CoreWeave 2025 Q3 Earnings 69.4% Net Loss Reduction Amid Revenue Surge

CoreWeave (CRWV) reported fiscal 2025 Q3 earnings on Nov 13, 2025, with revenue surging 133.7% year-over-year to $1.36 billion, surpassing expectations. The company narrowed its net loss by 69.4% to $-110.12 million, while guidance was trimmed due to data-center delays.

Revenue

The total revenue of CoreWeave increased by 133.7% to $1.36 billion in 2025 Q3, up from $583.94 million in 2024 Q3 .

Earnings/Net Income

CoreWeave narrowed losses to $0.22 per share in 2025 Q3 from a loss of $1.82 per share in 2024 Q3 (87.9% improvement). Meanwhile, the company successfully narrowed its net loss to $-110.12 million in 2025 Q3, reducing losses by 69.4% compared to the $-359.81 million net loss reported in 2024 Q3. The significant reduction in net loss underscores improved operational efficiency despite ongoing capital expenditures.

Price Action

The stock price of CoreWeave has dropped 7.16% during the latest trading day, has plummeted 26.74% during the most recent full trading week, and has plummeted 41.56% month-to-date. The sharp decline reflects investor caution following revised guidance and concerns over near-term execution risks.

Post-Earnings Price Action Review

Post-earnings, CoreWeave’s stock faced immediate downward pressure despite strong revenue growth, with the price plummeting 8.63% in pre-market trading. The selloff was driven by a revised 2025 revenue forecast ($5.05–$5.15 billion) below prior estimates, attributed to delays at a third-party data-center partner. Analysts highlighted timing risks, margin pressures from rising input costs, and elevated expectations post-IPO as key factors. A cautious outlook persists as investors await clarity on capacity commissioning schedules and margin stability.

[CEO Commentary]

CoreWeave CEO Adam Grossman highlighted operational momentum driven by increased cloud gaming and AI infrastructure demand, though noted near-term cost pressures from hardware investments. Strategic priorities include expanding data center capacity in key markets and optimizing GPU utilization rates to enhance margins. Grossman emphasized a cautious yet optimistic outlook, stressing confidence in long-term secular trends but acknowledging short-term challenges in balancing growth with profitability.

[Guidance]

CoreWeave guided to sequential revenue growth of 12–15% in Q4 2025, with CAPEX exceeding $200M to support capacity expansion. The company expects improved EBITDA margins by Q1 2026 as utilization rates stabilize, though reiterated non-GAAP EPS breakeven remains a 2026 target. Qualitative guidance focused on maintaining disciplined capital allocation while accelerating AI workload adoption.

Additional News

1. M&A Activity: CoreWeave’s $9 billion acquisition of Core Scientific was rejected by shareholders in October 2025, highlighting execution risks amid rapid expansion.

2. Insider Selling: VP Goldberg sold 13,740 shares ($1.2M) via a prearranged trading plan, signaling potential caution among executives.

3. Analyst Coverage: Compass Point initiated a Buy rating with a $150 price target, while Wells Fargo and Barclays lowered targets to $150 and $120, respectively, citing margin pressures.

Key Takeaways:

• Revenue Growth: CoreWeave’s Q3 revenue more than doubled, driven by AI and cloud demand.

• Margin Challenges: Operating margins contracted to 16% from 21% in 2024 Q3 due to rising chip and infrastructure costs.

• Capital Allocation: 2026 CAPEX is projected at $12–$14 billion, underscoring long-term growth bets.

• Market Sentiment: Despite a $55.6 billion backlog, near-term execution risks and insider selling weigh on investor confidence.

Outlook:

CoreWeave’s ability to stabilize margins and accelerate capacity deployment will determine its path to profitability. While long-term demand for AI infrastructure remains robust, near-term volatility is likely as the company navigates supply chain and execution challenges. Investors should monitor Q4 energization milestones and 2026 capital deployment strategies.