CoreWeave reported better-than-expected revenue Monday afternoon. But its shares fell after executives said a developer partner is behind schedule in data center development.
The company reported an adjusted earnings per share loss of 22 cents for the September quarter, compared to Wall Street's consensus estimate for a loss of 40 cent, according to FactSet.
Revenue came in at $1.36 billion, which was above analysts' expectations of $1.29 billion.
"We delivered an exceptional third quarter," CoreWeave CEO Michael Intrator said in the press release. "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."
CoreWeave shares fell 6% in late trading following the release.
On a conference call with analysts and investors, CoreWeave said AI demand "far exceeds" available capacity and the company remains in a supply constrained environment. However, it expects revenue for 2025 to come in a range of $5.05 billion to $5.15 billion, below the $5.287 billion Wall Street consensus.
Management said a third-party data center developer was temporarily behind schedule due to pressures from supply chains. The customer affected by the delay has agreed to adjust the delivery schedule and maintain the value of the original contract.
Founded in 2017, CoreWeave provides large-scale access to graphics processing units, or GPUs, via the cloud.
It has been a wild ride for CoreWeave stock since the company priced its initial public offering at $40 in late March. The stock has since more than doubled as CoreWeave has posted strong earnings reports amid robust forecasts of 2025 capital spending by large technology companies.
Not everything has gone CoreWeave's way. In early July, CoreWeave announced an agreement to buy data-center infrastructure partner Core Scientific. But last month, Core Scientific's board announced that the merger had failed to get shareholder approval and that the deal has been terminated.
CoreWeave has said that it will not increase its offer and will walk away from the deal.
"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."