Boost Run (BRUN) Registration filing summary

Company overview and business model

• Provides purpose-built GPU infrastructure and cloud services for high-performance AI workloads, targeting regulated industries with compliance-first solutions.

• Operates a distributed network of data centers via partnerships, offering both on-demand and contract-based GPU compute.

• Business model combines on-demand consumption with variable-term contracts, including a Request for Build (RFB) program for custom cluster solutions.

• Focuses on enterprise-grade compliance, security, and certifications (SOC2, HIPAA, ISO27701, ISO27001) to serve sectors like healthcare, finance, and government.

• Revenue streams include direct platform rentals, third-party platform supply, and brokered GPU capacity.

Financial performance and metrics

• FY2025 revenue was $26.89M, up 239% from $7.94M in FY2024; Q1 2026 revenue was $10.96M, up 165% YoY.

• Gross profit margin improved to 85.5% in FY2025 from 75.7% in FY2024, reflecting operational efficiencies.

• Net loss for FY2025 was $16.27M, compared to $0.21M in FY2024; Q1 2026 net loss was $4.12M.

• Capital expenditures on GPU equipment were $11.55M in FY2025, up 210% YoY.

• As of March 31, 2026, cash was $13.24M, with a working capital deficit of $71.5M; post-merger liquidity improved with $95.38M net cash received.

Use of proceeds and capital allocation

• Will not receive proceeds from resale of shares by selling holders; proceeds from warrant exercises (if any) will be used for general corporate purposes.

• 2026 GPU deployment plan requires $1.0–$1.2B in capital, funded through customer prepayments, operating revenues, and equipment lease financing.

• Near-term liquidity needs for operations are estimated at $40.31M, with most GPU deployment funded via project-level lease financing.