Artificial intelligence compute infrastructure company CoreWeave Inc. delivered better-than-expected financial results today, but its stock lost ground after-hours when it revealed a tepid revenue forecast and said one of its third-party developers has fallen behind schedule on a key data center facility.

The company reported a third-quarter loss before certain costs such as stock compensation of 22 cents per share, easily beating Wall Street’s estimate of a 40-cent-per-share loss. Revenue for the period rose by an impressive 134%, to $1.36 billion, also surpassing the analysts’ target of $1.29 billion. The increased revenue had the effect of narrowing CoreWeave’s net loss considerably to just $110 million, down from a $360 million loss in the year-ago period.

CoreWeave Chief Executive Michael Intrator (pictured) said the company’s results are a reflection of its disciplined execution across every part of its business. “CoreWeave’s position as the essential cloud for AI has never been stronger as we drive growth through focus and innovation to power the next generation of AI,” he added.

The fortunes of CoreWeave are tied directly to those of the AI industry, because the company specializes in renting out access to Nvidia Corp.’s graphics processing units and has secured numerous multibillion-dollar deals with key cloud infrastructure providers such as Microsoft Corp. and Google LLC. The company said its backlog stood at $55.6 billion at the end of the quarter, with 2.9 gigawatts in power under contract, up from 2.2 gigawatts three months earlier.

The company made some big announcements during the quarter, notably including a $6.5 billion expansion of its partnership with OpenAI Group PBC. It also signed a new, six-year deal with Meta Platforms Inc. that could ultimately be worth up to $14.2 billion, along with another contract from an undisclosed “leading hyperscaler.”

Despite the progress on the deal front, Intrator told analysts on a conference call that the company remains “supply-constrained.” He explained that the problem has to do with partly completed “powered-shell” data centers where the company intends to set up its own infrastructure.

Intrator also admitted that one of the company’s third-party contractors has fallen behind schedule. He told analysts that the delay in construction won’t impact the company’s backlog, because the customer affected by the holdup has agreed to adjust its delivery schedule. The original value of the contract will be maintained, he added. “There was a problem at one data center that’s impacting us, but there are 32 data centers in our portfolio,” Intrator pointed out.

However, one problem with that delay is that it’s likely going to hurt CoreWeave’s near-term fortunes. The company offered a full-year revenue forecast of between $5.05 billion and $5.15 billion, below Wall Street’s target of $5.29 billion.

CoreWeave has enjoyed a wild ride since going public on the Nasdaq in March, when it sold its shares at a price of $40 each. The stock closed at $105.61, representing a gain of more than 165%, only to fall almost 6% in late trading today. Still, it continues to outperform the Nasdaq by a long way, with the broader index up just 32% over the same period.

However, CoreWeave has had its share of disappointments too. Last month shareholders of the data center infrastructure company Core Scientific Inc. voted to decline a $9 billion acquisition offer, claiming it was undervalued and didn’t recognize its growth potential. CoreWeave chose not to increase its offer, and so the deal has been terminated.

“We respect the decision of Core Scientific’s stockholders regarding our previously announced merger agreement,” CoreWeave said in a statement. “Our partnership with Core Scientific remains strong and will continue to execute on shared growth opportunities. CoreWeave’s vision and strategy remain unchanged.”

Nevertheless, CoreWeave is still planning to spend lots of money in the coming months, acquisitions or not. On the conference call, Chief Financial Officer Nitin Agrawal said the company’s capital expenditures in fiscal 2026 will be “well in excess of double” its $12 billion to $14 billion forecast for the current year.

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