CoreWeave Inc (NASDAQ:CRWV) posted financial results for the second quarter after the market close on Tuesday. Here’s a look at the key details from the report.
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CoreWeave Q2 Highlights
CoreWeave reported second-quarter revenue of $2.58 billion, beating analyst estimates of $2.56 billion, according to Benzinga Pro. The company reported a second-quarter adjusted loss of $1.03 per share, beating estimates for a loss of $1.22 per share.
Total revenue was up approximately 112.5% on a year-over-year basis. The company said it ended the quarter with a revenue backlog of $104 billion, reflecting “unprecedented demand” for CoreWeave Cloud.
CoreWeave noted that its backlog doesn’t include more than $25 billion in additional customer commitments added early in the current quarter.
“CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform,” said Michael Intrator, co-founder and CEO of CoreWeave.
“CoreWeave is built on the conviction that AI is foundational to every industry and that realizing its full potential requires a purpose-built platform. This quarter reinforced that conviction.”
The company reported $2.62 billion in operating expenses during the period and ended the quarter with approximately $5.52 billion in cash and cash equivalents.
CoreWeave executives will discuss the quarter on an earnings call at 5 p.m. ET. The company is expected to provide forward-looking guidance on the call.
CRWV Shares Move Higher After Earnings
CoreWeave shares were up 8.15% in after-hours Tuesday, trading at $97.68 at the time of publication, according to Benzinga Pro.
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