# CRWV earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/CRWV) · [Earnings tab](https://www.lopjlb.com/stock/CRWV?tab=earnings) Updated: 2026-08-24T01:22:28 Quarters analyzed: 6 ## Cross-quarter narrative Across 6 calls for CRWV, management tone moved from +0.80 (2025 Q1) to +0.80 (2026 Q2). Latest guidance stance: raised. Latest desk line: CoreWeave posted record $2.6B Q2 revenue, expanded active power to 1.5 GW, raised full‑year guidance and highlighted strong demand despite supply‑chain and regulatory headwinds. ## Latest CallCard · Q2 CoreWeave posted record $2.6B Q2 revenue, expanded active power to 1.5 GW, raised full‑year guidance and highlighted strong demand despite supply‑chain and regulatory headwinds. **Guidance:** raised — Guidance raised for year‑end active power (>1.85 GW vs >1.7 GW prior) and full‑year revenue to $12.4‑13.2 B. **Tone:** mgmt 0.8 · Q&A pressure 0.6 · divergence 0.3 Prepared remarks emphasized record revenue, operating leverage and expanding power capacity, signaling optimism. ### Demand visibility Demand exceeds supply across sectors and geographies. Revenue backlog grew to $104.2 B, with over $25 B of net new commitments in early Q3 and more than 50% of backlog already under delivery. ### Margins / costs Margins expanding as scale drives operating leverage. Adjusted operating margin rose to 5% with adjusted operating income $128 M; pricing for newer SKUs at record highs while cost of revenue rises with capacity expansion. ### Capital allocation Capital directed to power capacity, supply‑chain agreements and financing for short‑term contracts. Q2 capex $9.4 B; FY24‑25 capex guidance $35‑39 B; solidified supply via Solidigm partnership; DDTL 5.5 financing supports shorter‑duration contracts. ### Milestones - **Active power at 1.5 GW** [on_track]: Added nearly 500 MW in Q2, the most ever in a quarter. - **Contracted power 4.2 GW** [on_track]: Including 1.5 GW of powered land options, nearing 6 GW mid‑2026. - **First self‑build site** [new]: Expected to come online later this year. - **Indonesia APAC expansion** [new]: 360 MW contracted, slated to be online in ~18 months. - **Managed inference ARR target $250 M** [on_track]: ARR grew from $1 M to >$100 M in a quarter; aim for $250 M by year‑end. - **Vera Rubin SKU margin expansion** [new]: Higher margins observed on Vera Rubin generation. - **DDTL 5.5 financing** [delivered]: First term loan tied to short‑duration contracts, unlocking new market. - **Full‑year revenue guidance raise** [new]: Guidance lifted to $12.4‑13.2 B. ### Fears / risks - **Supply‑chain constraints**: Complex global supply chain for GPUs, memory and power components could limit capacity rollout. - **Regulatory/community opposition**: Local moratoriums and NIMBY sentiment may affect site selection and timing. - **Contract renewal timing**: Limited portion of fleet up for renewal; older SKUs still command high ASPs but future mix uncertain. - **Pricing pressure**: Higher component costs passed through; pricing for newer SKUs at record highs may affect competitiveness. - **Capital cost and debt load**: Interest expense rising to $860‑$940 M in Q3 as debt increases to fund capacity. - **Competition from hyperscalers**: Increasing competition could pressure margins despite current advantage. - **Execution risk on global expansion**: International power contracts and data center builds (e.g., Indonesia) carry execution risk. - **Margin sustainability**: Margins expanding now, but continued ramp costs and input price inflation could erode gains. ### Key quotes > “We generated record revenue of $2.6 billion, up 112% year-over-year.” > “End of the day, my job is to ensure that this company has the capacity to deliver the product that our clients require. And in order to do that, we need to aggressively manage a complicated supply chain.” — Michael Intrator > “We are comfortable with it. We continue to expand. We continue to engage our data centers are best-in-class, and we expect to be held to that as we continue to build our infrastructure across the globe.” ## Quarter one-liners - **2026 Q2:** CoreWeave posted record $2.6B Q2 revenue, expanded active power to 1.5 GW, raised full‑year guidance and highlighted strong demand despite supply‑chain and regulatory headwinds. - **2026 Q1:** CoreWeave Q1 2026 posted $2.1B revenue, $40B+ new bookings and surpassed 1 GW active power while reaffirming FY guidance amid strong demand and component‑price pressures. - **2025 Q4:** CoreWeave reports $5.1B FY25 revenue (+168% YoY), $66.8B backlog, 850 MW active power; guides 2026 CapEx $30-35B, revenue $12-13B, targeting 1.7 GW and $30B run-rate by 2027. - **2025 Q3:** CoreWeave posted $1.4B revenue (+134% YoY) and a $55B backlog, expanded power capacity to 2.9 GW, but a third‑party data‑center delay creates near‑term execution uncertainty. - **2025 Q2:** CoreWeave Q2 revenue $1.2B (+107% YoY), backlog $30.1B, active power 470MW, contracted 2.2GW; acquiring Core Scientific for vertical integration, $500M cost savings by 2027; cost of capital dropped 900bps via new debt deals. - **2025 Q1:** CoreWeave delivered record Q1 revenue of $982M (+420% YoY) and raised guidance, driven by $11.9B OpenAI deal, $4B expansion, Weights & Biases acquisition, and first-at-scale GB200 deployment amid relentless AI demand. ## Theme arcs - **Management tone** (stable): Δ mgmt=+0.00 ## Fear persistence - **trade policy volatility** [resolved]: 2025 Q1 - **supply chain resilience** [resolved]: 2025 Q1 - **interest expense volatility** [resolved]: 2025 Q1 - **rpo fluctuation** [resolved]: 2025 Q1 - **ipo-related one-time costs** [resolved]: 2025 Q1 - **capacity constraints** [resolved]: 2025 Q1 - **customer concentration** [recurring]: 2025 Q1, 2026 Q1 - **execution at scale** [resolved]: 2025 Q1 - **supply chain constraints** [resolved]: 2025 Q3 - **capacity bottleneck** [resolved]: 2025 Q3 ## Guidance path 2025 Q1:raised → 2025 Q2:vague → 2025 Q3:maintained → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:raised --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/CRWV`