Boost Run (BRUN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $39.9 million, up 496% YoY; contracted TCV reached $2.7 billion, with deployments scheduled through 2027.

• ARR was $167 million; the full $2.7 billion TCV portfolio was live, in deployment, or contracted for deployment in 2027.

• The operating model combines customer prepayments, non-dilutive project financing, colocation partners, and contracted hardware procurement.

Financial highlights

• Q3 revenue was $39.9 million versus $6.7 million a year earlier; 9M revenue was $82.0 million, up 325% YoY.

• Q3 net loss was $14.1 million, or $0.17 per diluted share; 9M net loss was $93.3 million, or $1.78 per diluted share.

• Adjusted EBITDA was $18.0 million in Q3 and $32.5 million for 9M; lease-adjusted EBITDA was $27.4 million and $57.1 million, respectively.

• Operating cash flow was $65.6 million in Q3 and $172.6 million for 9M; Q3 working-capital inflows materially affected the quarterly result.

• Quarter-end cash totaled $170.0 million, including $157.0 million unrestricted and $13.0 million restricted; total assets were $1.05 billion.

Outlook and guidance

• Two Q4 projects went live with combined TCV of ~$455 million and estimated monthly recurring revenue of $9.5 million; a cited data-center delay was resolved.

• Without project timing shifts, management estimated year-end 2026 ARR at ~$435 million; 26% of $2.7 billion TCV was expected live by end-November.

• Management expects significant Q4 revenue growth as deployments reach full billing; the full $2.7 billion TCV portfolio is expected to be live across 2027.

• FY 2026 capex was estimated at $1.08 billion–$1.4 billion, with projected free cash flow margin of 15%–20%; three additional U.S. data-center sites were expected online within six months.

• Full deployment of current take-or-pay contracts was described as supporting an approximately $750 million top-line run rate, excluding ancillary revenue.