CoreWeave Q3财报前瞻：巨额积压订单在前，天价资本开支在后，市场等待转折信号

Core Viewpoint - CoreWeave is facing challenges in balancing revenue growth with surging capital expenditures, as it prepares to release its Q3 earnings report on November 10, 2023. Investors are concerned about the company's ability to maintain high growth while moving towards profitability [1][4]. Revenue and Earnings - CoreWeave is expected to report approximately $1.3 billion in revenue for Q3, more than doubling year-over-year, but is projected to have an adjusted loss of $0.36 per share, which, while an improvement from a $0.53 loss in Q2, indicates the company is still far from profitability [4]. - The operating profit margin is anticipated to decline to about 14.3%, down from over 21% in the same period last year, primarily due to increased capital expenditures to meet customer demand [4]. Customer Concentration Risks - The company's revenue is heavily reliant on a few major tech clients, including Meta, Microsoft, and Alphabet, raising concerns about the sustainability of its growth. While this concentration provides stable income during high AI demand, it also poses potential risks [4][5]. - Despite these concerns, analysts suggest that the strong market demand may alleviate worries about customer concentration, as new clients could quickly replace any departing major client [4]. Capital Expenditure and Cash Flow - CoreWeave's capital expenditures are projected to reach approximately $14 billion this year, with two-thirds expected to be realized in Q4. This significant investment is aimed at accelerating sales growth by 2026 [5]. - Analysts note that revenue growth may be constrained by supply capacity, potentially necessitating further capital expenditures next year, which could challenge cash flow management [6]. Order Backlog and Future Guidance - Investors are keenly interested in the growth of CoreWeave's backlog and recurring purchase orders, which will directly impact revenue expectations for the upcoming quarters. Jefferies analysts predict that recurring purchase orders could double year-over-year to $60 billion this quarter [3][6]. - There is anticipation regarding whether the company will provide guidance for fiscal year 2026, which would be crucial for assessing its long-term growth prospects [6].