🇺🇸Neocloud provider QumulusAI (Nasdaq: QMLS) reported $14.8 million in Q3 revenue and $515 million in remaining performance obligations.

QumulusAI’s filed earnings release reported $14.8 million in revenue for the quarter ended September 30, 2026, up 376% from $3.1 million a year earlier and doubling sequentially for the second consecutive quarter. Compute-power revenue reached $14.1 million, approximately 96% of total revenue, compared with $1.4 million, approximately 47%, a year earlier.

Remaining performance obligations increased to $515.0 million from $173.1 million at the end of Q2; these are separate from recognized quarterly revenue. CEO Michael Maniscalco said the company sells capacity before energization and deploys into existing power availability, but the 10-Q warns that contracts can be terminated or amended and that a substantial portion of current graphics processing unit-as-a-service (GPUaaS) revenue comes through a single channel partner.

Operating loss widened to $41.6 million, from $2.8 million a year earlier. The release identified a $13.4 million increase in depreciation and amortization associated with expanded high-performance computing infrastructure and $26.4 million related to common shares issued for professional services connected with its direct listing; the excerpt does not provide the share count needed to quantify dilution.

The 10-Q traces the business to data-center operations and blockchain managed services, followed by investment in GPU-cloud operator The Cloud Minders and acquisition of its remaining interests in April 2025. QumulusAI began trading on the Nasdaq Global Market on July 16, 2026, through a direct listing; the filing also records a 1-for-3 reverse stock split effective September 30, 2025.