CoreWeave (CRWV) Q1 earnings report 2026

CoreWeave Shares fell 10% in extended trading Thursday after the AI ​​infrastructure provider issued a soft revenue forecast and raised its 2026 capital spending forecast.

Here is the company’s performance compared to the LSEG consensus:

• Earnings per share: $1.40 lost. This figure may not be comparable to estimates.
• Revenues: 2.08 billion dollars, while the expectation was 1.97 billion dollars

Revenue more than doubled in the quarter from $981.8 million a year earlier, according to a report. expression. Net loss widened to $740 million from $315 million ($1.49 per share) in the same quarter a year ago.

CoreWeave is targeting $2.45 billion to $2.6 billion in second-quarter revenue. The $2.53 billion in the middle of the range trailed the LSEG consensus of $2.69 billion. CoreWeave maintained its revenue forecast for 2026. It calls for sales of $12 to $13 billion.

The company ended the quarter with approximately 3.5 gigawatts of total contracted power and $99.4 billion in accumulated revenue.

“We’ve reached hyperscale,” CoreWeave co-founder and CEO Mike Intrator said on a conference call with analysts. He said the company has diversified its business with 10 customers committed to spending at least $1 billion on its products. 62% of revenue arrived in 2024 Microsoft.

While revenues are increasing, operating expenses are increasing even faster. Technology and infrastructure costs rose 127% in the quarter to $1.27 billion, while sales and marketing costs increased more than sixfold to $69 million.

CoreWeave competes with top cloud providers such as: Amazon to open occupied data centers Nvidia Graphics processing units to be leased to companies including OpenAI and Anthropic that train and run AI models. CoreWeave is competing with large and highly profitable cloud companies, taking on massive debt in the process to finance data center development.

CoreWeave says it saw growth in the first quarter $8.5 billion Under new debt after deals with AI startups were announced Clinical And Wonder. The company said it raised more than $20 billion in debt and equity this year and ended the quarter with almost $25 billion in debt.

By the way, big supporter Nvidia earlier this year, it said it purchased an additional $2 billion worth of shares in CoreWeave, which has committed to adopting a variety of the chipmaker’s products.

As of Thursday’s close, CoreWeave shares have gained nearly 80% so far in 2026, while the S&P 500 has gained 7%.

CoreWeave’s finance chief Nitin Agrawal said S&P upgraded CoreWeave’s credit rating from stable to positive.

The company estimated that 2026 capital expenditures would increase from $31 billion to $35 billion, compared to the $30 billion to $35 billion it announced in February. Agrawal said the revision at the lower end of the range was related to component prices.

“It’s a problem, it’s a problem, but we have an incredible capacity to navigate the supply chain,” Intrator said. “We have great partners and we include the pricing needed to provide the necessary infrastructure, but also ensure we can secure the economics we are aiming for.”

CoreWeave reiterated that annual revenue should exceed $30 billion by the end of 2027.

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