CoreWeaveCRWV

Business Snapshot

• CoreWeave, Inc. Class A common stock (NASDAQ: CRWV) is a US-listed common equity, trading in USD. The company’s sector and industry are not provided.
• The stock was listed on March 28, 2025. Current price is $90.195, with a reported session range of $60.55–$138.25.
• The supplied data does not include a business description, customer concentration, backlog, guidance, valuation multiples, or analyst targets.
• The financial profile is characterized by rapid asset growth, heavy capital spending, substantial financing activity, persistent net losses, and negative free cash flow.

Financial Trends

• Revenue: Revenue increased from $1.365 billion in Q3 2025 to $2.575 billion in Q2 2026, a gain of $1.210 billion, or 88.7%. Sequentially, revenue rose from $2.078 billion in Q1 2026 to $2.575 billion, up $497 million, or 23.9%. Revenue growth is therefore strong, although the dataset does not provide enough detail to determine whether the latest growth rate is accelerating relative to the prior period.
• Operating profitability: Operating income deteriorated from a $51.85 million profit in Q3 2025 to a $49 million loss in Q2 2026, a negative swing of $100.85 million. The operating margin moved from +3.80% to -1.90%, a 5.70 percentage-point decline. However, the latest quarter improved versus Q1 2026: the operating loss narrowed from $144 million to $49 million, and the margin improved from -6.93% to -1.90%.
• Net profitability: Net loss widened substantially from $110.1 million in Q3 2025 to $626 million in Q2 2026, an increase in loss of $515.9 million. Compared with Q1 2026, the net loss narrowed by $114 million, from $740 million to $626 million. Net margin deteriorated from -8.07% to -24.31% over the four-period comparison, but improved from -35.61% in Q1 2026 to -24.31% in Q2.
• Operating expenses: Operating expenses increased from $1.313 billion in Q3 2025 to $2.624 billion in Q2 2026, up $1.311 billion, or approximately 99.9%. They increased $402 million, or 18.1%, sequentially from Q1 2026. Expense growth has therefore outpaced the four-period revenue increase, even though the latest sequential operating result improved.
• EPS and dilution: Basic and diluted EPS improved from -$1.40 in Q1 2026 to -$1.14 in Q2 2026, but remained negative. Diluted weighted-average shares increased from 497.9 million in Q3 2025 to 551 million in Q2 2026, an increase of approximately 53.1 million shares, or 10.7%. Shares also rose from 527 million in Q1 to 551 million, up 24 million, or 4.6%, indicating ongoing dilution in the supplied periods.
• Free cash flow: FCF was negative in every provided period: -$4.750 billion in Q3 2025, -$7.251 billion in Q4 2025, -$4.711 billion in Q1 2026, and -$10.454 billion in Q2 2026. Latest-period FCF deteriorated by $5.743 billion sequentially and by $5.704 billion versus Q3 2025. This is a major negative inflection.
• Capital expenditures and investing: Capital expenditures increased from $6.249 billion in Q3 2025 to $14.117 billion in Q2 2026, up $7.868 billion, or 125.9%. Q2 capex rose $6.422 billion, or 83.5%, from Q1. Investing cash outflow likewise widened from $6.345 billion to $14.874 billion over the four-period comparison.
• Operating cash flow: Cash from operations rose from $1.499 billion in Q3 2025 to $3.663 billion in Q2 2026, up $2.164 billion, or 144.3%. It increased $679 million, or 22.8%, sequentially from Q1. However, operating cash generation remained far below capital expenditures, producing sharply negative FCF.
• Assets and liabilities: Total assets expanded from $32.910 billion in Q3 2025 to $77.070 billion in Q2 2026, an increase of $44.160 billion, or 134.2%. Total liabilities grew from $29.032 billion to $72.046 billion, up $43.014 billion, or 148.2%. Liabilities have therefore grown faster than assets.
• Equity and retained earnings: Shareholders’ equity increased from $3.878 billion to $5.024 billion, up $1.146 billion, or 29.5%, but retained earnings deteriorated from -$2.192 billion to -$4.009 billion, a decline of $1.817 billion. The retained-earnings deficit also worsened from -$3.383 billion in Q1 to -$4.009 billion in Q2.
• Liquidity: Cash increased from $1.894 billion in Q3 2025 to $5.524 billion in Q2 2026, up $3.630 billion, or 191.6%, including a $3.280 billion sequential increase from Q1. Despite higher cash, current liabilities rose from $9.715 billion to $20.917 billion, while current assets increased from $4.731 billion to $9.520 billion. The current ratio remained below 1.0, moving from 0.49 to 0.46 over the four periods.
• Working capital and debt: Working capital deteriorated from -$4.984 billion in Q3 2025 to -$11.397 billion in Q2 2026, a worsening of $6.413 billion. It improved modestly from -$12.209 billion in Q1. Reported long-term debt rose from $10.323 billion in Q3 2025 to $17.312 billion in Q1 2026; the Q2 debt field is unavailable, so the latest debt trend cannot be fully assessed. Debt/equity rose from 2.66 to 4.40 through Q4 2025 before improving to 3.64 in Q1 2026; Q2 is unavailable.

Financial Health

• The latest quarter shows a mixed profile: revenue, operating cash flow, cash, operating income, net income, and EPS all improved sequentially from Q1 2026.
• The major concern is that growth remains extremely capital intensive. Q2 operating cash flow of $3.663 billion was less than Q2 capital expenditures of $14.117 billion, resulting in -$10.454 billion FCF.
• Liquidity has improved in absolute cash terms, but the 0.46 current ratio and -$11.397 billion working capital indicate substantial short-term balance-sheet pressure. Cash increased, but current liabilities remain more than twice current assets.
• Leverage is material. Total liabilities represented approximately 93.5% of total assets in Q2 2026, calculated from the supplied figures. The lack of a Q2 long-term-debt figure limits a complete leverage assessment.
• Profitability remains unproven: operating income is still negative, net losses remain large, and retained earnings continue to deteriorate. The sequential improvement in margins is constructive, but it has not yet established a durable trend.
• The company is dependent on continued financing capacity while it funds expansion. Q2 financing cash inflow was $13.985 billion, versus $10.454 billion of negative FCF. The data does not specify the composition, maturity, or cost of that financing.

Insider Activity

• Aggregate insider sentiment for June 12 through September 10, 2026 is Neutral (-10), but the transaction totals are heavily skewed toward selling: $90.204 million of sales across 55 transactions versus $85,800 of purchases across one transaction, for net activity of -$90.119 million.
• Recent reported transactions show repeated sales by multiple insiders at prices generally between approximately $81 and $92.
• On September 1, Kristen J. McVeety reported sales totaling approximately $12.734 million across disclosed priced transactions, alongside a $85,800 purchase at $0.55 and other non-priced share movements.
• Michael N. Intrator reported multiple September 1 sales totaling tens of millions of dollars across disclosed transactions, along with non-priced buy/sell entries. These records may include equity-plan, tax, or other non-open-market mechanics; the payload does not provide sufficient detail to classify every transaction.
• August activity also showed substantial selling by McVeety, Intrator, Nitin Agrawal, Brannin McBee, Brian M. Venturo, and others. Several entries contain paired acquisitions and dispositions or transactions without prices.
• The practical signal is meaningfully negative insider flow by dollar value, despite the aggregate label of neutral. It is not definitive proof of a bearish outlook because transaction motives and remaining ownership stakes are not provided.

Multi-Timeframe Technical Context

• Only daily data is available. No 1-minute, 5-minute, hourly, or other intraday candles were supplied, so minute- and hour-level structure cannot be directly assessed.
• Ultra-short horizon — minutes: The stock is highly volatile, with a reported session high of $138.25 and low of $60.55. ATR is $5.323, implying substantial daily movement. Without intraday bars, order-flow, or volume-profile data, precise minute-level support and resistance cannot be established.
• Short horizon — hours to days: RSI-14 is 50.51 and RSI-21 is 49.92, both near neutral. MACD is positive at 0.669 versus a signal line of 0.1518, a constructive momentum configuration, but not an extreme reading.
• Price at $90.195 is slightly above EMA-12 ($89.73), EMA-26 ($89.06), and EMA-50 ($89.86), suggesting modest short-term stabilization. It is below the 20-day SMA ($90.95) and 200-day SMA ($91.80), leaving overhead resistance near those averages.
• The price is near the Bollinger middle band at $90.95, well below the upper band at $106.47, and above the lower band at $75.44. This places the stock near the center of its recent volatility envelope rather than at an obvious technical extreme.
• Current volume of approximately 14.73 million is below the 20-day average of approximately 23.91 million, or about 38.4% lower. The current move therefore lacks confirmation from above-average volume in the supplied snapshot.
• Long horizon — weeks to months: Across 200 daily bars, price rose from $70.78 to $90.195, a gain of 27.43%, but the path included a very wide $60.55–$138.25 range. The long-term trend is therefore positive on the supplied start-to-end comparison but accompanied by exceptional volatility.
• The combination of neutral RSI, positive MACD, price clustered around short-term EMAs, and price below the 200-day SMA describes a mixed-to-neutral technical setup, rather than a confirmed breakout or breakdown.

Bull / Bear Cases

• Short-term bull case:

  • Holding above the EMA cluster around $89.06–$89.86 could support a move back through the $90.95 20-day SMA.
  • A sustained move above the $91.80 200-day SMA would improve the technical posture and potentially signal renewed medium-term momentum.
  • Positive MACD and neutral RSI leave room for upside without the stock being technically overbought.
  • Sequential improvements in Q2 operating loss, net loss, EPS, operating cash flow, and cash could support sentiment if investors focus on the latest-quarter improvement.

• Short-term bear case:

  • Failure to hold the EMA cluster could expose the stock to the Bollinger lower band at $75.44.
  • The extreme reported session range and $5.323 ATR create elevated gap and stop-loss risk.
  • Volume below its 20-day average weakens confirmation of the current price level.
  • Heavy insider selling, particularly around the $81–$92 area, may create supply overhang.
  • A break below the recent reported low of $60.55 would represent a significant deterioration, although the supplied data does not establish an intermediate support level between $60.55 and $75.44.

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