CoreWeave, Inc. Q1 FY2025 earnings call

• CoreWeave had an outstanding Q1 with record revenue and adjusted operating income, driven by strategic deals, new customers, and infrastructure scaling.
• The company completed a $11.9B deal with OpenAI, added new enterprise and hyperscaler customers, and a $4B expansion with a large AI enterprise.
• Acquired Weights & Biases to expand customer base and provide additional value. Scaled capacity by adding 300 MW of contracted power, focusing on infrastructure deployment.
• Financed infrastructure with success-based CapEx aligned with multiyear contracts. Differentiated platform with leading technology deployments and software releases.
• Expanded global presence with a new data center in Spain, aiming to meet growing AI infrastructure demand.

In Q1, CoreWeave achieved a revenue of $982 million, with an adjusted operating income of $163 million. Revenue grew 420% year-over-year, and adjusted operating income grew 550% year-over-year. The company's revenue backlog, including remaining performance obligations and future revenue under committed contracts, was $25.9 billion, up 63% year-over-year. The acquisition of Weights & Biases is integrated into financials starting from May 5.

• Q2 2025 revenue projected $1.06B-$1.1B, adjusted operating income $140M-$170M, CapEx $3B-$3.5B.
• Full year 2025 revenue $4.9B-$5.1B, adjusted operating income $800M-$830M, CapEx $20B-$23B.
• Guidance reflects increased customer demand, accelerated platform investments, and inclusion of Weights & Biases from acquisition close.

• Uncertainties from global trade policy volatility.
• Industry-wide elevated costs for certain equipment, though impacts are marginal and being monitored.

Q: What's the driver behind the revenue beat in Q1?

A: The revenue beat was due to the company's focus on speeding up infrastructure delivery and meeting client contract requirements effectively.

Q: Why isn't the OpenAI deal in RPO?

A: Accounting treatment for the OpenAI deal isn't finalized yet, so it's not included in RPO, but it doesn't affect revenue timing or cash flows.

Q: How is the pipeline diversified across enterprise markets?

A: While large clients drive massive scale contracts, CoreWeave is targeting more enterprise clients, with Weights & Biases helping reach the broader AI user universe.

Q: What's causing higher interest expense?

A: Less interest cost capitalized due to improved vendor terms and higher CapEx for fulfilling customer demand, with cost of capital expected to decrease.

Q: How does customer demand impact CapEx?

A: CapEx is increasing to meet accelerated customer demand, with lumpy nature based on contract signing and infrastructure deployment timing.