Slide 1: CoreWeave Q3'25 Earnings Presentation
CoreWeave Q3’25 Earnings Presentation November 10, 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: Q3'25 at a Glance
Q3’25 at a Glance REVENUE REVENUE BACKLOG1 CAPITAL EXPENDITURES2 STRONG REVENUE STRONG REVENUE STRONG REVENUE TRAJECTORY TRAJECTORY TRAJECTORY $1.4 billion $55.6 billion $1.9 billion up 134% YoY up 271% YoY Q1’ 25 QoQ Revenue ADJUSTED EBITDA3 ADJUSTED OPERATING INCOME3 ADJUSTED NET INCOME (LOSS)3 $8
Slide 4: Revenue
Revenue Quarterly Revenue $ million +134% YoY Growth $1,365 $1,213 $982 ● Revenue up 134% YoY, driven by strong demand for CoreWeave's AI Cloud Platform $747 $584 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 4
Slide 5: Adjusted Operating Income
Adjusted Operating Income Adjusted Operating Income 1 $ million 16% Margin $217 $200 ● Adjusted operating income was $217 million, up 74% compared to Q3'24 $163 $125 $121 ● Adjusted operating margin was 16% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1. Adjusted Operating Income and Adjusted Operating Income Marg
Slide 6: Adjusted Net Income (Loss)
Adjusted Net Income (Loss) Adjusted Net Income (Loss)1 $ million (3)% Margin ● Adjusted net loss was $(41) million, compared $0 to $0 million adjusted net income in Q3’24 $(36) $(41) ● Adjusted net loss margin was (3)% $(131) $(150) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1. Adjusted Net Income (Loss) and Adj
Slide 7: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA1 $ million 61% Margin $838 ● Adjusted EBITDA was $838 million, more $753 than 2x Q3'24 $606 ● Adjusted EBITDA margin was 61% $486 $379 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Please see the reconcili
Slide 8: Revenue Backlog
Revenue Backlog Revenue Backlog1 $ billion $55.6 21% ● Revenue backlog was $55.6 billion, up 271% Yo Y YoY driven by large deals with customers including OpenAI, Meta, and multiple % 39% 71 +2 hyperscalers $15.0 ● Revenue backlog almost doubled QoQ 8% 42% 40% $6.9 50% Q3'24 Q3'25 24 months 25-48 mon
Slide 9: Capital Expenditures
Capital Expenditures Capital Expenditures1 $ billion $2.9 ● Capital expenditures totaled $1.9 billion as we $2.4 $2.2 continue to invest in scaling our platform to $1.9 $1.9 meet customer demand Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1. Capital expenditures are additions to property and equipment including a
Slide 10: Our Geographically Distributed Footprint
Our Geographically Distributed Footprint 1 41 Data Centers ~590MW Active Power ~2.9GW Contracted Power Our Data Centers Are Purpose-Built for AI 1. Figures as of Q3 2025 10
Slide 11: Appendix
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Slide 12: Revenue Backlog
Revenue Backlog (in billions) As of September 30, 2025 2024 Remaining performance obligations $50.0 $15.0 Other amounts of estimated future revenue to be recognized from existing 5.6 — committed customer contracts Revenue backlog1 $55.6 $15.0 1. Revenue backlog includes remaining performance obligat
Slide 13: Capital Expenditures Calculation
Capital Expenditures Calculation (in millions) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Increase in total gross property and equipment $4,649 $2,343 $10,354 $6,128 Less: Change in construction in progress 2,799 106 3,709 204 Capital expenditures $1,850 $2,
Slide 14: Q3'25 Financial Summary
Q3’25 Financial Summary (in thousands, except percentages and per share amounts) Three Months Ended September 30, 2025 2024 Revenue $1,364,676 $583,941 Operating expenses $1,312,826 $466,825 Operating income $51,850 $117,116 Operating income margin 4% 20 % Interest expense, net $(310,555) $(104,375)
Slide 15: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 15
Slide 16: Reconciliation: Adjusted Operating Income (Loss) and Margin
Reconciliation from GAAP to non-GAAP measures Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin (in thousands, except percentages) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Operating income (loss) $117,116 $112,674 $(27,470) $19,209 $51,850 Stock-based compensation 7,617 8,0
Slide 17: Reconciliation: Adjusted Net Income (Loss) and Margin
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 adjustmen
Slide 18: Reconciliation: Adjusted EBITDA and Margin
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