Axe Compute (AGPU) Q2 2026 Earnings Call: Signed Contracts Top $3.2 Billion
Source Tradingkey
Key Takeaways
- Q2 2026 revenue reached $3.2 million, up from $35,000 in Q1, marking Axe Compute’s first full quarter of compute revenue. All Q2 compute revenue came from the Access model; Build revenue had not yet started.
- The company reported a $17.2 million net loss, largely driven by $13.1 million of losses on digital assets. Adjusted EBITDA was approximately negative $4.9 million.
- Axe Compute had signed more than $3.2 billion in total contract value through August 2026, including $2.9 billion added during the first six weeks of Q3.
- Management expects annualized run rate to rise from $37 million at the end of Q2 to approximately $139 million as the April cluster goes live, and to exceed $696 million once the full signed book is deployed across Q4 2026 and Q1 2027.
- The company announced receipt of a customer prepayment exceeding $317 million for a cluster expansion and signed an agreement with Duos Technologies covering an additional 55 megawatts across multiple locations.
- Axe Compute is targeting an additional $2 billion of signed contracts by the end of 2026, supported by a $5.9 billion qualified pipeline spanning 98 opportunities.
Key Financial Data
| Metric | Q2 2026 / Period End | Comparison or Context |
|---|---|---|
| Revenue | $3.2 million | Up from $35,000 in Q1; entirely from Access |
| Net loss | $17.2 million | Included $13.1 million of digital-asset losses |
| Adjusted EBITDA | Approximately negative $4.9 million | Included roughly $0.9 million related to the legacy Drug Discovery Service segment |
| Operating cash flow | Positive $17.4 million | First half of 2026; primarily driven by customer prepayments |
| Cash | $21.9 million | Up from $6.9 million at the end of Q1 |
| Customer prepayments | $60.8 million | Balance as of June 30, 2026 |
| Digital assets and current digital-asset receivable | Approximately $18.8 million | Primarily comprised the Aethir token |
| Current contract liabilities | $33.6 million | Expected to be recognized as revenue within 12 months |
| Long-term contract liabilities | $27.1 million | Related to customer prepayments for compute |
| Annualized exit run rate | $37 million | At the end of Q2 |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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