QumulusAI (QMLS) Q2 2026 earnings summary

Executive summary

• Achieved first earnings call as a public company after a direct listing on Nasdaq in July 2026, unlocking $19.9M in restricted cash.

• Revenue more than doubled year-over-year to $6.7 million in Q2 2026, driven by a strategic pivot to high-performance computing (HPC) and rapid GPU fleet expansion to 3,088 units.

• Signed 21 new direct customer contracts totaling $169.7 million in Q2, bringing total signed contract value to $282.5 million across 40 contracts.

• Transitioned revenue base to over 96% direct customer relationships, away from marketplace dependence.

• Became an NVIDIA Cloud Partner in July 2026, enhancing supply chain access.

Financial highlights

• Q2 2026 revenue: $6.7 million, up 118% year-over-year from $3.1 million; HPC revenue: $5.6 million (+328% YoY); Bitcoin revenue: $1.1 million (-38% YoY).

• Gross profit: $4.5 million (+163% YoY); gross margin expanded to 67% from 55% YoY.

• Operating loss widened to $7.7 million from $2.2 million, driven by higher depreciation and G&A costs.

• Net loss was $22.8 million, compared to net income of $12.1 million a year ago, impacted by a $19.2 million non-cash loss on convertible notes.

• Adjusted EBITDA loss was $0.8 million, narrowing sequentially from $2.8 million in Q1.

Outlook and guidance

• Management targets faster deployment of contracted GPU capacity to meet strong demand, with 8 MW already leased and generating revenue.

• Not reaffirming prior $300 million ARR guidance but reports strong demand and supply constraints as the main growth limiter.

• Annualized revenue per MW for recent Blackwell contracts is $18–20 million, above the installed base average.

• Focus remains on securing additional power and expanding capacity into 2027 and 2028.

• Deferred revenue increased by $30.5 million in H1 2026, reflecting customer prepayments.