Key Highlights

  • Revenue for the quarter ended June 30 reached $31.1 million, up 270%, and the GAAP net loss was $75.0 million.
  • A $55.7 million income tax provision, linked to the May 8 merger's change in tax status, sits inside that loss.
  • Total contracted revenue stands at $1.9 billion, and accessible data center power grew by 125 megawatts to 253 megawatts.
  • Working capital was negative by about $23.6 million at June 30, while customer deposits totaled $128.4 million.

Boost Run (NASDAQ:BRUN) shares were trading near their 52-week low at USD 8.92 on October 19, 2026, up 0.34%. The Northbrook, Illinois, company rents bare metal NVIDIA GPU servers for artificial intelligence workloads and became publicly traded on May 8, 2026, through a merger with Willow Lane Acquisition Corp. Its second quarterly report as a listed company shows revenue more than tripling, a large GAAP loss and a balance sheet carrying sizable lease obligations and customer deposits.

Quarterly Results: Revenue Up 270%, Net Loss of $75.0 Million

For the three months ended June 30, 2026, Boost Run reported revenue of $31.1 million, compared with $8.4 million a year earlier. Lease revenue from renting NVIDIA GPUs contributed $30.4 million, and blockchain rewards from the Bittensor and Aethir networks $0.7 million. Operating costs rose to $44.0 million, including $18.1 million of depreciation and amortization, leaving an operating loss of $12.9 million against operating income of $3.0 million a year earlier. Interest expense was $5.1 million.

The largest single item was a $55.7 million provision for income taxes. Boost Run Holdings was previously a nontaxable partnership, and the company said the merger created no new tax basis, so it recognized deferred taxes on temporary differences existing at closing. The net loss was $75.0 million, or $1.67 per Class A share, basic and diluted. For the first six months, revenue was $42.1 million and the net loss was $79.2 million.

Contracts, Capacity and a Leveraged Balance Sheet

The company said total long-term contracted revenue stands at $1.9 billion and that it signed more than $1 billion of contracts during the second quarter. One, disclosed in a May 28 filing, is an agreement with Thinking Machines Lab for 5,000 NVIDIA B300 GPUs over an initial 36 months, with total contract value of about $471.7 million. Six U.S. data center locations are operating, three more are scheduled over the next six months, and partnerships added 125 megawatts, bringing accessible power to 253 megawatts.

Growth is capital intensive. The 10-Q lists a $1.44 billion purchase commitment, which the earnings release describes as an agreement with Dell that is fully committed and allocated. It is scheduled at $578 million in the first year and $215.5 million in each of years two through five. Management also said a further $4 billion to $5 billion of compute hardware procurement is in process.

At June 30, unrestricted cash was $120.2 million, with another $13.0 million restricted. Finance lease obligations were $238.1 million, operating lease obligations $119.5 million and customer deposits $128.4 million. Current liabilities of $178.7 million exceeded current assets of $155.1 million. Operating cash flow was positive $114.2 million for the six months, including a $112.9 million rise in customer deposits, while finance lease payments were $99.9 million.

Warrants, Resale Registration and Outlook

On July 21, Boost Run called all outstanding warrants for redemption at $0.01 each, with cash exercise at $11.50 open until August 20. As of July 24 it had received $58.8 million in gross cash from public warrant exercises. A prospectus supplement dated August 19 covers resales by selling holders of up to 58,738,753 Class A shares, and the company receives no proceeds from those resales. Boost Run is a controlled company under Nasdaq rules, with its chief executive holding about 90% of voting power as of July 1.

The company said it expects to exit fiscal 2026 with about $400 million of annualized recurring revenue and a sustainable net cash flow margin of 15% to 20% in forward periods. A July 9 order form for 1,536 B300 GPUs begins in March 2027, with total contract value of about $222.5 million.