Earnings call transcript: QumulusAI posts strong Q2 2026 revenue growth

QumulusAI reported a strong Q2 2026 earnings call, with revenue soaring 118% year-over-year to $6.7 million. The company's GPU fleet doubled to 3,088 units, and gross margins expanded to 66.6%, up from 55.1% the previous quarter. Adjusted EBITDA improved to a $0.8 million loss, down from a $2.8 million loss in Q1. Management highlighted rapid scaling, with compute power revenue now accounting for 84% of total revenue, up from 43% a year earlier.

Contracts with customers now represent 96% of recurring revenue, a sharp increase from less than 10% a year ago. The company remains far below its 52-week high and has a large gap between revenue and contract backlog. Management aims to deploy 18 megawatts of high-performance computing capacity by year-end 2026, with 8 megawatts already installed and another 10 under development.