CoreWeave, Inc.

For the period ended Mar 31, 2025. Filed May 15, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 15, 2025

CRWV$48.73-0.5%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

	Three Months Ended March 31,
	2025	2024
Cash flows from operating activities:
Net loss	$(314,641)	$(129,248)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	443,497	79,510
Non-cash lease expense	66,869	15,090
Amortization of debt discounts and issuance costs and accretion of redemption premiums	37,691	8,058
Loss (gain) on fair value adjustments	(26,837)	97,500
Stock-based compensation	183,973	8,189
Deferred income taxes	44,617	14,686
Other non-cash reconciling items	22,723	(886)
Changes in operating assets and liabilities, net of effect of business acquisition:
Accounts receivable	(638,750)	54,328
Prepaid expenses and other current assets	(9,929)	23,228
Accounts payable and accrued expenses	62,327	515,295
Deferred revenue	(15,904)	1,439,571
Lease liabilities	(51,109)	(5,819)
Other non-current assets	256,641	(80,464)
Net cash provided by (used in) operating activities	$61,168	$2,039,038
Cash flows from investing activities:
Purchase of property and equipment, including capitalized internal-use software	$(1,407,359)	$(1,741,935)
Maturities of marketable securities	29,308	—
Purchase of restricted marketable securities	—	(29,308)
Issuance of notes receivable	(55,000)	—
Net cash provided by (used in) investing activities	$(1,433,051)	$(1,771,243)
Cash flows from financing activities:
Proceeds from issuance of debt	$784,956	$931,647
Repayments of debt	(271,104)	(4,956)
Issuance of redeemable convertible preferred stock, net of issuance costs	—	25,000
Redeemable convertible preferred stock cash dividends paid	(26,101)	—
Proceeds from exercise of stock options	2,794	45
Proceeds from initial public offering, net of underwriting discounts and commissions	1,422,619	—
Payment of tax withholdings on settlement of RSUs	(15,685)	—
Deferred offering costs paid	(16,870)	—
Other financing activities	(26,743)	(32,241)
Net cash provided by (used in) financing activities	$1,853,866	$919,495
Net increase in cash, cash equivalents, and restricted cash	$481,983	$1,187,290
Cash, cash equivalents, and restricted cash—beginning of period	2,035,833	480,075
Cash, cash equivalents, and restricted cash—end of period	$2,517,816	$1,667,365
Supplemental disclosures of cash flow information:
Cash paid for interest, net of capitalized amounts	$142,193	$1,971
Non-cash investing and financing activities:
Capitalized interest not yet paid	$10,776	$48,215
Operating lease right-of-use assets acquired through lease liability	535,524	431,838
Accounts payable and accrued expenses related to property and equipment additions	2,008,056	287,795
Issuance of common stock for contract incentive	350,000	—
Conversion of redeemable convertible preferred stock in connection with initial public offering	1,722,140	—
Reclassification of warrant liabilities to equity	172,808	—
Settlement of Series B tranche liability	—	69,598
Reclassification of customer deposit to debt	230,244	—
Deferred offering costs not yet paid	11,899	—
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:
Cash and cash equivalents	$1,276,456	$1,306,872
Restricted cash and cash equivalents, current	624,250	35,493
Restricted cash and cash equivalents, non-current	617,110	325,000
Total cash, cash equivalents, and restricted cash	$2,517,816	$1,667,365

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