CoreWeave Inc. (Nasdaq: CRWV) shares fell more than 5% in after-hours trading Thursday despite reporting fourth-quarter revenue that exceeded analyst expectations, as investors reacted to a wider-than-anticipated adjusted loss. The cloud provider, specializing in infrastructure for artificial intelligence workloads, saw its stock price drop to $92.60 as of publication, according to Benzinga Pro.
The company reported fourth-quarter revenue of $1.57 billion, surpassing the $1.55 billion estimate from Benzinga Pro. Total revenue more than doubled compared to the same period last year. CoreWeave also announced a record revenue backlog of $66.8 billion, signaling continued demand for its services. Although, the company posted an adjusted loss of 56 cents per share, missing estimates of a 50-cent loss per share.
“Demand continues to intensify as a broader set of customers adopt CoreWeave Cloud to run a diverse and growing set of workloads. The opportunity ahead is significant and we are ready to capture it,” said Michael Intrator, co-founder and CEO of CoreWeave, in a statement.
CoreWeave’s business centers on providing access to Nvidia GPUs to major technology and AI companies, including Google and OpenAI, according to CNBC. Nvidia holds a 7% stake in CoreWeave and is considered a strategic partner. Microsoft has also been identified as a significant customer.
The company reported $1.66 billion in operating expenses for the quarter and concluded the period with approximately $3.13 billion in cash and cash equivalents. Nitin Agrawal, CFO of CoreWeave, stated the company is “well-positioned for sustained hypergrowth.”
CoreWeave executives are scheduled to discuss the quarterly results further on an earnings call at 5 p.m. ET, where they are expected to provide forward-looking guidance. As of February 26, 2026, CoreWeave’s stock was up 36% year-to-date, while the iShares Expanded Tech-Software Sector Exchange-Traded Fund experienced a more modest increase.
