Earnings ResultsCoreWeave’s earnings beat shows that the AI trade is far from overThe cloud-computing company beat revenue and earnings expectations as CoreWeave locked down several large cloud deals in the third quarter
By
Christine Ji
Published: Nov. 10, 2025 at 4:47 p.m. ET
 CoreWeave reported over $55 billion in revenue backlog on Monday. Photo: Michael M. Santiago/Getty Images
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CoreWeave’s third-quarter earnings report showed that demand for artificial-intelligence compute is alive and well as the company posted $1.36 billion in revenue for the quarter, soaring past Wall Street consensus expectations of $1.29 billion.
But more important than revenue was CoreWeave’s
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remaining performance obligations, or the future revenue from contracts not yet fulfilled. The cloud-computing company’s RPO swelled to $55.6 billion from $30.1 billion last quarter thanks to several multimillion-dollar contracts with high-profile customers such as OpenAI, Meta Platforms
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and Nvidia
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that were signed in the third quarter.
CoreWeave’s third-quarter results also showed that the company has made progress on the path to profitability. It reported a net loss of $110 million, far below consensus estimates of a $245 million net loss. The company’s adjusted net loss came out to $41 million, also much below consensus expectations for $199 million.
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“Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services,” CEO Michael Intrator said in a company press release. “CoreWeave’s position as the essential cloud for AI has never been stronger as we drive growth through focus and innovation to power the next generation of AI.”
CoreWeave reported adjusted earnings before interest, taxes, depreciation and amortization for the quarter of $838 million, exceeding analyst expectations for $812 million.
CoreWeave’s stock dropped 2% in aftermarket trading. Shares of the company have fallen nearly 30% since CoreWeave last reported on Aug. 12, when it recorded a larger-than-expected loss in the second quarter due to big upfront costs for building AI infrastructure.
The lack of a stock jump could be due to investors adjusting previously overheated expectations, according to Raymond James analyst Josh Beck. In a note Monday before the report, Beck had speculated that $1.4 billion would be the third-quarter revenue benchmark that CoreWeave would need to clear.
Prior to the earnings report, D.A. Davidson analyst Gil Luria wrote in a Monday note that “we fully expect the company to report better than expected revenue and profit, but question how much that matters” relative to concerns around the company’s customer concentration and reliance on debt financing.
About the Author
Christine Ji
Christine Ji is a reporter covering Big Tech.
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