01—Abstract
Summary
Summary of the 8-K filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.
CoreWeave reported first-quarter 2026 revenue of $2.08 billiona, up about 112% from $982 million a year earlier, and ended the quarter with revenue backlog of $99.4 billion.
Management called it the strongest bookings quarter in company history, highlighted by a new $21 billionb Meta commitment signed in March and a multi-year agreement with Anthropic. The company also said it surpassed 1 GW of active power and expanded contracted power by more than 400 MW to over 3.5 GW. The press release did not include forward guidance, which was deferred to the earnings call.
Profitability weakened on a GAAP and adjusted basis. Operating loss widened to $144 millionc (7% margin) from $27 million, and net loss grew to $740 million from $315 million. Interest expense, net, more than doubled to $536 million.
Adjusted EBITDA rose to $1.16 billiond, but its margin fell to 56% from 62%, and adjusted operating income dropped to $21 million from $163 million. Depreciation and amortization of $1.15 billion, up from $443 million, is the main driver of the gap between EBITDA and operating income, reflecting the rapid build-out of data center capacity. The balance sheet reflects an aggressive capital cycle.
Capital expenditures on property and equipment were $7.7 billion, against operating cash flow of $3.0 billion, implying negative free cash flow of roughly $4.7 billion. Total debt (current and non-current) rose to about $24.9 billion from $21.4 billion at year-end, and cash and equivalents declined to $2.2 billion from $3.1 billion.
Partial offsets included a $2 billion private placement of Class A common stock to NVIDIA and an $8.5 billion investment-grade DDTL 4.0 facility. Investors will be focused on whether backlog conversion and pricing can support this funding need.
02—Key points
Key Highlights
- Revenue of $2.08 billion, up roughly 112% year over year from $982 million, with revenue backlog of $99.4 billion as of March 31, 2026.
- GAAP net loss widened to $740 million (36% net loss margin) from $315 million; operating loss was $144 million versus $27 million a year earlier.
- Adjusted EBITDA grew to $1,157 million, but adjusted EBITDA margin declined to 56% from 62%, and adjusted operating income fell to $21 million from $163 million.
- Operating cash flow improved sharply to $2,984 million from $61 million, while capital expenditures reached $7,695 million, leaving negative free cash flow of roughly $4.7 billion.
- Total debt rose to about $24.9 billion from $21.4 billion at year-end, and cash and equivalents fell to $2.2 billion from $3.1 billion.
- Customer momentum included a new $21 billion Meta commitment signed in March, a multi-year Anthropic agreement, and an expanded NVIDIA relationship to build more than 5 GW of AI factories by 2030.
- Capacity expanded to over 1 GW of active power and more than 3.5 GW of total contracted power, with management targeting more than 8 GW by 2030. No forward guidance was included in the press release; it was deferred to the earnings call.
03—Questions
Frequently Asked Questions
How much of the $99.4 billion backlog is likely to convert to revenue, and over what timeframe?
The filing does not provide a conversion schedule. Revenue backlog includes remaining performance obligations plus other amounts management estimates will be recognized under committed contracts, subject to delivery and service availability requirements. Deferred revenue on the balance sheet totals about $7.5 billion (current plus non-current), which is only a partial view. Investors should look to the 10-Q and earnings call for timing details and any concentration risk, given large single-customer commitments such as Meta's $21 billion.
Why did net loss more than double even though revenue more than doubled?
Costs grew faster than revenue. Technology and infrastructure expense rose to $1.27 billion from $561 million, cost of revenue rose to $716 million from $262 million, and total operating expenses reached $2.22 billion versus $1.01 billion. Depreciation and amortization of $1.15 billion, up from $443 million, and interest expense of $536 million, up from $264 million, added further pressure below the operating line. Adjusted EBITDA excludes depreciation and interest, so it looks much stronger than GAAP results.
How is CoreWeave funding its capital expenditures?
In the quarter, funding came from net debt proceeds of about $2.0 billion ($3.29 billion issued less $1.34 billion repaid), a $1.99 billion private placement of Class A common stock to NVIDIA, and operating cash flow of $2.98 billion. The company also secured the $8.5 billion DDTL 4.0 facility, a non-recourse, investment grade-rated delayed draw term loan with a floating tranche at SOFR + 2.25% and a fixed tranche of about 5.9% at initial draw. Its portion of future draws will depend on the timing of capital deployment.
Is the non-GAAP profitability picture reliable, and what should investors watch?
Adjusted EBITDA and adjusted operating income exclude stock-based compensation, acquisition costs, and amortization, and adjusted net loss also excludes certain fair value and debt extinguishment items. The gap between adjusted EBITDA ($1.16 billion) and adjusted operating income ($21 million) reflects the large depreciation charge on fast-growing infrastructure. Investors should weigh GAAP results alongside these measures and monitor how depreciation, interest costs, and pricing on new contracts evolve as the asset base grows.
04—Continue