Aug 14, 2026 earnings call — Contracts, capacity and financing update
Q2 revenue was $31.1 million, up approximately 270% year-over-year; Boost Run signed approximately $1 billion in TCV in Q2.
Revenue $0.0B (est $0.0B) · EPS $-1.06 (est $0.13)
Key quotes
"Our total contract value, TCV, is currently $1.9 billion, supported by new long-term 3- to 4-year agreements and our 2027 pipeline is built out for success."
"Our $1.44 billion purchase agreement with Dell is essentially fully committed and allocated, and we are in the process of a strategic procurement of an additional $4 billion to $5 billion of compute hardware with multiple OEMs."
"The required prepayment on every customer agreement averaging 22% of TCV, those prepayments are combined with operating cash flow, and where needed, balance sheet equity to finance each project."
Analyst Q&A 3
how to split and pay for new capacity
Q (Gil Luria · D.A. Davidson): First, how do you divide new capacity between spot/on-demand and longer contracts? Second, how will you balance prepayments, vendor financing, debt, and equity to fund the build-out?
A: They started in the spot/on-demand market and then moved to longer contracts up to multiple years, balancing margins and risk management while considering supply and debt paydown. For financing they require customer down payments, use operating cash flow and equity, and work with finance partners; they noted TCV vs CapEx matters (example: $500 million contract with $250 million of CapEx).
"So what you can see is when you go out in duration, you're obviously going to have a higher contract." — Andrew Karos (CEO)
warrants and deployment timing
Q (Gregory Lewis · BTIG): How many warrants remain unexercised and what happens if not exercised by August 20? Also, what is the expected pace of deployments for the new lease announced this morning?
A: Erik said about 4.9 million to 5 million warrants remain outstanding and will be up for redemption on August 20, with a $0.01 buyout if not exercised. Andrew said current deployments from signed TCV will continue through year-end into Q1; the new agreement is powered and planned to be brought into production by end of Q4 with cluster distribution over multiple months.
"We have about 4.9 million to 5 million warrants still outstanding that are going to expire, I guess, for redemption on the 20th of August." — Erik Guckel (CFO)
large hardware orders and NVIDIA validation
Q (George Sutton · Craig-Hallum): What does the $4 billion to $5 billion procurement mean for your pipeline and which OEMs are included? Also, what are the benefits of exemplar status with NVIDIA and what does the $500 billion program mean for you?
A: They have entered into 4 purchase agreements, including Dell for $1.44 billion which is essentially exhausted, and are engaged with NVIDIA, financial institutions, and frontier labs; customers range from 5,000 to 50,000+ GPUs and core OEMs are Dell and Lenovo. Exemplar status is rigorous FP4/FP8 performance testing tied to NVIDIA deployment teams and the Architecture Review Board; nothing goes into production at Boost Run on cluster size unless it has passed that Board, and they are seeing substantial inbound interest related to the AICP/$500 billion activity.
"Nothing goes into production at Boost Run, and I mean nothing on cluster size unless it has passed that rigorous Architecture Review Board, which is an actual committee at NVIDIA." — Andrew Karos (CEO)