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Csquare (CSQR) investor relations material
Csquare Registration filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Company overview and business model
Operates a geographically diverse portfolio of 64 carrier-neutral data centers in 21 major metropolitan markets across the US, Canada, and the UK, serving over 1,700 enterprise, network, cloud, and technology customers.
Focuses on sub-5 MW colocation deployments in multi-customer, interconnection-rich environments, with high customer retention and recurring revenue.
Provides colocation, interconnection, and additional services (e.g., remote hands, equipment installation) under multi-year contracts, with an average remaining contract term of 33 months.
Revenue is highly diversified by customer and industry, with no single customer representing more than 7% of revenue in 2025.
Financial performance and metrics
Revenue for Q1 2026 was $270.5M, up 16% YoY; full-year 2025 revenue was $987.0M, up 9% from 2024.
Net loss for Q1 2026 was $66.0M; net loss for 2025 was $119.9M, compared to net income of $458.5M in 2024 (driven by a $544.1M bargain purchase gain in 2024).
Adjusted EBITDA for Q1 2026 was $108.3M, up 25% YoY; full-year 2025 Adjusted EBITDA was $390.0M, up 35% from 2024.
Funds from operations (FFO) for Q1 2026 was $18.5M; full-year 2025 FFO was $152.0M, down from $718.1M in 2024 (due to the 2024 gain).
As of March 31, 2026, had $357.6M in available liquidity, including $313.2M in cash and equivalents.
Contracted Power Capacity grew 41% YoY in Q1 2026; Net Revenue Churn remained below 2% for Q1 2026 and 2025.
Use of proceeds and capital allocation
Net proceeds from the IPO will be used to repay all outstanding borrowings under the Revolving Credit Facility and Promissory Note, repay a portion of 2024 ABS Notes, and for general corporate purposes (including acquisitions, working capital, share repurchases, dividends, capex, and investments in subsidiaries).
Management retains broad discretion over use of proceeds; proceeds may not be used immediately.
Capital-efficient expansion model targets $4–8M per MW for under-roof expansion, with a payback period of less than five years.
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