Csquare (CSQR) Registration filing summary

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.