CoreWeave's fourth quarter revenue beat estimates, but profitability missed as revenue backlog surged to $66.8 billion to close fiscal year 2025.

CoreWeave reported fourth quarter revenue of $1.57 billion, a 110% YoY increase that narrowly beat analyst expectations. However, the company posted a diluted net loss of $0.89 per share, missing consensus estimates for a $0.61 loss. For the full fiscal year 2025, revenue grew 168% to $5.13 billion.

Key Highlights

• The company's revenue backlog, a key indicator of future demand, grew to a record $66.8 billion, which management stated was more than four times its level at the beginning of the year.
• Profitability deteriorated in the quarter as the company scaled, with the GAAP operating margin flipping to negative 6% from a positive 15% in the prior-year period, reflecting heavy investment in infrastructure.
• CoreWeave added approximately 260 MW of active power capacity during the quarter, bringing its total operational capacity to over 850 MW as it works to convert its significant backlog into recognized revenue.