CRWV 2025 Q2 — Capacity expansion and borrowing costs

01 Earnings and changes

Revenue was 1.212788 B$, operating income 0.019209 B$, operating margin 1.58%, and net income-0.290509 B$. QoQ changes were+0.231156 B$ in revenue and+0.046679 B$ in operating income. YoY changes were+0.817417 B$ in revenue and-0.058512 B$ in operating income.

Active power was about 470 MW and contracted power about 2.2 GW. The Weights & Biases acquisition and expanded GB200 NVL72 availability broadened operations. Issuing 2 B$ of 9.25% senior unsecured notes due 2030 added both growth funding and future interest obligations.

02 Cash flow and capital investment

Quarterly OCF was-0.251251 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 1.152883 B$, borrowings 11.051501 B$, and net cash-9.898618 B$. Borrowings combine current and noncurrent carrying amounts and exclude lease liabilities; total liabilities are a different measure.

04 Commitments and management outlook

SEC RPO and reported revenue backlog were both 30.1 B$ at quarter-end; equal values do not make their definitions universally identical. The CEO’s scaling statement expresses expansion intent, not guaranteed commissioning or cash conversion.

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.