CoreWeave, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 revenue reached $1.2 billion, up 107% year over year from Q2 2024 and marking the company’s first $1 billion quarter.
  • Adjusted operating income was $200 million, more than doubling from $85 million in Q2 2024.
  • Revenue backlog reached $30.1 billion, increasing $4 billion sequentially from Q1 and doubling year to date.
  • Active power reached ~470 MW, with contracted power now totaling 2.2 GW. CoreWeave expects to surpass 900 MW of active power by year-end.
  • Demand for AI cloud services remains structurally supply-constrained across the market.

Key Business Drivers

  • Strong AI infrastructure demand from hyperscalers, AI labs, and expanding enterprise use cases.
  • Significant customer expansion including OpenAI (+$4B), major banks (Morgan Stanley, Goldman Sachs), healthcare (Hippocratic AI), and high-growth AI startups like Moon Valley.
  • Broadening sector adoption with financial services, VFX, healthcare, and industrials showing increasing AI consumption.
  • Inference workloads growing rapidly, driven by chain-of-reasoning models and emerging applications.

Technology & Product Highlights

  • Large-scale deployment of NVIDIA GB200 NVL72 and HGX B200 hardware.
  • Mission Control platform enhancements delivering cluster lifecycle automation and deep observability.

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Operator: Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoreWeave, Inc. Class A Common Stock Second Quarter 2025 Earnings 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. It is now my pleasure to turn the call over to Deborah Crawford, Vice President of Investor Relations. You may begin. Deborah Crawford: Thank you. Good afternoon, and welcome to CoreWeave, Inc. Class A Common Stock's second 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 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

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