Equity Research · Earnings Update
CoreWeave Inc (CRWV)
Summary and key takeaways
CoreWeave reported Q1 2026 revenue of $2.08 billion, up 111.7% year-over-year and above the $1.96 billion consensus. GAAP EPS was a loss of roughly $1.12–1.40 (sources vary), missing estimates, as net loss widened to $740 million from $315 million a year earlier — driven by interest expense doubling to $536 million and D&A surging to $1.15 billion as capex ballooned to $7.70 billion from $1.41 billion. Revenue backlog stood at $99.4 billion as of March 31, 2026.
Results snapshot
| Metric | Q1 2025 | Q1 2026 |
|---|---|---|
| Revenue | — | $2.08B (+111.7% YoY, beat $1.96B est.) |
| Net loss | ($315M) | ($740M) |
| Interest expense | ~$268M (implied, half) | $536M |
| Depreciation & amortization | — | $1.15B |
| Capex | $1.41B | $7.70B |
| Revenue backlog (period end) | — | $99.4B |
Analysis
This is the clearest illustration in this batch of the "capacity buildout means a widening GAAP loss now, in exchange for a much larger contracted revenue base later" pattern also seen in NBIS's Q1 report — CoreWeave is CoreWeave's direct AI-infrastructure competitor, and both companies show the same basic financial shape: revenue growing over 100% year-over-year while GAAP losses widen on interest expense and depreciation from the capex ramp. The $99.4 billion revenue backlog is the number that matters more than this quarter's net loss for judging the underlying demand thesis.
Guidance
- Full-year 2026 revenue reaffirmed: $12–13 billion, with $18–19 billion exit run rate
- Q2 2026 revenue: $2.45–2.6 billion (midpoint trailed the $2.69B consensus)
- Full-year 2026 capex guidance raised to $31–35 billion due to component pricing
Updated investment thesis
CRWV is an Emerging Growth holding, and this print is a reminder that the position's own thesis carries the same execution risk already flagged for NBIS: a widening GAAP loss during a heavy capex ramp is expected, and the $99.4 billion backlog is real demand evidence, but the Q2 guide trailing consensus is worth watching as a possible early signal of capacity-delivery timing pressure — the same risk category flagged in NBIS's Q1 2026 report this quarter.
No position changes from this report.
Risks to this position
- Capex-and-leverage risk: capex ballooning to $7.70B in a single quarter, funded partly by debt (interest expense doubled), increases financial leverage risk if demand growth slows.
- Guidance-miss risk: Q2 revenue guide midpoint trailing consensus is a small but real yellow flag worth monitoring in the next print.
- Same-cluster risk: CRWV correlates 0.79 with NBIS/NBIL in the book's correlation matrix — effectively the same trade from a portfolio-construction standpoint.
- Competitive risk: CoreWeave competes directly with NBIS and with hyperscalers' in-house capacity buildouts.
Sources & references
- CoreWeave (CRWV) Q1 2026 Earnings Transcript — The Motley Fool, CNBC
- CoreWeave (CRWV) Earnings Report Q1 2026 — 24/7 Wall St.