TechFlow reports, according to TechFlow Research, Bernstein's July 9 CoreWeave 2Q preview report indicates that 2Q revenue is expected to be $2.45-2.6 billion, with adjusted operating profit of $30-90 million, marking a transition quarter.
1Q adjusted operating profit was only $21 million, far below the company's previous guidance, which management attributed to "timing." Bernstein believes perfect execution is nearly impossible during hyper-growth; if project gross margin falls below 21% or the deployment cycle exceeds 8 weeks, FY26 operating profit may miss expectations.
In the long term, once data center supply is no longer scarce after 2028, CoreWeave's independent GPU cloud moat will face direct competition from hyperscalers, with the 2028 revenue forecast 15% lower than consensus. Bernstein maintains an underperform rating with a price target of $67.
