10-QPeriod: Q3 FY2025

CoreWeave, Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 13, 2025For Securities:CRWV

Summary

CoreWeave, Inc. (CRWV) reported significant growth in its 10-Q filing for the period ending September 30, 2025. Revenue more than doubled year-over-year for both the three and nine-month periods, driven by strong demand for its AI-focused cloud infrastructure services. The company successfully completed its Initial Public Offering (IPO) in March 2025, raising $1.4 billion in net proceeds, which bolstered its liquidity. Despite substantial investments in property and equipment, particularly in technology and infrastructure, the company managed its operating expenses, though net losses persist. The balance sheet shows a significant increase in assets, driven by property and equipment, and a corresponding rise in liabilities, largely due to increased debt financing to support expansion. The company also completed a key acquisition of Weights & Biases, Inc., to enhance its AI software capabilities.

Financial Highlights

58 data points
Beta

Revenue

$1.36B

73.0% Gross Margin

Net Income

-$110.12M

-8.1% Net Margin

EPS (Diluted)

$-0.22

Total Assets

$32.91B

Cash & Equivalents

$2.97B

Free Cash Flow

-$699.75M

Financial Statements
Beta
Revenue$1.36B
Cost of Revenue$368.82M
Gross Profit$995.85M
R&D Expenses$93.00M
Operating Expenses$1.31B
Operating Income$51.85M
Interest Expense$283.42M
Net Income-$110.12M
EPS (Basic)$-0.22
EPS (Diluted)$-0.22
Shares Outstanding (Basic)497.89M
Shares Outstanding (Diluted)497.89M

Key Highlights

  • 1Revenue experienced substantial growth, increasing by 134% for the three months ended September 30, 2025, and 205% for the nine months ended September 30, 2025, compared to the prior year periods.
  • 2The company completed its Initial Public Offering (IPO) in March 2025, raising $1.4 billion in net proceeds.
  • 3Property and equipment, net, saw a significant increase, growing from $11.9 billion at December 31, 2024, to $20.7 billion at September 30, 2025, reflecting heavy investment in infrastructure.
  • 4Total debt increased substantially, reaching $14.0 billion as of September 30, 2025, primarily due to new debt facilities and senior notes issued to finance growth.
  • 5CoreWeave acquired Weights and Biases, Inc. in May 2025 for approximately $1.0 billion to expand its AI software and developer platform offerings.
  • 6Despite revenue growth, the company reported net losses, with a net loss of $110.1 million for the three months ended September 30, 2025, and $715.3 million for the nine months ended September 30, 2025.
  • 7The company has substantial unsatisfied remaining performance obligations (RPO) of $50.0 billion as of September 30, 2025, indicating strong future revenue potential.

Frequently Asked Questions

CoreWeave demonstrated robust revenue growth, with a 134% increase in the third quarter and a 205% increase year-to-date compared to the same periods in the previous year. This growth is primarily driven by strong customer demand for its AI-focused cloud infrastructure, with approximately 80-91% of the revenue increase attributed to expansion within the existing customer base.

Following its IPO in March 2025, CoreWeave raised $1.4 billion in net proceeds, significantly strengthening its liquidity position. This capital, along with increased debt financing, has supported substantial investments in property and equipment, particularly in technology and infrastructure, to meet growing demand. However, this expansion has also led to a significant increase in total debt to $14.0 billion as of September 30, 2025.

Despite significant revenue growth and substantial future revenue potential indicated by $50 billion in unsatisfied remaining performance obligations, CoreWeave continues to report net losses. The company incurred a net loss of $110.1 million for the third quarter and $715.3 million year-to-date. The company is making significant investments to fuel growth and expand its infrastructure, which is expected to continue to impact profitability in the near term. Investors should closely monitor the company's ability to manage its growing expenses and debt while capitalizing on its strong customer commitments.

CoreWeave completed its IPO in March 2025 and acquired Weights & Biases, Inc. in May 2025 for approximately $1.0 billion. The acquisition of Weights & Biases aims to enhance CoreWeave's AI software and developer platform capabilities, signaling a strategic move to broaden its service offerings beyond core infrastructure.