CoreWeave Inc CRWV reported its first quarterly results as a public company late Wednesday. Shares initially hit new highs before pulling back as the company laid out plans for heavy spending. Here’s what you need to know.
What To Know: CoreWeave said first-quarter revenue increased 420% year-over-year to $981.63 million, beating analyst estimates of $859.77 million. The Nvidia-backed AI infrastructure company reported an adjusted loss of approximately 60 cents per share, according to Benzinga Pro.
CoreWeave said it had a revenue backlog of $25.9 billion at quarter’s end, including $11.2 billion from a strategic deal with OpenAI during the first quarter.
Shares hit new highs in after-hours trading, but pulled back after the company laid out spending plans on the conference call. CoreWeave said it expects capital expenditures to be between $3 billion and $3.5 billion in the second quarter, and climb to $20 billion to $23 billion in full-year 2025. The company also guided for second-quarter revenue of $1.06 billion to $1.1 billion with full-year revenue forecasted at $4.9 billion to $5.1 billion.
“Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand,” CoreWeave CEO Michael Intrator said in the earnings release.
CoreWeave rents out access to Nvidia GPUs to large technology and AI-focused companies. Wednesday’s report was the company’s first as a public company following its public debut on the Nasdaq in late March.
Following the print, Needham analyst Mike Cikos reiterated a Buy rating and maintained a price target of $55. Meanwhile, analysts at DA Davidson downgraded CoreWeave from Neutral to Underperform and set a price target of $36.
Despite the cautious outlook from analysts, shares are still hovering around highs. The stock traded above $74 in extended trading before falling to around $60 in pre-market trading Thursday morning. CoreWeave shares were bouncing back a bit at the time of writing, with shares down about 1%, hovering around $66.80, according to Benzinga Pro.
CoreWeave offered shares at $40 in its IPO. The stock traded as low as $33.51 in April before finding buyers and trending higher into earnings on Wednesday. As of Wednesday’s close, shares were up approximately 69% from the company’s IPO. The stock looks set for a volatile day of trading as investors weigh the company’s high spending forecast against its strong growth outlook.
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