CoreWeave stock fell more than 9% in extended trading on Thursday after the AI cloud company issued a second-quarter revenue outlook that fell short of analyst expectations and raised the low end of its 2026 capital expenditure forecast.
Quarterly revenue reached $2.08 billion, nearly 112% higher than the $981.8 million posted in the year-earlier period. Analysts had expected $1.97 billion, according to CNBC. Losses deepened year over year, with the net loss reaching $740 million versus $315 million in the first quarter of 2025.
For the second quarter, CoreWeave projected revenue of $2.45 billion to $2.6 billion. The midpoint of that range trailed the analyst consensus of $2.69 billion, according to CNBC. For the full year, the company maintained its revenue guidance of $12 billion to $13 billion.
On the capital spending front, the company revised its 2026 forecast range upward at the bottom, moving the floor from $30 billion to $31 billion; the $35 billion ceiling was left unchanged. CoreWeave CFO Nitin Agrawal pointed to higher component costs as the driver behind the updated figure during remarks following the earnings release, according to Reuters,
Total operating expenses climbed to $2.22 billion, more than twice the level from the prior-year quarter, with Agrawal citing the ongoing expansion of active power capacity as the primary factor.
"It's an issue, it's a problem, but we have an incredible capacity to navigate the supply chain," CEO Michael Intrator said on a conference call with analysts, according to CNBC. The company reiterated that annualized revenue should exceed $30 billion by the end of 2027 and that it plans to have 1.7 gigawatts of power online by year end.
As of March 31, the revenue backlog stood at $99.4 billion, having grown from $66.8 billion three months earlier, and the company said active power had crossed the 1 gigawatt threshold. The company reported adjusted EBITDA of $1.16 billion and total contracted power of more than 3.5 gigawatts.
The company's customer base has expanded alongside its infrastructure buildout. According to CNBC, Intrator noted that the company's customer base has matured to include 10 clients each pledging a minimum of $1 billion in spending. In the first quarter, the company signed a $21 billion agreement with Meta $META for AI cloud capacity and reached a multi-year deal with Anthropic to provide compute for the development and deployment of Claude AI models. Trading firm Jane Street committed about $6 billion to CoreWeave's cloud platform and made a separate $1 billion equity investment in the company.
During the quarter, Nvidia $NVDA finalized a $2 billion purchase of CoreWeave Class A common stock, and the company brought in an additional $8.5 billion through a new debt facility.