CoreWeave shares dropped over 8% in after-hours trading following first-quarter results that revealed a widening net loss and a second-quarter revenue forecast below Wall Street expectations.
The cloud data center firm reported an adjusted loss of $1.12 per share, worse than the expected 90-cent loss. Revenue climbed 52% to $2.08 billion, beating the $1.97 billion consensus. However, the net loss more than doubled to $740 million from $315 million a year ago.
For the current quarter, CoreWeave forecast revenue between $2.45 billion and $2.6 billion, trailing the $2.69 billion analysts were looking for. The company kept its full-year guidance at $12 billion to $13 billion.
CEO Michael Intrator said CoreWeave has “reached hyperscale,” noting that 10 customers now spend at least $1 billion annually. The company ended the quarter with 3.5 gigawatts of contracted power and a $99.4 billion revenue backlog.
But concerns center on spending. Operating expenses surged 127% to $1.27 billion, fueled by data center buildouts. CoreWeave raised its 2026 capital expenditure forecast to $31-$35 billion, citing higher component costs.
Despite the selloff, CoreWeave stock is still up more than 79% year-to-date.