CORZR · CoreWeave, Inc. Class A Common Stock

CoreWeave reported a strong first quarter for 2026, with revenue more than doubling year-over-year to $2,078 million, driven by unprecedented demand for its AI cloud platform. The company's revenue backlog reached $99.4 billion, reflecting long-term committed customer contracts. Despite the top-line growth, GAAP net loss widened to $740 million from $315 million in the prior year, primarily due to a significant increase in interest expense (net interest expense rose to $536 million from $264 million) and higher operating expenses. Operating loss expanded to $144 million from $27 million, with operating loss margin worsening to -7% from -3%. On a non-GAAP basis, adjusted EBITDA grew 91% to $1,157 million, though adjusted EBITDA margin contracted to 56% from 62%. Adjusted operating income fell sharply to $21 million from $163 million, and adjusted net loss deepened to $589 million from $150 million. Management highlighted the strongest bookings quarter in the company's history, surpassing 1 GW of active power and targeting over 8 GW by 2030. Key customer wins included a $21 billion commitment from Meta and a multi-year agreement with Anthropic. The company also secured an $8.5 billion DDTL 4.0 facility and a $2 billion equity investment from NVIDIA. The balance sheet shows total assets of $55.6 billion, total debt of $24.9 billion, and stockholders' equity of $4.8 billion as of March 31, 2026. The company did not provide forward-looking guidance in the press release but indicated it would do so on the earnings call.