Exascale Labs Holdings Inc. (XLAB) appointed Jake Carney as chief financial officer effective September 25, 2026, and Gildas Bonnier’s service as interim chief financial officer ended that day after the company completed its search for a permanent CFO. Bonnier’s departure was not the result of a disagreement with the company regarding its operations, policies or practices.
Carney, 38, has 15 years of experience across banking, investment advisory and fintech. His prior roles include chief financial officer of ARC Group Securities Acquisition I and Deal Flow Capital. Under an employment agreement effective September 25, 2026, he will receive a base salary of $6,000 per month and be eligible for employee benefit plans and programs generally available to similarly situated employees, subject to those plans’ terms.
Exascale Labs Holdings Inc. reported fiscal 2026 revenue of $14,822,799, up 111% from $7,015,512 in fiscal 2025. Its unaudited consolidated statements show a net loss of $12,162,391, compared with $7,659,667 a year earlier. Intelligent computing power service increased 124%, and the customer renewal rate was around 68%.
Management reported a qualified customer pipeline of approximately $300 million and described an MOU with EnergyBank for offshore wind-powered compute and a letter of intent with Compal for an 800 VDC platform. The company said the MOU and LOI are non-binding and that it is focused on converting opportunities into signed contracts.
The June 30, 2026 balance sheet reflects Exascale as a standalone private company and excludes the effects of the business combination that closed August 27, 2026. It listed total assets of $6,726,725, including $2,693,586 in cash and cash equivalents and $2,160,746 in U.S. Dollar Coin, against total liabilities of $31,885,500.
Exascale Labs Holdings Inc. (XLAB) completed its business combination on August 27, 2026, with Exascale Labs Inc. surviving as its wholly owned subsidiary. Its Class A common stock and warrants began trading on Nasdaq under XLAB and XLABW on August 28, 2026.
For the year ended June 30, 2026, Exascale Labs Inc. reported revenue of $14,822,799, versus $7,015,512 in 2025, and a net loss of $12,162,391, versus $7,659,667. Operating cash used was $2,754,624, compared with $1,010,799. At closing, outstanding SAFEs converted into Class A shares, and Exascale Labs Inc. accessed approximately $11.8 million in retained business-combination proceeds. Management’s forecast supported its conclusion that substantial doubt about going concern had been alleviated and that liquidity would cover at least 12 months after the statements were issued.
After closing, 64,334,789 shares were outstanding: 33,689,050 Class A and 30,645,739 Class B. Class B shares carry 20 votes each, versus one vote per Class A share. Hoansoo Lee became CEO, and Jake Carney became CFO effective September 25, 2026.
Exascale Labs Holdings Inc. reported that predecessor Exascale Labs Inc. generated $14,822,799 in fiscal 2026 revenue, versus $7,015,512 in fiscal 2025. Gross profit was $2,418,253 versus $1,105,197; net loss widened to $12,162,391 from $7,659,667, and operating cash used rose to $2,754,624 from $1,010,799.
The Business Combination closed August 27, 2026. Former Legacy Exascale holders received 19,354,261 Class A and 30,645,739 Class B shares as $500.0 million of merger consideration, based on a deemed $10.00 per share. All outstanding SAFEs converted into Class A shares at closing; SAFE liabilities were approximately $29.1 million at June 30, 2026. The company obtained access to approximately $11.8 million in retained cash proceeds.
At June 30, 2026, cash and cash equivalents were $2,693,586, USDC was $2,160,746, and current liabilities were $31,885,500. Those conditions raised substantial doubt about Legacy Exascale’s ability to continue as a going concern. After considering the combination, SAFE conversion, cash proceeds and forecast, management concluded the doubt was alleviated and expected sufficient liquidity for at least 12 months after the financial statements were issued.
Exascale Labs Holdings Inc. (XLAB) reports the initial beneficial ownership of director Jia Wenying. The filing shows indirect ownership of 25,645,739 shares of Class B Common Stock, held through Zerowave Ltd, which are convertible on a one-for-one basis into Class A Common Stock.
Jia Wenying is the sole member and manager of Zerowave Ltd and has sole voting and dispositive power over these shares. Class B shares may convert into Class A at the holder’s option at any time by written notice to the transfer agent and automatically convert upon certain transfers to non‑Qualified Stockholders.
Exascale Labs Holdings Inc. (XLAB) filed an initial statement of beneficial ownership for Kariv Shachar, who is identified as a director of the company. The filing reports no non-derivative or derivative holdings and no reportable transactions at this time.
Exascale Labs Holdings Inc. (XLAB) director Shin Jaeyoung has filed an initial Form 3 reporting status as a director of the company. The filing lists no equity transactions and no reportable holdings or derivative positions as of the reporting date.
Exascale Labs Holdings Inc. (XLAB) disclosed that director and Chief Executive Officer Lee Hoan Soo has reported indirect holdings of Class B Common Stock that are convertible into Class A shares. The holdings include 2,000,000 Class B shares held by HSL Capital Management LLC, where he is sole member and manager with sole voting and dispositive power.
Additional indirect holdings comprise 1,000,000 Class B shares in each of the Jisu Paul Lee, Sophia Jisun Lee, and Gabriel Jihwan Lee Non-Grantor Directed Trusts, where he is settlor and investment advisor and each trust’s beneficiary is his child. Each Class B share converts into one Class A share at the holder’s option and automatically converts upon certain transfers to non‑Qualified Stockholders.
Exascale Labs Holdings Inc. (XLAB) has a new director, David Edward Card, who filed an initial statement of beneficial ownership on Form 3. The filing reports no transactions and no equity holdings or derivative positions for him as of the reporting date.
Exascale Labs Holdings Inc. (XLAB) appointed Gildas Bonnier as Interim Chief Financial Officer and principal financial officer, effective September 4, 2026, while it conducts a formal search for a permanent CFO. He will report to the CEO and be subject to oversight by the Board’s Audit Committee.
The company entered into a consulting agreement under which Mr. Bonnier will receive a $10,000 monthly fee, payable in arrears, as his sole compensation, with no bonus, equity, severance, or employee benefits. The agreement continues until a permanent CFO starts or is earlier terminated, including by either party on 10 days’ written notice.
Mr. Bonnier, 51, has more than 20 years of experience in capital-intensive industrial infrastructure businesses, including senior roles at Air Liquide overseeing a $900 million business unit and partnerships involving approximately $325 million of contemplated capital investment, as well as leadership roles at Nikola Motors and co-founding Grove Hydrogen Solutions.