CoreWeave Losses Widen to $740 Million in Q1 Despite Record Revenue Growth

Key Facts

CoreWeave's Q1 2026 financial results revealed a net loss of $740 million, with the net loss margin worsening to -36%. Despite revenue reaching $2.08 billion, CRWV shares fell 13% as deteriorating adjusted operating margins and increased leverage added to profitability uncertainty. To fund its expansion, the company secured new financing including $1B in 9.75% senior notes and $3.5B in convertible notes, while raising capital expenditure forecasts to $31 billion. While the backlog surged 50% to $99.4 billion, management faces ongoing challenges in backlog-to-revenue conversion. In response to the market reaction, CEO Mike Intrator reaffirmed his confidence in the company's 2026 revenue performance during a CNBC interview, despite Q2 guidance trailing consensus estimates.

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