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CoreWeave's Q2 Loss Narrows Y/Y, Revenues Up, Stock Down
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Key Takeaways
CoreWeave Q2 loss per share was $0.60, improving from $1.62 a year earlier.
Revenue hit $1.21B, up 207% year over year, beating Zacks estimates by 12.5%.
Backlog grew 86% to $30.1B, driven by OpenAI expansion and hyperscaler deals.
CoreWeave, Inc. (CRWV - Free Report) reported a second-quarter 2025 loss per share of 60 cents compared with a loss of $1.62 in the year-ago quarter.
Adjusted net loss for the quarter was $131 million compared with $5 million a year ago.
The Zacks Consensus Estimate was pegged at a loss of 23 cents per share.
Revenues in the quarter were a record $1212.8 million, which beat the Zacks Consensus Estimate by 12.5%. Total revenues jumped 207% year over year. The top-line performance was driven by increasing demand for the AI-cloud platform.
In the second quarter, CoreWeave recorded a series of major achievements — securing high-profile customer wins across AI labs, hyperscalers and enterprises. Highlights included a $4 billion expansion with OpenAI, adding to the previously announced $11.9 billion deal and onboarding a new hyperscaler customer that expanded within the quarter. Other key partnerships were formed with BT Group, Cohere, Hippocratic AI, Hologen, LG CNS, Mistral, Moonvalley, Novel and Woven by Toyota.
Revenue backlog (inclusive of remaining performance obligation and other amounts the company estimates will be recognized as revenues in future periods under committed customer contracts) was $30.1 billion, rising 86% year over year. This growth was driven by the OpenAI strategic agreement and its expansion in the first half of 2025, along with a major hyperscaler contract signed and extended in the second quarter of 2025. Year to date, revenue backlog has doubled to $6.9 billion.
Following the results, shares declined 9.2% in the after-market trading session yesterday. CRWV’s shares have gained 93.2% in the past year, significantly outperforming the 14.3% rise of its Internet Software industry.
Image Source: Zacks Investment Research
CRWV’s Q2 Margin Performance
Total operating expenses were $1.2 billion compared with $317.7 million in the year-ago quarter.
Operating income was $19.2 million compared with operating income of $77.7 million in the prior-year quarter.
Adjusted operating income was $200 million, up 134% year over year, while adjusted operating margin was 16%, down from 22%.
Adjusted EBITDA was $753.2 million compared with $249.8 million in the prior-year quarter.
CRWV’s Q2 Cash Flow and Liquidity
As of March 31, 2025, CRWV had $2.5 billion in cash, cash equivalents and restricted cash. The company exited the second quarter with cash used in operating activities of $251.3 million, while capex was $2.9 billion.
CRWV’s Guidance for Q3 & 2025
CRWV expects full-year 2025 revenues to be between $5.15 billion and $5.35 billion compared with $4.9 billion to $5.1 billion projected earlier. Adjusted operating income is still forecasted to be between $800 million and $830 million. Capex is estimated to be $20 billion to $23 billion.
For the third quarter, CRWV projects revenues to be between $1.26 billion and $1.3 billion. Adjusted operating income is forecasted to be between $160 million and $190 million. Interest expense is projected to be $350 million to $390 million. Capex is forecasted to be between $2.9 billion and $3.4 billion.
Recent Performance of Other Companies in the Same Space
Astera Labs (ALAB - Free Report) reported second-quarter 2025 non-GAAP earnings of 44 cents per share, surpassing the Zacks Consensus Estimate by 33.33%. The company reported earnings of 13 cents per share.
Net revenues surged 149.7% year over year to $192 billion, surpassing the Zacks Consensus Estimate by 11.1%.
Shares of ALAB surged 394.1% in the past year.
Datadog (DDOG - Free Report) reported second-quarter 2025 non-GAAP earnings per share (EPS) of 46 cents, which beat the Zacks Consensus Estimate by 12.20%. The bottom line rose 7% from the year-ago quarter.
Revenues of $826.8 million beat the consensus mark by 4.55% and increased 28.1% year over year.
Shares of DDOG gained 13% in the past year.
F5, Inc. (FFIV - Free Report) reported third-quarter non-GAAP earnings of $4.16 per share, which surpassed the Zacks Consensus Estimate by 19.2% and came ahead of management’s guidance of $3.41-$3.53 (midpoint of $3.47). The bottom line increased 23.8% year over year.
F5’s revenues of $780 million for the third quarter beat the consensus mark by 3.6%. The top line rose 12.2% on a year-over-year basis. Revenues also came ahead of management’s guidance of $740-$760 million (midpoint of $750 million).
Shares of FFIV increased 70.6% in the past year.
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CoreWeave's Q2 Loss Narrows Y/Y, Revenues Up, Stock Down
Key Takeaways
CoreWeave, Inc. (CRWV - Free Report) reported a second-quarter 2025 loss per share of 60 cents compared with a loss of $1.62 in the year-ago quarter.
Adjusted net loss for the quarter was $131 million compared with $5 million a year ago.
The Zacks Consensus Estimate was pegged at a loss of 23 cents per share.
Revenues in the quarter were a record $1212.8 million, which beat the Zacks Consensus Estimate by 12.5%. Total revenues jumped 207% year over year. The top-line performance was driven by increasing demand for the AI-cloud platform.
In the second quarter, CoreWeave recorded a series of major achievements — securing high-profile customer wins across AI labs, hyperscalers and enterprises. Highlights included a $4 billion expansion with OpenAI, adding to the previously announced $11.9 billion deal and onboarding a new hyperscaler customer that expanded within the quarter. Other key partnerships were formed with BT Group, Cohere, Hippocratic AI, Hologen, LG CNS, Mistral, Moonvalley, Novel and Woven by Toyota.
Revenue backlog (inclusive of remaining performance obligation and other amounts the company estimates will be recognized as revenues in future periods under committed customer contracts) was $30.1 billion, rising 86% year over year. This growth was driven by the OpenAI strategic agreement and its expansion in the first half of 2025, along with a major hyperscaler contract signed and extended in the second quarter of 2025. Year to date, revenue backlog has doubled to $6.9 billion.
Following the results, shares declined 9.2% in the after-market trading session yesterday. CRWV’s shares have gained 93.2% in the past year, significantly outperforming the 14.3% rise of its Internet Software industry.
Image Source: Zacks Investment Research
CRWV’s Q2 Margin Performance
Total operating expenses were $1.2 billion compared with $317.7 million in the year-ago quarter.
Operating income was $19.2 million compared with operating income of $77.7 million in the prior-year quarter.
Adjusted operating income was $200 million, up 134% year over year, while adjusted operating margin was 16%, down from 22%.
Adjusted EBITDA was $753.2 million compared with $249.8 million in the prior-year quarter.
CRWV’s Q2 Cash Flow and Liquidity
As of March 31, 2025, CRWV had $2.5 billion in cash, cash equivalents and restricted cash. The company exited the second quarter with cash used in operating activities of $251.3 million, while capex was $2.9 billion.
CRWV’s Guidance for Q3 & 2025
CRWV expects full-year 2025 revenues to be between $5.15 billion and $5.35 billion compared with $4.9 billion to $5.1 billion projected earlier. Adjusted operating income is still forecasted to be between $800 million and $830 million. Capex is estimated to be $20 billion to $23 billion.
For the third quarter, CRWV projects revenues to be between $1.26 billion and $1.3 billion. Adjusted operating income is forecasted to be between $160 million and $190 million. Interest expense is projected to be $350 million to $390 million. Capex is forecasted to be between $2.9 billion and $3.4 billion.
CRWV’s Zacks Rank
CRWV currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Recent Performance of Other Companies in the Same Space
Astera Labs (ALAB - Free Report) reported second-quarter 2025 non-GAAP earnings of 44 cents per share, surpassing the Zacks Consensus Estimate by 33.33%. The company reported earnings of 13 cents per share.
Net revenues surged 149.7% year over year to $192 billion, surpassing the Zacks Consensus Estimate by 11.1%.
Shares of ALAB surged 394.1% in the past year.
Datadog (DDOG - Free Report) reported second-quarter 2025 non-GAAP earnings per share (EPS) of 46 cents, which beat the Zacks Consensus Estimate by 12.20%. The bottom line rose 7% from the year-ago quarter.
Revenues of $826.8 million beat the consensus mark by 4.55% and increased 28.1% year over year.
Shares of DDOG gained 13% in the past year.
F5, Inc. (FFIV - Free Report) reported third-quarter non-GAAP earnings of $4.16 per share, which surpassed the Zacks Consensus Estimate by 19.2% and came ahead of management’s guidance of $3.41-$3.53 (midpoint of $3.47). The bottom line increased 23.8% year over year.
F5’s revenues of $780 million for the third quarter beat the consensus mark by 3.6%. The top line rose 12.2% on a year-over-year basis. Revenues also came ahead of management’s guidance of $740-$760 million (midpoint of $750 million).
Shares of FFIV increased 70.6% in the past year.