Key Highlights
- Q1 revenue reached $2.08 billion, representing 112% year-over-year growth and surpassing the $1.97 billion forecast
- Second quarter revenue outlook of $2.45B–$2.60B trailed the Street’s $2.69 billion expectation
- Net loss expanded to $740 million compared to $315 million in the prior-year period
- Revenue backlog climbed to nearly $100 billion, adding $33 billion during the past three months
- Shares declined more than 5% during Friday’s premarket session
CoreWeave delivered another period of remarkable revenue expansion, yet the market response proved disappointing. Shares fell more than 5% in premarket activity Friday following the company’s second quarter outlook, which came in below analyst expectations.
CoreWeave, Inc. Class A Common Stock, CRWV
First quarter revenue totaled $2.08 billion, climbing 112% compared to the same period last year and exceeding the $1.97 billion projection. The strong headline number, however, was quickly overshadowed by lower-than-anticipated profitability metrics and forward guidance that disappointed the Street.
$CRWV (CoreWeave) #earnings are out: pic.twitter.com/PqmRBcuhWM
— The Earnings Correspondent (@earnings_guy) May 7, 2026
Management provided second quarter revenue guidance ranging from $2.45 billion to $2.60 billion. The analyst community had projected $2.69 billion. This shortfall proved sufficient to pressure shares when the forecast was announced during Thursday afternoon’s earnings discussion.
The quarterly net loss expanded to $740 million, compared to $315 million during the corresponding quarter of the previous year. Interest expense reached $536 million — representing 26% of quarterly revenue.
Loss per share registered at $1.40. While this figure improved marginally from the $1.49 recorded twelve months earlier, it fell short of the $0.91 analyst projection.
Capital Expenditure Trajectory Rises
Full-year capital expenditure projections were increased by approximately $500 million at the midpoint, now ranging between $31 billion and $35 billion. Leadership attributed this adjustment to component pricing dynamics. Q1 spending totaled nearly $7 billion, with another $7 billion to $9 billion projected for the current quarter.
The company concluded Q1 carrying $25 billion in outstanding debt and $10 billion in lease obligations. Additionally, it has pledged $38.5 billion toward future lease commitments. During 2026 thus far, CoreWeave has secured over $21 billion through equity offerings, credit facilities, and debt instruments.
The largest recently obtained loan features a floating rate near 6%, representing favorable terms. The weighted average interest rate has declined 0.8 percentage points this year, following a three-point reduction in 2025.
Contracted Revenue Pipeline Expands
A particularly noteworthy figure emerged: the contracted revenue pipeline is nearing $100 billion, having grown $33 billion during the most recent quarter alone. CEO Michael Intrator characterized it as the company’s most robust bookings period on record.
Microsoft continues as the primary customer, representing approximately two-thirds of 2025 revenue. Agreements with Meta Platforms and OpenAI are scaling up, which should diversify the revenue composition in coming periods.
Jefferies analysts highlighted the second-half profitability acceleration as a critical factor to monitor — only $81 million in adjusted operating profit is anticipated during the first six months, compared to $919 million in the latter half. This represents a significant trajectory that management must execute successfully.
The company also crossed the 1 gigawatt threshold for active power capacity and is pursuing a target exceeding 8 GW by decade’s end.
Full-year revenue and profitability guidance remained unchanged, with only the capital expenditure range receiving modification. Annual revenue is projected to reach $12.5 billion this year, based on Wall Street’s consensus estimates.
