Slide 1: Earnings Presentation Q1 2026
Earnings Presentation Q1 2026 May 7, 2026 © 2026 CoreWeave, Inc. All rights reserved
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
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: CoreWeave - The Essential Cloud for AI
CoreWeave - The Essential Cloud for AI Rapidly Delivering New Generations Cloud Platform Purpose-Built for of Infrastructure at Scale with Continuing to Invest Up and Down Artificial Intelligence Delivering Unparalleled Track Record of Being the Technology Stack to Deliver a Unmatched Performance1 A
Slide 4: Our Platform is Purpose-Built for AI
Our Platform is Purpose-Built for AI Every layer is purpose-built for AI workloads. CoreWeave Cloud is optimized for low latency, high throughput, and operational efficiency to support the complexity of large-scale AI training and inference. Model and Agent Development Tools for teams to build, eval
Slide 5: Large and Growing Footprint of AI Data Centers
Large and Growing Footprint of AI Data Centers Technologies to Maximize Rack Density Systematized Processes and Modular Deployments Embedded Security Broad Geographical Footprint Minimizing End User Latency Cutting-Edge Liquid Cooling Technology 1GW+ 3.5GW+ Active Power Contracted Power Our Extensiv
Slide 6: Continued Momentum with Exceptional Execution in Q1
Continued Momentum with Exceptional Execution in Q1 Customer Wins Across AI Labs, Key Technology Leadership Strengthened Financial Position Other Noteworthy Updates Hyperscalers and Enterprises Milestones ● Executed multiple new ● Among the first cloud providers to ● Secured first-of-its-kind DDTL 4
Slide 7: Financial Overview
Financial Overview
Slide 8: Q1'26 Highlights
Q1’26 Highlights $2.1B $99.4B $6.8B Revenue Revenue Backlog1 Capital Expenditures2 Up 112% YoY Up 284% YoY $1.2B $21M $(589)M Adjusted EBITDA3 Adjusted Operating Income3 Adjusted Net Loss3 56% Margin 1% Margin (28)% Margin Notes: 1. See Slide 13 for definition of Revenue Backlog 2. Capital expenditu
Slide 9: Revenue
Revenue $2,078 $1,572 $1,365 $1,213 Revenue: $2.1 billion, up 112% YoY driven by robust demand for $982 +112% CoreWeave's AI cloud platform and strong YoY Growth execution Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: $ in millions 9
Slide 10: Adjusted Operating Income
Adjusted Operating Income1 $217 $200 $163 Adjusted Operating Income: $21 million, compared to $163 million in Q1'25 Adjusted Operating Margin: 1%; sequential decline a result of continued significant scaling of active power capacity as $88 deployment-related expenses are incurred before revenue full
Slide 11: Adjusted Net Loss
Adjusted Net Loss1 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 $(41) $(131) $(150) Adjusted Net Loss: (28)% $(589) million, compared to $(150) million in Q1'25 Margin $(284) Adjusted Net Loss Margin: (28)% $(589) Note: $ in millions 1. Adjusted Net Loss and Adjusted Net Loss Margin are non-GAAP financial measures
Slide 12: Adjusted EBITDA
Adjusted EBITDA1 $1,157 $898 $838 $753 Adjusted EBITDA: 56% $1.2 billion compared to $606 million in Q1'25 Margin $606 Adjusted EBITDA Margin: 56% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: $ in millions 1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the reconcili
Slide 13: Revenue Backlog
Revenue Backlog 1 < 24 months 25-48 months > 48 months $99.4 25% Revenue Backlog: $99.4 billion, up 284% YoY driven by substantial +284% growth from existing and new customers, including YoY Growth large deals with AI labs, hyperscaler cloud customers, enterprises, and AI natives, as the 39% inferen
Slide 14: Capital Expenditures
Capital Expenditures1 $8.2 $6.8 Capital Expenditures: $6.8 billion driven by the continued scaling of our platform to meet customer demand $2.9 $1.9 $1.9 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Note: $ in billions 1. Capital expenditures are additions to property and equipment including assets acquired under
Slide 15: Revenue Backlog
Revenue Backlog (in billions) As of March 31, 2025 2026 Remaining performance obligations $14.7 $98.8 Other amounts of estimated future revenue to be recognized from existing committed customer contracts $11.2 $0.6 Revenue backlog1 $25.9 $99.4 Note: 1. Revenue backlog includes remaining performance
Slide 16: Capital Expenditures Calculation
Capital Expenditures Calculation (in millions) Three Months Ended March 31, 2025 2026 Increase in total gross property and equipment $2,731 $6,991 Less: Change in construction in progress $873 $205 Capital expenditures1 $1,858 $6,786 Note: 1. Capital expenditures are additions to property and equipm
Slide 17: Q1'26 Financial Summary
Q1’26 Financial Summary (in millions, except percentages and per share amounts) Three Months Ended March 31, 2026 2025 Revenue $2,078 $982 Operating expenses $2,222 $1,009 Operating loss $(144) $(27) Operating loss margin (7)% (3)% Interest expense, net $(536) $(264) Net loss $(740) $(315) Net loss
Slide 18: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful t
Slide 20: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 GAAP to Non-GAAP Measures Operating income (loss) $(27) $19 $52 $(89) $(144) Stock-based compensation 184 145 144 157 153 Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin Acquisi
Slide 21: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 GAAP to Non-GAAP Net loss $(315) $(291) $(110) $(452) $(740) Measures Stock-based compensation 184 145 144 157 153 Loss on extinguishment of debt 2 8 14 4 — Adjusted Net Loss and Adjusted Net Loss Margin Ac
Slide 22: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 GAAP to Non-GAAP Net loss $(315) $(291) $(110) $(452) $(740) Measures Depreciation and amortization 443 559 630 821 1,147 Interest expense, net 264 267 311 388 536 Adjusted EBITDA and Adjusted EBITDA Margin
Slide 23: Thank You
Thank You