QumulusAI Q2 Revenue Doubles to $6.7M, But $19.2M Convertible Note Charge Drives $22.8M Net Loss
QMLS sits 17% above its 52-week low of $5.31.
Summary
QumulusAI reported Q2 2026 revenue of $6.7 million, up 118% year over year, with gross margin expanding to 67%. Net loss was $22.8 million, driven by a $19.2 million non-cash convertible note charge. Cumulative signed contract value reached $282.5 million.
Key Events · Earnings and Guidance · QMLS
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Revenue Doubles to $6.7M
Q2 2026 revenue of $6.7 million, up 118% from $3.1 million in Q2 2025. Compute power revenue grew to $5.6 million, or 84% of total revenue, from $1.3 million a year earlier.
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Gross Margin Expands to 67%
Gross profit of $4.5 million, up 163% year over year, with gross margin expanding to 67% from 55% as GPU activations grew revenue faster than colocation costs.
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$19.2M Non-Cash Convertible Note Charge
Net loss of $22.8 million 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 investment in The Cloud Minders.
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Cumulative Contract Value Reaches $282.5M
Signed 21 new direct customer AI compute contracts in Q2 with aggregate expected take-or-pay contract value of $169.7 million. Cumulative signed customer contract value reached $282.5 million.
Analysis · QMLS · Technology
QumulusAI's first full quarterly report as a public company shows explosive revenue growth — up 118% year over year to $6.7 million — with gross margin expanding to 67%. The company signed 21 new direct contracts worth $169.7 million in take-or-pay value, pushing cumulative signed contract value to $282.5 million. However, the bottom line swung to a $22.8 million net loss, driven largely by a $19.2 million non-cash loss on the issuance of convertible notes. The balance sheet shows a shareholders' deficit of $781,264, reflecting the heavy financing costs of scaling GPU infrastructure. Deferred revenue of $30.5 million and $22.3 million in operating cash flow indicate customers are paying ahead of delivery, providing near-term liquidity runway.
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At the time of this filing, QMLS was trading at $6.23 on NASDAQ in the Technology sector, with a market capitalization of approximately $206.1M. The 52-week trading range was $5.31 to $38.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.