QumulusAI, Inc. · NASDAQ:QMLS
QumulusAI — Investor Presentation (September 2026)
32 slides from QumulusAI's investor presentation, Sep 22, 2026
Slide 1: Breaking AI's Bottleneck
Breaking Al's
Slide 2: Forward-looking Statements and Disclaimers
Q omnes 1) vrsctaruen Forward, looking Statements and Disclaimers
Slide 3: Why We Win
Why
Slide 4: Demand for AI infrastructure providers is compounding
Demand for AT infrastructure providers is compounding. It all runs on Al infrastructure Demand is proven: the binding constant is capacity build-out
Slide 5: Drivers of Demand
Drivers of Demand Better models. Better results.
Slide 6: Demand is real and it's repricing compute
Demand is real and it’s repricing compute GPU Rental Pricing Industry Trends S45
Slide 7: The bottleneck: data centers can't come online fast enough
Qoumaesss If THE BOTTLENECK Data centers can’t come online fast enough 2,060 GW 5+ years 30-50% ‘and still lengthening, to slip or be canceled connection —1.5x the entire installed US fleet
Slide 8: The market needs faster, more flexible access to compute
Q omnes 1/ oun FACTS wopeL The market needs faster, more flexible access to compute ‘We house the latest models of NVIDIA GPUs in colocation facilities and <SOMW capacity data centers to in months, on a quarterly deployment cadence that can accelerate time to bring GPU capacity online value for our
Slide 9: Tr
Tr
Slide 10: What's inside one megawatt of IT load
Qos What's inside one megawatt of IT load
Slide 11: Power footprint: what's live, signed, and held
Qoumaesss 1 Power FoorPRIN What's live, what's signed, and what we hold
Slide 12: What today's capacity generates, and its potential
What today's capacity generates, and its potential ee ~$75M | yr
Slide 13: Revenue backlog RPO of $173.1M
Q owns nasoag quis i: 15 11 REVENUE BACKLOG 2 RPO of $173.1M; ~$276M pro forma backlog with post-quarter signings cxrecren pevenve aecoostyoM ay vear = aeronteD g@ APO ve. Pao ForwA sAceLoe C2Liueraatz¥E) ~S276M ‘$173.1 Phe aoe ovsomienngarae 8
Slide 14: Selected news, June-August 2026
Selected news, June-August 2026 Metro Atlanta site anchors the next 3.75 MW me DDRW becomes a customer fora dedcated 8300 cluster uo >, e000 “Agentic hedge fund runs on QumulusAl Blackwell capacity ‘S7LOM three-year agreement with a Alinfrence platform '$32M two-year Biackwell 8300 agreement for gen
Slide 15: Distributed for speed now, positioned for inference next
Distributed for speed now, positioned for inference next a ° ¢ a ha crt
Slide 16: A network of sites: how we build it, and why it compounds
Qoumnes A network of sites: how we build it, and why it compounds Find Deploy Monetize “Today, distribution is a means to an end. Over time, we think it becomes the end itself.”
Slide 17: Who We Work With
Qoumaesss Who We Work With Anvioin <eR Dedric mise ems Wovetuster = \N WEKA Sorcees OUSD.AL Gwvainosco — Gfieooter ince Ganercy Ofal = baseten Az @Shadeform DRW @runpod S QUBRIDA] #4 HYPERBOLIC B) scorns @ Data Room Al — jyeeno)
Slide 18: Slide 18
Slide 19: Customers open with "When can I be running?"
Q omnes 1h oway we wow Customers don't open with price. They open with "When can I be running?” — we a pe
Slide 20: Smaller, distributed sites reach power faster than large campuses
Smaller, distributed sites reach power faster than large campuses. Pockets of 2-60 MW of exiting ox near-rendy ower, ‘mostly in colocation, brought online in month: 1. More sites to choose from, and in many jurisdictions, a lower bar for permits and approvals. 2. Faster builds and lower delivery ris
Slide 21: Validated by NVIDIA. Built for production.
Validated by NVIDIA. Built for production. Qumulislis an official NVA delivering i production se: reference archi loud Porn cog structure purpose-built for modern Al worklo: AE DIRGG DUR od Valostod Goan Faster time Consistent Confidence to production Performance at inthe ale investment Preferred vi
Slide 22: Customer testimonials
Q omnes 11 FROM THE souncE Customer testimonials ff compute for customers building Al at scale.” 3p scele, iterate That abilty to keep learning is fundamental 1 finding new edge.” Bich Norman, Chiat Infomation dedicated, + Hyperbolic DRW' @Shadeform
Slide 23: Team
Tean
Slide 24: At the helm: an operator who's scaled GPU cloud
At the helm: an operator who's scaled GPU cloud Georgia Tech Stanley x Applied Digital (CTO) Qumulusal (CEO)
Slide 25: A team that has built
Qoumaesss team that has buil ‘2080008 £ . 9@4e60
Slide 26: Slide 26
Slide 27: Q2 2026 financial summary
Qos Q2 2026 financial summary Operas caseisoa Acted TOA an OM)" (zsar06 wae90%8) (240047001 (wszen $173.1M nai petrmance abostens 66.6% +96% $(0.8)M enc EOTOA*
Slide 28: Statement of Operations
Qos Statement of Operations +118% +104% esse ‘0206007 waseem
Slide 29: Balance sheet & liquidity snapshot
Qos Balance sheet & liquidity snapshot Telstra td $215.0M 2702210 Eedngcash tread 367060 T7480 800203. 99807202 mange 7a7e.440 Co
Slide 30: Operating loss and net loss bridge
Qos If OPERATING Loss + NET Loss BRIDGE H1 2026 net loss is almost entirely non-cash perstng nas we SGM toe the HT 2028 ‘Te reportee $72.4M net loss s avon by $73.0 on f2h on he see of ecu Inetrodinesmente— ot by operations.
Slide 31: Adjusted EBITDA reconciliation
Qos Adjusted EBITDA reconciliation $(0.8)M
Slide 32: This isn't hyperscale.
This isn't hyperscale. It's