Business Wire·Nov 10, 2026, 4:05 PM ET

QumulusAI Reports Third Quarter 2026 Results

QMLS

QumulusAI reported Q3 2026 revenue of $14.8 million, representing a 376% increase from $3.1 million in the prior year period.
Revenue doubled sequentially for the second consecutive quarter, with compute power accounting for approximately 96% of total revenue.
Cumulative signed customer contract value surpassed $500 million, reaching $528.7 million.
Remaining performance obligations grew to $515.0 million from $173.1 million at the end of the second quarter.
The company signed $240.9 million in new three-year take-or-pay agreements covering over 2,000 NVIDIA Blackwell B300 GPUs.
Adjusted EBITDA turned positive at $3.7 million, compared to a loss of $0.6 million in the prior year period.
Net loss was $14.4 million, which included $32.3 million in non-cash gains from changes in the fair value of convertible notes \& related liabilities.
Operating loss widened to $41.6 million due to a $13.4 million increase in depreciation tied to expanded HPC infrastructure.
Active capacity reached 8 MW, with 1.2 MW contracted in Denver for Q1 service \& 0.5 MW in Columbia, South Carolina, ready in December 2026.
The company's direct listing costs included $26.4 million in shares issued for professional services, contributing to higher general \& administrative expenses.
Cash \& restricted cash increased to $31.1 million as of September 30, 2026, from $11.7 million at the end of 2025.
Total assets grew to $394.1 million from $91.7 million, driven by significant additions to property \& equipment \& finance lease assets.