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CoreWeave Inc (NASDAQ:CRWV) reported financial results for the third quarter after the market close on Monday. Here’s a rundown of the report.
Q3 Highlights: CoreWeave reported third-quarter revenue of $1.36 billion, beating analyst estimates of $1.29 billion, according to Benzinga Pro. The company reported a third-quarter adjusted loss of eight cents per share, beating estimates for a loss of 37 cents per share.
CoreWeave, which provides access to Nvidia GPUs to large technology and AI-focused companies, said it ended the quarter with a revenue backlog of $55.6 billion.
“We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion,” said Michael Intrator, co-founder and CEO of CoreWeave.
“Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services.”
CoreWeave reported $1.31 billion in operating expenses during the period and ended the quarter with approximately $1.89 billion in cash and cash equivalents.
CoreWeave’s management team will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET. The company said it will provide forward guidance on the call.
“CoreWeave’s position as the essential cloud for AI has never been stronger,” Intrator added.
CRWV Price Action: CoreWeave shares were volatile following the release. The stock was up 0.35% in after-hours, trading at $105.98 at last check on Monday, according to Benzinga Pro.
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Posted In: CRWV
