Key Highlights

  • Second-quarter 2026 Revenue was $280.4 million, up 14.5%, with adjusted EBITDA of $120.3 million.
  • Bookings were $64.7 million, the highest to date, and contracted power was 410 megawatts against 385 megawatts of sellable capacity.
  • IPO net proceeds of about $1.16 billion were used to repay debt, which the company expects to cut annual interest expense by about $63 million.

A new listing

Csquare, Inc. (NYSE:CSQR), a data-centre operator, listed on 16 July 2026. According to the company's second-quarter release, the offering comprised 50.0 million shares at $21.00 each, and underwriters exercised an option on 7,499,000 additional shares on 27 July. Net proceeds were about $1.16 billion and were used to repay debt.

Second-quarter results

For the quarter ended 30 June 2026, reported on 6 August, revenue was $280.4 million, up 14.5% from $244.8 million. Adjusted EBITDA was $120.3 million, up 21.0%, and the adjusted EBITDA Margin was 46.2%, against 42.9% a year earlier.

The net loss widened to $48.8 million from $13.9 million. The company attributes the increase mainly to higher interest expense and IPO-related costs. The quarter also included a $40.0 million gain on a Lease modification, which flattered the net result: without it, the loss would have been about $88.8 million, although the release summary does not show a like-for-like adjusted figure.

Six-month revenue was $550.8 million, up 15.4%.

Demand and capacity indicators

Bookings were $64.7 million, the highest the company has reported. Contracted power was 410 megawatts against 385 megawatts of sellable capacity, which the release expresses as 107% sold, and quarterly net revenue churn was 2.4%.

Chief Executive Spencer Mullee said Demand for high-quality digital infrastructure continues to accelerate. The release also refers to two large deals signed at the end of the second quarter, which feed into planned growth capital expenditure.

Contracted power exceeding sellable capacity may seem unusual, and the release summary does not fully explain the measure. The filing's definitions should be consulted before drawing conclusions about utilisation or pricing.

Balance sheet and guidance

At 30 June, Csquare held $120.8 million of cash and cash equivalents plus $209.5 million of restricted cash. Long-term Debt was $4,890.2 million, net of deferred financing costs, and there was a $75.0 million long-term related-party loan. The company said the IPO debt repayment should cut annual interest expense by about $63 million; that is a company estimate.

For 2026, management guided to revenue of $1,130 million to $1,170 million and adjusted EBITDA of $460 million to $480 million. It expects recurring Capital Expenditure of $55 million to $65 million and non-recurring growth capital expenditure of $610 million to $660 million. These are forecasts, not reported results.

The debt load is roughly ten times the midpoint of the adjusted EBITDA guidance, which is why interest costs are central to the profit outlook.

What to watch

Items to watch include the next quarterly report, the delivery of the large deals, whether the interest saving shows up in earnings, and funding for the growth capital programme.