CoreWeave Reports Strong First Quarter 2026 Results

(In millions, except percentages and per share amounts)

Three Months Ended March 31,

2026

2025

Revenue

$

2,078

$

982

Operating expenses

2,222

1,009

Operating loss

$

(144

)

$

(27

)

Operating loss margin

(7

)%

(3

)%

Interest expense, net

$

(536

)

$

(264

)

Net loss

$

(740

)

$

(315

)

Net loss margin

(36

)%

(32

)%

Basic net loss per share

$

(1.40

)

$

(1.40

)

Diluted net loss per share

$

(1.40

)

$

(1.49

)

(In millions, except percentages)

Three Months Ended March 31,

2026

2025

Adjusted EBITDA

$

1,157

$

606

Adjusted EBITDA margin

56

%

62

%

Adjusted operating income

$

21

$

163

Adjusted operating income margin

1

%

17

%

Adjusted net loss

$

(589

)

$

(150

)

Adjusted net loss margin

(28

)%

(15

)%

¹ Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.

² The DDTL 4.0 Facility is non-recourse, except for limited guarantees related to customary non-recourse carve-out obligations.

³ As of the date of the initial draw; fixed interest rate of subsequent drawdowns is determined at the time of each draw by adding 2% to the margin determined using the yield of specified U.S. Treasury securities.

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data) (unaudited)

Three Months Ended March 31,

2026

2025

Revenue

$

2,078

$

982

Operating expenses:

Cost of revenue

716

262

Technology and infrastructure

1,273

561

Sales and marketing

69

11

General and administrative

164

175

Total operating expenses

2,222

1,009

Operating loss

(144

)

(27

)

Gain (loss) on fair value adjustments

—

27

Interest expense, net

(536

)

(264

)

Other income (expense), net

24

(5

)

Loss before income taxes

(656

)

(269

)

Provision for income taxes

84

46

Net loss

$

(740

)

$

(315

)

Net loss attributable to common stockholders, basic

$

(740

)

$

(343

)

Net loss attributable to common stockholders, diluted

$

(740

)

$

(370

)

Net loss per share attributable to common stockholders, basic

$

(1.40

)

$

(1.40

)

Net loss per share attributable to common stockholders, diluted

$

(1.40

)

$

(1.49

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic

527

246

Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted

527

249

COREWEAVE, INC.

CONSOLIDATED BALANCE SHEETS

(in millions) (unaudited)

March 31,
2026

December 31,
2025

Assets

Current assets

Cash and cash equivalents

$

2,244

$

3,127

Restricted cash and cash equivalents, current

777

819

Marketable securities

22

34

Accounts receivable, net

2,120

3,169

Prepaid expenses and other current assets

446

339

Total current assets

5,609

7,488

Restricted cash and cash equivalents, non-current

299

184

Property and equipment, net

36,424

30,557

Operating lease right-of-use assets

10,182

8,231

Intangible assets, net

224

235

Goodwill

1,101

1,101

Other non-current assets

1,734

1,506

Total assets

$

55,573

$

49,302

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

3,371

$

1,623

Accrued liabilities

2,726

5,773

Debt, current

7,547

6,708

Deferred revenue, current

2,130

1,709

Operating lease liabilities, current

487

427

Finance lease liabilities, current

23

38

Other current liabilities

1,534

162

Total current liabilities

17,818

16,440

Debt, non-current

17,312

14,665

Deferred revenue, non-current

5,393

6,476

Operating lease liabilities, non-current

9,563

7,768

Finance lease liabilities, non-current

215

216

Deferred tax liabilities, non-current

194

115

Other non-current liabilities

319

287

Total liabilities

50,814

45,967

Commitments and contingencies

Stockholders' equity

Preferred stock

—

—

Class A common stock

—

—

Class B common stock

—

—

Class C common stock

—

—

Treasury stock

(34

)

(34

)

Additional paid-in capital

8,171

6,012

Accumulated other comprehensive income

5

—

Accumulated deficit

(3,383

)

(2,643

)

Total stockholders' equity

4,759

3,335

Total liabilities and stockholders' equity

$

55,573

$

49,302

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions) (unaudited)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net loss

$

(740

)

$

(315

)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

1,147

443

Amortization of debt discounts and issuance costs and accretion of redemption premiums

41

38

Stock-based compensation expense

153

184

Non-cash lease expense

167

67

Deferred income taxes

79

45

Gain on fair value adjustments

—

(27

)

Other non-cash reconciling items

121

23

Changes in operating assets and liabilities, net of effect of business acquisitions:

Accounts receivable

1,042

(639

)

Prepaid expenses and other assets

(471

)

247

Accounts payable and accrued expenses

960

62

Deferred revenue

575

(16

)

Lease liabilities

(90

)

(51

)

Net cash provided by operating activities

2,984

61

Cash flows from investing activities:

Purchase of property and equipment, including capitalized internal-use software

(7,695

)

(1,407

)

Maturities and sales of marketable securities

12

29

Issuance of notes receivable

—

(55

)

Other investing activities

(25

)

—

Net cash used in investing activities

(7,708

)

(1,433

)

Cash flows from financing activities:

Proceeds from issuance of debt, net

3,290

785

Repayments of debt

(1,335

)

(271

)

Issuance of common stock in a private placement, net of issuance costs

1,985

—

Proceeds from initial public offering, net of underwriting discounts and commissions

—

1,423

Redeemable convertible preferred stock cash dividends paid

—

(26

)

Payment of tax withholdings on settlement of RSUs

—

(16

)

Other financing activities

(26

)

(41

)

Net cash provided by financing activities

$

3,914

$

1,854

Net increase (decrease) in cash, cash equivalents, and restricted cash

$

(810

)

$

482

Cash, cash equivalents, and restricted cash—beginning of period

4,130

2,035

Cash, cash equivalents, and restricted cash—end of period

$

3,320

$

2,517

Reconciliation of GAAP to Non-GAAP Results

Reconciliation of Net Loss to Adjusted EBITDA

(in millions, except percentages)

Three Months Ended March 31,

2026

2025

Net loss

$

(740

)

$

(315

)

Depreciation and amortization

1,147

443

Interest expense, net

536

264

Stock-based compensation

153

184

Provision for income taxes

84

46

Acquisition related costs ⁽¹⁾

1

6

Other (income) expense, net

(24

)

5

(Gain) loss on fair value adjustments ⁽²⁾

—

(27

)

Adjusted EBITDA

$

1,157

$

606

Revenue

$

2,078

$

982

Net loss margin

(36

)%

(32

)%

Adjusted EBITDA margin

56

%

62

%

(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(2) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended March 31, 2026 for additional information.

Reconciliation of Operating Loss to Adjusted Operating Income

(in millions, except percentages)

Three Months Ended March 31,

2026

2025

Operating loss

$

(144

)

$

(27

)

Stock-based compensation

153

184

Acquisition related costs ⁽¹⁾

1

6

Amortization of acquired intangibles ⁽²⁾

11

—

Adjusted operating income

$

21

$

163

Revenue

$

2,078

$

982

Operating loss margin

(7

)%

(3

)%

Adjusted operating income margin

1

%

17

%

(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted operating loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.

Reconciliation of Net Loss to Adjusted Net Loss

(in millions, except percentages)

Three Months Ended March 31,

2026

2025

Net loss

$

(740

)

$

(315

)

Stock-based compensation

153

184

Loss on extinguishment of debt ⁽¹⁾

—

2

Acquisition related costs ⁽²⁾

1

6

Amortization of acquired intangibles ⁽³⁾

11

—

(Gain) loss on fair value adjustments ⁽⁴⁾

—

(27

)

Income tax, inclusive of the tax effect of the above adjustments ⁽⁵⁾

(14

)

—

Adjusted net loss

$

(589

)

$

(150

)

Revenue

$

2,078

$

982

Net loss margin

(36

)%

(32

)%

Adjusted net loss margin

(28

)%

(15

)%

(1) Primarily relates to losses recognized upon the early extinguishment of certain OEM financing arrangements, as well as accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.

(2) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(3) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.

(4) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended March 31, 2026 for additional information.

(5) In the second quarter of 2025, we began including an adjustment for the income tax effect related to our non-GAAP adjustments. Prior period non-GAAP calculations for the income tax effects on our non-GAAP adjustments are not being adjusted as these amounts were not material. Additionally, the third quarter of 2025 includes an adjustment for amounts related to the impact of the passage of the One Big Beautiful Bill Act on the first and second quarters of 2025, that were recorded in third quarter of 2025.