CoreWeave, Inc.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
CRWV$48.73-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(715,274) | $(812,076) |
| Adjustments to reconcile net loss to net cash provided by operating activities | ||
| Depreciation and amortization | 1,633,457 | 497,994 |
| Non-cash lease expense | 233,836 | 79,470 |
| Amortization of debt discounts and issuance costs and accretion of redemption premiums | 87,776 | 23,002 |
| Loss (gain) on fair value adjustments | (26,837) | 748,864 |
| Stock-based compensation | 473,409 | 23,466 |
| Debt extinguishment loss | 14,486 | 11,708 |
| Deferred income taxes | (37,141) | 80,252 |
| Other non-cash reconciling items | 49,388 | 1,075 |
| Changes in operating assets and liabilities, net of effect of business acquisition: | ||
| Accounts receivable | (1,252,507) | (332,347) |
| Prepaid expenses and other current assets | (171,034) | (54,538) |
| Accounts payable and accrued expenses | 333,211 | 336,347 |
| Deferred revenue | 1,402,164 | 2,417,010 |
| Lease liabilities | (181,061) | (45,119) |
| Other non-current assets | (344,822) | (415,348) |
| Other liabilities | — | 2,676 |
| Net cash provided by operating activities | $1,499,051 | $2,562,436 |
| Cash flows from investing activities: | ||
| Purchase of property and equipment, including capitalized internal-use software | $(6,249,239) | $(5,204,251) |
| Sale of available-for-sale marketable securities | — | 1,270 |
| Maturities of marketable securities | 29,308 | 94,638 |
| Purchase of marketable securities | (47,246) | (34,053) |
| Purchase of strategic investments | — | (50,000) |
| Sale of warrants received as lease incentive | 100,645 | — |
| Business combinations, net of cash acquired | (55,918) | — |
| Issuance of notes receivable | (73,000) | — |
| Other investing activities | (49,849) | (1,433) |
| Net cash used in investing activities | $(6,345,299) | $(5,193,829) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of debt | $7,562,686 | $3,329,121 |
| Repayments of debt | (2,978,850) | (364,127) |
| Payment of debt issuance costs | (46,086) | (3,479) |
| Issuance of redeemable convertible preferred stock, net of issuance costs | — | 1,172,476 |
| Redeemable convertible preferred stock cash dividends paid | (28,693) | (29,331) |
| Proceeds from exercise of stock options | 17,519 | 1,327 |
| Proceeds from initial public offering, net of underwriting discounts and commissions | 1,422,619 | — |
| Issuance of common stock in connection with over-allotment exercise, net of underwriting discounts and commissions | 67,669 | — |
| Payment of tax withholdings on settlement of RSUs | (144,043) | — |
| Deferred offering costs paid | (28,769) | — |
| Common stock repurchased | — | (1,470) |
| Other financing activities | (64,946) | (31,149) |
| Net cash provided by financing activities | $5,779,106 | $4,073,368 |
| Net increase in cash, cash equivalents, and restricted cash | $932,858 | $1,441,975 |
| Cash, cash equivalents, and restricted cash—beginning of period | 2,035,833 | 480,075 |
| Cash, cash equivalents, and restricted cash—end of period | $2,968,691 | $1,922,050 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest, net of capitalized amounts | $557,124 | $97,426 |
| Non-cash investing and financing activities: | ||
| Capitalized interest not yet paid | $49,093 | $9,969 |
| Operating lease right-of-use assets acquired through lease liability | 2,323,202 | 1,368,808 |
| Liabilities related to property and equipment additions, including OEM financed additions | 4,788,343 | 1,336,832 |
| Issuance of common stock for contract incentive | 350,000 | — |
| Issuance of common stock in connection with conversion of convertible notes | — | 1,080,295 |
| Reclassification of redeemable Class A common stock to Class A common stock | 1,163,159 | — |
| Conversion of redeemable convertible preferred stock in connection with initial public offering | 1,722,140 | — |
| Fair value of common stock issued as consideration for a business combination | 938,854 | — |
| Fair value of equity awards assumed in a business combination | 3,861 | — |
| Reclassification of warrant liabilities to equity | 172,808 | — |
| Settlement of Series B tranche liability | — | 69,598 |
| Reclassification of customer deposit to debt | 230,244 | — |
| Non-cash investments | 74,305 | 7,633 |
| Warrants received as lease incentive | 222,332 | — |
| Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $1,894,399 | $1,355,216 |
| Restricted cash and cash equivalents, current | 596,777 | 69,576 |
| Restricted cash and cash equivalents, non-current | 477,515 | 497,258 |
| Total cash, cash equivalents, and restricted cash | $2,968,691 | $1,922,050 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.