Csquare (CSQR) investor relations material

Executive summary

• Q3 revenue rose 25.6% YoY to $302.3M; Adjusted EBITDA increased 44.3% to $132.1M, with margin expanding to 47.8% from 40.5%.

• Annualized bookings reached $66.1M, the 14th consecutive quarter of sequential growth.

• Contracted annualized revenue backlog was ~$114M, including ~$104M expected to commence in the next 12 months.

• Net loss widened to $88.1M, primarily reflecting IPO-related transaction and compensation costs and higher interest expense.

• The July IPO generated $1.16B in net proceeds and funded repayment of ~$1.1B of debt.

Financial highlights

• Q3 revenue was $302.3M versus $240.8M in Q3 2025; nine-month revenue rose 19% to $853.1M.

• Adjusted EBITDA was $132.1M versus $91.6M; nine-month Adjusted EBITDA increased 30.1% to $360.7M.

• Net loss was $88.1M versus $29.8M; diluted loss per share was $0.58 versus $0.29.

• Operating loss was $14.6M versus operating income of $26.4M; Q3 interest expense was $71.4M versus $59.7M.

• FFO was negative $3.2M versus positive $33.2M; nine-month FFO was $56.1M versus $112.3M.

Outlook and guidance

• FY 2026 revenue guidance is $1.14B-$1.16B; Adjusted EBITDA guidance is $490M-$500M, up from $460M-$480M.

• FY 2026 growth CapEx guidance is $620M-$640M; recurring CapEx guidance is $50M-$60M.

• Backlog execution and the full-year impact of Q3 installed projects are expected to lift run-rate Adjusted EBITDA above $600M over the next 12 months.

• Of the $114M Q3-end backlog, ~$34M was expected online by Q4-end, $44M by Q1-end and $23M by Q2-end, with the balance later.