Csquare, Inc. · NYSE:CSQR
Csquare — Q3 2026 Earnings Presentation
24 slides from Csquare's earnings presentation, Nov 9, 2026
Slide 1: Q3 2026 CSQR Earnings Call
Q3 2026 CSQR Earnings Call November 9, 2026 Csquare, Inc.
Slide 2: Q3 2026 Highlights & Strategic Execution
Q3 2026 Highlights & Strategic Execution Record bookings, double-digit growth and expanding margins reflect strong execution across the platform Q3 2026 Financial Results Total Revenue Adjusted EBITDA(1) Adjusted EBITDA Margin(2) $302.3M $132.1M 47.8% +25.6% YoY +44.3% YoY +730 bps YoY 25.6% revenue
Slide 3: Q3 2026 Highlights & Strategic Execution (continued)
Q3 2026 Highlights & Strategic Execution (continued) Record bookings, double-digit growth and expanding margins reflect strong execution across the platform Q3 2026 Capital Deployment & Execution Contracted Power Capacity MW Growth Capital Expenditures Revenue Backlog(2) (Annualized) 428 MW $149M $1
Slide 4: Commercial Velocity | Bookings and Demand
Commercial Velocity | Bookings and Demand Strong bookings in Q3 expected to normalize from peak as we continue to selectively target strong customer counterparties QUARTERLY ANNUALIZED BOOKINGS Annualized Revenue($M) 64.7 66.1 62.6 64.2 49.4 49.5 43.8 40.2 36.5 33.3 31.8 Q1'24 Q2'24 Q3'24 Q4'24 Q1'2
Slide 5: Commercial Velocity | Q3'26 Pricing and Retention
Commercial Velocity | Q3’26 Pricing and Retention Strong pricing trends across new business and renewals, along with stable churn levels, are driving double digit revenue growth New Deal +E Pricing (1) New Deal All-in Pricing(1) $177/kW | +25% YoY $330/kW | +15% YoY Continued strength in pricing acr
Slide 6: Capital Deployment | Capacity Delivery and Development Economics
Capital Deployment | Capacity Delivery and Development Economics Ongoing investment across the portfolio is supporting the accelerating commercial velocity Q3’26 Growth Capital Expenditures Capital Expenditures Breakdown – Q3’26 ($M) $149M 72 Q3’26 Recurring 54 Capital Expenditures 23 16 $16M Capaci
Slide 7: Capital Deployment | Contracted Revenue Backlog & Cost to Complete
Capital Deployment | Contracted Revenue Backlog & Cost to Complete Strong bookings momentum has driven backlog to $114M of annualized revenue, with $104M scheduled to start in the next 12 months Q3’26 Revenue Backlog & Commencement Timing $114 $104 $114M $77 Annualized Revenue $27 $11 Q4'26 - Q2'27
Slide 8: Capital Deployment | Capacity and Embedded Growth Runway
Capital Deployment | Capacity and Embedded Growth Runway Demand exceeds current sellable capacity, with significant embedded expansion opportunities remaining across our in-place footprint Sellable Power 337 MW 1,055 MW 397 MW Contracted Power Capacity 166 MW 428 MW 155 MW +47% YoY 397 MW Contracted
Slide 9: Q3 2026 Financial Results
Q3 2026 Financial Results Double-digit recurring revenue growth drove strong Q3’26 Adjusted EBITDA performance $M Q3’26 Q3’25 % Change Q3 Net Loss Colocation $227.0 $179.2 +26.7 ($88.1M) Interconnection 24.3 26.1 (7.0) vs. ($29.8M) Q3’25 YoY increase in net loss driven by $58.6M Other recurring 12.7
Slide 10: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge Adjusted EBITDA expansion is being driven by strong portfolio growth supported by favorable operating leverage dynamics across the Csquare portfolio $8.7 $2.6 $132.1 $15.5 Adjusted EBITDA ($2.7) $16.4 $132.1M $91.6 +44.3% YoY Adjusted EBITDA Margin(1) Organic Growth Drivers 47
Slide 11: Balance Sheet and Capital Structure
Balance Sheet and Capital Structure Csquare’s IPO materially reduced debt and established a strong baseline for future growth and deleveraging Q3’26 Debt Summary ($M) Debt Maturity by Year(2) $1,805 Revolving Credit Facility $0 $1,300 Long-Term Debt(1) $3,843 $806 Finance Leases $433 $31 $102 Total
Slide 12: Debt Funding – Complete Backlog and In-process Projects
Debt Funding – Complete Backlog and In-process Projects Including full year impact of Q3 revenue commencements and completion of in-place backlog, Net Debt / Adjusted EBITDA is expected to decline to 7.7x Adjusted EBITDA + Backlog Leverage Summary Q3’26 Leverage 8.4x $14 $108 Full Year Impact of new
Slide 13: Csquare is well positioned to perform across market cycles
Csquare is well positioned to perform across market cycles • Essential infrastructure provider of space, power, cooling, and interconnection that serves as a backbone for the compute powering enterprise business activity • Solid in place customer base delivering $481M of annualized Adjusted EBITDA(1
Slide 14: 2026 Outlook and Guidance
2026 Outlook and Guidance Csquare is revising guidance following Q3’26 results Updated Previous Guidance $M 2025 Actuals 2026 Guidance 2026 Guidance Change +10/-10 Revenue $ 1,140 – 1,160 $ 1,130 – 1,170 $ (maintained $ 987.0 midpoint) Adjusted EBITDA $ 490 – 500 $ 460 – 480 $ +25 $ 390.0 (at midpoi
Slide 15: Supplemental Data, Non-GAAP Financial Reconciliations and Definitions
SUPPLEMENTAL DATA, NON-GAAP FINANCIAL RECONCILIATIONS AND DEFINITIONS
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2026 2025 2026 2025 Net loss $(88,149) $(29,811) $(202,929) $(78,654) Adjustments: Interest expense 71,448 59,668 252,637 165,787 Income tax expense (benefit) 14 (4,556) 4
Slide 17: Selected Supplemental Financial Information
Selected Supplemental Financial Information Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2026 2025 2026 2025 Selected Supplemental Financial Information Net favorable leasehold interest amortization(1) $1,029 $2,333 $3,054 $7,006 Transaction and other costs
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA (dollars in thousands) 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 Net loss $(88,149) $(48,827) $(65,953) $(41,250) $(29,811) $(13,928) Interest Expense 71,448 92,826 88,363 75,378 59,668 51,566 Income Tax (benefit) expense 14 12,230 (11,749) (6,302) (4,5
Slide 19: Disaggregation of Revenues
Disaggregation of Revenues Revenue Detail (dollars in thousands) 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 Colocation $227,038 $210,617 203,341 $207,951 $179,242 $179,313 Interconnection 24,286 24,661 24,953 25,460 26,117 27,493 Other 12,724 12,580 13,023 9,467 8,635 12,885 Non-recurring 12,15
Slide 20: Portfolio and Interconnection Summary
Portfolio and Interconnection Summary A diversified enterprise platform across major connectivity markets with opportunity to deepen network density Sellable Power 62 Data Centers 21 Metro Markets 1,700+ Customers 397 MW Seattle Interconnections 4 Sites Montreal 3 Sites 36,000+ Minneapolis Toronto 3
Slide 21: Demand + Capacity + Execution = Compounding Growth
The Csquare Investment Case A differentiated enterprise digital infrastructure platform with multiple pathways to compound growth Enterprise Demand Embedded Capacity Attractive Economics Network Effects Deleveraging $66.1M ~658 MW $4-8M/MW 36,000+ $1.16B Record Bookings in Identified Expansion Targe
Slide 22: Capital Structure – Multiple Paths to Addressing Future Maturities
Capital Structure – Multiple Paths to Addressing Future Maturities Csquare has multiple years before any material debt maturities, with a strong growth profile, established ABS market access, and multiple operating levers for managing the business if needed; refinancing outcomes are not dependent on
Slide 23: Public Disclosure Statement
Public Disclosure Statement Forward-Looking Statements This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (th
Slide 24: COOUARE
COOUARE