QumulusAI (QMLS) Registration filing summary

Company overview and business model

• Specializes in rapid deployment of GPU-powered cloud infrastructure for AI, targeting small/mid-market and select enterprise clients.

• Operates a vertically integrated model with control over HPC cloud services, data center infrastructure, and power procurement.

• Transitioned from blockchain mining/hosting to focus on high-performance computing (HPC) for AI workloads.

• Acquired The Cloud Minders, Inc. in April 2025, expanding GPUaaS capabilities and recurring revenue streams.

• Utilizes both direct sales and marketplace channels (notably RunPod) to reach a broad customer base.

Financial performance and metrics

• 2025 revenue: $11.85M, up 46% from $8.10M in 2024, driven by compute power and hosting services.

• Net loss for 2025: $4.46M, improved from $13.18M loss in 2024; accumulated deficit: $37.5M as of Dec 2025.

• Cash at year-end 2025: $11.7M; total assets: $91.7M; total liabilities: $26.4M.

• Shifted revenue mix: self-mining declined to 7% of 2025 revenue, with hosting and compute power comprising the majority.

• Adjusted EBITDA for 2025: -$2.35M, reflecting increased operating costs for public readiness and personnel.

Use of proceeds and capital allocation

• Company will not receive proceeds from the direct listing; all proceeds go to selling shareholders.

• Recent $45M senior secured convertible notes facility to fund working capital and general corporate purposes.

• $500M credit facility available for GPU infrastructure deployment, with initial draws completed in 2026.

• $16.5M cash injection from sale of T20 joint venture used to accelerate HPC business development.