Summary
CoreWeave, Inc. reported a significant increase in revenue for the first quarter of 2026, reaching $2.08 billion, up 112% year-over-year. This growth was driven by strong demand from both existing and new customers, facilitated by the expansion of their data center footprint. Despite the impressive revenue growth, the company continued to incur substantial net losses, with a net loss of $740 million for the quarter, largely due to significant increases in cost of revenue and technology and infrastructure expenses. These increases were primarily driven by substantial investments in property and equipment, including servers, networking equipment, and data center build-outs, which resulted in higher depreciation and amortization costs. The company's balance sheet reflects a robust expansion, with total assets growing to $55.6 billion, largely driven by increases in property and equipment, and significant leasehold obligations. CoreWeave's debt also increased substantially to $24.859 billion, reflecting its aggressive capital expenditure strategy. While the company has significant liquidity with approximately $11.1 billion in total liquidity (cash and cash equivalents, marketable securities, and availability under credit facilities), its accumulated deficit stands at $3.4 billion, underscoring the capital-intensive nature of its growth. The company continues to heavily invest in its AI-focused cloud infrastructure, indicating a strong focus on capturing market share in the rapidly growing AI sector.
Financial Highlights
55 data points| Revenue | $2.08B |
| Cost of Revenue | $716.00M |
| Gross Profit | $1.36B |
| R&D Expenses | $104.00M |
| Operating Expenses | $2.22B |
| Operating Income | -$144.00M |
| Interest Expense | $427.00M |
| Net Income | -$740.00M |
| EPS (Basic) | $-1.40 |
| EPS (Diluted) | $-1.40 |
| Shares Outstanding (Basic) | 527.00M |
| Shares Outstanding (Diluted) | 527.00M |
Key Highlights
- 1Revenue surged by 112% year-over-year to $2.08 billion for the three months ended March 31, 2026.
- 2Net loss for the quarter was $740 million, an increase from the prior year's net loss of $315 million, driven by escalating operating expenses.
- 3Property and equipment, net, increased significantly to $36.4 billion, reflecting substantial investments in infrastructure.
- 4Total debt increased to $24.86 billion as of March 31, 2026, indicating aggressive financing to support capital expenditures.
- 5Cash flows from operating activities were strongly positive at $2.98 billion, a significant improvement from the previous year, but offset by substantial investing activities.
- 6Net cash used in investing activities was $7.71 billion, primarily due to capital expenditures on property and equipment.
- 7The company has substantial outstanding Remaining Performance Obligations (RPO) of $98.8 billion, indicating significant future contracted revenue.