CoreWeave Inc-A(CRWV) - 2025 Q1 - Quarterly Report

IPO and Financing - The company completed its IPO in March 2025, issuing 37,500,000 shares at $40.00 per share, raising$1.4 billion in net proceeds[182]. - The company completed its IPO in March 2025, issuing 36,590,000 shares at $40.00 per share, resulting in net proceeds of$1.4 billion[216]. - The company entered into a $1.0 billion term loan facility on December 16, 2024, consisting of a$229 million secured facility and a $771 million unsecured facility, with the full amount borrowed on the same day[231]. - The Revolving Credit Facility was increased to$1.5 billion as of May 2, 2025, with $589 million of remaining capacity available[220]. - As of March 31, 2025, the company had$1.0 billion outstanding under the 2024 Term Loan Facility, which was fully repaid on April 11, 2025, using proceeds from the IPO[232]. Revenue and Growth - Revenue for Q1 2025 was $981.6 million, a 420$188.7 million in Q1 2024, driven by demand from existing and new customers[201]. - The company expects continued growth in revenue and operating expenses as it scales its operations and expands its customer base[188]. Expenses and Losses - Cost of revenue increased by $203.2 million, or 343$262.4 million in Q1 2025, primarily due to higher data center operating costs[202]. - Technology and infrastructure expenses rose by $468.5 million, or 504$561.4 million in Q1 2025, largely due to increased depreciation and personnel costs[205]. - Sales and marketing expenses increased by $6.5 million, or 160$10.5 million in Q1 2025, reflecting higher personnel costs to drive customer demand[206]. - General and administrative expenses for Q1 2025 increased by $159 million, or 1,014$132 million rise in personnel-related expenses and $119 million in stock-based compensation[207]. - The net loss for Q1 2025 was$314.6 million, compared to a net loss of $129.2 million in Q1 2024[198]. - Operating expenses as a percentage of revenue increased to 103$5.38 billion, including $1.28 billion in cash and cash equivalents and$4.10 billion available under existing facilities[219]. - Net cash provided by operating activities was $61 million for the three months ended March 31, 2025, a significant decrease from$2.0 billion for the same period in 2024[235]. - Net cash used in investing activities was approximately $1.4 billion for the three months ended March 31, 2025, compared to$1.8 billion for the same period in 2024[236]. - Net cash provided by financing activities was $1.9 billion for the three months ended March 31, 2025, up from$919 million for the same period in 2024, driven by IPO proceeds and debt issuances[237]. - The company had cash and cash equivalents and marketable securities of $1.3 billion as of March 31, 2025, along with$1.2 billion of restricted cash related to collateralized loan facilities[242]. Interest and Taxation - Interest expense, net for Q1 2025 rose by $223 million, or 549$31 million, or 199%, compared to Q1 2024, reflecting an increase in pre-tax income excluding nondeductible losses[212]. Other Financial Metrics - Gain on fair value adjustments for Q1 2025 improved by $124 million compared to Q1 2024, driven by a decrease in the valuation of derivatives and warrants[209]. - Other income (expense), net for Q1 2025 changed unfavorably by$12 million compared to Q1 2024, mainly due to foreign exchange losses of approximately $17 million[211]. Risks and Economic Factors - The company is exposed to foreign currency risks due to international revenue and expenses denominated in currencies other than the U.S. dollar, including the British pound, Euro, and Swedish krona[245]. - Inflation has not had a material effect on the company's financial condition, but rising personnel-related costs could impact profitability if not offset by price increases[247].