CoreWeave (CRWV) was teed up to let down investors last night.
And it did on several fronts.
First, the company's net loss was much higher than consensus.
Second, capital expenditures were a whopping $1 billion higher sequentially. And third, capex may climb another $500 million in the current quarter.
While I appreciate the company's revenue backlog of $30.1 billion doubled year over year, the company's mixed results and high debt load are real causes for concern. Hence, the sharp pre-market pullback.
Here are two important call outs this morning from DA Davidson analyst Gil Luria:
