QumulusAI, the AI infrastructure and high-performance computing (HPC) provider, posted Q2 2026 revenue of $6.7 million, a 118% increase from $3.1 million in the same period last year. The company’s compute power revenue, which accounted for 84% of total revenue, rose 328% year-over-year to $5.6 million, while legacy mining-related revenue declined to 16% from 57% a year earlier.
Gross profit reached $4.5 million, up from $1.7 million in Q2 2025, with gross margins expanding to 66.6% from 55.1% a year prior. However, operating losses deepened to $7.7 million, compared with a $2.2 million loss in the same quarter of 2025. Adjusted EBITDA loss narrowed to $0.8 million from $2.8 million in Q1 2026 but widened from a $0.3 million loss a year earlier. Net loss totaled $22.8 million, reflecting a $19.2 million non-cash loss on convertible notes and a $6.2 million non-cash fair value gain.
The company’s GPU fleet grew to 3,088 units, a 224% increase from 952 units in Q1 2026. QumulusAI signed 21 new direct customer contracts worth $169.7 million during the quarter, bringing total signed contract value to $282.5 million across 40 agreements with a weighted average term of 2.2 years. Remaining performance obligations stood at $173.1 million as of June 30.
QumulusAI’s HPC capacity footprint expanded to 8 megawatts, fully contracted with deployments underway. The company secured a new co-location agreement in Metro Atlanta for up to 3.75 megawatts, with an option for an additional 7 megawatts, and holds long-term land leases in Oklahoma and Texas totaling roughly 39 megawatts. The company recognized approximately $0.4 million in curtailment credits at its Oklahoma site.
Management highlighted unit economics improvements, noting recent Blackwell contracts generate between $18 million and $20 million of annualized revenue per megawatt, with a blended figure of about $16 million per megawatt across the installed base. CEO Mike Maniscalco emphasized the company’s focus on deploying and operating GPU clusters at scale rather than leasing powered shells or brokering land.
Cash and restricted cash totaled $39.9 million at quarter-end, up from $11.7 million at year-end 2025. Operating cash flow for the first six months was positive at $22.3 million, compared with a $0.8 million outflow a year ago. The company’s stock closed 6.45% higher at $6.27 on August 25, 2026, though it remains down roughly 71% over the prior six months.
