Key Highlights

  • Revenue for the third quarter ended September 30, 2026 was USD 3.66 billion, up from USD 1.37 billion a year earlier, a 168% increase that management also cited on the call.
  • GAAP net loss was USD 709 million, or USD 1.27 per share, against USD 110 million, or USD 0.22, while adjusted net loss was USD 529 million versus USD 41 million.
  • Adjusted EBITDA reached USD 2.26 billion at a 62% margin, and adjusted Operating Income was USD 379 million, a 10% margin, compared with USD 217 million at 16% a year ago.
  • Revenue Backlog stood at about USD 132.5 billion, and the company raised 2026 Revenue guidance to USD 13.0 billion to USD 13.3 billion.

Revenue Surges but Interest Costs Hold Profit Back

CoreWeave (NASDAQ:CRWV) reported third-quarter results on November 10, 2026. Operating income was USD 207 million, a 6% margin, versus USD 52 million a year earlier. Net interest expense, however, rose to USD 846 million from USD 310 million, and an income tax provision of USD 83 million replaced a benefit, which turned operating profit into a GAAP net loss of USD 709 million. Nine-month revenue was USD 8.31 billion and the nine-month net loss was USD 2.08 billion, or USD 3.80 per share. Adjusted operating Margin of 10% fell short of last year's 16%, so the comparison is not uniformly better.

How Customer Contracts Pay for the Build-Out

The company provides AI cloud infrastructure and said on the call that its funding rests on secured loans matched to customer contracts, customer prepayments and operating cash flow. Management said the weighted average cost of Debt was 7.9%, down 250 basis points year over year, and that it expects about USD 9 billion in prepayments and deposits over the next three months. It also said it would not use the unsecured debt market at current yields. During the quarter it raised about USD 4.2 billion through convertible senior notes, set up an at-the-market Equity program for up to 35 million shares and closed a USD 2.6 billion delayed draw facility.

Raised Guidance, Heavy Capital Spending and Power Growth

Active power rose by more than 200 megawatts to over 1.7 gigawatts, and contracted power grew by more than 900 megawatts to over 4.6 gigawatts. The company lifted 2026 adjusted operating income guidance to USD 1.275 billion to USD 1.375 billion, up 26% at the midpoint, and raised the low end of 2026 Capital Expenditure to USD 37 billion to USD 39 billion. It expects fourth-quarter interest expense of USD 1.05 billion to USD 1.15 billion, which shows how much debt service weighs on results. The material gave no share price reaction or consensus comparison.

Where Things Stand

The growth is real, but so is the cost of funding it. CoreWeave (NASDAQ:CRWV) grew revenue 168% to USD 3.66 billion and raised guidance, yet it still lost USD 709 million as interest expense reached USD 846 million. Whether it can sustain the pace depends on contracted backlog of about USD 132.5 billion, customer prepayments and ongoing access to capital. Next markers are fourth-quarter interest expense, delivery of the 1.85 gigawatts of active power expected at year-end and the cash timing of prepayments.