QumulusAI reported a second-quarter revenue increase of 118% to $6.7 million, driven by a surge in compute power sales that accounted for 84% of total revenue.
Compute power revenue reached $5.6 million, up from $1.3 million in the same period last year, while gross margin expanded to 67% from 55%. The company’s operating loss widened to $7.7 million, reflecting a $5.8 million increase in depreciation and amortization costs tied to expanded infrastructure and higher general and administrative expenses.
Net loss for the quarter totaled $22.8 million, compared with net income of $12.1 million in the prior-year period. The current quarter included a $19.2 million non-cash loss on convertible note issuance, whereas the prior-year period recorded a $14.5 million non-cash gain on an investment remeasurement.
Adjusted EBITDA loss stood at $0.8 million, compared with a $0.3 million loss in Q2 2025. Deferred revenue rose by $30.5 million in the first half of 2026, while operating cash flow for the six-month period reached $22.3 million.
QumulusAI signed 21 new customer contracts in Q2 with an aggregate expected value of $169.7 million, bringing cumulative signed customer contracts to $282.5 million. Direct customer relationships now account for over 96% of recurring revenue. The company’s deployed GPU fleet grew from 952 to 3,088 units, ending the quarter with 8 megawatts of capacity under executed lease and colocation agreements.
The Atlanta-based AI infrastructure provider listed on the Nasdaq Global Market on July 16, 2026, and became an NVIDIA Cloud Partner on July 17, 2026.
