CoreWeaveCRWV

CoreWeave will report its latest quarterly results on Tuesday, August 11. Analysts are looking for revenue of about 2.55 billion dollars and a loss of about 1.22 dollars per share.

The company has only beaten analyst expectations once in the last five quarters. Because it is spending heavily to build out data centers, the focus will likely be on how quickly it can turn its large backlog of signed contracts into actual revenue.

See the full quarter, and how our tracked metrics did

Key highlights

• Massive revenue backlog: The company's revenue backlog, which includes future money expected from signed contracts, reached $99.4 billion as of March 31, 2026. This level of committed demand is a major signal of long term stability, even as it slightly missed the internal $100 billion target.
• Major customer expansion: CoreWeave signed a new $21 billion commitment with Meta in March, cementing its role as a key infrastructure provider for the largest AI labs. Securing such a large deal from a single giant helps justify the massive spending needed to build out specialized data centers.
• Scaling power capacity: Active power capacity surpassed 1 gigawatt this quarter, and the company added over 400 megawatts of newly contracted power to reach a total of 3.5 gigawatts. Power capacity is the most important constraint on growth, as it limits how many AI chips the company can actually plug in and run for customers.
• Platform efficiency dipping: Adjusted EBITDA margin, which measures profit from operations before accounting for taxes and interest, fell to 56% from 62% a year ago. While this still meets the company's long term 55% goal, the drop shows that rapidly scaling up new data centers is currently getting more expensive.
• NVIDIA investment boost: The company closed a $2 billion investment from NVIDIA, which is both a major supplier and now a key shareholder. This relationship is critical because it ensures CoreWeave stays at the front of the line for the most advanced AI chips, like the GB200 systems.
• Ambitious growth outlook: Management expects to reach more than 8 gigawatts of active power by 2030, a huge jump from the current 1 gigawatt level. To fund this, they secured an $8.5 billion loan facility to keep building the specialized AI factories their customers are demanding.

Our take: A strong quarter that proves the massive demand for AI infrastructure is not slowing down. While the company is still losing money on a reported basis, the $21 billion Meta deal and the $99.4 billion backlog show that CoreWeave is successfully locking in the world's biggest spenders for years to come.