Earnings Presentation Q4 2025 February 26, 2026 © 2026 CoreWeave, Inc. All rights reserved Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our market opportunity and future growth; market trends; impact of inv ...

Core View - CoreWeave anticipates a significant increase in capital expenditure, expecting it to double in 2026 to between $30 billion and $35 billion, up from $14.9 billion in 2025, driven by the demand for AI cloud infrastructure [2][4] Financial Performance - The adjusted operating income margin for CoreWeave fell to 6% in the December quarter, down from 16% a year ago, indicating short-term pressure on margins due to heavy capital expenditures [3] - The company's revenue backlog surged to $66.8 billion as of December 31, 2025, compared to $15.1 billion a year earlier, driven by long-term cloud-compute agreements [4] Market Position - CoreWeave is competing against major tech companies that are expected to spend over $600 billion this year, highlighting the urgency for CoreWeave to scale its operations to meet surging demand [4] - Unlike larger tech firms, CoreWeave provides clients exclusive access to Nvidia's advanced GPU clusters without sharing capacity, positioning itself uniquely in the market [6] Infrastructure Development - As of the end of 2025, CoreWeave had over 850 megawatts of active power across 43 data centers and 3.1 gigawatts of contracted capacity, most of which is expected to be operational by 2027 [5] - The CEO emphasized the need for rapid infrastructure build-out to secure stable contracts, indicating a strategic focus on scaling operations [2][3]

Core Points - A class action lawsuit has been filed against CoreWeave, Inc. and certain senior executives for securities fraud following significant stock drops due to potential violations of federal securities laws [1][3] - Investors have until March 13, 2026, to request to lead the case in the U.S. District Court for the District of New Jersey [3] Company Overview - CoreWeave is an AI-focused cloud computing company that operates data centers providing high-performance GPU infrastructure [4] - The company relies on partnerships, including a merger agreement with Core Scientific announced on July 7, 2025 [4] Allegations of Misconduct - The lawsuit claims CoreWeave misrepresented its ability to meet customer demand and concealed significant construction delays at its data centers [5][13] - CoreWeave assured investors of its capability to capitalize on high demand and rapidly scale operations, which is alleged to be overstated [5] Stock Performance and Impact - On October 30, 2025, CoreWeave's stock dropped by $8.87 (over 6%) after the merger with Core Scientific was terminated due to insufficient shareholder votes [6] - Following a revenue guidance reduction on November 10, 2025, the stock fell by $17.22 (over 16%) [7] - A report on December 15, 2025, regarding delays in a data center project led to an additional stock drop of $2.85 (over 3%) [8]

Core Insights - Snowflake (SNOW) and Samsara (IOT) are significant players in the cloud data and analytics sector, with Snowflake focusing on cloud data warehousing and analytics, while Samsara offers industrial IoT and cloud solutions for optimizing physical operations [1][2] Market Overview - The global cloud computing market was valued at $781.27 billion in 2025 and is projected to grow to $2904.52 billion by 2034, with a CAGR of 15.7% from 2026 to 2034, benefiting both Snowflake and Samsara [2] Snowflake (SNOW) Performance - Snowflake's net revenue retention rate was 125% in Q4 of fiscal 2026, with 740 net new customers added, marking a 40% year-over-year increase [3] - The company launched over 430 product capabilities in 2026, enhancing usability and scalability [4] - AI-driven products like Snowflake Intelligence and Cortex Code have seen rapid adoption, with Snowflake Intelligence adopted by over 2,500 accounts within three months of launch [5] - Snowflake signed its largest deal ever worth over $400 million, reflecting strong customer confidence in its AI strategy [6] Samsara (IOT) Performance - Samsara is experiencing growth through its Connected AI Platform and IoT devices, adding 219 new customers with over $100K ARR, totaling 2,990 [7] - The number of customers with over $1 million ARR increased by 17, now totaling 164, contributing to over 20% of total ARR [7] - Samsara's platform supports various AI-driven features that enhance customer engagement and operational efficiency [8][10] Competitive Landscape - Both companies are competing in the rapidly growing cloud data market, with Snowflake showing strong net retention and significant AI momentum, while Samsara is expanding its customer base and delivering strong earnings surprises [9][19] - In the past six months, SNOW shares declined by 15.6%, outperforming IOT's 23.1% drop, attributed to Snowflake's strong partnerships and innovative portfolio [11] - Despite IOT's growth, it faces challenges from longer sales cycles and competition [12] Valuation and Earnings Estimates - SNOW shares are trading at a forward Price/Sales ratio of 9.97X, while IOT is at 8.16X, indicating that both are currently overvalued [15] - The Zacks Consensus Estimate for SNOW's fiscal 2027 earnings is $1.61 per share, a 34.25% year-over-year increase, while IOT's estimate for fiscal 2026 is 57 cents per share, a 12.89% increase [18] Conclusion - Both Snowflake and Samsara are well-positioned to benefit from the growing cloud computing market, but Samsara currently appears to offer more compelling upside due to its expanding customer base and strong AI-driven product adoption [20]

Core Insights - The term "Neocloud" refers to cloud computing services focused on artificial intelligence (AI), which presents significant investment potential [1] - CoreWeave (NASDAQ: CRWV) is a leading enterprise in the neocloud space, showing rapid growth and potential for further expansion [1] Business Model - CoreWeave operates a network of "AI factories," which are data centers equipped with advanced AI processors, primarily from Nvidia, and leases this computing capacity to clients [3] - The company has established long-term relationships with major tech firms, including Microsoft and OpenAI, supplying computing power for Azure AI and ChatGPT [4] Strategic Partnerships - Meta Platforms has signed a deal with CoreWeave to utilize Nvidia GB300 systems in its AI factories for developing its Llama AI platform, valued at over $14 billion through 2031 [5] Financial Performance - CoreWeave's revenue surged from $16 million in 2022 to over $1.9 billion in 2024, with a consensus analyst revenue estimate exceeding $5 billion for full-year 2025 [6] - The company's revenue backlog grew by 271% year over year in Q3, reaching over $55 billion, indicating strong demand for its services [7]

Core Viewpoint - Okta (OKTA) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of changing earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine a company's fair value, leading to buying or selling actions that affect stock prices [4]. Company Performance and Investor Sentiment - The upgrade for Okta reflects an improvement in its underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - Okta is projected to earn $3.44 per share for the fiscal year ending January 2026, with a 7.5% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [10].

Core Insights - Alphabet (GOOGL) is experiencing significant growth in Google Cloud, which is projected to account for 14.6% of its revenues by 2025, with revenues increasing by 35.8% to $58.71 billion [1][10] - The cloud backlog has surged by 55% to $240 billion, driven by advancements in AI infrastructure and generative AI solutions [1][10] Group 1: Google Cloud Performance - Google Cloud's revenues are bolstered by strong demand for enterprise AI infrastructure, including TPUs and NVIDIA GPUs, as well as services like cybersecurity and data analytics [2] - In Q4 2025, revenues from products built on generative AI models grew nearly 400% year over year, indicating robust adoption of AI technologies [2] - The number of Google Cloud clients doubled from Q1 to Q4 2025, with a record number of deals worth $1 billion or more, reflecting increased customer commitments [3] Group 2: Competitive Landscape - Google Cloud is expected to enhance its competitive position with the acquisition of Wiz, which is anticipated to be completed in 2026, allowing it to better compete with Amazon and Microsoft [4] - Amazon holds a 28% share of the global cloud infrastructure market, while Microsoft Azure has a 21% share, compared to Google Cloud's 14% [5] Group 3: Investment and Growth Projections - Alphabet plans to invest between $175 billion and $185 billion in capital expenditures for 2026, which is expected to support its growth in the cloud sector [4] - Amazon is also significantly increasing its capital expenditure for AWS, committing $200 billion for 2026, while Microsoft Azure's revenues grew by 38% in constant currency [6][7] Group 4: Stock Performance and Valuation - GOOGL shares have appreciated by 85.7% over the past 12 months, outperforming the broader Zacks Computer and Technology sector, which returned 30.1% [8] - The stock is trading at a forward price/sales ratio of 9.01X, higher than the sector average of 6.43X, indicating a premium valuation [12]

Core Insights - The rapid rise of artificial intelligence (AI) is reshaping the cloud computing sector, with AI-enabled infrastructure becoming a focal point for investors [1] - Nebius Group N.V. (NBIS) and Alphabet Inc. (GOOGL) represent two different strategies in the AI cloud market, with Nebius focusing on specialized AI cloud services and Alphabet leveraging its diversified ecosystem [1] Market Overview - The global cloud AI market was valued at approximately $121.74 billion in 2025 and is projected to grow to $1,728.40 billion by 2033, reflecting a compound annual growth rate (CAGR) of 39.3% from 2026 to 2033 [2] - This growth trend benefits both Alphabet and Nebius, but the impact is not uniform across both companies [2] Nebius Group N.V. (NBIS) - Nebius is experiencing strong demand from large accounts, hyperscalers, AI startups, and enterprise clients, with GPU usage increasing significantly [3] - The company reported an 830% year-over-year revenue increase in its core AI cloud business for Q4 2025, with adjusted EBITDA turning positive and margins expanding to 24% [4] - Nebius is expanding its AI cloud platform through organic growth and strategic acquisitions, with a strong sales pipeline projected to exceed $4 billion in Q1 2026 [5][6] - The company plans to invest between $16 billion and $20 billion in capital expenditures in 2026, which poses risks if revenue growth does not align with this capital-intensive strategy [7] Alphabet Inc. (GOOGL) - Google Cloud's revenue grew 35.8% year-over-year to $58.71 billion in 2025, driven by investments in infrastructure and AI services [10] - Alphabet is enhancing its AI capabilities with products like Gemini and advanced infrastructure, which are expected to sustain robust revenue growth [11] - The company has a diversified business model that reduces reliance on any single revenue stream, with advertising revenues rising 11.4% year-over-year to $294.69 billion in 2025 [13] - Despite strong growth, Alphabet faces challenges such as regulatory scrutiny and rising costs associated with AI investments [15] Valuation and Performance - Nebius shares are trading at a Price/Sales ratio of 50.26X, while Alphabet's is significantly lower at 9.5 [21] - Analysts have revised earnings estimates downward for Nebius, while there have been significant upward revisions for Alphabet [22][24] - Both companies currently hold a Zacks Rank 3 (Hold), but GOOGL is viewed as the stronger investment option due to its scale and diversified revenue [25]

Core Investment Focus - Cathie Wood, through Ark Invest, targets companies involved in disruptive innovation, particularly in robotics, blockchain, and artificial intelligence [1] Recent Investment Activity - On February 20, Ark Invest purchased $3.2 million of CoreWeave (CRWV) stock, marking the seventh purchase of CRWV in February, totaling $181.3 million in stock commitment [2] Company Overview - CoreWeave, based in Livingston, New Jersey, specializes in GPU-accelerated cloud infrastructure for AI applications, with a market cap of nearly $52 billion [4] Stock Performance - CoreWeave shares have increased by 152% over the past year, significantly outperforming the S&P 500, which rose by 21% during the same period [5] - However, CoreWeave's performance is less impressive compared to competitor Nebius Group, whose stock has surged by approximately 200% [5] Valuation Metrics - CoreWeave's forward price-to-sales (P/S) ratio is currently 4.3, a significant decrease from nearly 20 last summer, indicating better value [6] Earnings Report Highlights - CoreWeave reported third-quarter revenue of $1.34 billion, a 133% increase year-over-year, with a net loss of $110.1 million, an improvement from a loss of $359.8 million in Q3 2024 [7] - The earnings per share loss of $0.31 was better than analysts' expectations of a loss of $0.54 [7] Business Developments - The company nearly doubled its revenue backlog to $55 billion and expanded its partnership with OpenAI through a $6.5 billion deal, raising total commitments to $22.4 billion [8] - CoreWeave also secured a deal with Meta Platforms valued at up to $14.2 billion [8]

Core Company Information - CoreWeave, Inc. is an AI cloud computing firm based in Livingston, NJ, providing AI infrastructure and proprietary software through its Cloud Platform [3] - The company went public on March 28, 2025, selling 37.5 million shares at $40 each, raising a total of $1.5 billion [4] - CoreWeave's revenue recognition is contingent upon the installation of its specialized data centers, referred to as "powered shells," and the activation of contracts [3] Financial Performance and Stock Activity - Following a deal with OpenAI valued at up to $11.9 billion, CoreWeave's stock price surged to $183.58 by June 20, 2025, indicating robust demand [4] - The stock experienced significant declines after October 30, 2025, with share prices dropping by $8.87 (6.33%), $17.22 (16.31%), and $2.85 (3.39%) on subsequent dates [4] Legal Proceedings - A class action lawsuit has been filed against CoreWeave on behalf of investors who acquired securities during the period from March 28, 2025, to December 15, 2025 [1] - The lawsuit alleges that CoreWeave misrepresented its ability to meet demand and understated risks related to reliance on a single third-party data center supplier [4] - Investors have until March 13, 2026, to seek appointment as lead plaintiff representatives in the class action [2]