CoreWeave revenue beats estimates on AI boom but shares fall on bigger loss
The company currently operates 33 AI data centers across the U.S. and Europe and offers access to backer Nvidia's (NVDA.O), opens new tab chips, which are highly coveted by enterprises to train and run large AI models amid intense competition.
CoreWeave reported revenue backlog of $30.1 billion as of end of June, compared with $25.9 billion on March 31.
"Demand is humming, but it is the cost of growth that tempered the stock down in aftermarket trading," said Michael Ashley Schulman of Running Point Capital Advisors.
Operating expenses jumped to $1.19 billion in the second quarter, from $317.7 million a year earlier.
The company posted a net loss of $290.5 million, compared with analysts' average estimate of $190.6 million, according to data compiled by LSEG.
"We are scaling rapidly as we look to meet the unprecedented demand for AI," CEO Michael Intrator said in the earnings statement.
Investors have also focused on the company's reliance on a few big customers.
"The backlog surge to $30B+ suggests demand visibility well beyond 2025, but the concentration in mega-customers like OpenAI means those relationships remain both the crown jewel and the single point of failure," said eMarketer analyst Jeremy Goldman.
Meanwhile, CoreWeave executives reiterated the benefits of its $9 billion all-stock deal for crypto miner Core Scientific (CORZ.O), opens new tab.
The deal, announced in July, is facing opposition. Core Scientific's largest shareholder, Two Seas Capital, has said it would vote against the sale.
CoreWeave reported second-quarter revenue of $1.21 billion, beating estimates of $1.08 billion.
The Livingston, New Jersey-based company raised its annual revenue forecast to be between $5.15 billion and $5.35 billion. It had previously projected annual revenue of $4.9 billion to $5.1 billion.
Shares of the company, which reaffirmed its annual capital expenditure projection, were trading at $133.71. They have gained nearly three-fold since the IPO in March.
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