Investing.com - CoreWeave reported Monday third-quarter results that topped Wall Street estimates as the artificial intelligence infrastructure provider’s revenue backlog was bolstered by a flurry of new business wins amid growing demand for AI-related hardware.

CoreWeave Inc (NASDAQ: CRWV) fell slightly in recent afterhours trading.

For the three months ended Sept. 30, CoreWeave, which sells access to Nvidia graphics processors as a service, reported a loss per share of $0.22, compared with expectations for loss of $0.51 per share. Revenue were $1.36 million, topping estimates of $1.28B.

The better-than-expected results come as the company set new records for revenue and almost doubled its revenue backlog to more than $55B, signaling strong demand.

Adjusting operating margin fell to 16% in Q3 from 21% in the same period a year earlier.