CoreWeave's revenue rose 133.7% to $1.36 billion in the quarter to Sep 30, 2025, while its net loss narrowed to $110.12 million

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

CoreWeave (Nasdaq: CRWV) reported revenue of $1.36 billion for the quarter from Jul 1 to Sep 30, 2025, up 133.7% from $583.94 million a year earlier, in a 10-Q, a US-listed company's quarterly report to the SEC, filed Nov 13, 2025. The results had come out in an earnings release on Nov 10, 2025. Operating income, the profit from running the business before interest and tax, fell 55.7% to $51.85 million from $117.12 million, an operating margin of 4% against 20% a year earlier, the release said. The net loss was $110.12 million, or $0.22 a share diluted, against $359.81 million, or $1.82 a share, a year earlier.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14

Management tied the revenue growth to higher demand from existing and new customer contracts, and said about 80% of the increase came from existing customers. Technology and infrastructure expense rose 162% to $747.48 million from $285.51 million, mostly because depreciation and amortization grew by approximately $349 million, from $256 million to $605 million. Interest expense, net, rose 198% to $310.56 million from $104.38 million, which the filing attributes to increased borrowing levels and total debt obligations.15^,16^,17^,18^,19^,20

Below operating income, the year-earlier quarter held a $341.13 million loss on fair value adjustments of derivatives and warrants tied to its common stock and redeemable convertible preferred stock, a line that showed nothing this quarter. This quarter had an income tax benefit of $126.68 million against an expense of $41.66 million a year earlier, which the company tied mainly to a US tax law enacted on Jul 4, 2025 that allows deduction of business interest expense previously limited. Before taxes the loss was $236.80 million.21^,22^,23^,24^,25

One customer, which the 10-Q calls Customer A, accounted for 67% of revenue in the quarter and 70% in the nine months to Sep 30, 2025; the year-earlier quarter showed 65%, but the filing says a letter may stand for a different customer in another period. The 10-Q put unsatisfied remaining performance obligations, contracted revenue not yet delivered, at $50.0 billion on Sep 30, 2025, and said 42% of it was expected to be recognized over the 24 months ending Sep 30, 2027. The company's own revenue backlog, which also counts other amounts it estimates, was $55.6 billion on that date. Among the quarter's customer wins, the release listed a Meta agreement of up to approximately $14.2 billion and an OpenAI expansion of up to approximately $6.5 billion.26^,27^,28^,29^,30^,31^,32^,33

The 10-Q also recorded that Core Scientific's stockholders did not approve the merger agreement of Jul 7, 2025, under which CoreWeave would acquire it in an all-stock transaction, and that Core Scientific terminated it on Oct 30, 2025. Subsequent events included the purchases of Marimo Inc., maker of an open-source Python notebook, in October 2025 and Monolith AI Limited in November 2025.34^,35^,36^,37^,38

This account rests on the 10-Q's management discussion and notes, whose text we hold, and the Nov 10 release; we do not hold the filing's other exhibits.39^,6