Csquare, Inc. (NYSE:CSQR) filed its third-quarter 2026 earnings disclosure on November 9, 2026, reporting revenue of $302.3 million, record bookings, and balance sheet changes following its July 2026 initial public offering.

Key Highlights

  • Revenue up 25.6% year-over-year: Total revenue reached $302.3 million in Q3 2026, compared to $240.8 million in Q3 2025, according to the filing.
  • Record bookings of $66.1 million: The company reported its 14th consecutive quarter of sequential bookings growth, up from $49.5 million in Q3 2025.
  • Net loss of $88.1 million: The filing attributed the loss primarily to $58.6 million of IPO-related transaction and compensation costs, plus higher interest expense.
  • Adjusted EBITDA rose 44.3%: Adjusted EBITDA increased to $132.1 million from $91.6 million in Q3 2025, with margin expanding to 47.8% from 40.5%.
  • IPO generated approximately $1.16 billion in net proceeds: Proceeds were used to repay approximately $1.1 billion of outstanding debt.
  • Contracted power capacity reached 428 MW: Contracted utilization stood at 108%, against sellable capacity of 397 MW.
  • Full-year 2026 guidance updated: The company now expects total revenues of $1.14 to $1.16 billion and Adjusted EBITDA of $490 to $500 million.

Csquare Reports Q3 2026 Results: Revenue Growth, IPO Impact, and Updated Guidance

According to the filing, Csquare posted total revenue of $302.3 million for the fiscal third quarter ended September 30, 2026, representing a 25.6% increase from $240.8 million in the prior-year period. The company disclosed that revenue excluding metered power increased 22.1% to $276.2 million. Growth was attributed to continued demand for the company's colocation platform, customer deployments across existing and newly acquired facilities, and expansion of recurring infrastructure services.

The company disclosed a net loss of $88.1 million for the quarter, compared to a net loss of $29.8 million in Q3 2025. The filing stated the increase was "primarily driven by higher year-over-year interest expense, IPO-related transaction costs, post-IPO stock-based compensation expenses, and costs associated with terminating certain pre-IPO compensation arrangements," totaling $58.6 million in IPO-related charges. Net margin for the quarter was reported as (29.2%). Adjusted EBITDA, which the company reconciles separately in accompanying financial tables, rose 44.3% to $132.1 million, with margin expanding to 47.8% from 40.5% in the prior-year period.

The filing noted that Csquare completed its initial public offering in July 2026, selling 50.0 million shares at $21.00 per share, with underwriters subsequently exercising their option to purchase an additional 7.499 million shares at the same price. In aggregate, the offering generated approximately $1.16 billion in net proceeds after underwriting discounts and commissions, which the company used to repay approximately $1.1 billion of outstanding indebtedness. For full-year 2026, the company updated its guidance to total revenues of $1.14 to $1.16 billion and Adjusted EBITDA of $490 to $500 million, narrowing prior ranges of $1.13 to $1.17 billion and $460 to $480 million, respectively. The company also disclosed approximately $114 million of contracted annualized revenue backlog entering Q4 2026, with approximately $104 million expected to commence over the next twelve months.

What Was Disclosed

Csquare disclosed its Q3 2026 financial results, including 25.6% revenue growth, a net loss of $88.1 million linked largely to IPO-related costs, record bookings of $66.1 million, Adjusted EBITDA of $132.1 million, and updated full-year 2026 financial guidance, alongside details of its July 2026 IPO and debt repayment.