CoreWeave Inc(NASDAQ:CRWV) reported first-quarter financial results after the market close on Thursday. Here's a rundown of the report.

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CoreWeave Q1 Highlights

CoreWeave reported first-quarter revenue of $2.08 billion, beating analyst estimates of $1.97 billion, according to Benzinga Pro. Total revenue was up approximately 112% on a year-over-year basis. The company said it ended the quarter with a revenue backlog of $99.4 billion.

“This was the strongest bookings quarter in CoreWeave’s history, with revenue backlog reaching nearly $100 billion. We surpassed 1 GW of active power and believe we are well on our way to more than 8 GW by 2030, having positioned our capital structure to scale with the opportunity ahead,” said Michael Intrator, co-founder and CEO of CoreWeave.

CoreWeave reported a first-quarter adjusted loss of $1.12 per share, missing estimates for a loss of 90 cents per share.

The company reported $2.22 billion in operating expenses during the period and ended the quarter with approximately $2.24 billion in cash and cash equivalents.

CoreWeave noted that it expanded its relationship with Nvidia to accelerate the build-out of more than 5 GW of AI factories by 2030.

CoreWeave’s management team will further discuss the quarter on an earnings call scheduled for 5 p.m. ET. Company executives will provide forward-looking guidance on the call.