Strong Revenue Growth and Expanding Backlog
CoreWeave achieved $1.4 billion in revenue for the third quarter, marking a 134% increase year-over-year. The company’s backlog grew to $55.6 billion, supported by 2.9 gigawatts of contracted capacity. This performance highlights CoreWeave’s transition into a key infrastructure provider for independent AI workloads.
Profitability Metrics and Net Loss
Adjusted EBITDA reached $838 million, delivering a robust 61% margin. However, $311 million in interest expenses contributed to a GAAP net loss of $110 million. These figures reflect the capital-intensive nature of the business.
Capital Expenditures and Deployment Challenges
Capital expenditures totaled $1.9 billion during the quarter. Deployment delays have shifted the full infrastructure ramp to future periods, requiring careful management to meet growth targets.
Future Revenue Projections
Analysts forecast CoreWeave’s revenue to rise from $5.1 billion in 2025 to nearly $20 billion by 2027. Achieving this trajectory demands precise execution amid ongoing power and capital constraints.
