CoreWeave (CRWV) CRWV Q3 Financial Results Summary
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CoreWeave, Inc. (CRWV) Q3 2025 Financial Results Summary
CoreWeave, Inc. (Nasdaq: CRWV) released its financial results for the third quarter ended September 30, 2025, on November 10, 2025. Below is a summary of the key financial metrics and operational highlights from the report.
Financial Highlights
- Revenue: $1,364,676 thousand, up 134% from $583,941 thousand in Q3 2024.
- Operating Expenses: $1,312,826 thousand, up 182% from $466,825 thousand in Q3 2024.
- Operating Income: $51,850 thousand, a decrease of 56% from $117,116 thousand in Q3 2024.
- Operating Income Margin: 4%, down from 20% in Q3 2024.
- Net Loss: $110,124 thousand, reduced by 69% compared to the net loss of $359,807 thousand in Q3 2024.
- Net Loss Margin: -8%, improved from -62% in the same quarter last year.
- Basic Net Loss per Share: $-0.22, improved from $-1.82 in Q3 2024.
- Diluted Net Loss per Share: $-0.22, improved from $-1.82 in Q3 2024.
Non-GAAP Financial Measures
- Adjusted EBITDA: $838,124 thousand, increased by 121% from $378,757 thousand in Q3 2024.
- Adjusted EBITDA Margin: 61%, down from 65% in Q3 2024.
- Adjusted Operating Income: $217,154 thousand, up 74% from $124,733 thousand in Q3 2024.
- Adjusted Operating Income Margin: 16%, down from 21% in Q3 2024.
- Adjusted Net Income (Loss): $-40,970 thousand, compared to $67 thousand in Q3 2024.
- Adjusted Net Income (Loss) Margin: -3%, improved from 0% in Q3 2024.
Operational Highlights
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CoreWeave achieved a record revenue backlog of $55.6 billion as of September 30, 2025, nearly doubling from prior periods, indicating unprecedented demand for AI services.
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Customer Wins:
- Entered a multi-year deal with Meta worth approximately $14.2 billion to support next-generation workloads.
- Expanded partnership with OpenAI to a total commitment of approximately $22.4 billion.
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Secured additional contracts with various leading organizations such as NASA JPL and Mizuho Bank.
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Infrastructure Expansion:
- Added approximately 120 MW of active power in Q3, totaling approximately 590 MW of active power.
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Expanded total contracted power to approximately 2.9 GW.
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Technological Advancements:
- Became the first to deploy NVIDIA GB300 NVL72 systems and to make NVIDIA RTX PRO 6000 Blackwell Server Edition instances available.
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Acquired OpenPipe, enhancing capabilities for training AI agents.
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Financial Strategies:
- Raised $1.75 billion through 9.0% Senior Unsecured Notes due 2031 for furthering AI infrastructure.
- Closed a $2.6 billion delayed draw term loan facility to reduce capital costs.
- Increased drawable capacity of an existing facility by $0.4 billion, creating a new $3.0 billion tranche significantly below earlier costs.
- Achieved a $1.2 billion increase in Stockholders’ Equity by terminating a Series C Preferred Stock Put Right.
Shareholder Actions
- CoreWeave did not declare any quarterly dividends in this reporting period.
- The company repurchased common stock valued at $1,470 thousand in the previous quarter, reflecting management’s focus on returning value to shareholders.
Business Outlook
- CoreWeave indicated its commitment to enhance its leadership in providing cloud services for AI with continuing updates expected through earnings calls and webcasts.
Conclusion
CoreWeave’s performance in Q3 2025 showcases a significant growth trajectory and strategic measures aimed at solidifying its role as a leading cloud service provider specifically tailored for AI demands. The financial metrics reflect a strong year-over-year improvement, although challenges remain in operational margins.
Here are the extracted tables from the press release:
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months Ended | September 30, 2025 | September 30, 2024 |
|---|---|---|
| Revenue | $ 1,364,676 | $ 583,941 |
| Operating expenses: | ||
| Cost of revenue | 368,824 | 143,134 |
| Technology and infrastructure | 747,479 | 285,509 |
| Sales and marketing | 44,645 | 4,554 |
| General and administrative | 151,878 | 33,628 |
| Total operating expenses | 1,312,826 | 466,825 |
| Operating income | 51,850 | 117,116 |
| Gain (loss) on fair value adjustments | — | -341,133 |
| Interest expense, net | -310,555 | -104,375 |
| Other income, net | 21,901 | 10,244 |
| Loss before income taxes | -236,804 | -318,148 |
| Provision for (benefit from) income taxes | -126,680 | 41,659 |
| Net loss | $ -110,124 | $ -359,807 |
| Net loss attributable to common stockholders, basic | $ -110,124 | $ -389,167 |
| Net loss attributable to common stockholders, diluted | $ -110,124 | $ -389,167 |
| Net loss per share attributable to common stockholders, basic | -0.22 | -1.82 |
| Net loss per share attributable to common stockholders, diluted | -0.22 | -1.82 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 497,886 | 213,806 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted | 497,886 | 213,806 |
CONSOLIDATED BALANCE SHEETS
(in thousands)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 1,894,399 | $ 1,361,083 |
| Restricted cash and cash equivalents, current | 596,777 | 37,394 |
| Marketable securities | 47,449 | — |
| Accounts receivable, net | $ 1,659,229 | $ 416,526 |
| Prepaid expenses and other current assets | $ 533,429 | $ 101,246 |
| Total current assets | $ 4,731,283 | $ 1,916,249 |
| Restricted cash and cash equivalents, non-current | $ 477,515 | $ 637,356 |
| Restricted marketable securities, non-current | — | 29,308 |
| Property and equipment, net | $ 20,659,181 | $ 11,914,774 |
| Operating lease right-of-use assets | $ 4,677,057 | $ 2,589,547 |
| Intangible assets, net | $ 200,001 | $ 4,909 |
| Goodwill | $ 829,979 | $ 19,544 |
| Other non-current assets | $ 1,335,482 | $ 720,912 |
| Total assets | $ 32,910,498 | $ 17,832,599 |
| Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) | ||
| Current liabilities | ||
| Accounts payable | $ 1,156,978 | $ 868,259 |
| Accrued liabilities | $ 3,172,274 | $ 355,821 |
| Debt, current | $ 3,712,177 | $ 2,468,425 |
| Deferred revenue, current | $ 1,107,580 | $ 768,927 |
| Operating lease liabilities, current | $ 345,472 | $ 213,104 |
| Finance lease liabilities, current | $ 48,990 | $ 57,801 |
| Other current liabilities | $ 171,401 | $ 230,244 |
| Total current liabilities | $ 9,714,872 | $ 4,962,581 |
| Debt, non-current | $ 10,322,757 | $ 5,457,915 |
| Derivative and warrant liabilities | $ 1,710 | $ 200,089 |
| Deferred revenue, non-current | $ 4,228,222 | $ 3,294,977 |
| Operating lease liabilities, non-current | $ 4,378,869 | $ 2,388,912 |
| Finance lease liabilities, non-current | $ 12 | $ 34,120 |
| Deferred tax liabilities, non-current | $ 117,633 | $ 149,232 |
| Other non-current liabilities | $ 268,409 | $ 36,260 |
| Total liabilities | $ 29,032,484 | $ 16,524,086 |
| Commitments and contingencies | ||
| Redeemable convertible preferred stock and redeemable common stock | ||
| Redeemable convertible preferred stock | $ — | $ 1,722,111 |
| Stockholders’ equity (deficit) | ||
| Preferred stock | $ — | $ — |
| Class A common stock | $ 2 | $ 1 |
| Class B common stock | $ 0 | $ 0 |
| Class C common stock | $ — | $ — |
| Treasury stock | $ -33,524 | $ -33,524 |
| Additional paid-in capital | $ 6,104,329 | $ 1,096,160 |
| Accumulated other comprehensive loss | $ -1,284 | $ — |
| Accumulated deficit | $ -2,191,509 | $ -1,476,235 |
| Total stockholders’ equity (deficit) | $ 3,878,014 | $ -413,598 |
| Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | $ 32,910,498 | $ 17,832,599 |