Business
Axe Compute Inc. Reports First Quarter 2026 Financial Results and Provides Business Update
Signed $260 Million Landmark Enterprise Contract - Largest in Company History Compute Services Revenue Commenced and Customer Prepayments Grew Appointed
About this update from Axe Compute Inc.
[{"type":"text","content":"Signed $260 Million Landmark Enterprise Contract - Largest in Company History Compute Services Revenue Commenced and Customer Prepayments Grew Appointed President and CFO to Executive Leadership Team PITTSBURGH, May 15, 2026 (GLOBE NEWSWIRE) -- Axe Compute Inc. (NASDAQ: AGPU), a virtual neocloud AI infrastructure platform delivering dedicated enterprise GPU compute capacity at global scale, today reported financial results for the first quarter ended March 31, 2026. Christopher Miglino, Chief Executive Officer, stated: \"Q1 2026 marked the beginning of contracts for our compute business, and April's $260 million contract announcement is the clearest signal yet of what this platform can deliver. We entered the quarter building infrastructure, and we exited it with paying customers and contracted revenue. Our pipeline now exceeds $4 billion and our goal of closing $1 billion in new customer agreements by the end of this year seems to be very much within reach, this will lay the foundation for years to come. With Kyle and Jeremy now in place as President and CFO respectively, we have the leadership team to execute at scale. Our focus now is getting the $260 million cluster live in Q3 2026 which translates to the commencement of $21M a quarter in revenue. We are expanding our sales team, and converting our pipeline into the next landmark contract.\" Q1 2026 AND RECENT BUSINESS HIGHLIGHTS $260 Million Enterprise Contract Signed (April 2026): The Company announced a 36-month take-or-pay contract for a dedicated cluster of 2,304 NVIDIA B300 GPUs and AI-focused high-speed storage infrastructure from a single U.S. Tier 3 data center facility. Deployment is targeted for Q3 2026. Once live, the contract represents approximately $21 million per quarter in recognized revenue over the 36-month service term. Kyle Okamoto Appointed President: The Company appointed Kyle Okamoto as President of Axe Compute. Mr. Okamoto leads the Company's commercial strategy, go-to-market execution, and enterprise customer relationships. His appointment strengthens the Company's senior executive team under CEO Christopher Miglino. Jeremy Yaukey-Witter Appointed Chief Financial Officer: The Company appointed Jeremy Yaukey-Witter as Chief Financial Officer. Mr. Yaukey-Witter previously served as the Company's Controller and has been central to building the financia...