CoreWeave Q3 2025 Earnings Presentation

This document presents CoreWeave's Q3'25 Earnings Presentation from November 10, 2025, providing a financial and operational overview of the company's performance for the quarter ended September 30, 2025. The presentation details strong revenue trajectory, noting Q3'25 revenue of $1.4 billion, a 134% year-over-year increase, largely driven by demand for its AI Cloud Platform. A significant highlight is the revenue backlog of $55.6 billion, which is reported to be up 271% year-over-year due to major deals with customers like OpenAI and Meta. The financial metrics are primarily presented using Non-GAAP measures such as Adjusted EBITDA of $838 million and an Adjusted EBITDA margin of 61%, alongside reconciliations to GAAP figures. The company also notes its operational scale with 41 data centers and ~2.9GW of contracted power, which are explicitly purpose-built for AI.