EARNINGS REVIEW
CRWV 2024 Q2 — Revenue growth alongside a rising cash investment burden
Historical earnings report · Management guidance reflects expectations at the time of the release, not subsequent outcomes. The financial comparison uses the site’s normalized dataset, including comparative figures restated in later filings.
Revenue was 0.395371 B$, operating income 0.077721 B$, operating margin 19.66%, and net income-0.323021 B$. QoQ changes were+0.206687 B$ in revenue and+0.060874 B$ in operating income.
Assessment · Assessment: growth should be read alongside comparable operating profitability, cash investment and funding terms. Unverified balances and disclosure-basis conflicts remain explicit; earnings review is distinct from call verification.
01 Earnings and changes
Revenue was 0.395371 B$, operating income 0.077721 B$, operating margin 19.66%, and net income-0.323021 B$. QoQ changes were+0.206687 B$ in revenue and+0.060874 B$ in operating income.
Revenue and operating income increased sequentially, but net interest expense of 0.066766 B$ and fair-value losses of 0.310231 B$ affected net loss. Fair-value losses are neither cash CapEx nor current debt repayments.
02 Cash flow and capital investment
Quarterly OCF of-0.117824 B$ less cash CapEx of 2.247161 B$ gives analytical FCF of-2.364985 B$. It differs from adjusted EBITDA and accrual-based equipment additions.
03 Financial position and funding
Verified cash and cash equivalents were 1.028044 B$. A full pre-IPO quarter-end balance sheet was not located; current investments, borrowings and net cash remain unverified.
04 Commitments and management outlook
An independent quarter-end RPO disclosure was not established. Later year-end RPO is not allocated retrospectively. Revenue growth is assessed separately from the timing of customer advances and equipment spending.
05 Disclosure scope and verification limits
Pre-IPO earnings are reconstructed from the March 3,2025 S-1 direct-quarter income statement and subsequent 10-Q cash-flow comparatives. The displayed date is the source filing date, not a purported contemporaneous release. Unverified historical management remarks, guidance and calls are omitted.
06 CFO assessment
Assessment: growth should be read alongside comparable operating profitability, cash investment and funding terms. Unverified balances and disclosure-basis conflicts remain explicit; earnings review is distinct from call verification.
Quarterly results · CY-aligned view
| Metric · B$ | 2024 total of 2 included quarters | 1Q 2024 Q1 2024-03-31 | 2Q 2024 Q2 2024-06-30 | QoQ Δ | YoY Δ |
|---|---|---|---|---|---|
| Revenue | 0.584 | 0.189 | 0.395 | 0.207 | — |
| Operating income | 0.095 | 0.017 | 0.078 | 0.061 | — |
| Operating margin (%) | 16.192 | 8.929 | 19.658 | 10.729 pp | — |
| Net income | −0.452 | −0.129 | −0.323 | −0.194 | — |
| FCF · company definition | — | — | — | — | — |
| Operating cash flow · total | 1.921 | 2.039 | −0.118 | −2.157 | — |
| Net cash CapEx · common | 3.989 | 1.742 | 2.247 | 0.505 | — |
| Cash CapEx · Chinese company definition | — | — | — | — | — |
| FCF · total calculation | −2.068 | 0.297 | −2.365 | −2.662 | — |
| Net cash · liquid assets less borrowings | — | — | — | — | — |
| Liquid assets · including short-term investments | — | — | — | — | — |
| Borrowings · interest-bearing debt | — | — | — | — | — |
| Cash and cash equivalents | 1.028 | 1.307 | 1.028 | −0.279 | — |
| Total liabilities · accounting liabilities | — | — | — | — | — |
CY denotes the calendar quarter with the greatest overlap with the fiscal period. If the first period has no start date, 89 days before its end is used only for calendar mapping. Financial values are not recalculated into calendar quarters. Incomplete years show totals of included quarters; cash, liabilities, borrowings and net cash use the last period-end balance. QoQ and YoY show absolute changes; margin changes are percentage points. Dashes indicate missing evidence or incomparable periods or definitions. Total liabilities never substitute for borrowings.
Definitions and evidence coverage
A dash means unavailable or undisclosed, not zero. Company-defined FCF may differ from total operating cash flow less common-basis CapEx. Total liabilities are accounting liabilities, not interest-bearing debt.
Pre-IPO earnings are reconstructed from the March 3,2025 S-1 direct-quarter income statement and subsequent 10-Q cash-flow comparatives. The displayed date is the source filing date, not a purported contemporaneous release. Unverified historical management remarks, guidance and calls are omitted.