01—Abstract
Summary
Summary of the 10-Q filed May 8, 2026. Cited figures are marked; the original filing is the authoritative source.
CoreWeave, Inc. reported a significant increase in revenue for the first quarter of 2026, reaching $2.08 billiona, 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 millionb 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 billionc, 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 billiond 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.
02—Key points
Key Highlights
- Revenue surged by 112% year-over-year to $2.08 billion for the three months ended March 31, 2026.
- Net loss for the quarter was $740 million, an increase from the prior year's net loss of $315 million, driven by escalating operating expenses.
- Property and equipment, net, increased significantly to $36.4 billion, reflecting substantial investments in infrastructure.
- Total debt increased to $24.86 billion as of March 31, 2026, indicating aggressive financing to support capital expenditures.
- Cash flows from operating activities were strongly positive at $2.98 billion, a significant improvement from the previous year, but offset by substantial investing activities.
- Net cash used in investing activities was $7.71 billion, primarily due to capital expenditures on property and equipment.
- The company has substantial outstanding Remaining Performance Obligations (RPO) of $98.8 billion, indicating significant future contracted revenue.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q1 FY2026, CoreWeave lost $0.36.
- Revenue$2.08B100.0%
- Cost of revenue−$716.0M34.5%
- Gross profit$1.36B65.5%
- Operating costs−$1.51B72.5%
- Operating income−$144.0M6.9%
- Interest, other & tax−$596.0M28.7%
- Net income−$740.0M35.6%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 8, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $2.08B$982.00M | +111.6% |
| Cost of Revenue | $716.00M$262.00M | +173.3% |
| Gross Profit | $1.36B$720.00M | +89.2% |
| R&D Expenses | $104.00M$70.00M | +48.6% |
| Operating Expenses | $2.22B$1.01B | +120.2% |
| Operating Income | -$144.00M-$27.00M | −433.3% |
| Interest Expense | $427.00M$257.00M | +66.1% |
| Net Income | -$740.00M-$343.00M | −115.7% |
| EPS (Basic) | $-1.40$-1.40 | 0.0% |
| EPS (Diluted) | $-1.40$-1.49 | +6.0% |
| Shares Outstanding (Basic) | 527.00M246.00M | +114.2% |
| Shares Outstanding (Diluted) | 527.00M249.00M | +111.6% |
05—Questions
Frequently Asked Questions
What is the primary driver of CoreWeave's significant revenue growth?
CoreWeave's revenue growth is primarily driven by increased demand from both existing and new customers for its AI-optimized cloud infrastructure services, supported by the expansion of its data center footprint.
Why is CoreWeave experiencing a widening net loss despite strong revenue growth?
The widening net loss is primarily due to significant increases in cost of revenue and technology and infrastructure expenses. These increases are largely attributable to substantial capital expenditures in property and equipment, leading to higher depreciation and amortization costs, as the company aggressively invests in expanding its infrastructure to meet growing AI demand.
How is CoreWeave financing its aggressive expansion and capital expenditures?
CoreWeave is financing its expansion primarily through a combination of debt financing, including delayed draw term loans and senior notes, and equity financing, as evidenced by its recent private placement. The company's balance sheet shows a substantial increase in both property and equipment and total debt, reflecting this strategy.
What is the significance of CoreWeave's large Remaining Performance Obligations (RPO)?
The substantial RPO of $98.8 billion indicates a significant amount of contracted future revenue that has not yet been recognized. This provides strong visibility into future revenue streams, provided the company can fulfill these obligations, and highlights the long-term demand for its services.
06—Continue