0001769628-26-000461
SEC filingCoreWeave三季度营收环比增超10亿美元至$3,661M，调整后营业利润率提前一季达双位数，AI算力需求驱动高增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $3,661M | $1,365M | — |
| Gross Margin | — | — | — |
| Operating Income | $207M | $52M | — |
| Operating Income Margin | 6% | 4% | — |
| Net Loss | $(709)M | $(110)M | — |
| Net Loss Margin | (19)% | (8)% | — |
| Diluted Net Loss Per Share | $(1.27) | $(0.22) | — |
| Adjusted EBITDA | $2,256M | $838M | — |
| Adjusted EBITDA Margin | 62% | 61% | — |
| Adjusted Operating Income | $379M | $217M | — |
| Adjusted Operating Income Margin | 10% | 16% | — |
| Adjusted Net Loss | $(529)M | $(41)M | — |
| Adjusted Net Loss Margin | (14)% | (3)% | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenue | $13.0B–$13.3B | N/A |
| FY2026 | Adjusted Operating Income | $1.275B–$1.375B | Non-GAAP |
| FY2026 | Capital Expenditures | $37B–$39B | N/A |
| FY2026 | Annualized Run-Rate Revenue | $20B–$21B | N/A |
| Q4 2026 | Interest Expense | $1.05B–$1.15B | N/A |
Q3营收$3,661M，环比增超$1 billion，管理层称"breakout quarter"；调整后营业利润率10%提前一季达双位数，但较去年16%回落，反映折旧摊销（$1,889M vs $630M）与基础设施成本随规模扩张快速上升。调整后EBITDA利润率62%基本持平，经营现金流$1,975M，资本开支$9,441M，扩张仍高度依赖外部融资。
净亏损扩大至$(709)M，净亏损率(19)%，主因利息费用净额升至$846M（去年$310M），杠杆成本压力显著。营收backlog约$132.5 billion，活跃电力超1.7 GW、合同电力超4.6 GW，需求能见度高。全年营收指引上调至$13.0B–$13.3B、调整后营业利润$1.275B–$1.375B（中点较前次指引增26%），资本开支上调至$37B–$39B；Q4利息费用指引$1.05B–$1.15B。融资端发行约$4.2B可转债、设立35百万股ATM、完成$2.6B DDTL 5.5 Facility，并预计未来三个月约$9 billion客户预付款与押金，支撑扩张。