Sam Badawi(@Sam_Badawi):CoreWeave $CRWV ended Q3 with a revenue backlog of $132.5B, up from about $104B in Q2 and $55.6B a year ago. That is +27% in one quarter and +138% in a year, and about $28.5B was added in Q3 alone. Backlog is about 36x Q3 revenue of $3.66B. It is contracted revenue that still has to be delivered.

2026.11.10 22:02

CoreWeave $CRWV ended Q3 with a revenue backlog of $132.5B, up from about $104B in Q2 and $55.6B a year ago. That is +27% in one quarter and +138% in a year, and about $28.5B was added in Q3 alone. Backlog is about 36x Q3 revenue of $3.66B. It is contracted revenue that still has to be delivered.

Sam Badawi@Sam_Badawi

2026.11.10 21:25

CoreWeave - FY2026 Q3 Earnings $CRWV $51.34 [+6.50% AH] ✅ Revenue: $3.7B (Est: $3.5B) [+168% YoY] ✅ EPS: -$1.27 (Est: -$1.46), GAAP, year-ago -$0.22 Additional Metrics: Adjusted EBITDA: $2.3B [+169% YoY] Adjusted EBITDA Margin: 62% Operating Income: $207M [+298% YoY] Operating Margin: 6% Adjusted Operating Income: $379M [+75% YoY] Adjusted Operating Margin: 10% Net Loss: $709M (year-ago $110M) Adjusted Net Loss: $529M (year-ago $41M) Interest Expense, Net: $846M [+173% YoY] Revenue Backlog: $132.5B Active Power: over 1.7 GW Contracted Power: over 4.6 GW Cash and Cash Equivalents: $4.1B FY2026 Guidance: Revenue: $13.0B to $13.3B (Prior: $12.4B to $13.2B) Adjusted Operating Income: $1.275B to $1.375B (Prior: $960M to $1.15B) Capital Expenditures: $37B to $39B (Prior: $35B to $39B) Active Power at Year-End: more than 1.85 GW Annualized Run-Rate Revenue Exiting 2026: $20B to $21B, raised Q4 Interest Expense: $1.05B to $1.15B Customer Prepayments and Deposits: about $9B expected over the next three months