CoreWeave, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Revenue: $2.1 billion, +32% quarter-over-quarter and +112% year-over-year (vs. Q1 2025). Strong sequential growth driven by capacity deployments and customer demand.
  • Revenue Backlog: $99.4 billion, +~50% sequentially and ~4x year-over-year. 36% expected to be recognized in next 24 months; 75% in next 4 years. Weighted average contract length ~5 years for new capacity.
  • Adjusted EBITDA: $1.2 billion (+91% YoY from $606 million in Q1 2025); margin 56%.
  • Adjusted Operating Income: $21 million (vs. $163 million in Q1 2025); margin 1% (expected low point before sequential expansion).
  • Net Loss: $740 million (wider than $315 million net loss in Q1 2025), driven by higher interest expense of $536 million (vs. $264 million YoY).
  • CapEx: $6.8 billion in Q1; full-year guidance raised to $31-35 billion (low end increase due to component pricing).

Operational & Strategic Highlights

  • Surpassed 1 GW of active power (milestone achieved; targeting >1.7 GW by end of 2026 and >8 GW by 2030).
  • Contracted power reached >3.5 GW (+>400 MW in Q1 alone; substantial majority online by end of 2027).
  • New customer wins: Anthropic (Claude models); $21 billion Meta deal; now serves 9 of top 10 AI leaders outside China. 10 customers committed to $1B+ each.

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Operator: Hello, everyone. Thank you for joining us, and welcome to CoreWeave's First Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to CoreWeave. Please go ahead. Unknown Executive: Thank you. Good afternoon, and welcome to CoreWeave's First Quarter 2026 Earnings Conference Call. Joining the call today to discuss our results are Mike 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 to be filed with 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 also be available on our Investor Relations website. And now I'd like to turn the call over to Mike. Michael Intrator: Good afternoon, everyon

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