its second quarter earnings report [1] Stock Performance - CoreWeave's stock is currently priced at $143.60 per share, well above its major moving averages, indicating strong buying pressure and positive momentum [2] - The eight-day simple moving average is at $120.78, the 20-day at $120.85, and the 50-day at approximately $140.68, all suggesting bullish signals [2] - The MACD indicator is at -1.72, having crossed over the signal line, which supports a bullish outlook and indicates potential stabilization before another surge [3] - The Relative Strength Index (RSI) is at 60.01, suggesting that the stock is neither overbought nor oversold, allowing for further upside potential [3] Earnings Expectations - Analysts predict a loss of 17 cents per share on revenue of approximately $1.08 billion, reflecting CoreWeave's substantial investment in its proprietary cloud platform aimed at AI applications [4] - The earnings report is seen as a critical checkpoint for CoreWeave to demonstrate its ability to convert technological advancements into sustained financial growth [5] Market Outlook - The technical indicators and market demand for AI innovation suggest that CoreWeave's upward trend may continue, but the earnings report will be the definitive test [6] - A strong earnings performance and positive guidance could propel shares towards the 52-week high of $187, while any disappointment could lead to short-term challenges for the stock [6]

Core Viewpoints - CoreWeave's IPO was undersubscribed and priced below its target at $40, with Nvidia providing support [1] - The stock experienced significant volatility, peaking with a gain of over 300% before falling more than a third due to valuation concerns [2] - The company is seen as a battleground stock with strong arguments for buying, selling, or holding ahead of its earnings report [3] Buy Arguments - CoreWeave's revenue surged by 420% to $981.6 million, indicating strong demand for AI computing power [4] - The company has secured substantial financial backing, including a $1.75 billion debt offering and a $2.6 billion debt facility, enhancing its capacity for expansion [6] - CoreWeave's customer base includes major AI players like OpenAI, Microsoft, Meta Platforms, and Alphabet, which supports its growth potential [7] Sell Arguments - CoreWeave is currently unprofitable, with operating losses of $27.5 million and significant interest expenses of $263.8 million on nearly $9 billion in debt [8] - The company's business model relies on continuously updating data centers with new GPUs, posing a risk of financial strain [9] - The 9% interest rate on its latest debt indicates that lenders view the company as a high-risk borrower [9] Hold Arguments - The macroeconomic environment and semiconductor industry issues complicate the assessment of CoreWeave's valuation [10] - Investors may benefit from waiting for more clarity on the company's prospects after additional earnings reports [11] - Holding CoreWeave may be prudent given its volatility and potential for future growth if it can manage its losses [12]