v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash $ 19,967,188 $ 11,712,493
Restricted cash 19,925,104 0
Accounts receivable, net of allowance for credit losses of $365,133 and $2,263 as of June 30, 2026 and December 31, 2025, respectively 11,058,423 57,889
Prepaid expenses and other current assets 2,253,755 1,134,851
Total current assets 53,204,470 12,905,233
Property and equipment, net 44,006,002 12,502,886
Operating right-of-use assets, net 1,374,332 1,438,970
Finance right-of-use assets, net 47,919,004 6,996,077
Equity method investments 0 4,227,130
Investment in equity securities 1,000,000 0
Deposits on power equipment 26,022,880 13,622,641
Goodwill 31,416,827 31,416,827
Intangible assets, net 7,227,864 7,268,513
Other assets 2,830,837 1,356,216
Total assets 215,002,216 91,734,493
Current liabilities:    
Accounts payable 7,546,971 1,248,175
Dividend payable 359,188 359,188
Accrued expenses and other current liabilities 4,676,188 2,833,337
Deferred revenue 30,460,939 0
Current portion of USD.AI protocol loans 6,892,685 0
Operating lease liabilities - current portion 106,795 97,463
Finance lease liabilities - current portion 13,067,517 1,645,069
Deferred tax liability 238,317 423,381
Total current liabilities 66,507,183 12,140,082
Long-term notes payable, net of current portion 5,917,155 6,241,948
Operating lease liabilities 1,459,005 1,497,549
Finance lease liabilities 32,708,652 5,179,828
Warrant liability 2,968,793 1,382,955
Additional convertible notes option liability 38,721,000 0
USD.AI protocol loans, net of current portion 12,020,692 0
Convertible note payable 55,481,000 0
Total long-term liabilities 149,276,297 14,302,280
Total liabilities 215,783,480 26,442,362
Commitments and contingencies (Note 24)
Shareholders’ Equity (Deficit)    
Common stock - no par value; 500,000,000 shares authorized, 31,727,001 and 31,367,559 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 99,393,515 93,400,180
Additional paid-in capital 6,827,270 6,318,290
Accumulated deficit (109,788,460) (37,546,254)
Total shareholders’ equity (deficit) attributable to QumulusAI shareholders (3,567,675) 62,172,216
Non-controlling interests 2,786,411 3,119,915
Total shareholders’ equity (deficit) (781,264) 65,292,131
Total liabilities and shareholders’ equity (deficit) 215,002,216 91,734,493
Nonrelated Party    
Current liabilities:    
Current portion of notes payable 1,158,583 1,684,554
Related Party    
Current assets:    
Accounts receivable, net of allowance for credit losses of $365,133 and $2,263 as of June 30, 2026 and December 31, 2025, respectively 22,876 26,786
Current liabilities:    
Accounts payable 0 42,118
Current portion of notes payable $ 2,000,000 $ 3,848,915