Slide 1: CoreWeave Q2'25 Earnings Presentation
CoreWeave Q2’25 Earnings Presentation August 12, 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: Q2'25 at a Glance
Q2’25 at a Glance 1 2 REVENUE REVENUE BACKLOG CAPITAL EXPENDITURES STRONG REVENUE STRONG REVENUE STRONG REVENUE TRAJECTORY TRAJECTORY TRAJECTORY $1.2 billion $30.1 billion $2.9 billion up 207% YoY up 86% YoY Q1’ 25 QoQ Revenue 3 4 4 ADJUSTED EBITDA ADJUSTED OPERATING INCOME ADJUSTED NET INCOME (LOSS
Slide 4: Revenue
Revenue Quarterly Revenue $ million +207% YoY Growth $1,213 ● Revenue up 207% YoY, driven by strong demand for CoreWeave's AI Cloud Platform $982 $747 $584 $395 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 4
Slide 5: Adjusted Operating Income (Loss)
Adjusted Operating Income (Loss) Adjusted Operating Income 1 $ million 16% Margin $200 ● Adjusted operating income was $200 million, up 134% YoY compared to Q2'24 $163 $125 $121 ● Adjusted operating margin was 16% $85 ● Ramped investments in data center and server infrastructure to meet customer dem
Slide 6: Adjusted Net Income (Loss)
Adjusted Net Income (Loss) 1 Adjusted Net Income (Loss) $ million (11)% Margin ● Adjusted net loss was $(131) million, $0 compared to $(5) million adjusted net loss in $(5) Q2’24 $(36) ● Adjusted net loss margin was (11)% $(131) $(150) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 1. Adjusted Net Income (Loss) and
Slide 7: Adjusted EBITDA
Adjusted EBITDA 1 Adjusted EBITDA $ million 62% Margin $753 ● Adjusted EBITDA was $753 million, 3x greater than Q2'24 $606 $486 ● Adjusted EBITDA margin was 62% $379 $250 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 1. Adjusted EBITDA Adjusted EBITDA margins are non-GAAP financial measures. Please see the reconcil
Slide 8: Revenue Backlog
Revenue Backlog 1 Revenue Backlog $ billion $30.1 ● Revenue backlog was $30.1 billion, up 86% 10% YoY driven by the OpenAI strategic deal and Y Yo % subsequent expansion deal signed in H1'25 6 +8 40% $16.2 15% as well as a large hyperscaler contract 40% signed and expanded in Q2'25 45% $6.9 50% ● YT
Slide 9: Capital Expenditures
Capital Expenditures 1 Capital Expenditures $ billion $2.9 ● Capital expenditures totaled $2.9 billion, the $2.6 $2.4 highest in the history of the company, as we $2.2 $1.9 continue to invest in scaling our platform to meet customer demand Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 1. Capital expenditures is add
Slide 10: Our Geographically Distributed Footprint
1 Our Geographically Distributed Footprint 33 Data Centers ~470MW Active Power ~2.2GW Contracted Power Our Data Centers Are Purpose-Built for AI 1. Figures as of Q2 2025 10
Slide 11: Appendix
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Slide 12: 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 13: Revenue Backlog
1 Revenue Backlog (in billions) As of June 30, 2025 2024 Remaining performance obligations $30.1 $16.2 Other amounts of estimated future revenue recognized from existing committed — — customer contracts Revenue backlog $30.1 $16.2 1. Revenue backlog includes remaining performance obligations plus ot
Slide 14: Capital Expenditures Calculation
Capital Expenditures Calculation (in millions) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Increase in total gross property and equipment $2,975 $2,117 $5,705 $3,785 Less: Change in construction in progress 37 (457) 910 98 Capital expenditures $2,937 $2,574 $4,795 $3,68
Slide 15: Q2'25 Financial Summary
Q2’25 Financial Summary (in thousands, except percentages and per share amounts) Three Months Ended June 30, 2025 2024 Revenue $1,212,788 $395,371 Operating expenses $1,193,579 $317,650 Operating income (loss) $19,209 $77,721 Operating income (loss) margin 2% 20 % Interest expense, net $(266,966) $(
Slide 16: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 16
Slide 17: 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) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Operating income (loss) $77,721 $117,116 $112,674 $(27,470) $19,209 Stock-based compensation 7,660 7,6
Slide 18: 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 19: 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