CoreWeave $CRWVB third-quarter revenue was $3.661 billion, up 168.2% year over year, and GAAP operating profit was $207 million, four times the same period last year.
The business is definitely scaling up. Operating profit rose from $52 million to $207 million, or $379 million on an adjusted basis. Adjusted EBITDA was $2.256 billion, with a 61.6% margin, roughly flat compared with 61% last year. But the adjusted operating margin fell from 16% to 10.4% as dilution caught up.
Earnings aren’t enough to cover interest.
Net interest expense was $846 million, 4.09 times operating profit. Net loss widened from $110 million to $709 million, or 19.4% of revenue. Q4 interest guidance is $1.05 billion to $1.15 billion, another 30% increase from this quarter. Operating cash flow of $1.975 billion looks good, but deferred revenue contributed $2.127 billion; excluding that, the net outflow was $152 million.
Third-quarter capital expenditures were $9.441 billion, 4.2 times quarterly EBITDA, with full-year guidance of $37 billion to $39 billion. Cash of $4.1 billion versus debt of $46.9 billion—the question is whether the $9 billion in customer prepayments will arrive on time.
#CoreWeave #BStocks #股票财报季
The business is definitely scaling up. Operating profit rose from $52 million to $207 million, or $379 million on an adjusted basis. Adjusted EBITDA was $2.256 billion, with a 61.6% margin, roughly flat compared with 61% last year. But the adjusted operating margin fell from 16% to 10.4% as dilution caught up.
Earnings aren’t enough to cover interest.
Net interest expense was $846 million, 4.09 times operating profit. Net loss widened from $110 million to $709 million, or 19.4% of revenue. Q4 interest guidance is $1.05 billion to $1.15 billion, another 30% increase from this quarter. Operating cash flow of $1.975 billion looks good, but deferred revenue contributed $2.127 billion; excluding that, the net outflow was $152 million.
Third-quarter capital expenditures were $9.441 billion, 4.2 times quarterly EBITDA, with full-year guidance of $37 billion to $39 billion. Cash of $4.1 billion versus debt of $46.9 billion—the question is whether the $9 billion in customer prepayments will arrive on time.
#CoreWeave #BStocks #股票财报季
