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Jun 30, 2025
CoreWeave Inc Q2 2025 Earnings Report
CoreWeave posted record Q2 2025 revenue driven by strong AI infrastructure demand, though it remained unprofitable due to high expenses and interest costs.
Key Takeaways
CoreWeave's Q2 2025 revenue surged to $1.21B, tripling year-over-year, fueled by major AI customer wins including a $4B expansion with OpenAI. Despite strong Adjusted EBITDA of $753M, high operating and interest expenses resulted in a $290.5M net loss.
Revenue reached a record $1.21B, up from $395M in Q2 2024
Adjusted EBITDA was $753.2M with a 62% margin
Net loss narrowed to $290.5M from $323.0M a year ago
Secured major deals including a $4B expansion with OpenAI and signed new hyperscaler customers
Forward Guidance
CoreWeave expressed confidence in continued demand for AI infrastructure, bolstered by major contracts and capacity expansion, but did not issue specific numerical guidance.
Positive Outlook
- Record revenue growth driven by AI infrastructure demand
- Major $4B expansion deal with OpenAI
- New hyperscaler and enterprise customers added
- 470 MW active power with plans to scale to 2.2 GW
- First to offer full NVIDIA Blackwell GPU portfolio at scale
Challenges Ahead
- High operating expenses continue to pressure profitability
- Significant interest expense impacting net results
- Net loss remains substantial despite revenue growth
- Operating margin dropped to 2% from 20% YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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