CoreWeave Surpasses Earnings Expectations with Strong Revenue Backlog Growth

CoreWeave, a leading cloud computing service provider, has announced its third-quarter earnings, which exceeded expectations. The company reported a significant revenue increase driven by the escalating demand for artificial intelligence (AI) computing.

CoreWeave Earnings Highlights

For the September quarter, CoreWeave recorded a loss of 22 cents per share. This is a notable improvement compared to a loss of $1.82 per share during the same period last year. Revenue surged by 133%, reaching $1.365 billion, surpassing Wall Street estimates of $1.286 billion.

Analysts had projected a loss of 40 cents per share, highlighting the substantial improvement in CoreWeave’s financial performance amidst growing market demand.

Revenue Backlog Growth

A key focus of CoreWeave’s earnings report was its remarkable growth in remaining performance obligations (RPO). This metric reflects the total expected revenue from unfulfilled customer contracts.

• Current RPO stands at $55.6 billion, an increase of 85% from the previous quarter’s $30 billion.
• RPO indicates robust future revenue potential, reinforcing CoreWeave’s standing in the competitive cloud sector.

Market Reaction and Stock Performance

Following the earnings announcement, CoreWeave’s stock experienced some volatility. In after-hours trading, shares fell more than 5% to $99.74, despite having increased by 160% in 2025 leading up to the report. The stock reached an all-time high of 187 on June 20.

CoreWeave primarily leases server space equipped with Nvidia AI accelerators to clients such as Microsoft and Meta Platforms. Nvidia, a strategic partner, holds a 7% stake in CoreWeave.

Future Outlook and Strategic Moves

CoreWeave is expected to provide further guidance during its upcoming earnings call with analysts. Notably, the company has decided to terminate its proposed acquisition of Core Scientific, which was planned as an all-stock transaction.

Despite optimism surrounding the expanding AI market, some analysts express concerns regarding customer concentration and the company’s overall debt levels.

Comprehensive Stock Ratings

CoreWeave holds a Composite Rating of 60 out of 99, indicating a mix of strengths and weaknesses. Its Accumulation/Distribution Rating is B, suggesting a recent trend of moderate institutional buying.

Founded in 2017 as a cryptocurrency miner, CoreWeave has successfully transitioned into the cloud computing space, positioning itself as a key player in AI infrastructure.

For continuous updates on developments in AI, quantum computing, and cybersecurity, follow industry expert Reinhardt Krause on X (formerly Twitter) at @reinhardtk_tech.