QumulusAI (QMLS) investor relations material

Executive summary

• Q3 revenue was $14.8M, up 376% YoY and 120% QoQ; Adjusted EBITDA turned positive at $3.7M.

• Remaining performance obligations (RPO) reached $515.0M, up from $173.1M at Q2 end; signed customer contract value reached $528.7M.

• 8 MW was active and billing across five sites, with 5.45 MW of contracted capacity deploying.

Financial highlights

• Q3 operating loss was $41.6M versus $2.8M a year earlier; net loss was $14.4M, or $0.43 per share.

• Q3 Adjusted EBITDA was $3.7M, a 25% margin, versus a $0.6M loss in Q3 2025.

• Nine-month revenue was $24.9M, up 209% YoY; net loss was $86.8M versus net income of $0.8M.

• Q3 depreciation and amortization was $14.9M versus $1.4M a year earlier, reflecting expanded HPC infrastructure.

• Q3 results included $32.3M of non-cash fair-value gains and a $26.4M non-cash listing-services share issuance charge.

Outlook and guidance

• FY2026 guidance was reaffirmed for 18 MW of year-end contracted capacity and $300M of year-end forward ARR.

• RPO schedules $29.1M of revenue recognition in Q4 2026 and $486.0M in 2027–2030.

• Contracted deployments include 0.5 MW in Q4 2026, 1.2 MW in Q1 2027 and 3.75 MW in Q2 2027; deployment dates remain subject to contingencies.

• At full deployment, 13.45 MW across eight colocation sites represents illustrative annual billing of ~$241M; estimates are not a promise of future pricing.

• HPC expansion is expected to require higher upfront capital, infrastructure costs and depreciation as GPU assets and data-center capacity are deployed.