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Date

August 14, 2025

Category

Market Insights

AI Stock CoreWeave Posts 207% Revenue Growth in Q2 Earnings

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Amid the strong interest in artificial intelligence (AI) stocks, CoreWeave has emerged as a standout performer in 2025. Since its Initial Public Offering (IPO) in March, the stock has roughly tripled in price. Earlier this week, CoreWeave posted its earnings for the second-quarter of 20251 and they showed that the company – which provides AI-focused cloud computing services and counts OpenAI, Microsoft, and Google among its customers – is seeing high demand for its services as the AI revolution continues to accelerate. Here’s a look at some highlights from the report and the earnings call.

Q2 Earnings Show Strong Top-Line Growth

CoreWeave’s Q2 earnings showed strong top-line growth on the back of demand for its specialized AI cloud infrastructure and Nvidia GPU-powered services. For the quarter, revenue came in at $1.2 billion, up 207% year on year, and above analysts’ estimate of $1.1 billion2.

In terms of profitability, the company delivered adjusted operating income of $200 million versus $85 million in the prior-year period. This represented a milestone as it was the first quarter in which the company was able to deliver $1 billion in revenue and $200 million in adjusted operating income.

However, several profitability figures were below analysts’ estimates due to scaling costs and stock-based compensation. For the period, net losses were $291 million, compared with analysts’ estimate of $241 million, while diluted loss per share was $0.60 versus the consensus forecast of $0.45.

At the end of the quarter, CoreWeave’s contracted backlog amounted to $30.1 billion. This was up $4 billion from Q1 and double the figure at the start of 2025, but slightly below the consensus forecast.

Full-Year Guidance Above Expectations

In terms of guidance, management said that for 2025, it expects revenue of between $5.15 billion and $5.35 billion, compared to $1.9 billion in 2024. This new range was up from May guidance of $4.9 billion to $5.1 billion and above the consensus forecast of $5.05 billion.

On the earnings call, CFO Nitin Agrawal said that CoreWeave is currently operating in a “structurally supply-constrained environment” in which demand was far outstripping supply. As a result, expenses are likely to rise as the company invests more to meet demand, negatively impacting profit margins.

On the plus side, CEO Mike Intrator pointed to an expansion in business with AI powerhouse OpenAI and new deals with major banks such as Goldman Sachs and Morgan Stanley. He also noted that the company was having discussions with many countries and said that it is confident in expanding its footprint in the sovereign cloud universe

The Rationale Behind the Core Scientific Acquisition

In relation to the proposed acquisition of data center infrastructure group Core Scientific – announced on July 9 – management said that it believes the combination will accelerate value creation for shareholders of both companies. Its view is that a deal should help CoreWeave scale faster and more efficiently and meaningfully advance its capacity as a sophisticated AI cloud platform.

More specifically, the acquisition could drive the immediate elimination of more than $10 billion in future lease liability overheads. This should enhance the company’s flexibility to take on new projects and meet customer demand.

Share Price Weakness After Earnings

It’s worth noting that while CoreWeave’s Q2 earnings showed strong demand for its services, the stock fell by more than 20% after the report. The higher-than-expected losses, expectations of increased costs in the quarters ahead, rising interest expense, and concerns over the expiry of the IPO lockup period were key drivers of the share price fall.

Given the significant drop, the stock could be worth watching in the weeks and months ahead, especially if the AI rally sees continued momentum. With revenue for 2025 projected to increase around 170% year on year, CoreWeave is likely to remain a key name in the AI universe.

Footnotes:

1 CoreWeave Reports Strong Second Quarter 2025 Results, as of August 12, 2025
2 CNBC, CoreWeave shares drop even as revenue and guidance top estimates, as of August 12, 2025

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