CoreWeave Inc-A(US:CRWV)2025-11-10 21:08Financial Performance - CoreWeave reported third quarter 2025 revenue of $1,364.7 million, a 134% increase from $583.9 million in the same quarter of 2024[3] - The operating income for the third quarter was $51.9 million, with an operating income margin of 4%, down from 20% in the prior year[3] - Net loss for the quarter was $110.1 million, improving from a net loss of $359.8 million in Q3 2024, resulting in a net loss margin of 8% compared to 62%[3] - Adjusted EBITDA for the quarter was $838.1 million, with an adjusted EBITDA margin of 61%, slightly down from 65% in the previous year[4] - For the three months ended September 30, 2025, the company reported a net loss of $110,124 thousand, compared to a net loss of $359,807 thousand for the same period in 2024, representing a 69% improvement year-over-year[28] - Revenue for the third quarter of 2025 was $1,364,676 thousand, a significant increase from $583,941 thousand in the third quarter of 2024, marking a 134% year-over-year growth[30] - Adjusted EBITDA for the three months ended September 30, 2025, was $838,124 thousand, compared to $378,757 thousand in the same period of 2024, reflecting a 121% increase[28] - The adjusted operating income margin for the third quarter of 2025 was 16%, down from 21% in the same quarter of 2024[30] - The net loss margin for the third quarter of 2025 was (8)%, an improvement from (62)% in the same quarter of 2024[33] Financial Position - Total assets increased to $32,910,498 thousand as of September 30, 2025, up from $17,832,599 thousand at December 31, 2024, representing an increase of 84.4%[22] - Current assets rose to $4,731,283 thousand, compared to $1,916,249 thousand at the end of 2024, marking a 146.5% increase[22] - Total liabilities increased to $29,032,484 thousand as of September 30, 2025, up from $16,524,086 thousand at December 31, 2024, an increase of 75.5%[22] - Cash, cash equivalents, and restricted cash at the end of the period totaled $2,968,691 thousand, compared to $1,922,050 thousand at the end of September 2024, a 54.4% increase[26] - The company reported $4,019,861 thousand in proceeds from the issuance of debt for the three months ended September 30, 2025, compared to $1,507,580 thousand in the same period of 2024[26] - The total stockholders' equity improved to $3,878,014 thousand as of September 30, 2025, from a deficit of $413,598 thousand at the end of 2024[23] Capital Expenditures and Investments - The company incurred $3,278,786 thousand in capital expenditures for the three months ended September 30, 2025, compared to $1,215,155 thousand in the prior year[26] - CoreWeave entered a multi-year deal with Meta valued at approximately $14.2 billion to support next-generation workloads[9] - The company expanded its partnership with OpenAI, increasing total commitments to approximately $22.4 billion[9] - CoreWeave announced a strategic collaboration with NVIDIA valued at $6.3 billion to scale GPU infrastructure and accelerate AI innovation[9] Operational Metrics - CoreWeave added approximately 120 MW of active power in the quarter, bringing total active power to approximately 590 MW[9] - The company reported a significant increase in accounts receivable, netting $1,659,229 thousand as of September 30, 2025, compared to $416,526 thousand at December 31, 2024, an increase of 297.5%[22] Expenses - The company incurred stock-based compensation of $144,431 thousand in Q3 2025, compared to $7,617 thousand in Q3 2024, indicating a substantial increase in compensation expenses[33] - The company reported interest expense of $310,555 thousand for the third quarter of 2025, up from $104,375 thousand in the same quarter of 2024[28] - Acquisition-related costs for the third quarter of 2025 amounted to $11,364 thousand, while there were no such costs reported in the same period of 2024[33] - The company’s depreciation and amortization expenses for Q3 2025 were $630,479 thousand, compared to $254,024 thousand in Q3 2024, indicating a significant increase in asset-related expenses[28]