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

CoreWeave (CRWV) reported Q3 2025 earnings on November 13, 2025, with revenue surging 133.7% year-over-year to $1.36 billion, exceeding expectations. The company trimmed its 2025 revenue guidance to $5.05–$5.15 billion, citing delays at a third-party data center partner. Despite narrowing its net loss by 69.4% to $110.12 million, the stock plummeted 41.56% month-to-date, reflecting investor caution over execution risks.

Revenue

CoreWeave’s total revenue surged 133.7% year-over-year to $1.36 billion in Q3 2025, driven by robust demand for AI infrastructure. This marks a significant acceleration from the $583.94 million reported in Q3 2024. The company attributed the growth to expanding contracts with enterprise clients, including a $22.4 billion partnership with OpenAI and a $14.2 billion deal with Meta.

Earnings/Net Income

The company narrowed its net loss to $110.12 million in Q3 2025, a 69.4% improvement from the $359.81 million loss in Q3 2024. Earnings per share (EPS) improved to -$0.22 from -$1.82, reflecting cost discipline and operational efficiency gains. While the net loss remains a concern, the sequential reduction underscores progress in managing expenses.

Post-Earnings Price Action Review

CoreWeave’s stock price declined 7.16% during the latest trading day, 26.74% over the past week, and 41.56% month-to-date. The drop followed the earnings report and revised 2025 guidance, which highlighted delays in energizing new data center capacity. Analysts noted that timing risks at partner facilities, coupled with margin pressures from rising input costs, weighed on sentiment. Despite these challenges, the company’s revenue backlog nearly doubled to $55.6 billion, supported by long-term contracts with blue-chip clients. JPMorgan downgraded its rating to Neutral, citing supply chain uncertainties, while Compass Point initiated coverage with a Buy rating and $150 price target.

CEO Commentary

CEO Louis J. Hachman emphasized progress in scaling CoreWeave’s AI infrastructure, noting that revenue growth outpaced expectations despite near-term execution challenges. He highlighted strategic partnerships, including the OpenAI and Meta contracts, as cornerstones of future demand. Hachman acknowledged the need for disciplined capital allocation to navigate rising GPU and power costs but expressed confidence in the company’s long-term positioning. The leadership team remains focused on optimizing unit economics and accelerating capacity deployment to meet surging client needs.

Guidance

CoreWeave revised its 2025 revenue guidance downward to $5.05–$5.15 billion from $5.15–$5.35 billion, citing delays in a third-party data center project. The company anticipates 850+ MW of active power in the near term, down from ~900 MW previously. For 2026, management expects capital expenditures of $12–$14 billion to support expansion, underscoring confidence in sustained demand for AI infrastructure.

Additional News

Compass Point initiated coverage on CoreWeave with a Buy rating and $150 price target, citing its leadership in GPU cloud computing and $55.6 billion revenue backlog. Conversely, JPMorgan downgraded the stock to Neutral, reducing its price target to $110 due to supply chain risks. Additionally, Vice President Goldberg executed a $1.2 million stock sale via a prearranged 10b5-1 plan, raising questions about insider sentiment.