CoreWeave's Q2 Loss Narrows Y/Y, Revenues Up, Stock Down

Core Financial Performance - CoreWeave, Inc. (CRWV) reported a second-quarter 2025 loss per share of $0.60, an improvement from a loss of $1.62 in the same quarter last year [1][9] - Adjusted net loss for the quarter was $131 million, compared to $5 million a year ago [1] - Revenues reached a record $1,212.8 million, exceeding the Zacks Consensus Estimate by 12.5% and representing a 207% year-over-year increase [2][9] Major Achievements and Partnerships - In Q2, CoreWeave secured significant customer wins, including a $4 billion expansion with OpenAI, adding to a previously announced $11.9 billion deal [3] - New partnerships were formed with various companies, including BT Group, Cohere, and LG CNS, among others [3] Revenue Backlog and Future Outlook - Revenue backlog grew to $30.1 billion, an 86% increase year-over-year, driven by the OpenAI agreement and new hyperscaler contracts [4][9] - For full-year 2025, CRWV expects revenues between $5.15 billion and $5.35 billion, an increase from earlier projections [11] - Q3 revenue is projected to be between $1.26 billion and $1.3 billion, with adjusted operating income forecasted between $160 million and $190 million [12] Operating Performance - Total operating expenses were $1.2 billion, up from $317.7 million in the prior year [7] - Adjusted operating income was $200 million, a 134% increase year-over-year, while adjusted operating margin decreased to 16% from 22% [7] Cash Flow and Liquidity - As of March 31, 2025, CRWV had $2.5 billion in cash and equivalents, with cash used in operating activities of $251.3 million for the quarter [10] Stock Performance - Following the results, CRWV shares declined by 9.2% in after-market trading, although they have gained 93.2% over the past year, outperforming the Internet Software industry, which rose by 14.3% [5]