CoreWeave reported its first-quarter 2025 financial results on May 14, 2025, with revenue soaring 420% year-over-year to $981.6 million, surpassing analyst estimates of $853 million. This growth was driven by increased demand from both existing and new customer contracts.
Despite the strong revenue performance, the company's GAAP net loss widened to $314.6 million from $129.2 million in Q1 2024, partly due to $177 million in stock-based compensation related to its IPO. Adjusted operating income, however, surged 550% to $163 million, with an adjusted operating margin of 17%.
CoreWeave provided robust guidance, projecting Q2 2025 revenue between $1.06 billion and $1.1 billion, and full-year 2025 revenue between $4.9 billion and $5.1 billion, exceeding analyst expectations. The company also announced aggressive capital expenditure plans of $20 billion to $23 billion for FY 2025 to meet accelerating customer demand.
The company's revenue backlog stood at $25.9 billion as of March 31, 2025, up 63% year-over-year, though the $11.9 billion OpenAI contract was still being finalized for RPO inclusion. CoreWeave operated 33 data centers with 420 megawatts of active power, with total contracted power extending to approximately 1.6 gigawatts.
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