CoreWeave targets positive adjusted net income in early 2028
The earnings call adds a profit timeline to stronger sales, but interest costs and capital needs remain substantial.
CoreWeave told investors it expects to turn positive on adjusted net income in the first half of 2028 and for the full year, adding a longer-term profit target after Tuesday's quarterly results. That is a management forecast using a non-GAAP measure, not a promise of accounting profit or positive free cash flow.
The new detail came on the earnings call after the release covered in Tuesday's Dusk Ledger. Management said adjusted net losses should narrow meaningfully in 2027 and that EBITDA less interest should more than double that year. Those are separate measures and should not be treated as interchangeable with net income.
Third-quarter revenue was $3.661 billion, compared with $1.365 billion a year earlier. Adjusted operating income reached $379 million, but the company still reported a $709 million GAAP net loss and $846 million of net interest expense. The gap shows why rapid sales growth alone does not settle the profitability question.
CoreWeave's 2026 outlook calls for revenue of $13.0 billion to $13.3 billion and capital spending of $37 billion to $39 billion. On the call, management said future spending can be calibrated to demand, financing and expected returns while meeting existing customer commitments. The market's overnight AI rebound reflects optimism about that path; the forecast still depends on execution and funding.
