CoreWeave Inc-A(US:CRWV)2025-11-10 23:02Financial Data and Key Metrics Changes - CoreWeave reported Q3 revenue of $1.4 billion, representing a 134% year-over-year increase [5][23] - Revenue backlog reached $55.6 billion, nearly doubling in the third quarter alone [5][23] - Adjusted operating income for Q3 was $217 million, compared to $125 million in Q3 of 2024, with an adjusted operating margin of 16% [24] - Net loss for Q3 was $110 million, an improvement from a $360 million net loss in Q3 of 2024 [25] - Adjusted EBITDA for Q3 was $838 million, more than double the $379 million in Q3 of 2024, with an adjusted EBITDA margin of 61% [25] Business Line Data and Key Metrics Changes - CoreWeave expanded its active power footprint by 120 megawatts sequentially to approximately 590 megawatts [6][7] - Contracted power capacity grew over 600 megawatts to 2.9 gigawatts [7][11] - The number of customers exceeding $100 million in revenue over the last 12 months tripled year-over-year [8] Market Data and Key Metrics Changes - More than 60% of revenue backlog is tied to investment-grade customers, down from approximately 85% at the beginning of the year [23][81] - No single customer represents more than approximately 35% of revenue backlog, down from approximately 50% last quarter [23][81] Company Strategy and Development Direction - CoreWeave aims to diversify its customer base and reduce customer concentration, with significant growth in its revenue backlog [23][24] - The company is expanding its data center footprint and has launched CoreWeave Federal to serve U.S. government agencies [10][12] - Recent acquisitions, including OpenPipe, Merge, and Monolith, are intended to enhance CoreWeave's product offerings and market reach [17][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing supply constraints in the industry and the need for strategic partnerships to manage infrastructure delivery [5][22] - The company expects continued robust demand for its services, with a revenue forecast for 2025 in the range of $5.05-$5.15 billion [30] - Management expressed confidence in the long-term trajectory of the business, emphasizing the importance of infrastructure investments [32] Other Important Information - CoreWeave's CapEx in Q3 totaled $1.9 billion, lower than anticipated due to delays from a third-party data center provider [25][26] - The company has secured $14 billion in debt and equity transactions year-to-date to support its growth [29] Q&A Session Summary Question: Can you speak to the situation relating to the third-party provider? - Management acknowledged systemic challenges in supply chains affecting infrastructure delivery but emphasized efforts to diversify data center providers and mitigate delays [36][37] Question: How should we think about your infrastructure and the risk of overcapacity? - Management clarified that the infrastructure is fungible and designed to be flexible for various customer needs, ensuring effective use of resources [41][42] Question: How far are we away from reaching a point where disruptions do not affect revenue outlook? - Management indicated that as the company scales, the impact of individual data center delays will diminish, with significant capacity expected to come online in the next 12 to 24 months [47][48] Question: What is the uniqueness of CoreWeave's value proposition in the future? - Management highlighted the company's ability to deliver customized infrastructure quickly and effectively, maintaining a competitive edge in the market [49][50] Question: Can you provide clarity on CapEx and funding sources? - Management confirmed that the CapEx reduction was primarily due to delays from a single provider and emphasized exploring various financing options to support growth [64][68]