CoreWeave reported its second-quarter 2025 financial results on August 12, 2025, with revenue more than tripling year-over-year to $1.21 billion, surpassing analyst estimates of $1.08 billion. This growth was driven by accelerating demand for its AI cloud computing services.
Despite the revenue beat, the company reported a wider adjusted loss of $0.27 per share, exceeding analyst expectations of a $0.21 loss. The GAAP net loss was $290.5 million, compared to a $323 million loss in Q2 2024, with operating margin shrinking to 2% from 20% due to $145 million in stock-based compensation costs.
CoreWeave raised its full-year 2025 revenue guidance to between $5.15 billion and $5.35 billion, up from its May forecast and above analyst estimates. The company also noted its debt increased to $11.1 billion and that it acquired Weights and Biases for $1.4 billion during the quarter.
The revenue backlog reached $30.1 billion at quarter-end, and CoreWeave signed expansion deals with hyperscale customers, including Goldman Sachs and Morgan Stanley becoming new clients. However, light capital expenditure guidance and delayed spending until Q4 raised some concerns among analysts.
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