CoreWeave, an artificial intelligence (AI) infrastructure provider, fell 7% in extended deals after executives projected 2025 capital expenditures of US$20 - 23 billion, surpassing estimates as the Nvidia-backed AI firm ramps up chip purchases.
The company's revenue soared a total of 420% for the quarter, compared to the same time last year at US$188.7 million, with this quarter coming in at US$981.6 million compared to the $853 million expected.
For the whole of 2024 that totalled 737% growth and management continued to call for further revenue growth again in Q2, with ambitions for US$1.06 billion to $1.1 billion.
Another highlight for CoreWeave in Q1 was a five-year deal with OpenAI, which added US$11.2 billion to the revenue backlog.
Earnings per share came in at a loss of $1.49.
The company’s net loss of $314.6 million widened from $129.2 a year earlier, partly because of $177 million in stock-based compensation costs for awards tied to the initial public offering.
“That is a real articulation of new uptake, new clients coming on board to buy more infrastructure from us over the balance of the year,” CEO Mike Intrator said on a conference call.
