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

Performance Overview Presents CoreWeave's Q1 2025 financial results, operational milestones, and business outlook Q1 2025 Financial Highlights CoreWeave achieved substantial revenue growth and strong Adjusted EBITDA in Q1 2025, despite a wider GAAP net loss influenced by IPO-related stock-based compensation Financial Metric (GAAP) | Financial Metric (GAAP) | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $981.6M | $188.7M | 420% | | Operating Income (Loss) | $(27.5)M | $16.8M | (263)% | | Net Loss | $(314.6)M | $(129.2)M | 143% | | Diluted Net Loss Per Share | $(1.49) | $(0.62) | 140% | - The reported GAAP operating loss and net loss include $177 million of stock-based compensation expense related to the IPO[3] Non-GAAP Metric | Non-GAAP Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $606.1M | $104.5M | 480% | | Adjusted EBITDA Margin | 62% | 55% | - | | Adjusted Operating Income | $162.6M | $25.0M | 550% | | Adjusted Net Loss | $(149.6)M | $(23.6)M | 535% | - As of March 31, 2025, the total revenue backlog was $25.9 billion, including $14.7 billion in Remaining Performance Obligations (RPO) and an additional $11.2 billion from committed customer contracts[5] Q1 2025 Business & Operational Highlights CoreWeave achieved strategic customer deals, significantly scaled its AI infrastructure, launched new products, and successfully completed its IPO - Key customer achievements include a strategic deal with OpenAI, adding $11.2 billion to revenue backlog, and a partnership with IBM to provide compute capacity for its Granite models[8] - The company rapidly scaled its AI infrastructure, ending the quarter with approximately 420 MW of active power and 1.6 GW of contracted power[8] - New product launches included the general availability of CoreWeave AI Object Storage (CAIOS), support for GB200-based instances, on-demand cluster scaling, and support for NVIDIA AI Enterprise software[8] - CoreWeave raised $1.4 billion in net proceeds from its Initial Public Offering (IPO), bringing total debt and equity raised to $17.2 billion[8] Business Outlook CoreWeave will provide forward-looking guidance during its upcoming Q1 2025 earnings conference call and webcast - The company will provide forward-looking guidance on its upcoming earnings conference call and webcast[7] Consolidated Financial Statements Presents CoreWeave's detailed GAAP financial statements, including statements of operations, balance sheets, and cash flows for the reported periods Consolidated Statements of Operations CoreWeave reported substantial revenue growth in Q1 2025, but also a shift to operating loss and a wider net loss due to increased operating and interest expenses Consolidated Statements of Operations (In thousands) | (In thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $981,632 | $188,684 | | Total Operating Expenses | $1,009,102 | $171,837 | | Operating Income (Loss) | $(27,470) | $16,847 | | Interest Expense, net | $(263,835) | $(40,656) | | Net Loss | $(314,641) | $(129,248) | Consolidated Balance Sheets CoreWeave's total assets and liabilities increased significantly by March 31, 2025, with stockholders' equity turning positive due to the IPO Consolidated Balance Sheets (In thousands) | (In thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $1,276,456 | $1,361,083 | | Property and equipment, net | $14,210,992 | $11,914,774 | | Total Assets | $21,860,383 | $17,832,599 | | Liabilities & Equity | | | | Total Current Liabilities | $7,130,797 | $4,962,581 | | Total Debt (Current & Non-current) | $8,711,666 | $7,926,340 | | Total Liabilities | $18,791,101 | $16,524,086 | | Total Stockholders' Equity (Deficit) | $1,906,123 | $(413,598) | Consolidated Statements of Cash Flows CoreWeave experienced a decrease in operating cash flow, significant cash usage in investing activities, and a substantial increase in financing cash flow from its IPO in Q1 2025 Consolidated Statements of Cash Flows (In thousands) | (In thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $61,168 | $2,039,038 | | Net cash provided by (used in) investing activities | $(1,433,051) | $(1,771,243) | | Net cash provided by (used in) financing activities | $1,853,866 | $919,495 | - Cash used in investing activities was primarily for the purchase of property and equipment, totaling $1.41 billion[24] - Cash from financing activities was driven by $1.42 billion in net proceeds from the initial public offering[24] Non-GAAP Financial Measures & Reconciliations Provides detailed reconciliations of CoreWeave's non-GAAP financial measures to their most directly comparable GAAP counterparts Reconciliation of GAAP to Non-GAAP Results CoreWeave provides reconciliations from GAAP net loss to Adjusted EBITDA, Adjusted Operating Income, and Adjusted Net Loss, primarily adjusting for non-cash items like stock-based compensation Reconciliation to Adjusted EBITDA (In thousands) | Reconciliation to Adjusted EBITDA (In thousands) | Q1 2025 | | :--- | :--- | | Net loss (GAAP) | $(314,641) | | Depreciation and amortization | $443,497 | | Interest expense, net | $263,835 | | Stock-based compensation | $183,974 | | Provision for income taxes | $46,036 | | Other adjustments | $(16,533) | | Adjusted EBITDA (Non-GAAP) | $606,131 | Reconciliation to Adjusted Operating Income (In thousands) | Reconciliation to Adjusted Operating Income (In thousands) | Q1 2025 | | :--- | :--- | | Operating income (loss) (GAAP) | $(27,470) | | Stock-based compensation | $183,974 | | Acquisition related costs | $6,130 | | Adjusted operating income (Non-GAAP) | $162,634 | Reconciliation to Adjusted Net Loss (In thousands) | Reconciliation to Adjusted Net Loss (In thousands) | Q1 2025 | | :--- | :--- | | Net loss (GAAP) | $(314,641) | | Stock-based compensation | $183,974 | | (Gain) loss on fair value adjustments | $(26,837) | | Other adjustments | $7,949 | | Adjusted net loss (Non-GAAP) | $(149,555) |