실적분석 2026년 8월 11일

CoreWeave ($CRWV) Q2 2026 Earnings Analysis — Revenue Beats Estimates, Order Backlog Surges as Market Cheers

Earnings Scorecard

Revenue: $2.575 billion (up +112% year-over-year; estimate $2.557 billion) ✅ Beat

EPS (Earnings Per Share): GAAP basic and diluted loss per share of -$1.14 (attributable to common shareholders) · Adjusted consensus estimate -$1.16 · Adjusted EPS not disclosed, so direct comparison is not possible

Guidance: Not provided (per the press release — outlook to be released on the earnings call/webcast)

Stock Reaction: +11.25% after-hours ($100.48) — as of 06:00 KST on 08-12

Positives

Rapid Revenue Growth: $2.575 billion, roughly 2.1x year-over-year and above estimates

Order Backlog: Approximately $10.4 billion as of end of June, with additional commitments of over $25 billion secured in early Q3

Cash Generation: Adjusted EBITDA of $1.51 billion, margin of 59%

Demand for AI-dedicated cloud has been confirmed in both revenue and long-term contracts. Active power capacity increased by approximately 500 MW, reaching 1.5 GW, and the customer base has broadened across enterprises and AI research labs.

Negatives

Widening Net Loss: Net loss attributable to common shareholders of $626 million (vs. $290 million a year earlier)

Interest Burden: Net interest expense of $640 million, more than double the prior-year period

Margin Pressure: Adjusted operating margin of 5%, plunging from 16% a year earlier

This is the price of fueling growth with debt. With over $10 billion raised through unsecured and convertible notes, interest costs could delay a swing to profitability even as revenue climbs. GAAP operating loss also turned to a $49 million deficit from a profit a year earlier.

What Management Said

Management characterized the quarter as an inflection point at which scale is translating into operating leverage, noting that expanding enterprise customers and a strengthened AI-dedicated platform are driving demand. The company indicated that forward guidance will be provided separately on the earnings call, not in the press release.

Market Reaction and Key Points Ahead

With record revenue and a $10.4 billion order backlog reconfirming the expansion of AI infrastructure demand, buying momentum appears to have valued growth visibility more than losses and the interest burden.

Monitor the level and tone of next-quarter and full-year guidance to be provided on the earnings call

Track the pace at which the order backlog converts into actual revenue and the data center power expansion timeline

Watch how much interest expense and rising debt may delay the timing of a swing to net profitability