CoreWeave (CRWV) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 420% year-over-year to $982 million, driven by strong AI infrastructure demand and major contracts, including OpenAI.

• Completed a successful IPO in March 2025, raising $1.4 billion in net proceeds and converting all preferred stock to common stock.

• Acquired Weights & Biases for $1.4 billion, adding 1,400+ AI developer customers and expanding enterprise reach.

• Entered a strategic deal with OpenAI valued up to $11.9 billion, significantly increasing revenue backlog.

• Expanded partnerships, including IBM, and launched new AI platform features and NVIDIA GB200-based instances.

Financial highlights

• Q1 revenue: $982 million, up 420% year-over-year; adjusted operating income: $163 million (17% margin), up 550% year-over-year.

• Adjusted EBITDA: $606 million (62% margin), nearly 6x Q1 2024.

• Net loss: $315 million (32% margin), impacted by $177 million in IPO-related stock-based compensation.

• Revenue backlog: $25.9 billion, up 63% year-over-year, with $11.2 billion from OpenAI; expected to reach $29 billion with new contracts.

• CapEx: $1.9 billion in Q1, primarily for data center and technology expansion.

• Cash and equivalents: $1.28 billion as of March 31, 2025; total assets: $21.86 billion.

Outlook and guidance

• Q2 revenue expected: $1.06–$1.1 billion; adjusted operating income: $140–$170 million.

• FY25 revenue guidance: $4.9–$5.1 billion; adjusted operating income: $800–$830 million; CapEx: $20–$23 billion.

• Guidance reflects OpenAI contract, $4 billion expansion, and Weights & Biases acquisition.

• Long-term, committed contracts and strategic partnerships provide strong revenue visibility and support continued growth.