| Summary of Significant Revenue Streams, Significant Segment Expenses and Other Segment Items |
The following tables present the significant revenue streams, significant segment expenses and other segment items regularly reviewed by our CODM, as well as consolidated net loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Colocation |
$ |
210,616 |
|
|
$ |
179,313 |
|
|
$ |
413,957 |
|
|
$ |
354,558 |
|
Interconnection |
|
24,661 |
|
|
|
27,493 |
|
|
|
49,614 |
|
|
|
54,034 |
|
Other |
|
12,580 |
|
|
|
12,885 |
|
|
|
25,603 |
|
|
|
22,498 |
|
Non-recurring |
|
12,345 |
|
|
|
12,028 |
|
|
|
19,701 |
|
|
|
21,005 |
|
Metered power revenues |
|
20,149 |
|
|
|
13,032 |
|
|
|
41,938 |
|
|
|
25,415 |
|
Total revenues |
|
280,351 |
|
|
|
244,751 |
|
|
|
550,813 |
|
|
|
477,510 |
|
Significant Segment Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Utilities |
|
(52,853 |
) |
|
|
(44,905 |
) |
|
|
(107,661 |
) |
|
|
(89,945 |
) |
Real estate |
|
(22,531 |
) |
|
|
(29,293 |
) |
|
|
(45,567 |
) |
|
|
(59,247 |
) |
Personnel |
|
(22,403 |
) |
|
|
(19,148 |
) |
|
|
(44,903 |
) |
|
|
(39,612 |
) |
Property taxes |
|
(9,884 |
) |
|
|
(6,857 |
) |
|
|
(21,540 |
) |
|
|
(15,021 |
) |
Repairs and maintenance |
|
(7,475 |
) |
|
|
(8,067 |
) |
|
|
(15,022 |
) |
|
|
(13,880 |
) |
Selling, marketing, general and administrative |
|
(35,170 |
) |
|
|
(22,720 |
) |
|
|
(60,892 |
) |
|
|
(45,648 |
) |
Gain on lease modification |
|
40,043 |
|
|
|
— |
|
|
|
40,043 |
|
|
|
51 |
|
Transaction and other costs |
|
(3,274 |
) |
|
|
(1,757 |
) |
|
|
(13,783 |
) |
|
|
(4,584 |
) |
Depreciation and amortization |
|
(89,581 |
) |
|
|
(64,151 |
) |
|
|
(174,079 |
) |
|
|
(127,884 |
) |
Other (loss) income, net |
|
(2,933 |
) |
|
|
1,929 |
|
|
|
(5,551 |
) |
|
|
1,625 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,313 |
) |
Interest expense |
|
(92,826 |
) |
|
|
(51,566 |
) |
|
|
(181,189 |
) |
|
|
(106,119 |
) |
Income tax (expense) benefit |
|
(12,231 |
) |
|
|
2,199 |
|
|
|
(482 |
) |
|
|
7,657 |
|
Other segment items (1) |
|
(18,060 |
) |
|
|
(14,343 |
) |
|
|
(34,967 |
) |
|
|
(28,433 |
) |
Segment net loss / Consolidated net loss |
$ |
(48,827 |
) |
|
$ |
(13,928 |
) |
|
$ |
(114,780 |
) |
|
$ |
(48,843 |
) |
(1) Other segment items are primarily comprised of cost of revenues related to data center security services, commissions paid to third-party business partners, and other professional services associated with site management.
|
| Summary of Disaggregated Revenue by Primary Geographic Region |
The following table provides information about disaggregated revenue by primary geographic region (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
United States |
$ |
252,341 |
|
|
$ |
225,811 |
|
|
$ |
493,428 |
|
|
$ |
443,517 |
|
Canada |
|
21,761 |
|
|
|
5,179 |
|
|
|
43,779 |
|
|
|
10,432 |
|
United Kingdom |
|
4,655 |
|
|
|
9,733 |
|
|
|
10,168 |
|
|
|
16,115 |
|
All other countries |
|
1,594 |
|
|
|
4,028 |
|
|
|
3,438 |
|
|
|
7,446 |
|
Total revenues |
$ |
280,351 |
|
|
$ |
244,751 |
|
|
$ |
550,813 |
|
|
$ |
477,510 |
|
|
| Summary of Long-Lived Assets by Primary Geographical Region |
The following table provides information about long-lived assets by primary geographical region (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
Right-of-use assets |
|
|
As of June 30,
2026 |
|
|
As of
December 31, 2025 |
|
|
As of June 30,
2026 |
|
|
As of
December 31, 2025 |
|
United States |
$ |
3,450,155 |
|
|
$ |
3,290,324 |
|
|
$ |
313,548 |
|
|
$ |
348,549 |
|
Canada |
|
577,879 |
|
|
|
622,378 |
|
|
|
1,395 |
|
|
|
1,652 |
|
United Kingdom |
|
34,573 |
|
|
|
38,387 |
|
|
|
4,920 |
|
|
|
5,036 |
|
Total |
$ |
4,062,607 |
|
|
$ |
3,951,089 |
|
|
$ |
319,863 |
|
|
$ |
355,237 |
|
|