CoreWeave (CRWV) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record revenue of $2.1 billion, up 112% year-over-year, and record customer bookings, with backlog reaching $99.4 billion, reflecting unprecedented demand for AI cloud infrastructure and major new contracts with Meta and Anthropic.

• Surpassed 1 GW of active power, expanded contracted power to 3.5 GW, and added 6 new data centers, supporting rapid scaling and diversified customer base including major AI labs and enterprises.

• Platform capabilities expanded to support training, inference, and agentic workloads, driving margin-accretive growth and new technology offerings such as Dedicated Inference and Flexible Capacity Plans.

• Secured over $20 billion in debt and equity year-to-date, including a $2 billion equity investment from NVIDIA and an $8.5 billion delayed draw term loan facility.

• Net loss widened to $740 million, reflecting higher interest expense and scaling costs, with continued focus on infrastructure investment and strategic partnerships.

Financial highlights

• Q1 2026 revenue was $2.1 billion, up 112% year-over-year; adjusted EBITDA was $1.2 billion (56% margin); adjusted operating income was $21 million (1% margin); net loss was $740 million.

• Revenue backlog ended at $99.4 billion, up nearly 50% sequentially and close to 4x year-over-year.

• Capital expenditures totaled $6.8 billion in Q1, reflecting aggressive infrastructure scaling.

• Adjusted net loss was $589 million (28% margin), compared to $150 million (15% margin) year-over-year.

• Cash and cash equivalents at March 31, 2026, totaled $2.24 billion; total assets were $55.6 billion; total liabilities were $50.8 billion.

Outlook and guidance

• Reaffirmed full-year 2026 revenue guidance of $12–$13 billion and adjusted operating income of $900 million–$1.1 billion.

• Q2 revenue expected at $2.45–$2.6 billion, with adjusted operating income of $30–$90 million; CapEx for Q2 expected at $7–$9 billion.

• Full-year CapEx now $31–$35 billion due to component pricing; 2027 run rate revenue expected to exceed $30 billion, with over 75% already contracted.

• Existing liquidity, including cash and available credit, is expected to be sufficient for obligations due within one year.

• Forward-looking guidance to be provided during the earnings conference call and webcast.