QumulusAI reported second-quarter revenue of $6.7 million, more than doubling from $3.1 million in the same period last year, as demand for its compute power services accelerated.
Compute power revenue, which accounted for 84% of total revenue, rose to $5.6 million from $1.3 million a year earlier. Gross margin expanded to 67% from 55%, reflecting improved operational efficiency despite rising costs.
The company’s operating loss widened to $7.7 million, up from $2.2 million in the prior-year quarter, driven by a $5.8 million increase in depreciation and amortization expenses tied to expanded infrastructure. Net loss totaled $22.8 million, compared with net income of $12.1 million in Q2 2025, primarily due to a $19.2 million non-cash loss on convertible note issuance. Adjusted EBITDA loss stood at $0.8 million, versus a $0.3 million loss a year earlier.
QumulusAI signed 21 new customer contracts during the quarter, with an aggregate expected value of $169.7 million. Cumulative signed customer contract value reached $282.5 million, and direct customer relationships now represent over 96% of recurring revenue.
Infrastructure growth continued as the deployed GPU fleet expanded from 952 to 3,088 units. The company ended the quarter with 8 megawatts of capacity under executed lease and colocation agreements.
Cash flow from operations totaled $22.3 million in the first half of 2026, while deferred revenue rose by $30.5 million over the same period. QumulusAI began trading on the Nasdaq Global Market under the ticker QMLS on July 16, one day after becoming an NVIDIA Cloud Partner.
