QumulusAI's contracted backlog triples to $515 million as GPU cloud revenue doubles again - MLQ.ai

The Nasdaq-listed company's contracted backlog tripled to $515.0 million after securing $240.9 million in new three-year agreements covering more than 2,000 Nvidia Blackwell B300 GPUs across two dedicated clusters. Cumulative signed customer contract value reached $528.7 million, highlighting strong demand for GPU cloud services.

QumulusAI's third-quarter revenue jumped to $14.8 million, up from $6.7 million in the second quarter and $3.1 million a year earlier. Compute revenue accounted for $14.1 million, representing approximately 96% of total revenue, while crypto mining and hosting continued to shrink as a business segment.

Financial Performance

The company achieved its first positive adjusted EBITDA of $3.7 million, marking a significant milestone. However, the operating loss widened to $41.6 million from $7.7 million in the previous quarter, primarily due to $26.4 million in common stock issued for professional services related to its July direct listing.

Expansion Strategy

QumulusAI's GPU build-out is primarily financed through customer prepayments and leases. The company reported $79.0 million in deferred revenue and $122.5 million in finance lease liabilities as of September 30. Active capacity reached 8 megawatts, with 1.2 megawatts already contracted in Denver and 0.5 megawatt in Columbia, South Carolina.

Despite strong growth, QumulusAI faces challenges including rising interest expenses to $5.4 million and lenders pulling back from GPU-backed debt in the sector. The company did not provide guidance in its release, indicating it would share more details during its upcoming conference call.