CoreWeave’s quarterly revenue grew 112% year-over-year, with backlogged orders reaching $99.4 billion. Large-scale expansion weighed on profits｜Earnings Report Highlights

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AI cloud computing infrastructure company CoreWeave announced its results for the first quarter of fiscal year 2026: revenue doubled year-on-year, order backlog surged to nearly $100 billion, but sustained heavy capital investment is putting significant pressure on profits.

This quarter's revenue reached $2.18 billion, up 112% year-on-year, driven by strong demand from major AI clients such as Meta and Anthropic. As of the end of March, the company’s unfulfilled revenue backlog reached $99.4 billion, a 284% surge compared to the same period last year, indicating a significant improvement in medium- to long-term demand visibility.

However, the upfront costs from large-scale capacity expansion have begun to erode profit margins. Adjusted net loss widened to $589 million, with an adjusted net loss margin of 28%, both deteriorating sharply compared to the same period last year. Meanwhile, capital expenditure for the quarter was $6.86 billion, up sharply year-on-year, reflecting the company’s accelerated infrastructure deployment to meet client demand.

After the earnings report was released, CoreWeave's stock price fell 4% in after-hours trading.

Strong Revenue Growth, But Scale Efficiency Yet to Be Realized

CoreWeave’s first quarter revenue was $2.18 billion, approximately 32% sequential growth, with year-on-year growth staying in the triple digits. Adjusted EBITDA was $1.16 billion, almost double last year’s $606 million, with the adjusted EBITDA margin at 56%, down from 62% a year ago.

Adjusted operating profit plunged to $21 million, with an adjusted operating margin of just 1%, down from $163 million and 17% in the same period last year. The company explained that the shrinkage in margins was mainly due to the continuous rapid expansion of active compute capacity—costs associated with infrastructure deployment are recognized before revenue, causing temporary spread compression.

According to GAAP, the company had a net loss of $740 million, with a net loss margin of 36%, compared to a loss of $315 million a year ago. Net interest expense reached $536 million, a sharp increase from last year’s $264 million, making it one of the key drivers of the widening net loss.

Order Backlog Nears $100 Billion, Meta Signs $21 Billion Deal

The most notable figure for CoreWeave this quarter comes from the order side. By the end of March 2026, the company’s revenue backlog reached $99.4 billion, with remaining performance obligations at $98.8 billion. From a maturity structure perspective, 39% is expected to be recognized within 24 months, 36% within 25-48 months, and the remaining 25% in over 48 months.

On the customer side, the company signed multiple new agreements with Meta, including a new $21 billion commitment in March; it signed multi-year agreements with Anthropic to support the development and deployment of the Claude series of AI models; and it expanded existing partnerships with Cohere, Jane Street, Mistral, and other enterprises and AI-native clients. In addition, Adaption Labs, Hudson River Trading, Perplexity, and World Labs also became new partners this quarter.

Record Capital Expenditures, Accelerated Infrastructure Expansion

CoreWeave’s first-quarter capital expenditure was $6.86 billion, more than triple the $1.86 billion in the same period last year, marking the highest single-quarter level in company history.

As of the end of March, the company’s active compute capacity exceeded 1 gigawatt (GW), operating 49 data centers, with 6 new centers added this quarter. The total contracted compute capacity exceeded 3.5 GW, up over 400 megawatts from before, and the company further diversified its infrastructure supplier structure.

On the financing front, the company completed several major capital operations this quarter: it obtained its first $8.5 billion version 4.0 DDTL (Delayed Draw Term Loan) financing, which is a non-recourse investment-grade debt, with a floating rate of SOFR plus 225 basis points and a fixed rate of 5.9%; it also received a $2 billion subscription for Class A common stock from NVIDIA, with NVIDIA stating that this move reflects its confidence in CoreWeave's business, team, and growth strategy.

The company also expanded its long-term partnership with NVIDIA, aiming to accelerate the buildout of over 5 GW of AI compute capacity before 2030.

Continuous Deepening of Technology Deployment, Comprehensive Product Line Expansion

On the product and technology side, CoreWeave carried out a number of important updates this quarter. The company announced a flexible capacity plan, including Flex Reservations and Spot modes; launched a dedicated inference service covering the full cycle from experimental stage to sustained production; and introduced CoreWeave ARENA™, enabling customers to run and evaluate real workloads on CoreWeave Cloud.

On the AI platform tools side, the company expanded the functionality of the Weights & Biases (W&B) platform, including two major modules: W&B Weave and W&B Models. CoreWeave also became one of the first cloud service providers to receive the NVIDIA Exemplar Cloud certification in GB200 NVL72 inference scenarios.

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