CoreWeave, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • First earnings call as a public company after March IPO.
  • Management emphasized rapid scaling, strong AI infrastructure demand, and long-term strategy built around purpose‑built AI cloud infrastructure.
  • Q1 results significantly exceeded expectations due to accelerated infrastructure delivery and surging customer demand.

Key Financial Results (Q1 2025)

  • Revenue: $982 million, up 420% year-over-year (compared to Q1 2024).
  • Adjusted operating income: $163 million, up 550% year-over-year.
  • Adjusted operating margin: 17%, up 3 points year-over-year.
  • Adjusted EBITDA: $606 million, nearly 6x Q1 2024; 62% margin (+6pts YoY).
  • Net loss: $315 million, compared to $129 million loss in Q1 2024 (driven by IPO‑related stock-based compensation, higher taxes, and interest expense).
  • Adjusted net loss: $150 million (vs. $24 million in Q1 2024).
  • CapEx: $19 billion (driven by massive infrastructure build-out).
  • Cash and equivalents: $2.5 billion as of March 31.
  • Revolving credit facility expanded from $650 million to $1.5 billion.

Revenue Backlog Details

  • Reported Q1 revenue backlog: $25.9 billion (+63% YoY).
  • Does NOT include:
    • OpenAI contract valued up to $11.9 billion (pending accounting treatment).

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Operator: [Audio Starts Abruptly] First Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] I will now turn the conference over to Deborah Crawford, Vice President and Head of Investor Relations. Please go ahead. Deborah Crawford: Good afternoon, and welcome to CoreWeave's first quarter 2025 earnings conference call. Joining me today to discuss our results are Michael Intrator, CEO and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will

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