CoreWeave Inc-A(US:CRWV)2026-02-26 21:06Revenue Growth - CoreWeave achieved $5 billion in annual revenue for 2025, becoming the fastest cloud provider to reach this milestone[2] - Revenue for Q4 2025 was $1,572 million, a 110% increase from $747 million in Q4 2024[3] - The total revenue for the fiscal year 2025 was $5,131 million, compared to $1,915 million in 2024, marking a 168% year-over-year growth[3] - Revenue for the three months ended December 31, 2025, was $1,572 million, a significant increase from $747 million in the same period of 2024, representing a growth of 110%[18] - Revenue for 2025 was $1,572 million, an increase from $747 million in 2024, representing a significant growth[34] Operating Expenses - Operating expenses for Q4 2025 were $1,661 million, up from $634 million in Q4 2024[3] - Total operating expenses for the twelve months ended December 31, 2025, were $5,177 million, compared to $1,591 million in 2024, indicating an increase of 225%[18] - The company incurred depreciation and amortization expenses of $821 million for the three months ended December 31, 2025, compared to $365 million in 2024, reflecting an increase of 125%[24] - The adjusted operating income for the twelve months ended December 31, 2025, was $666 million, compared to $356 million in 2024[30] - The adjusted operating income margin for the twelve months ended December 31, 2025, was 13%, compared to 19% in 2024[30] Financial Position - Cash and cash equivalents as of December 31, 2025, were $3,127 million, up from $1,361 million in 2024, showing an increase of 130%[20] - Total assets as of December 31, 2025, reached $49,302 million, compared to $17,833 million in 2024, marking a growth of 176%[22] - Total current liabilities as of December 31, 2025, were $16,440 million, compared to $4,963 million in 2024, indicating an increase of 230%[21] - The company reported a total stockholders' equity of $3,335 million as of December 31, 2025, compared to a deficit of $414 million in 2024, indicating a significant turnaround[22] - The company’s cash and cash equivalents at the end of the period were $4,130 million, compared to $2,035 million at the end of the previous period[26] Net Loss and Margins - The net loss for the three months ended December 31, 2025, was $452 million, compared to a net loss of $51 million in the same period of 2024, reflecting an increase in losses of 786%[18] - For the three months ended December 31, 2025, the company reported a net loss of $452 million, compared to a net loss of $51 million for the same period in 2024[28] - The company reported a net loss of $452 million for 2025, compared to a net loss of $863 million in 2024[34] - The net loss margin for 2025 was (29)%, improving from (45)% in 2024[34] - The company’s net loss margin for the three months ended December 31, 2025, was (29)%, compared to (7)% in the same period of 2024[28] Adjusted Metrics - Adjusted EBITDA for Q4 2025 was $898 million, with an adjusted EBITDA margin of 57%[4] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $3,093 million, up from $1,219 million in 2024, reflecting a margin of 60%[28] - Adjusted net loss for 2025 was $284 million, compared to $65 million in 2024[34] - The adjusted net loss margin for 2025 was (18)%, compared to (3)% in 2024[34] Capital and Investments - The revenue backlog reached $66.8 billion by the end of 2025, more than four times the backlog at the beginning of the year[2][5] - The company raised approximately $2.6 billion in convertible senior notes to enhance financial flexibility[6] - The company reported a net cash provided by operating activities of $1,559 million for the three months ended December 31, 2025, compared to $187 million in the same period of 2024, representing an increase of 734%[24] - Net cash provided by financing activities for the twelve months ended December 31, 2025, was $9,308 million, compared to $7,464 million in 2024[26] - The company reported a net cash used in investing activities of $(3,926) million for the twelve months ended December 31, 2025[26] Acquisitions and Strategic Moves - CoreWeave acquired Monolith and Marimo to expand its AI cloud platform capabilities and unify generative AI developer workflows[6] - Acquisition-related costs amounted to $9 million in 2025, while there were no such costs reported in 2024[35] - The company began including amortization of acquired intangibles in adjusted net loss calculations starting Q2 2025[36] - Adjustments related to fair value measurements of derivative liabilities were recorded, impacting financial results[37] - The company recognized a net unrealized gain on strategic investments, contributing to overall financial performance[38]