Contract Backlog expanded $650 million to $2 billion sequentially, up 47% q/q and 107% y/y driven by strong demand from the AI Compute Infrastructure segment
Revenue of $17.4 million, up 104% y/y, above consensus
GAAP gross margins of 31% to $5.4 million, up 114% y/y expanding 140 bps; Adjusted Gross Margin of 38.6% to $6.7 million, up 166% y/y expanding 900 bps
Global MW under operation, construction and RTB grew ~900 MW y/y to ~1.1 GW, up 476%, on track to deliver initial $180 million of recurring, annual EBITDA over the next 18-36 months
Cash grew 26% q/q to $148 million, the 6th consecutive quarterly increase, a 155% y/y or ~$90 million
Executed contract for 1.25 GW of integrated power, storage and software infrastructure to support hyperscaler contracts in Texas, expected to generate near-term revenue of $500-$600 million in 2H 2026 and 2027
Raising full-year 2026 revenue guidance to $270-$310 million and lifting GAAP gross margin guidance to 20%-25% to the high end of the range