What happened
QumulusAI, Inc. (NASDAQ: QMLS) reported third-quarter revenue of $14.8 million, up 376% from $3.1 million a year earlier, and its first positive Adjusted EBITDA. The company calls itself a neocloud infrastructure provider built for AI computing.
It says revenue doubled from the prior quarter for the second straight quarter.
Adjusted EBITDA, a non-GAAP measure, was $3.7 million. A year earlier it was a loss of $0.6 million. The company says growth in compute revenue drove the swing.
Compute power revenue reached $14.1 million, about 96% of the total. A year earlier it was $1.4 million, about 47%. Mining hosting revenue fell to $0.37 million from $1.45 million.
Key numbers
| Metric | Latest | Change | Source |
|---|---|---|---|
| Third-quarter revenue | $14.8 million | from $3.1 million, +376% | SEC 8-K, Exhibit 99.1 |
| Remaining performance obligations (change is versus end of Q2: $173.1 million) | $515.0 million | +197.5% | Calculated from SEC 8-K |
| Adjusted EBITDA (non-GAAP) | $3.7 million | from -$0.6 million | SEC 8-K, Exhibit 99.1 |
| Operating loss | $41.6 million | from $2.8 million | SEC 8-K, Exhibit 99.1 |
| Net loss | $14.4 million | from $9.5 million | SEC 8-K, Exhibit 99.1 |
| Cumulative signed customer contract value | $528.7 million | SEC 8-K, Exhibit 99.1 |
Read more: QumulusAI (QMLS) company research
Backlog and capacity
Remaining performance obligations rose to $515.0 million from $173.1 million at the end of the second quarter. By OptimistFi's calculation, that is a gain of $341.9 million, or 197.5%, in one quarter.
Cumulative signed customer contract value reached $528.7 million. New business included $240.9 million of three-year take-or-pay agreements covering more than 2,000 NVIDIA Blackwell B300 GPUs across two dedicated clusters.
The company also put its $71.9 million, three-year Blackwell agreement fully into production. Every GPU under it billed within three months of signing.
Active capacity has reached 8 MW. The company contracted 1.2 MW in Denver, ready for service in Q1, and 0.5 MW in Columbia, South Carolina, ready for service in December 2026.
Stock perps: every US stock that trades as a perpetual future, by leverage, live
Why the loss is so large
Operating loss widened to $41.6 million from $2.8 million a year earlier. The company says depreciation and amortization rose $13.4 million as it expanded HPC infrastructure. It also cites higher general and administrative costs and more staff.
Those administrative costs include $26.4 million for common stock issued for professional services tied to the company's direct listing.
Net loss was $14.4 million, up from $9.5 million a year earlier. This quarter includes $32.3 million of non-cash gains from changes in the fair value of the convertible note, the related option and the warrant liability. Those gains are not operating improvement. The prior-year quarter included a $4.8 million non-cash loss on the warrant liability.
Balance sheet and cash
The balance sheet changed sharply this year. Total liabilities reached $368.8 million at Sept. 30, up from a much smaller base at Dec. 31, 2025. Total shareholders' equity fell to $25.3 million from $65.3 million.
Cash was $21.9 million, up from $11.7 million at year-end. Over nine months the company spent $137.0 million on property and equipment and took in $54.3 million from operations, which included a $79.0 million increase in deferred revenue. Financing brought in $86.8 million.
Why it matters
The quarter sets a baseline for judging QumulusAI. CEO Michael Maniscalco said the company sells capacity before it energizes it and brings it online in months. He said much of the compute that came online during the quarter and into the fourth had not yet billed for a full period.
The backlog is far larger than one quarter's revenue. So the question is how fast contracted capacity goes live and bills.
The caveats sit in the filing. Adjusted EBITDA leaves out depreciation, net interest, stock-based compensation, the listing-related share issuance and fair-value changes on financial instruments. It also leaves out interest and amortization on finance leases. The company expects payments on those of approximately $13.0 million in the rest of 2026 and approximately $53.3 million in 2027.
The company's own risk list names reliance on a few large customers, its capital needs and access to financing, and its history of net losses.
What's next
QumulusAI will host a conference call and webcast at 5:00 p.m. Eastern on Nov. 10 and says it will give forward-looking guidance there. Guidance on revenue from compute brought online during and after the third quarter would show how quickly the backlog turns into billing.
Two sites have dated targets: Columbia, South Carolina in December 2026 and Denver in Q1. A slip at either would weaken the ramp story. The next quarterly report will show whether compute revenue keeps climbing from the third-quarter level.
More from OptimistFi
From OptimistFi Perps
- All perp markets: price, open interest and funding by venue
- Futures calculator: liquidation price, PnL and fees by exchange
- Perp funding rates live: what longs and shorts pay on every venue
- Stock perps vs tokenized stocks: how US shares trade around the clock
- Weekend market prices: US stock indexes, gold and oil now
- Perps news: leveraged stocks, gold, FX and crypto on-chain
- Prop firms that fund crypto and stock perps traders: rules, prices and payouts
Sources
- QumulusAI Reports Third Quarter 2026 Results (Exhibit 99.1 to Form 8-K) — Earnings release dated Nov. 10, 2026 with financial statements and the Adjusted EBITDA reconciliation.
- QumulusAI, Inc. Form 8-K, Item 2.02 — Current report furnishing the earnings release, dated Nov. 10, 2026.
Explore OptimistFi research on QumulusAI, Inc.: https://optimistfi.com/stocks/QMLS
Browse QumulusAI, Inc. company coverage and explore the OptimistFi Thesis-Break Engine.
Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.
Find available research on the QumulusAI, Inc. company page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
