CoreWeave Reports 168% Revenue Growth Amid Substantial Net Losses
CoreWeave has demonstrated massive top-line expansion, reporting a 168% year-over-year revenue surge to $3.66 billion in the third quarter. The company's adjusted EBITDA also grew by 169% to $2.26 billion, supported by a massive contract backlog of $132.5 billion, signaling intense demand for AI computing infrastructure. However, high capital intensity remains a significant hurdle to profitability. Despite strong operational metrics, CoreWeave reported a quarterly net loss of $709 million, driven by $846 million in net interest expenses and approximately $1.89 billion in depreciation and amortization. The company faces an intensive capital expenditure cycle, projecting spending between $37 billion and $39 billion in 2026 to meet its growing backlog.