CRWV 2025 Q1 — IPO expense and expansion investment

01 Earnings and changes

Revenue was 0.981632 B$, operating income-0.02747 B$, operating margin-2.80%, and net income-0.314641 B$. QoQ changes were+0.234202 B$ in revenue and-0.140144 B$ in operating income. YoY changes were+0.792948 B$ in revenue and-0.044317 B$ in operating income.

GAAP operating loss included about 0.177 B$ of stock compensation triggered by the IPO condition. Quarter-end active power was about 420 MW versus contracted power of about 1.6 GW. Contracted power is not all operating or generating revenue.

02 Cash flow and capital investment

Quarterly OCF was 0.061168 B$. Cash CapEx and derived FCF are withheld: the Q3 2025 noncash OEM-financing reclassification conflicts with later comparative tables. Rounded adjustments cannot establish precise revised quarters.

03 Financial position and funding

Liquid assets were 1.276456 B$, borrowings 8.711666 B$, and net cash-7.43521 B$. Borrowings combine current and noncurrent carrying amounts and exclude lease liabilities; total liabilities are a different measure.

04 Commitments and management outlook

Quarter-end RPO was 14.7 B$ versus revenue backlog 25.9 B$, which additionally includes 11.2 B$ of estimated committed revenue subject to delivery and service availability. The CFO emphasized capital-structure management alongside growth investment.

05 Disclosure scope and verification limits

The release directs readers to the conference call for quantitative guidance. This earnings review does not establish completion of call-guidance or Q&A verification.

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

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.

The release directs readers to the conference call for quantitative guidance. This earnings review does not establish completion of call-guidance or Q&A verification.