QumulusAI Revenue Jumps 376% to $14.8 Million in Third Quarter
Key Facts
QumulusAI reported results on November 10, 2026, for the third quarter ended September 30, posting revenue of $14.8 million, up 376% from the year-earlier period. The company said in its filing with the U.S. Securities and Exchange Commission that revenue increased by $11.7 million, from $3.1 million in the third quarter of 2025. The results were driven mainly by growth in its computing business, which came to account for most of the company's revenue. The company also said total adjusted EBITDA turned positive for the first time. Revenue growth and the shift in this metric provide a picture of the business's expansion, while adjusted EBITDA remains a non-GAAP measure.
Computing revenue reached $14.1 million in the third quarter, or about 96% of total revenue, compared with $1.4 million and about 47% of the total a year earlier. This shift in the revenue mix indicates that computing became the main driver of growth during the period. The company's total revenue rose to $14.8 million from $3.1 million, putting the increase in computing activity at the center of the year-over-year revenue surge. The figures in the filing did not provide another breakdown of revenue beyond computing's share. The comparison between the two periods links revenue growth to the expansion of this business, both in value and as a share of the total.
Alongside revenue growth, the company posted adjusted EBITDA of $3.7 million, its first positive quarter on this measure, compared with an adjusted loss of $0.6 million in the third quarter of 2025. The company said the result marked its first quarter with positive total adjusted EBITDA. The shift from loss to profit reflects an improvement in the measure compared with the year-earlier period. But the company described adjusted EBITDA as a non-GAAP measure; the result is therefore presented as an adjusted indicator within the quarterly results. The available filing here does not include earnings per share or the extent of any difference from analyst expectations.
Remaining performance obligations rose to $515.0 million in the third quarter, from $173.1 million at the end of the second quarter of 2026. The chief executive said, "Revenue doubled again this quarter, and remaining performance obligations rose to $515.0 million from $173.1 million at the end of the second quarter." These obligations show a much higher value than at the end of the previous period, alongside an increase in quarterly revenue. The company gives the comparison specifically with the end of the second quarter, not with the year-earlier period. The figure puts part of the quarterly results in the context of the company's announced orders and performance obligations.
In the second quarter of 2026, QumulusAI revenue was about $6.7 million, with year-over-year growth of more than double, while the cumulative value of signed customer contracts reached $282.5 million. The company said at the time that contracted GPU capacity was coming online, and attributed the higher operating loss to increased depreciation related to expanding its high-performance computing infrastructure, preparing to operate as a public company, and headcount growth. The operating loss then was $7.7 million, compared with $2.2 million in the second quarter of 2025, while depreciation and amortization expense increased by $5.8 million year over year. Adjusted EBITDA was also negative at $0.8 million in the second quarter, compared with a loss of $0.3 million a year earlier, which the company attributed to higher operating and personnel costs. This background allows a comparison between adjusted EBITDA turning positive in the third quarter and the adjusted loss in the previous quarter, while the new result's stated comparison remains with the third quarter of 2025.
EL7 data showed QMLS shares closed at $3.13 on November 9, 2026, before the results were announced the following day. That figure does not include the share price movement after the results were released, and is limited to the close recorded in the session before the announcement. The company was scheduled to hold a conference call and webcast to discuss its third-quarter results on November 10 at 5 p.m. Eastern time. The conference is the next date set by the company to discuss the results with investors. It follows the announcement of financial results for the quarter ended September 30.