CoreWeave shares dropped 4% in extended trading after the AI cloud computing company reported a wider-than-expected fourth-quarter loss and missed operating income estimates. The company posted a loss per share of $0.89, significantly above analysts' expectations of $0.21, while revenue edged up to $1.57 billion from $1.55 billion a year earlier.

Adjusted operating income came in at $88 million, well below the estimated $139.7 million, as higher AI chip costs and competition for computing capacity squeezed margins. Despite the earnings miss, Chief Executive Michael Intrator highlighted 2025 as a defining year, with the company reaching $5 billion in annual revenue driven by growing demand for AI workloads on its cloud platform.

Chief Financial Officer Nitin Agrawal noted that revenue backlog expanded to $66.8 billion, more than four times the level at the start of the year, providing visibility into 2026 and beyond. The company has secured multibillion-dollar agreements with major technology companies, including a $14 billion deal with Meta Platforms and a $6.5 billion contract with OpenAI, as demand for AI computing infrastructure accelerates.