CoreWeave stock jumps 14% as revenue doubles and backlog tops $104 billion

CoreWeave shares surged about 14% in after hours trading Tuesday after the AI cloud provider reported record second quarter revenue and a growing backlog of contracted business. Revenue reached $2.575 billion during the quarter, up 112% from $1.212 billion a year earlier. Analysts surveyed by FactSet had expected about $2.55 billion. CoreWeave reported a net loss of $626 million, compared with a loss of $290 million during the same period last year. Loss per share came in at $1.14. Adjusted EBITDA rose to $1.51 billion from $753 million a year earlier, with an adjusted EBITDA margin of 59%. Adjusted operating income came in at $128 million, up from $21 million in the first quarter, although it remained below the $200 million reported a year earlier. The company’s revenue backlog reached $104.2 billion at the end of June, up 246% from a year earlier. That figure does not include more than $25 billion of additional customer commitments secured during the beginning of the third quarter. CoreWeave also continued expanding its infrastructure during the quarter. Active power reached more than 1.5 gigawatts, while contracted power stood at roughly 3.7 gigawatts at the end of June and incr...