QumulusAI Inc reported second-quarter 2026 revenue of $6.7 million, up 118% from $3.1 million in the same period a year earlier, driven by a 328% increase in compute power revenue to $5.6 million. The company, which listed on the Nasdaq Global Market under ticker QMLS on July 16, 2026, said compute power now accounts for 84% of total revenue, up from 43% a year ago.
Gross profit rose to $4.5 million from $1.7 million in Q2 2025, lifting gross margin to 66.6% from 55.1%. However, the company reported a net loss of $22.8 million, compared with net income of $12.1 million in the prior-year quarter, reflecting higher depreciation, amortization and non-cash charges tied to convertible notes. Operating loss widened to $7.7 million from $2.2 million a year earlier, while adjusted EBITDA loss narrowed to $0.8 million from $0.3 million.
QumulusAI signed 21 new direct customer contracts totaling $169.7 million in the quarter, bringing total signed contract value to $282.5 million across 40 contracts with a weighted average term of 2.2 years. Remaining performance obligations stood at $173.1 million as of June 30, with over 96% of recurring revenue now derived from direct customer relationships, up from less than 10% a year ago.
The company’s GPU fleet expanded to 3,088 units from 952 in Q1 2026, while total assets grew to $215 million from $91.7 million at year-end 2025. Cash and restricted cash increased to $39.9 million, including $19.9 million previously restricted ahead of the public listing. Liabilities included $55.5 million in convertible notes payable and $45.8 million in finance lease liabilities.
Management highlighted progress in operational capacity, targeting 18 megawatts of high-performance computing capacity by year-end 2026, with recent Blackwell contracts generating between $18 million and $20 million of annualized revenue per megawatt. The company operates under a GPU financing structure typically structured over three years.
