Michael Intrator, co-founder and CEO of CoreWeave, speaks at the Semafor World Economic Summit during the International Monetary Fund and World Bank Spring Meetings on April 25, 2025 in Washington.
Kent Nishimura | Bloomberg | Getty Images
core weaveThe company, which provides infrastructure for artificial intelligence companies, on Monday reported better-than-expected third-quarter earnings, but its full-year forecast was disappointing. Shares fell 6% in extended trading.
Here’s how the company performed compared to the LSEG consensus:
Earnings: Lost 22 cents per share Earnings: $1.36 billion vs. expected $1.29 billion
According to the announcement, sales for the quarter increased 134% from $583.9 million in the same period last year. The company reported a net loss of $110 million, down from about $360 million in the year-ago period.
CoreWeave’s growth is directly tied to the AI boom. Nvidia We offer graphics processing units and win business from major cloud infrastructure providers including: google and microsoft. The company’s backlog now stands at $55.6 billion, with 2.9 gigawatts of contracted power, up from 2.2 gigawatts as of June 30, the statement said.
However, CoreWeave now expects 2025 revenue to be between $5.05 billion and $5.15 billion, lower than analysts’ average estimate of $5.29 billion, according to LSEG.
The company’s CEO Mike Intrater said on the company’s earnings call that third-party data center development is behind schedule. However, he added that the delay will not affect CoreWeave’s backlog.
“We have an issue in one data center that is impacting us, but we have 32 data centers in our portfolio,” Intrater said.
During the quarter, CoreWeave announced a $6.5 billion expansion with OpenAI and a six-year agreement with OpenAI. meta Worth up to $14.2 billion. CoreWeave also received its sixth contract from a “leading hyperscaler.”
Intrater said the company remains supply constrained. He said the shortage has less to do with power than with the availability of partially completed “powered shell” data centers where CoreWeave can install its own equipment.
Meanwhile, CoreWeave is building its own data center infrastructure from the ground up in Pennsylvania, he said.
“The majority of delays currently occurring should be resolved by the first quarter of next year,” Interator said.
CoreWeave went public on the Nasdaq in March, selling its stock at $40 per share. The stock closed at $105.61 on Monday, a return of 164%. The Nasdaq rose 32% over the same period. Coreweave stock fell in after-hours trading Monday.
Less than four months after its IPO, CoreWeave announced its intention to acquire a data center infrastructure operator. core scientific Despite the $9 billion acquisition, Core Scientific shareholders voted against the proposed deal.
CoreWeave’s 2026 capital spending should be “well over double” its 2025 total, which will ultimately be $12 billion to $14 billion, said Nitin Agrawal, the company’s finance director.
Watch: Cramer’s Mad Dash: CoreWeave
