CoreWeave (CRWV) Q1 2025 earnings summary

Executive summary

• Achieved 420% year-over-year revenue growth in Q1 2025 to $982 million, driven by surging demand for AI cloud infrastructure and major contracts.

• Completed a successful IPO in March 2025, raising $1.4 billion in net proceeds and converting all preferred stock to common stock.

• Closed a $1.4 billion acquisition of Weights & Biases, adding nearly 1,400 AI labs and enterprises as customers and expanding developer-focused AI capabilities.

• Entered a major commercial agreement with OpenAI, valued up to $11.9 billion through 2030, significantly increasing revenue backlog.

• Expanded partnerships, including a new collaboration with IBM for AI compute capacity and launched new platform features such as AI Object Storage and NVIDIA GB200-based instances.

Financial highlights

• Q1 2025 revenue: $982 million, up 420% year-over-year; adjusted operating income: $163 million (17% margin), up 550% year-over-year.

• Adjusted EBITDA: $606 million (62% margin), nearly 6x Q1 2024.

• Net loss: $314.6 million (32% margin), impacted by $177 million in IPO-related stock-based compensation.

• Revenue backlog: $25.9 billion, up 63% year-over-year, including $11.2 billion from the OpenAI deal.

• CapEx: $1.9 billion in Q1 2025; cash and equivalents: $1.28 billion as of March 31, 2025.

Outlook and guidance

• Q2 2025 revenue expected at $1.06–$1.1 billion; adjusted operating income guidance: $140–$170 million; CapEx: $3–$3.5 billion.

• FY25 revenue guidance: $4.9–$5.1 billion; adjusted operating income: $800–$830 million; CapEx: $20–$23 billion.

• Guidance reflects OpenAI contract, $4 billion expansion, and Weights & Biases acquisition.

• Long-term, committed contracts and strategic partnerships provide strong revenue visibility and support continued growth.

• Management expects continued high growth in revenue driven by AI infrastructure demand and significant investments in infrastructure and go-to-market capabilities.