CoreWeave shares surged about 14% in after hours trading Tuesday after the AI cloud provider reported record second quarter revenue and a growing backlog of contracted business.
Revenue reached $2.575 billion during the quarter, up 112% from $1.212 billion a year earlier. Analysts surveyed by FactSet had expected about $2.55 billion.
CoreWeave reported a net loss of $626 million, compared with a loss of $290 million during the same period last year. Loss per share came in at $1.14.
Adjusted EBITDA rose to $1.51 billion from $753 million a year earlier, with an adjusted EBITDA margin of 59%. Adjusted operating income came in at $128 million, up from $21 million in the first quarter, although it remained below the $200 million reported a year earlier.
The company’s revenue backlog reached $104.2 billion at the end of June, up 246% from a year earlier. That figure does not include more than $25 billion of additional customer commitments secured during the beginning of the third quarter.
