Revenue more than doubles year over year to $6.7 million as contracted GPU capacity continues to come online; cumulative signed customer contract value reaches $282.5 million

ATLANTA: $QMLS #NASDAQ--QumulusAI (Nasdaq: QMLS), a neocloud infrastructure provider purpose-built for the AI computing era, today reported financial results for the second quarter ended June 30, 2026. This is the company’s first quarterly report since it began trading on the Nasdaq Global Market on July 16, 2026.

"This was the quarter our model started proving itself," said Michael Maniscalco, CEO of QumulusAI. "AI Compute we had already sold came online and started generating revenue. We signed 21 new direct contracts in the quarter, and last week we contracted up to 3.75 MW in metropolitan Atlanta, our home market, with potential to expand at the same site. Demand is not our constraint. Deploying against it faster than competitors is our goal."

"Revenue more than doubled year over year and gross margin expanded to 67%, as GPU activations grew revenue faster than colocation costs," said Scott Krosnowski, CFO of QumulusAI. "Our most recent Blackwell contracts are generating between $18 million and $20 million of annualized revenue per megawatt, compared with just over $16 million across the installed base. Customers are also committing and paying ahead of delivery - deferred revenue rose $30.5 million in the first half, contributing to $22.3 million of operating cash flow."

Second Quarter 2026 Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue of $6.7 million, an increase of $3.6 million, or 118%, from $3.1 million. Compute power revenue grew to $5.6 million, or approximately 84% of total revenue, from $1.3 million, or approximately 43% of total revenue.
• Gross profit of $4.5 million, an increase of $2.8 million, or 163%, from $1.7 million. Gross margin expanded to 67% from 55%.
• Operating loss of $7.7 million, compared to $2.2 million. The increase reflects a $5.8 million rise in depreciation and amortization tied to expanded HPC (High-Performance Computing) infrastructure, as well as higher general and administrative costs associated with public company readiness and headcount growth.
• Net loss of $22.8 million, compared to net income of $12.1 million. The current period includes a $19.2 million non-cash loss on the issuance of convertible notes; the prior-year period included a $14.5 million non-cash gain on remeasurement of the Company's investment in The Cloud Minders.
• Adjusted EBITDA loss of $0.8 million, compared to a loss of $0.3 million, as revenue growth was offset by increased operating costs associated with public company readiness and personnel.

Second Quarter Operational Highlights

Customer and Demand

• Signed 21 new direct customer AI compute contracts during the quarter with aggregate expected take-or-pay contract value of $169.7 million.
• Direct customer relationships grew to more than 96% of the recurring revenue base at quarter end, from less than 10% a year earlier, as the Company completed its transition away from dependence on a single marketplace.
• AI Compute revenue reached 84% of total revenue, up from 61% in the first quarter of 2026 and 43% in the second quarter of 2025.

Infrastructure and Capacity

• Grew the deployed GPU fleet from 952 to 3,088, an increase of approximately 224%.
• Ended the quarter with 8 MW of HPC capacity under executed lease and colocation agreements.

Recent Corporate Developments

• Trading on the Nasdaq Global Market began under the ticker symbol "QMLS" on July 16, 2026.
• Became an NVIDIA Cloud Partner on July 17, 2026.
• Signed more than $120 million in new customer agreements, including a three-year agreement valued at more than $71 million.
• Signed a GPU-as-a-Service agreement with DRW, a diversified trading firm innovating across both traditional and cutting-edge markets.
• Purchased 1,632 NVIDIA Blackwell B300 GPUs to meet accelerating customer demand.
• Entered a colocation agreement in metropolitan Atlanta for up to 3.75 MW, with a right of first offer on up to 7 MW of expansion capacity at the same site.

Webcast and Conference Call

QumulusAI will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss second quarter 2026 results. The live webcast, together with this release and supplemental materials, is available at investors.qumulusai.com. A replay will be available on the same site following the call.

Non-GAAP Financial Measures

To supplement its condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the company presents Adjusted EBITDA, a non-GAAP financial measure. QumulusAI’s reasons for use of this measure and reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure and other information are included at the end of this release. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for net income (loss) or any other measure prepared in accordance with GAAP.

About QumulusAI

QumulusAI is a distributed AI cloud platform that delivers accelerated access to high-performance GPU compute. Through an inference-first, demand-led deployment model across a network of data center sites, QumulusAI brings compute closer to customer demand, helping AI teams and enterprises scale production AI workloads with speed, flexibility and control. By combining rapid deployment with flexible private cloud infrastructure, QumulusAI gives customers a faster, more adaptable path beyond the capacity constraints of traditional centralized and hyperscale cloud models. Learn more at QumulusAI.com.

Follow us on LinkedIn and X @QumulusAI.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the company’s continued ability to bring contracted GPU capacity online; the amount and timing of revenue the company expects to recognize from its remaining performance obligations and its signed customer contracts; the company’s ability to deploy against demand faster than competitors; the company’s annualized revenue per-megawatt and realization thereof; the receipt of customer payments ahead of delivery as committed; the company’s plans to expand energized capacity, including under the right of first offer at its metropolitan Atlanta site; and the company’s expected finance lease payments. Words such as “anticipate,” “believe,” “estimate,” “expect,” “guidance,” “intend,” “can,” “may,” “on track,” “plan,” “project,” “target,” “will” and similar expressions are intended to identify forward-looking statements. These statements are based on management's current expectations and assumptions as of the date of this release and are subject to risks and uncertainties that could cause actual results to differ materially, including, among others, the company's dependence on a limited number of large customers; the availability and cost of power, network connectivity and specialized hardware such as graphics processing units; the company's substantial capital requirements and access to financing; competition and rapid technological change in the high-performance computing and AI markets; the company's limited operating history and history of net losses; and those described in the “Risk Factors” section of the company's registration statement on Form S-1, as amended (File No. 333-292514), filed with the U.S. Securities and Exchange Commission (SEC), and the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2026, as such factors may be updated in the company's subsequent filings with the SEC. QumulusAI undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Condensed Consolidated Statements of Operations (Unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2026				2025				2026				2025
Revenue
Revenue from cryptocurrency mining		$	410,081			$	148,038			$	779,060			$	295,839
Revenue from mining hosting services			693,778				1,625,701				1,642,205				3,349,152
Revenue from compute power			5,608,946				1,311,700				7,711,458				1,311,700
Total revenue			6,712,805				3,085,439				10,132,723				4,956,691
Costs and expenses
Cost of revenue			2,242,402				1,386,374				4,378,199				2,601,468
General and administrative expenses			4,342,620				2,454,605				8,250,275				3,263,676
Sales and marketing expenses			916,220				366,093				1,152,572				664,293
Depreciation and amortization expense			6,882,154				1,059,900				9,548,999				1,537,948
Total costs and expenses			14,383,396				5,266,972				23,330,045				8,067,385
Operating loss			(7,670,591	)			(2,181,533	)			(13,197,322	)			(3,110,694	)
Other income (expenses)
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