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CoreWeave, Inc. (CRWV) reported third-quarter earnings on September 30, 2025, with revenues of $1.4 billion, exceeding expectations by 6.8% and reflecting a 134% year-over-year increase. However, the company’s shares fell 16.3% in one session, totaling a 37.6% decline over the past month, largely due to concerns about rising capital expenditures and decreased revenue guidance.
CoreWeave’s revenue backlog neared $55.6 billion, almost doubling quarter over quarter. Meanwhile, total operating expenses increased to $1.3 billion compared to $466.8 million a year ago, with adjusted operating income at $217.2 million, a 74% year-over-year increase. The company expects 2025 revenues between $5.05 billion and $5.15 billion, down from an earlier projection of $5.15 billion to $5.35 billion, alongside adjusted operating income forecasts now between $690 million and $720 million.
As of September 30, 2025, CRWV had $3 billion in cash and $14 billion in debt. The company anticipates significant capex of $12 billion to $14 billion for 2025 and projects interest expenses between $1.21 billion and $1.25 billion for the year, affecting profitability. Despite these challenges, CoreWeave’s contracts with major players like NVIDIA and Meta underscore its position in the AI infrastructure space.
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