B. Riley Securities initiates coverage of QumulusAI with Buy rating, $11 price target

QumulusAI (QMLS) reported Q3 2026 earnings, highlighting 8 MW of active capacity billing, 5.45 MW contracted, and $352M in new contracts. The company focuses on rapid GPU deployment, with revenue doubling and adjusted EBITDA turning positive. They secured expansion rights and powered land for future growth, emphasizing speed and infrastructure for AI compute demand.

QumulusAI (QMLS) reaffirmed its year-end target of 18 megawatts of contracted capacity and expects $300M in forward annual recurring revenue by year-end. The company shared these updates during its Q3 2026 earnings call, according to Seeking Alpha.

QumulusAI reported $352M in new contracts for Q3, raising 2026 signings to $529M. Annualized revenue per megawatt increased to $19M-$21M. The company has 5.45MW of secured but non-billing capacity, with most expected online by Q1 2027. Q3 operating cash flow was $32M positive, with $100M in capex. QumulusAI reaffirmed 18MW capacity and $300M forward ARR targets for year-end. The company uses customer deposits and equipment financing for deployments.

QumulusAI, Inc. (QMLS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 QumulusAI Reports Third Quarter 2026 Results Quarterly revenue reaches $14.8 million, doubling sequentially for the second straight quarter; cumulative signed customer contract value surpasses $500 million. ATLANTA, November 10, 2026 — QumulusAI (Nasdaq: QMLS), a neo

QumulusAI (QMLS) expanded its equipment lease financing with Tech Finance Co. to $123.6M for NVIDIA Blackwell GPUs, up from $26M in May 2026. The 3-year leases cover GPU purchases for AI infrastructure, with TFC funding 85-90% of costs. QumulusAI avoids equity dilution and retains flexibility to acquire or return equipment at lease end.

QumulusAI (QMLS) raised equipment lease financing to $123.6M with Tech Finance Co. to fund NVIDIA Blackwell GPU acquisitions. The company's P/S ratio is 8.86, below its historical median, and its GF Score is 6/100, indicating financial distress. QMLS has a market cap of $124M and focuses on AI cloud infrastructure.