CoreWeave Inc. (NASDAQ:CRWV), a leading provider of specialized cloud infrastructure for artificial intelligence, reported financial results for the fourth quarter and full fiscal year 2025 after the market closed on Wednesday. The report presented a complex picture of explosive revenue growth paired with significant net losses, leading to a sharp negative reaction in after-hours trading.
Revenue Growth and Earnings Miss
The company’s top-line performance continued its remarkable trajectory. For the fourth quarter, CoreWeave reported revenue of $1.57 billion, a staggering 110% increase from the $747 million reported in the same quarter last year. For the full fiscal year 2025, revenue reached $5.13 billion, up 168% from $1.92 billion in 2024. This growth solidifies the company’s claim of being the fastest cloud provider to reach $5 billion in annual revenue.
However, the bottom-line figures and their comparison to analyst expectations painted a different story.
- Revenue vs. Estimate: The reported Q4 revenue of $1.57 billion narrowly missed the analyst consensus estimate of $1.58 billion.
- EPS vs. Estimate: The company reported a non-GAAP net loss per share of $0.55 for the quarter. This was a wider loss than the analyst estimate of a $0.50 loss per share.
This dual miss on both revenue and earnings per share appears to be the primary driver behind the immediate market reaction.
Market Reaction and Investor Sentiment
Following the earnings release, CoreWeave’s stock fell sharply in after-hours trading, declining approximately 7.7%. This negative move stands in contrast to the stock’s relatively flat performance over the preceding week and month. The sell-off suggests investor disappointment with the earnings and revenue miss, overshadowing the company's impressive year-over-year growth rates. The reaction may also reflect heightened sensitivity given recent headlines; the company is currently facing multiple securities class action lawsuits alleging issues related to data center delays and infrastructure risks, which adds a layer of uncertainty for investors.
Key Highlights from the Earnings Report
Beyond the headline numbers, CoreWeave’s press release emphasized several pillars of its growth strategy and operational scale:
- Massive Revenue Backlog: The company reported a revenue backlog of $66.8 billion as of December 31, 2025, providing significant visibility into future revenue streams.
- Infrastructure Expansion: Active power capacity grew to over 850 megawatts (MW), with total contracted power reaching approximately 3.1 gigawatts (GW).
- Strategic Customer Wins: The quarter saw expanded relationships with existing hyperscaler customers and new engagements with AI labs and enterprises like CrowdStrike, Mercado Libre, and Midjourney.
- Technology and Acquisition Focus: CoreWeave highlighted several technological milestones, including being named an NVIDIA Exemplar Cloud, and completed acquisitions of Monolith and Marimo to expand its platform capabilities.
Forward-Looking Expectations
The company did not provide specific quantitative financial guidance in its press release, stating that forward-looking guidance would be discussed on its earnings conference call. This leaves analysts' estimates as the primary benchmark for future performance. Currently, analysts are forecasting a significant ramp in sales for fiscal year 2026 to $12.32 billion, while expecting the company to remain unprofitable on a per-share basis. The outlook for the next quarter (Q1 2026) anticipates revenue of $2.34 billion and a non-GAAP EPS loss of $0.30.
For a detailed breakdown of CoreWeave’s historical earnings and future analyst estimates, you can view more information here.
Conclusion
CoreWeave’s Q4 2025 earnings report underscores its position as a high-growth player in the essential AI infrastructure market, backed by a colossal revenue backlog. However, the quarter’s results also highlight the substantial costs of that growth, with net losses widening and key metrics falling short of Wall Street’s expectations. The subsequent stock price decline reflects the market’s immediate judgment on this balance between growth and profitability. As the company continues its aggressive expansion, investor focus will likely remain on its ability to translate unparalleled demand into sustainable financial performance while navigating the operational and legal challenges of scaling at an unprecedented pace.
Disclaimer: This article is for informational purposes only and does not constitute financial advice, endorsement, or recommendation to buy or sell any security. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
