CoreWeave Inc. (NASDAQ:CRWV) shares traded lower in premarket activity Friday after the artificial intelligence cloud infrastructure company reported a wider-than-expected first-quarter adjusted loss and issued second-quarter revenue guidance that came in below Wall Street estimates.

Revenue Growth Tops Estimates

CoreWeave reported first-quarter revenue of $2.08 billion, topping analyst estimates of $1.97 billion, according to Benzinga Pro. The company posted an adjusted loss of $1.12 per share, wider than estimates for a loss of 90 cents per share.

Revenue increased about 112% from a year earlier. CoreWeave said it ended the quarter with a revenue backlog of $99.4 billion.

The company secured more than $40 billion in new customer commitments during the quarter, marking its strongest bookings period to date.

AI Infrastructure Expansion Accelerates

CoreWeave added more than 400 megawatts of contracted power during the quarter, bringing total contracted capacity to more than 3.5 gigawatts, with most expected to come online by 2027.

The company said it ...