CoreWeave, Inc. Class A Common Stock Q1 FY2026 earnings call

Demand Environment - Demand is intensifying with hypergrowth of existing customers and rapid maturation of new enterprise verticals. Added Anthropic, Meta as customers. Financial services and physical AI/spatial computing have significant revenue backlog. Average pricing for GPUs increased. ### CoreWeave's Cloud Platform - Strengthening integrated stack to serve various workloads. Introduced Trust Center. More than 90% of reserved instance customers use at least two products. Storage, software, CPU, networking businesses growing. ### Execution - Surpassed one gigawatt of active power. Added over 400 megawatts of contracted power, total contracted power over 3.5 gigawatts. Plan to expand contracted power footprint through leases and self-build sites. Strategic relationship with NVIDIA. ### Financing Approach - Closed $8.5 billion delayed draw term loan 4.0, first investment-grade rated HPC infrastructure-backed debt facility. Secured over $20 billion of debt and equity year-to-date. Broadened access to capital at lower cost.

Q1 revenue was $2.1 billion, up 32% QoQ and 112% YoY. Contracted revenue backlog grew to nearly $100 billion. Added over $40 billion of new customer bookings. Surpassed one gigawatt of active power. Revenue backlog ended at $99.4 billion, with 36% expected to be recognized in next 24 months and 75% in next 4 years. Adjusted EBITDA for Q1 was $1.2 billion, up 91% YoY. Adjusted operating income was $21 million. Net loss was $740 million. CapEx in Q1 totaled $6.8 billion. As of March 31st, had over $3.3 billion in cash, cash equivalents, etc. Secured $2 billion equity in connection with NVIDIA and $8.5 billion investment-grade debt.

Reaffirmed full year guidance of 12 to 13 billion of revenue and 900 million to 1.1 billion of adjusted operating income. Q2 revenue expected in range of 2.45 to 2.6 billion. Q2 adjusted operating income expected 30 to 90 million. Q2 interest expense expected $650 to $730 million. CapEx expected $7 to $9 billion in Q2, $31 to $35 billion full year. Expect to end 2026 with 18 to 19 billion of annualized run rate revenue. Expect to grow annualized run rate revenue to more than 30 billion by 2027, over 75% contracted.

Q: Clarifying questions on Capex, NVIDIA relationship, five gigawatts in active power target.

A: Capex insulated by including component costs in pricing. NVIDIA qualification of software as reference architecture. Five gigawatts allows acceleration in securing infrastructure.

Q: Confidence in bottom line build in back half.

A: Q2 as expected, sequential margin expansion, reaffirmed guidance, resilient supply chain.

Q: Margin profile of previously signed contracts with increased component and energy costs.

A: Priced deals with purchase orders, understand component and power costs, structured to hit targeted margins.

Q: Revenue recognition and gross margin improvement.

A: Revenue recognized when capacity delivered, margin dynamic timing based, sequential expansion expected.

Q: Inference share of consumed power and component procurement for 2026 revenue.

A: Inference over 50% of compute, overwhelming component procurement locked in.

Q: Incremental power and allocation of capacity.

A: Robust pipeline of power opportunities, allocate capacity to leading clients, coordinate with demand.