CoreWeave (CRWV) Shares Decline 5% as Q2 Revenue Forecast Misses Expectations

TLDR

• CoreWeave Q1 revenue reached $2.08 billion, up 112% year-over-year, surpassing estimates of $1.97 billion
• Q2 revenue guidance of $2.45B–$2.60B trailed Wall Street’s $2.69 billion consensus
• Net loss expanded to $740 million from $315 million a year ago
• Revenue backlog neared $100 billion, increasing by $33 billion in just three months
• Stock declined over 5% in premarket trading Friday

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(SeaPRwire) –   CoreWeave delivered another quarter of triple-digit revenue growth, but this was insufficient to satisfy investors. The stock fell more than 5% in premarket trading Friday following the company’s Q2 outlook falling short of Wall Street expectations.

CoreWeave, Inc. Class A Common Stock, CRWV

Q1 revenue amounted to $2.08 billion, up 112% year-over-year and exceeding the $1.97 billion estimate. However, the positive performance on the top line was overshadowed by weaker-than-expected profit figures and a Q2 revenue forecast that missed consensus.

$CRWV (CoreWeave) #earnings are out: pic.twitter.com/PqmRBcuhWM

— The Earnings Correspondent (@earnings_guy) May 7, 2026

The company projected Q2 revenue between $2.45 billion and $2.60 billion. Analysts had anticipated $2.69 billion. This gap proved sufficient to drive the stock lower when guidance was released during Thursday afternoon’s earnings call.

Net loss for the quarter widened to $740 million, compared with $315 million in the same period last year. Interest expense alone reached $536 million—representing 26% of quarterly revenue.

Loss per share came in at $1.40. While this marked an improvement from the $1.49 reported a year ago, it still missed analyst estimates of $0.91.

Spending Continues to Rise

Full-year capital expenditure guidance was increased by approximately $500 million at the midpoint, now set at $31 billion to $35 billion. Management cited component pricing pressure as the primary reason. Nearly $7 billion was spent in Q1 alone, with an additional $7 billion to $9 billion expected in Q2.

The company ended Q1 with $25 billion in debt and $10 billion in lease liabilities. It has also committed to $38.5 billion in future leases. So far in 2026, CoreWeave has raised over $21 billion through equity sales, borrowing facilities, and debt issuances.

The largest of its new loans carries a floating rate of around 6%, which represents an improvement. The weighted average interest rate has decreased by 0.8 percentage points this year, after dropping three points in 2025.

Backlog Continues to Expand

One notable figure: the revenue backlog is approaching $100 billion, having grown by $33 billion in just three months. CEO Michael Intrator described it as the strongest bookings quarter in the company’s history.

Microsoft remains the dominant customer, accounting for roughly two-thirds of 2025 revenue. However, deals with Meta Platforms and OpenAI are expanding, which should help diversify the revenue base moving forward.

Jefferies analysts highlighted the back-half profit ramp as a key focus area—just $81 million in adjusted operating profit is expected in the first half, versus $919 million in the second half. This substantial increase will require management to deliver on.

The company has surpassed 1 gigawatt of active power capacity and aims to exceed 8 GW by 2030.

Full-year revenue and profit guidance remained unchanged, with only the capex range being adjusted. Annual revenue is projected to reach $12.5 billion this year, according to Wall Street estimates.