CoreWeave Q2: $2.6B Revenue, $9.4B CapEx, $104B Backlog

For investors and credit analysts, CoreWeave's Q2 2026 release is a high-octane capital story: $2.6 billion in revenue, $1.5 billion in adjusted EBITDA, $9.4 billion in quarterly CapEx, and $640 million in interest expense. The balance sheet has secured more than $32 billion in total capital, but the net loss widened to $626 million—making this a live test of infrastructure leverage.

The cluster label references Stereotaxis (STXS), but the five source transcripts supplied are CoreWeave, FocalTherics, Gladstone Land, Wrap Technologies, and NextNav. Their Q2 2026 earnings calls share a common backdrop: capital-intensive businesses are testing whether rapid expansion can translate into sustainable operating leverage. CoreWeave delivered the most consequential numbers. Revenue reached $2.6 billion, up 112% year over year, while revenue backlog hit $104.2 billion, a 246% increase, with an additional $25 billion in net new commitments added in early Q3. Active power capacity rose to 1.5 gigawatts after the company added nearly 500 megawatts during the quarter, a single-quarter addition that management said exceeds what any neo-cloud operates in total. The growth is not free: quarterly capital expenditures were $9.4 billion, full-year 2026 CapEx guidance was raised to $35 billion to $39 billion, and interest expense was $640 million in Q2. Adjusted operating income improved to $128 million from $21 million sequentially, and adjusted EBITDA reached $1.5 billion, a 59% margin. Yet the net loss widened to $626 million from $290 million a year earlier. Management guided Q3 revenue to $3.45 billion to $3.6 billion, full-year revenue to $12.4 billion to $13.2 billion, and an exit run rate of $18.5 billion to $19.5 billion.

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Management guided Q3 revenue to $3.45 billion to $3.6 billion, full-year revenue to $12.4 billion to $13.2 billion, and an exit run rate of $18.5 billion to $19.5 billion.

FocalTherics showed a medtech business scaling on procedure volume and reimbursement. HIFU revenue grew 39% to $13.2 million, with 13 Focal One systems sold, up 44% from nine units a year earlier. U.S. procedure volume rose 47% year over year, gross margin expanded to 55.6% from 51.1%, and full-year HIFU guidance was set at $50 million to $54 million. CMS proposed an 11.6% facility payment increase for 2027, marking the fifth consecutive annual increase for Focal One robotic HIFU. The installed base reached 184 systems worldwide, including 96 in the U.S., and 15 U.S. hospital networks now own two or more Focal One systems. A $5.5 million noncash warrant charge pushed the net loss to $14.4 million, but cash of $21.5 million plus an expected $40 million in equity proceeds provides runway for the BPH clinical expansion that has treated 14 patients in Latin America.

Gladstone Land's agricultural REIT results reflected stable rents but asset-level pressure. Total operating revenues rose 3.2% to $12.7 million, participation rent revenue rose to $201,000 from $142,000 on higher almond prices, and direct farming operations contributed $589,000 in net profit. A $4.2 million noncash impairment on four Arizona farms contributed to a net loss of $13.5 million. Total indebtedness fell to $487.8 million from $558.9 million a year earlier, and the company retained $125 million in immediately available capital.