Michael Intrator, co-founder and CEO of CoreWeave, speaks at the Semafor World Economy Summit during the International Monetary Fund and World Bank Spring meetings in Washington on April 25, 2025.
CoreWeave , a provider of infrastructure for artificial intelligence companies, reported better-than-expected third-quarter revenue on Monday, but the company delivered disappointing full-year guidance. The stock dropped 6% in extended trading.
Here's how the company did in comparison with LSEG consensus:
Earnings: Loss of 22 cents per share
Loss of 22 cents per share Revenue: $1.36 billion vs. $1.29 billion expected
Revenue in the quarter soared 134% from $583.9 million a year ago, according to a statement. The company reported a net loss of $110 million, narrowing from about $360 million in the same quarter last year.
CoreWeave's growth is tied directly to the AI boom, as the company rents out Nvidia graphics processing units and has won business from leading cloud infrastructure providers, including Google and Microsoft . The company's backlog now stands at $55.6 billion, with 2.9 gigawatts in contracted power, up from 2.2 gigawatts on June 30, according to the statement.
However, CoreWeave now sees 2025 revenue coming in between $5.05 billion and $5.15 billion, trailing the average analyst estimate of $5.29 billion, according to LSEG.
A third-party data center developer is behind schedule, CEO Mike Intrator said on the company's earnings call. But he added that the delay won't affect CoreWeave's backlog.
"There was a problem at one data center that's impacting us, but there are 32 data centers in our portfolio," Intrator said.
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