Slide 1: CoreWeave Q1'25 Earnings Presentation
CoreWeave Q1’25 Earnings Presentation May 14, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to,
Slide 3: Q1'25 at a Glance
Q1’25 at a Glance REVENUE REVENUE GROWTH REVENUE VISIBILITY STRONG REVENUE STRONG REVENUE STRONG REVENUE TRAJECTORY TRAJECTORY TRAJECTORY $982 million 420% $25.9 billion Revenue YoY Revenue Growth Revenue Backlog2 Q1’ 25 QoQ Revenue NON-GAAP OPERATING MARGIN NON-GAAP NET INCOME MARGIN INVESTING FOR
Slide 4: Revenue
Revenue Quarterly Revenue $ million +420% YoY ● Revenue up 420% YoY, driven by strong $982 demand for CoreWeave Cloud Platform $747 ● Long-term, committed contracts provide $584 strong revenue visibility, attractive unit $395 economics, and enables a success-based approach to capital investments tha
Slide 5: Non-GAAP Operating Income (Loss)
Non-GAAP Operating Income (Loss) Adjusted Operating Income 1 $ million Margin % 13% 22% 21% 16% 17% ● Adjusted operating income was $163 million, up 550% YoY. Adjusted operating margin was $163 17%, up 3 points YoY2 $125 $121 $85 ● Ramped investments in data center and server infrastructure to meet
Slide 6: Non-GAAP Net Income (Loss)
Non-GAAP Net Income (Loss) Adjusted Net Income (Loss)1 $ million Margin % (12)% (1)% 0% (5)% (15)% ● Adjusted net loss was $150 million, compared to $24 million adjusted net loss in Q1’24 $0 ● Impacted by higher-than-expected interest $(5) $(24) expense due to reduced amount of interest $(36) cost c
Slide 7: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA1 $ million Margin % 55% 63% 65% 65% 62% $606 ● Adjusted EBITDA for Q1 was $606 million, nearly 6x greater than Q1 of 20242 $486 $379 ● Adjusted EBITDA margin was 62%, up 6 $250 points YoY $105 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 1. Adjusted EBITDA Adjusted EBITDA margins ar
Slide 8: Revenue Backlog
Revenue Backlog Revenue Backlog1 $ billion $25.9 ● Revenue backlog of $25.9 billion, up 63% $15.9 YoY driven by OpenAI Strategic Deal signed in March $6.9 Q1'24 Q1'25 1. Remaining performance obligations is the aggregate total of our committed contract obligations that are yet to be delivered to our
Slide 9: Capital Expenditures
Capital Expenditures Capital Expenditures1 $ billion $2.6 ● Capital expenditures (Capex) in Q1 totaled $1.9 $2.4 $2.2 billion. QoQ driven by timing of data center capacity coming online and new generations of $1.9 GPUs being placed into service. Cash paid for Property and Equipment, including capita
Slide 10: Our Geographically Distributed Footprint
Our Geographically Distributed Footprint 1 33 Data Centers ~420MW Active Power ~1.6GW Contracted Power Our Data Centers Are Purpose-Built for AI 1. Figures as of Q1 2025 10
Slide 11: Appendix
Appendix 11
Slide 12: CoreWeave at a Glance
CoreWeave at a Glance Purpose-Built Cloud Platform for AI Workloads Cloud Platform Among First-to-Market with Highly Performant Infrastructure at Scale Software Differentiation at Multiple Layers of Our Technology Stack Serving Some of the World’s Leading AI Labs and AI Enterprises Operating at the
Slide 13: Contract Mechanics: Understanding CoreWeave's Business Model
Contract Mechanics: Understanding CoreWeave’s Business Model Life of a Contract 1 4 Years+ 2 Years+ Infrastructure Purchase Post contract life 1 Contract Signing 2 3 AI Cloud Go-Live 4 & Installation monetization Prepayment generally Monthly applied payments Cash payment for GPUs and other ~3 month
Slide 14: Revenue Backlog
Revenue Backlog1 (in thousands) Three Months Ended March 31, 2025 2024 Remaining performance obligations $14,665,098 $15,911,178 Other amounts of estimated future revenue recognized from existing committed customer 11,191,596 — contracts Revenue backlog $25,856,694 $15,911,178 1. Revenue backlog inc
Slide 15: Q1'25 Financial Summary
Q1’25 Financial Summary (in thousands, except percentages and per share amounts) Three Months Ended March 31, 2025 2024 % Change Revenue $981,632 $188,684 420% Operating expenses1 $1,009,102 $171,837 487% Operating income (loss)1 $ (27,470) $ 16,847 (263)% Operating income (loss) margin1 (3)% 9% Int
Slide 16: Reconciliation from GAAP to non-GAAP measures
Reconciliation from GAAP to non-GAAP measures Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin1 (in thousands, except percentages) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Operating income (loss) $16,847 $77,721 $117,116 $112,674 $(27,470) Stock-based compensation 8,189 7,
Slide 17: Reconciliation from GAAP to non-GAAP measures
Reconciliation from GAAP to non-GAAP measures Adjusted Net Income (Loss) and Adjusted Net Income ( Loss) Margin We define adjusted net income (loss) as net income (loss) attributable to common stockholders, excluding (i) stock- based compensation, (ii) acquisition related costs, (iii) other adjustme
Slide 18: Reconciliation from GAAP to non-GAAP measures
Reconciliation from GAAP to non-GAAP measures Adjusted EBITDA and Adjusted EBITDA Margin We define adjusted EBITDA as net loss, excluding (i) depreciation and amortization, (ii) interest expense, net, (iii) stock- based compensation, (iv) provision for (benefit from) income taxes, (v) acquisition re