CoreWeave Q2 Earnings: Revenue Beat, EPS Miss, 'Continued Momentum' Driven By 'Unprecedented' AI Demand

CoreWeave Inc CRWV reported second-quarter financial results after the market close on Tuesday. Here’s a look at the key details from the quarter.

CRWV shares are down. Check the market position here.

Q2 Earnings: CoreWeave reported second-quarter revenue of $1.21 billion, beating analyst estimates of $1.08 billion, according to Benzinga Pro. The company reported a second-quarter adjusted loss of 27 cents per share, missing estimates for a loss of 17 cents per share.

CoreWeave has operated data centers across the U.S. and Europe since 2017. The company went public on the Nasdaq at $40 per share earlier this year. CoreWeave provides access to Nvidia GPUs to large technology and AI-focused companies.

Total revenue was up more than 300% on a year-over-year basis. The company said it ended the quarter with a revenue backlog of $30.1 billion.

CoreWeave reported $1.19 billion in operating expenses during the period and ended the quarter with $1.15 billion in cash and cash equivalents.

“Our strong second quarter performance demonstrates continued momentum across every dimension of our business. We are scaling rapidly as we look to meet the unprecedented demand for AI,” said Michael Intrator, co-founder and CEO of CoreWeave.

CoreWeave executives will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET. The company is expected to provide forward guidance on the call.

CRWV Price Action: CoreWeave shares were up 130% over the past three months heading into Tuesday's report. The stock was down 5.92% in after-hours, trading at $139.50 at the time of publication, according to Benzinga Pro.

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