Csquare (CSQR) Registration filing summary

Company overview and business model

• Operates a leading North American digital infrastructure platform with 64 data centers in 21 major metropolitan markets across the US, Canada, and UK.

• Provides carrier-neutral colocation and interconnection services to over 1,700 enterprise, network, cloud, and technology customers.

• Focuses on sub-5 MW colocation deployments, with high customer retention and recurring revenue under multi-year contracts.

• Facilities are engineered for reliability, security, and scalability, supporting mission-critical IT workloads.

• Growth strategy centers on capital-efficient expansion within existing sites, leveraging embedded power and connectivity.

Financial performance and metrics

• Revenue for Q1 2026 was $270.5M, up 16% from Q1 2025; FY 2025 revenue was $987.0M, up 9% from FY 2024.

• Net loss for Q1 2026 was $66.0M; FY 2025 net loss was $119.9M, compared to net income of $458.5M in FY 2024 (driven by a $544.1M bargain purchase gain in 2024).

• Adjusted EBITDA for Q1 2026 was $108.3M, up 25% year-over-year; FY 2025 Adjusted EBITDA was $390.0M, up 35% from FY 2024.

• Funds from operations (FFO) for Q1 2026 was $18.5M; FY 2025 FFO was $152.0M.

• Contracted Power Capacity grew 41% year-over-year in Q1 2026; Net Revenue Churn remained below 2% quarterly.

Use of proceeds and capital allocation

• Net proceeds will be used to repay outstanding borrowings under the Revolving Credit Facility, Promissory Note, and Series 2024-1 Variable Funding Notes, as well as Series 2020-2 Class A-2 notes.

• Remaining proceeds may be allocated to general corporate purposes, including acquisitions, working capital, share repurchases, dividends, capital expenditures, and investments in subsidiaries.

• Management retains broad discretion over capital allocation; proceeds may not be used immediately.