CRWV Q1 2025 Earnings

Call Details

• Call Title: CoreWeave, Inc. Q1 2025 Earnings Call
• Date: May 14, 2025 at 9:00 PM UTC
• Management Team:
  • Mike Intrator (Chief Executive Officer)
  • Nitin Agrawal (Chief Financial Officer)
  • Deborah Crawford (Vice President of Investor Relations)

Call Summary

Financial Performance

• Q1 revenue was $982M, representing year-on-year growth of 420%.
• GAAP net loss in Q1 was $315M, while non-GAAP adjusted operating income was $163M, representing an adjusted operating margin of 17%.
• Adjusted EBITDA for Q1 was $606M, representing a 62% adjusted EBITDA margin and nearly 6x Q1 2024 adjusted EBITDA.
• Adjusted net loss for Q1 was $150M compared to a $24M adjusted net loss in Q1 2024, driven in part by higher interest expense and one-time IPO stock-based compensation.
• Interest expense in Q1 was $264M, which was higher than expected due to reduced capitalization of interest from improved vendor payment terms.
• Revenue backlog (RPO plus estimated committed future revenue) was $25.9B at quarter end, up 63% year-on-year.
• Q1 CapEx reported net of construction in progress was $1.9B and the company highlighted lumpy CapEx timing driven by data center deployments and GPU generations.

Guidance

• Q2 revenue is guided to $1.06B to $1.1B and Q2 adjusted operating income is guided to $140M to $170M.
• Q2 interest expense is guided to $260M to $300M reflecting lower capitalization and higher build activity.
• Q2 CapEx is guided to $3.0B to $3.5B reflecting accelerated platform investments to meet customer demand.
• FY2025 revenue is guided to $4.9B to $5.1B and FY2025 adjusted operating income is guided to $800M to $830M.
• FY2025 CapEx is guided to $20B to $23B driven by accelerated investments to satisfy contract demand.
• Guidance explicitly incorporates the March OpenAI contract, the announced $4.0B expansion, and the inclusion of Weights & Biases from its May 5th close.
• Guidance incorporates an explicit near-term margin impact from accelerated platform investments and elevated stock-based compensation related to IPO grants.