🇺🇸GPU-cloud provider Exascale Labs (Nasdaq: XLAB) reported $14.8 million in FY2026 revenue, up 111.3%, with a 16.3% gross margin.

Exascale reported $14.8 million in revenue for the year ended June 30, 2026, compared with $7.0 million in FY2025. Gross profit was $2.4 million, versus $1.1 million, and gross margin was 16.3%, versus 15.8%; operating expenses increased to $7.2 million from $4.2 million, primarily reflecting a $2.7 million increase in research and development expenses.

The company attributed revenue growth principally to a 124.0% increase in intelligent computing power service revenue, higher spending by existing customers and an expanded customer base, with a roughly 68% customer renewal rate. Its operating model is an asset-light, software-defined GPU-as-a-Service platform providing reserved and on-demand capacity sourced from third-party data centers, alongside GPU-cluster management and optimization services.

Exascale completed its business combination with D. Boral ARC Acquisition I Corp.; its Class A shares and warrants began trading on the Nasdaq Global Market on August 28, 2026, under XLAB and XLABW, respectively. The historical FY2026 operating results relate to Legacy Exascale, not a full year of the post-combination public company; Jake Carney became chief financial officer on September 25.

Management reported an approximately $300 million qualified customer pipeline, explicitly describing conversion into signed contracts as work still to be done. The filing also states that its modular data-center, liquid-cooling, high-voltage direct-current power, interconnection and energy-storage capabilities had not yet generated revenue; a separate historical disclosure records January 2026 Class A/Class B voting rights of one and twenty votes per share, respectively, with outstanding simple agreements for future equity designated to settle or convert exclusively into Class A shares.