CoreWeave (CRWV) reported second-quarter revenue of $2.58 billion, surpassing analyst estimates of $2.56 billion. Adjusted EBITDA reached $1.51 billion against a $1.43 billion consensus, and adjusted operating income came in at $128 million—nearly double the $66.6 million estimate.
The GAAP operating loss narrowed to $49 million, better than the $86.5 million loss analysts had projected. The net loss of $626 million was also narrower than the $757.1 million consensus, translating to a loss per share of $1.14 versus an expected $1.41.
The number that matters most for the long-term thesis: CoreWeave's revenue backlog stood at approximately $104 billion as of June 30, reflecting sustained customer commitments for its AI compute infrastructure.
Adjusted EBITDA margin hit 59 percent, ahead of the 55.4 percent estimate—a meaningful read on operating leverage given the company's capital-intensive model.
The gap between strong EBITDA and deep net losses comes down to interest expense. Analysts estimate CoreWeave's interest costs run more than 11 times adjusted operating income, a structural drag that will persist as long as the company finances aggressive data center expansion through debt. That leverage is the central risk: the $104 billion backlog locks in revenue, but the balance sheet needs AI demand to stay strong long enough to grow into it.
CoreWeave trades at an 18.8x EV/EBITDA multiple. Rising capital expenditures and competition in AI infrastructure are the credible pushbacks—but a backlog that size is difficult to dismiss.
