Boost Run Inc. Class A Common Stock

For the 3 months ended June 30, 2026, total revenue was $31.1 million, up 270% from $8.4 million in the prior year period and about 260% from Q1. GAAP operating costs and expenses were $44 million, resulting in a loss from operations of $12.9 million. GAAP net loss was $75 million, including $64.4 million of one-time noncash items tied to the public listing, including a $55.7 million tax expense, $7.3 million of stock-based compensation, and a $1.4 million loss on early debt extinguishment. The company ended Q2 with $120.2 million of unrestricted cash and $13 million of restricted cash, and as of August 12 had $134.7 million of unrestricted cash. Management said ARR grew from $30 million at the end of 2025 to $145 million in June and expects to reach approximately $400 million by year-end, reaffirming fiscal 2026 exit ARR of about $400 million. It also guided to a sustainable net cash flow margin of 15% to 20% moving forward.

Andrew Karos framed the quarter as the start of a larger scale-up, saying Boost Run is competing for the same customers and NVIDIA programs as much larger peers and has its largest pipeline ever. He emphasized that demand is not the constraint, with everything sold in the quarter already contracted before hardware was energized, and highlighted a shift from on-demand to longer-duration contracts as the business matures. His tone was highly confident and expansionary, centered on capacity, NVIDIA alignment, and the view that the company can keep repeating this build-and-monetize playbook.

Erik Guckel focused on the financial mechanics of the quarter: revenue of $31.1 million, GAAP operating loss of $12.9 million, and GAAP net loss of $75 million, with $64.4 million of those losses tied to one-time noncash public-listing items. He pointed to $128.4 million of customer deposits, including $34.9 million current and $93.5 million long term, and said the company expects a sustainable net cash flow margin of 15% to 20% driven by project cash flows and upfront customer payments. He also said the balance sheet was strengthened by $114.1 million of net proceeds from the business combination and $43.4 million from warrant exercises, with $134.7 million of unrestricted cash as of August 12.

Analysts focused on how Boost Run will allocate capacity between high-priced spot/on-demand demand and longer-term contracts, and how the company plans to fund its build-out. Management said it began in spot/on-demand and now uses a risk-management framework that balances duration, margins, and debt structure, while still valuing longer contracts for visibility. On financing, Andrew Karos said customer down payments are the starting point, supplemented by operating cash flow and balance sheet equity, and he noted the company is working with finance partners and evaluating opportunities such as NVIDIA-related programs. Questions also probed the warrant overhang and deployment pace; management said about 4.9 million to 5 million warrants remain outstanding before the August 20 deadline, and recent deployments are expected to come online by end of Q4, with projects continuing through year-end and into Q1.