Coreweave (CRWV) Earnings Date & Reports

CoreWeave delivered Q1 2026 revenue of $2,078 million, surpassing its prior guidance of $1.9-2.0 billion and consensus estimates around $1.96-1.97 billion. This marked 112% year-over-year growth from $982 million, driven by robust AI training and inference demand.

The company posted a net loss of $740 million, or basic and diluted $(1.40) per share, wider than the consensus expectation of -$1.20 and last year's $(1.40). Operating loss was $144 million (7% of revenue), reflecting heavy investments in data centers and equipment. Non-GAAP adjusted EBITDA stood strong at $1,157 million (56% margin), though adjusted operating income dipped to $21 million (1% margin).

Key metrics shone: revenue backlog hit $99.4 billion (up 284% YoY), with major wins like a $21 billion Meta commitment. Active power capacity exceeded 1 GW, and contracted power grew to over 3.5 GW. Capital expenditures reached $7.7 billion in the quarter. Management reaffirmed FY 2026 revenue guidance at $12-13 billion and raised the year-end ARR floor to $18 billion.

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Market Reaction and Investor Sentiment

CRWV shares dropped 6.62% to $128.84 in regular trading on May 7, 2026, extending losses over 8% after hours. The sell-off stemmed from the EPS miss and concerns over escalating capex ($7.7 billion in Q1, with FY hints at $30-35 billion), signaling prolonged losses despite revenue beats and backlog growth. Sentiment turned cautious on execution risks in power-constrained data center builds, though blue-chip deals bolstered long-term optimism.

Forward Outlook and Key Factors to Monitor

CoreWeave's reaffirmed FY 2026 revenue guidance of $12-13 billion implies continued triple-digit growth, fueled by a $99.4 billion backlog—42% expected within 24 months. The raised 2026 exit ARR floor to $18 billion reflects confidence in converting commitments from AI leaders like Meta and Anthropic into recurring revenue.

Investors should track capacity expansion: active power now over 1 GW, with 3.5 GW contracted and ambitions for 5 GW more by 2030 via NVIDIA partnerships. Power commissioning remains a bottleneck in the AI infrastructure race.

Margin dynamics warrant attention, as adjusted EBITDA margins held at 56%, but GAAP losses widened on $7.7 billion Q1 capex and interest expenses. Upcoming catalysts include Q2 capacity ramps, new customer activations, and backlog conversion rates. Industry trends like GPU supply from NVIDIA and hyperscaler competition will shape demand signals.

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