CoreWeave Q3: Timing Miss yet Backlog up 2X QoQ and up 4X YTD

CoreWeave reported growth of 134% YoY for $1.4 billion in revenue yet missed fiscal 2025 revenue guidance due to a timing miss with a major hyperscaler. The revenue will now be recognized in Q1 due to a delay in the powered shell: “As mentioned, the delays in powered-shell delivery associated with the data center provider will have an impact on our fourth quarter results. These delays are temporary, and as Mike noted, the affected customer has agreed to adjust the delivery schedule to preserve their capacity for the full duration and the total value of the original agreement.”

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