CoreWeave reported quarterly revenue of $3.66 billion, exceeding expectations of $3.55 billion, and a significant increase of 168% from $1.36 billion a year earlier. However, the company posted a net loss of $709 million, or $1.27 per share, which raises questions about its profitability compared to the LSEG consensus loss of $1.16 per share.
Despite the loss, CoreWeave's executives have raised their 2026 guidance, projecting adjusted operating income between $1.275 billion and $1.375 billion on revenue of $13 billion to $13.3 billion, surpassing analyst expectations.
This comes at a time when CoreWeave's stock has dropped over 40% in the past month due to investor concerns about AI infrastructure companies amid rising interest rates and capital access issues. The company also reported a substantial revenue backlog of $132.5 billion, up from $104 billion in June, indicating strong future demand.
CoreWeave's performance is particularly noteworthy as it navigates a challenging environment, including a scandal involving Nvidia's CEO, which has affected Nvidia's stock and, by extension, the entire AI infrastructure sector. Investors are also looking ahead to the upcoming IPO of key customer Anthropic, which could further influence market sentiment.
CoreWeave's plans to establish data centers in Asia and its new Forge service for AI model evaluation demonstrate its commitment to expanding its capabilities in a competitive landscape