QumulusAI reported rapidly expanding contracted demand during the second quarter of 2026, with cumulative signed customer contract value reaching $282.5 million even though quarterly revenue was only $6.7 million.
The contract value was more than 40 times reported quarterly revenue, highlighting the gap between AI compute capacity already sold and capacity deployed and generating revenue.
Second-quarter revenue increased 118% year-over-year to $6.7 million from $3.1 million. Compute power revenue climbed to $5.6 million and represented approximately 84% of total revenue, compared with 43% a year earlier.
Gross profit increased 163% to $4.5 million, while gross margin expanded to 66.6% from 55.1%. Management attributed the margin improvement to GPU activations growing revenue faster than colocation costs.
QumulusAI signed 21 new direct AI compute contracts during the quarter with aggregate expected take-or-pay contract value of $169.7 million. The company also grew its deployed GPU fleet to 3,088 from 952 and ended the quarter with 8 MW of high-performance computing capacity under executed lease and colocation agreements.
Customers are increasingly paying ahead of delivery. Deferred revenue increased $30.5 million during the first half, helping generate $22.3 million of operating cash flow. The company’s newer Blackwell contracts are generating an annualized $18 million to $20 million of revenue per megawatt, compared with just over $16 million across the installed base.
The scale-up remains capital and accounting intensive. QumulusAI reported a $7.7 million operating loss and $22.8 million net loss, with the latter including a $19.2 million non-cash loss on issuance of convertible notes.
KEY QUOTE:
“Demand is not our constraint. Deploying against it faster than competitors is our goal.”
Michael Maniscalco, CEO of QumulusAI
