PR Newswire·Nov 9, 2026, 4:05 PM ET

Csquare Reports Third Quarter 2026 Results and Business Highlights

Reported Q3 2026 revenue of $302.3 million, representing a 25.6% year-over-year increase.
Achieved record quarterly bookings of $66.1 million, marking the 14th consecutive quarter of sequential bookings growth.
Entered Q4 with a contracted annualized revenue backlog of approximately $114 million, including $104 million expected to commence within the next 12 months.
Expanded capacity by commissioning 12 MW in Q3, resulting in 428 MW of contracted power against 397 MW of sellable capacity.
Maintained strong customer retention with a quarterly net revenue churn of 1.9%.
Invested $149 million in growth capital with an average build multiple of 4x, alongside $16 million in recurring capital expenditures.
Reported a net loss of $88.1 million, primarily driven by $58.6 million in IPO-related costs & higher interest expenses, resulting in a net margin of (29.2%).
Increased Adjusted EBITDA by 44.3% to $132.1 million, expanding the Adjusted EBITDA margin to 47.8% from 40.5% in the prior year.
Strengthened its balance sheet following the July 2026 IPO by using proceeds to repay approximately $1.1 billion in debt.
Updated full-year 2026 guidance to project total revenues between $1.14 billion & $1.16 billion, and Adjusted EBITDA between $490 million & $500 million.
Contracted utilization reached 108%, indicating demand exceeds current sellable capacity.
Generated $1.16 billion in net proceeds from the IPO, enabling significant leverage reduction.