CoreWeave (NASDAQ: CRWV) reported third-quarter revenue of $3,661m today, ahead of the $3.54bn Yahoo Finance consensus, and lifted its full-year revenue guidance. The AI cloud computing provider published results at 4:05pm Eastern, which is 9:05pm in London.
The shares rose more than 5% in post-market trading to $51.48, after closing the regular session down 0.5% at $48.73. That is an after-hours move, not a close. The stock remains within a 52-week range of $40.58 to $138.25 and is down almost 32% this year, according to Yahoo Finance.
Revenue for the quarter to the 30th of September was 168% above the $1,365m a year earlier. CoreWeave now expects full-year revenue of $13.0bn to $13.3bn, and the low end sits above Yahoo Finance’s $12.88bn average forecast. Revenue backlog, the value of contracted work still to be delivered, was about $132.5bn.
The costs are the other half. The net loss widened to $709m from $110m, though the loss of $1.27 a share was narrower than Yahoo Finance’s average estimate of $1.55. Net interest expense rose to $846m from $310m, and adjusted operating margin fell to 10% from 16% a year ago.
Capital spending was $9,441m in the quarter, and CoreWeave guided to $37bn to $39bn for the year, with the low end raised from $35bn because it expects to deploy infrastructure and deliver it to customers sooner than planned. Cash stood at $4,122m against $32,417m of non-current recourse debt, and fourth-quarter interest expense is guided at $1.05bn to $1.15bn.
Chief executive Michael Intrator framed the quarter as a step up in scale and profitability.
This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan
Michael Intrator, CoreWeave
Guidance implies fourth-quarter revenue of $4.69bn to $4.99bn, against Yahoo Finance’s $4.7bn average. Intrator also pointed to about $9bn of customer prepayments and deposits expected over the next three months.
CoreWeave’s call with analysts is due at 5pm Eastern, 10pm in London. Regular trading in the shares resumes at the US open tomorrow.