Axe Compute Inc. Reports Second Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
Axe Compute (NASDAQ: AGPU) reported Q2 2026 revenue of $3.2 million, its first full quarter from compute services, up from $35 thousand in Q1 2026 and $3 thousand in Q2 2025. All revenue came from the Axe Compute Access model; Build-contract revenue will begin at go-live.
The company posted a Q2 net loss of $17.2 million ($0.87 per share), mainly due to $13.1 million in non-cash losses on digital assets. Adjusted EBITDA was approximately ($4.9 million). Cash rose to $21.9 million, with total digital assets and related receivables of $21.6 million, and customer prepayments/contract liabilities reached $60.8 million.
More than $2.8 billion in new Axe Compute Build contracts were signed in July, bringing 2026 total contract value to over $3 billion and an expected annualized run rate of over $696 million upon full deployment. A $260 million, 2,304-GPU cluster remains targeted for Q3 2026 go-live, with about $21 million in quarterly revenue upon deployment.
Positive
- Revenue ramp: Q2 2026 revenue $3.2M vs. $35K in Q1 2026 and $3K in Q2 2025
- Contracted demand: 2026 total contract value now exceeds $3B, including $2.8B+ signed in July 2026
- Future ARR metric: Expected annualized run rate above $696M upon full deployment of signed contracts
- Customer prepayments: Contract liabilities rose to $60.8M at June 30, 2026 from $0.8M at March 31, 2026
- Liquidity: Cash and cash equivalents increased to $21.9M from $10.8M at December 31, 2025
- Operating cash flow: Net cash provided by continuing operating activities was $17.4M for the first half of 2026 vs. $4.3M used in prior-year period
Negative
- Net loss: Q2 2026 net loss of $17.2M, or $0.87 per share
- Digital asset impact: $13.1M Q2 losses on digital assets, $17.4M year-to-date
- Operating performance: Total operating loss of $17.3M in Q2 2026 vs. $2.7M in Q2 2025
- Adjusted EBITDA: Non-GAAP Adjusted EBITDA of approximately ($4.9M) in Q2 2026 vs. ($1.9M) a year earlier
- Equity dilution: Weighted average shares outstanding for Q2 2026 rose to 19.7M from 9.1M in Q2 2025
News Explained
The quarter shows prepayments improving cash while remaining contract liabilities until the related compute services are delivered.
The disclosure places
These liabilities are generally non-cancellable and non-refundable, are received ahead of revenue recognition, and fund infrastructure before deployment.
The company attributes its
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 15 | Q1 earnings report | Positive | -20.0% | GPU contract and initial compute revenue accompanied a reported quarterly loss. |
| Mar 31 | FY 2025 earnings | Positive | +119.8% | Strategic AI compute transformation and PIPE financing accompanied annual results. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions diverged materially, ranging from -20% to 119.75% across the two available prior events.
Key Terms
adjusted ebitda financial
take-or-pay financial
annualized run rate financial
contract liabilities financial
total contract value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Revenue Grew More Than 90x Sequentially from Q1 2026 in the First Full Quarter of Compute Operations
- More Than
$2.8 Billion in New Contracts Signed, Bringing 2026 Signed Contracted Value to More Than$3 Billion and Expected Annualized Run Rate to More Than$696M upon Full Deployment
PITTSBURGH, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Axe Compute Inc. (NASDAQ: AGPU), a neocloud AI infrastructure platform delivering dedicated enterprise GPU compute capacity at global scale, today reported financial results for the second quarter ended June 30, 2026.
"In less than eight months, we have gone from our first revenue-generating compute contract to more than
SECOND QUARTER 2026 AND RECENT DEVELOPMENTS AT A GLANCE
- Revenue of
$3.2 million , the first full quarter of revenue from compute services, entirely contributed by the Axe Compute Access service delivery model; Axe Compute Build contract revenue is not yet recognized and begins at go-live. - Net loss of
$17.2 million , driven by a non-cash$13.1 million loss on digital assets, primarily reflecting changes in digital asset holdings and related receivables. - Adjusted EBITDA1 of approximately ($4.9 million), with approximately (
$0.9 million ) attributable to the legacy Drug Discovery Services (Helomics) segment. - Cash of
$21.9 million at quarter-end, up from$6.9 million at March 31, 2026. - Customer prepayments of
$60.8 million and net cash provided by operating activities of$17.4 million for the first half of 2026. - More than
$3 billion in 2026 total contract value (“TCV”)2, including more than$2.8 billion in contracts signed in July under the Axe Compute Build model that were converted from the second quarter pipeline.
Q2 2026 AND RECENT BUSINESS HIGHLIGHTS
More Than
Contract Liabilities Grew to
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS
Revenue:
Net Loss:
Adjusted EBITDA: (
Cash and Digital Assets: Cash and cash equivalents grew to
Positive Operating Cash Flow: Net cash provided by operating activities of continuing operations was
OUTLOOK
The Company does not provide formal financial guidance. The following forward-looking context is provided to assist investors in understanding management's operational priorities, and is subject to the risks and uncertainties described under "Cautionary Statement Regarding Forward-Looking Statements" below.
Management's operational priorities for the balance of 2026 include: (i) completing the build and achieving go-live of the
CONFERENCE CALL AND WEBCAST
Management will host a conference call and webcast to discuss the Company's second quarter 2026 results on Monday, August 17, 2026 at 8:30 a.m. Eastern Time. Participants may join by dialing +1 720 707 2699 (Meeting ID: 867 5256 5005, Passcode: 279379) or via live webcast at https://bit.ly/AxeComputeQ22026. A replay of the webcast will be available on the Company's investor relations website at investors.axecompute.com following the call.
ABOUT AXE COMPUTE
Axe Compute Inc. (NASDAQ: AGPU) is a neocloud AI infrastructure platform built on a fundamental premise: AI innovation should not be constrained by hardware choice or availability. The company provides enterprises and AI innovators with flexibility across hardware, geography, and deployment models through two core offerings: Axe Compute Access, delivering a wide range of the latest high-performance GPU infrastructure across global locations, and Axe Compute Build, enabling the design, deployment, ownership, and operation of large-scale, dedicated AI infrastructure worldwide. All solutions are supported by enterprise-grade SLAs and operational expertise. Axe Compute is headquartered in Pittsburgh, Pennsylvania. For more information, visit axecompute.com.
INVESTOR CONTACT
Erin McMahon, CMO and Head of Investor Relations
ir@axecompute.com | investors.axecompute.com
MEDIA CONTACT
Erin McMahon, CMO and Head of Investor Relations
erin@axecompute.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as well as Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the deployment timeline and revenue expectations for the
NON-GAAP FINANCIAL MEASURES
This press release includes “Adjusted EBITDA,” which is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss) adjusted to exclude: (i) interest expense (income), net; (ii) income tax expense (benefit); (iii) depreciation and amortization; (iv) stock-based compensation expense; and (v) unrealized (gains) losses on digital assets. Unrealized (gains) losses on digital assets represent mark-to-market, fair value adjustments related to digital assets and digital asset receivables, and do not include realized gains and losses on digital assets, including from ATH used to pay for compute the Company then sells to customers. Adjusted EBITDA is not a substitute for net income (loss) or any other measure of financial performance prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Management believes Adjusted EBITDA is useful to investors because it provides a supplemental measure of the Company’s core operating performance by excluding the effects of capital structure decisions (such as interest expense), non-cash charges (such as depreciation, amortization and stock-based compensation), unrealized fair value adjustments (such as changes in volatile market price of digital asset holdings) and tax impacts that can vary significantly between periods and across companies. Management uses Adjusted EBITDA to evaluate the Company’s performance, compare performance across periods, and assist in the allocation of resources. Investors are cautioned that Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under U.S. GAAP.
A reconciliation of Adjusted EBITDA to the most directly comparable U.S. GAAP financial measure is included in the tables accompanying this press release. To the extent the Company provides forward-looking Adjusted EBITDA guidance in connection with this release or the related earnings call, a reconciliation of such forward-looking non-GAAP measure to the most directly comparable U.S. GAAP measure may not be available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts, including but not limited to fair value adjustments on digital asset holdings, stock-based compensation expense, and other non-cash or non-recurring items, the timing and magnitude of which may be significant.
FINANCIAL STATEMENTS
SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| June 30, 2026 | December 31, 2025 | |
| ASSETS | ||
| Cash and cash equivalents | ||
| Accounts receivable | 3,321,426 | 32,120 |
| Compute prepayments (current) | 11,148,981 | — |
| Digital assets | 11,268,342 | 24,439,598 |
| Digital asset receivable (current) | 7,547,221 | 7,226,475 |
| Other current assets | 873,423 | 280,904 |
| Total current assets | 56,065,160 | 42,769,947 |
| Compute prepayments, net of current portion | 22,946,761 | — |
| Digital asset receivable, net of current portion | 2,745,004 | 8,258,681 |
| Property and equipment, net | 17,291,873 | 223,128 |
| Other non-current assets | 1,327,158 | 1,636,590 |
| Total assets | ||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||
| Accounts payable | ||
| Contract liabilities (current) | 33,645,987 | 144,076 |
| Other current liabilities | 2,546,883 | 2,282,212 |
| Total current liabilities | 38,686,908 | 4,266,896 |
| Contract liabilities, net of current portion | 27,108,685 | — |
| Other long-term liabilities | 535,168 | 904,495 |
| Total liabilities | 66,330,761 | 5,171,391 |
| Total stockholders' equity | 34,045,195 | 47,716,955 |
| Total liabilities and stockholders' equity |
SUMMARY STATEMENTS OF NET LOSS
(Unaudited)
| For the Three Months Ended | For the Six Months Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Revenue | ||||
| Gains (losses) on digital assets | — | — | ||
| Total operating costs and expenses | ||||
| Total operating loss | ||||
| Other income, net | ||||
| Net loss | ||||
| Net loss per share, basic and diluted | ||||
| Weighted avg. shares outstanding | 19,685,811 | 9,108,984 | 17,167,696 | 8,136,008 |
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(Unaudited)
| For the Three Months Ended | ||
| June 30, 2026 | June 30, 2025 | |
| Net loss from continuing operations | ||
| Net interest (income) expense | (74,928) | 789 |
| Income tax (benefit) expense | - | - |
| Depreciation and amortization | 26,234 | 32,611 |
| Stock-based compensation expense | 571,584 | - |
| Unrealized (gains) losses on digital assets | 11,798,221 | - |
| Adjusted EBITDA | $(4,884,771) | $(1,945,496) |
SUMMARY STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Six Months Ended | ||
| June 30, 2026 | June 30, 2025 | |
| Net cash provided by (used in) continuing operating activities | ||
| Net cash (used in) continuing investing activities | (17,121,106) | - |
| Net cash provided by continuing financing activities | 10,865,784 | 3,226,593 |
| Net cash provided by discontinued operations | - | 825,444 |
| Net increase (decrease) in cash and cash equivalents | $11,114,917 | $(228,595) |
______________________________
1 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and reconciliation tables.
2 Total contract value is an operating metric representing the aggregate estimated contractual spend under signed customer contracts, and may not represent revenue recognized in any particular period as separately determined in accordance with US GAAP.
3 Annualized run rate is an operating metric representing annualized monthly revenue upon full deployment of signed contracts. Annualized run rate is an estimate and does not represent revenue recognized in a particular period as separately determined in accordance with US GAAP.
