QumulusAI (QMLS)


Market Price (7/20/2026): $13.91 | Market Cap: $438.9 MilSector: Information Technology | Industry: Systems Software

QumulusAI (QMLS)


Market Price (7/20/2026): $13.91
Market Cap: $438.9 Mil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include AI Software Platforms, Edge AI, Show more.

Weak multi-year price returns
2Y Excs Rtn is -66%, 3Y Excs Rtn is -100%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -16 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -108%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -258%

Key risks
QMLS key risks include [1] major execution challenges in scaling its HPC operations while pivoting from blockchain and [2] a critical 85% customer concentration with a single partner.

0 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include AI Software Platforms, Edge AI, Show more.
1 Weak multi-year price returns
2Y Excs Rtn is -66%, 3Y Excs Rtn is -100%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -16 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -108%
3 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -258%
4 Key risks
QMLS key risks include [1] major execution challenges in scaling its HPC operations while pivoting from blockchain and [2] a critical 85% customer concentration with a single partner.

Valuation & Metrics

Price Chart

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
QMLS Return-----0%0%
Peers Return3989%-7%195%61%92%21%42107%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
QMLS Win Rate-----0% 
Peers Win Rate64%50%73%54%58%43% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
QMLS Max Drawdown------ 
Peers Max Drawdown-35%-59%-38%-60%-54%-40% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CRWV, APLD, HUT, NVDA, SMCI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/17/2026 (YTD)

How Low Can It Go

QMLS has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

EventXLKS&P 500
2025 US Tariff Shock
  % Loss-25.7%-18.8%
  % Gain to Breakeven34.5%23.1%
  Time to Breakeven65 days79 days
2024 Yen Carry Trade Unwind
  % Loss-17.0%-7.8%
  % Gain to Breakeven20.4%8.5%
  Time to Breakeven92 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.0%-9.5%
  % Gain to Breakeven11.2%10.5%
  Time to Breakeven15 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.1%-24.5%
  % Gain to Breakeven49.5%32.4%
  Time to Breakeven246 days427 days
2020 COVID-19 Crash
  % Loss-31.2%-33.7%
  % Gain to Breakeven45.2%50.9%
  Time to Breakeven78 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.8%-19.2%
  % Gain to Breakeven31.2%23.8%
  Time to Breakeven100 days105 days

Compare to CRWV, APLD, HUT, NVDA, SMCI

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

QMLS has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

EventXLKS&P 500
2025 US Tariff Shock
  % Loss-25.7%-18.8%
  % Gain to Breakeven34.5%23.1%
  Time to Breakeven65 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.1%-24.5%
  % Gain to Breakeven49.5%32.4%
  Time to Breakeven246 days427 days
2020 COVID-19 Crash
  % Loss-31.2%-33.7%
  % Gain to Breakeven45.2%50.9%
  Time to Breakeven78 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.8%-19.2%
  % Gain to Breakeven31.2%23.8%
  Time to Breakeven100 days105 days
2008-2009 Global Financial Crisis
  % Loss-51.5%-53.4%
  % Gain to Breakeven106.2%114.4%
  Time to Breakeven797 days1085 days

Compare to CRWV, APLD, HUT, NVDA, SMCI

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About QumulusAI (QMLS)

QumulusAI (QMLS) is a cloud infrastructure company focused on providing high-performance, Graphics Processing Unit (GPU)-powered solutions tailored for Artificial Intelligence (AI) applications. The company differentiates itself through rapid deployment, activating revenue-generating GPU infrastructure within approximately 90 days, a stark contrast to the much longer timelines of traditional providers. QumulusAI's platform delivers flexible, competitively priced, and customizable GPU-as-a-Service (GPUaaS) to an underserved market of small and mid-sized customers, including machine learning teams, AI infrastructure startups, and research institutions, while also supporting larger enterprises.

Historically, QumulusAI had significant operations in blockchain asset management; however, its strategic focus and future growth are heavily centered on High-Performance Computing (HPC) for AI. The company is actively expanding its GPU capacity and reallocating power resources to accelerate its HPC business, anticipating that revenue from AI compute services will surpass blockchain operations by 2026. This shift is supported by recent divestitures of blockchain assets to inject capital for HPC development and planned substantial increases in deployed GPUs and power allocation dedicated to AI workloads.

AI Analysis | Feedback

It's like a DigitalOcean dedicated to providing high-performance GPUs for AI applications.

Think of it as an express version of AWS for AI infrastructure.

AI Analysis | Feedback

  • GPU-as-a-Service (GPUaaS): Provides rapid deployment of GPU-powered cloud infrastructure solutions tailored for artificial intelligence (AI) applications and high-performance computing (HPC) workloads.
  • Blockchain Asset Management: Manages and operates infrastructure for blockchain assets, primarily focusing on grid power allocation for blockchain loads.

AI Analysis | Feedback

QumulusAI (QMLS) primarily sells its services to other companies and organizations.

Its major customer categories include:

  • Small and mid-market customers, such as machine learning teams, AI infrastructure startups, and research institutions.
  • Large enterprises, which utilize QumulusAI for long-term deployments or supplemental on-demand compute capacity.

AI Analysis | Feedback

NVIDIA (NVDA)

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Michael Maniscalco, Chief Executive Officer, Chairman

Michael Maniscalco has served as QumulusAI's Chief Executive Officer and a member of its Board since September 2025. He was previously the Chief Technology Officer of Applied Digital Corporation (NASDAQ: APLD) from July 2023 to January 2025, where he transitioned the company's focus from blockchain data centers to high-performance computing (HPC) data centers and GPU-as-a-Service (GPUaaS). He also founded and successfully exited multiple ventures in chronic disease management, Internet of Things (IoT) and remote systems management, and intelligent building systems. Since February 2018, he has served as president of Pytheas Enterprises, a strategic consulting and fractional CXO services firm.

Scott Krosnowski, Chief Financial Officer

Scott Krosnowski has served as QumulusAI's Chief Financial Officer since February 2025. From October 2023 to February 2025, Mr. Krosnowski served as Senior Vice President, Finance, of private equity-backed go-to-market advisory firm, SBI Growth Advisory (Sales Benchmark Index, Inc.), where he supported M&A growth strategies. He was also the Chief Financial Officer of WAHA Technologies, Inc., a subsidiary of QumulusAI, from May 2022 to October 2023. Prior to that, from January 2016 to May 2022, he was the Chief Financial Officer of Arch Amenities Group (WTS International, Inc.), a global leisure management and consulting firm, where he was a minority owner and led infrastructure restructuring and supported rapid organic and M&A growth.

Ankur Chatterjee, Chief Integration Officer

Ankur Chatterjee has served as Chief Integration Officer since April 2023. He leads QumulusAI's HPC strategy and operations, including the deployment and management of GPU-intensive environments for AI infrastructure-as-a-service offerings. His career spans over two decades in technology infrastructure, systems integration, and operational leadership, including multiple ventures across private equity, cloud infrastructure, and edge computing.

Ryan DiRocco, Chief Technology Officer

Ryan DiRocco has served as Chief Technology Officer since September 2025. Prior to joining QumulusAI, he was the Chief Technology Officer at Performive, LLC, a VMware-focused managed multicloud provider, from June 2007 to October 2024. He brings over 20 years of expertise in IT, virtualization, enterprise networking, and managed services, having built and guided high-performing engineering teams.

Steve Gertz, Chief Growth Officer

Steve Gertz has served as Chief Growth Officer since December 2025 and previously as the Chairman of QumulusAI's Board from February 2025 to February 2026. He has been the founder of Rhythmic Ventures, a growth acceleration firm, since February 2017. Additionally, he was a co-founder of 11|TEN Innovation Partners, a healthcare-focused ecosystem and strategy consulting firm, from January 2017 to April 2024. He possesses over 25 years of experience in building high-impact partnerships across private equity, venture-backed companies, and large enterprises.

AI Analysis | Feedback

Key Risks to QumulusAI (QMLS)
  1. Execution Risk and Customer Concentration: QumulusAI faces significant execution challenges in rapidly scaling its High-Performance Computing (HPC) operations and transitioning its power capacity away from blockchain asset management. The company's growth strategy for 2026 relies on successfully deploying thousands of new GPUs and attracting sufficient customer demand to ensure HPC revenue surpasses blockchain revenue. A critical vulnerability is its high customer concentration, including an "85% dependency" on a single partner, RunPod, which poses a substantial risk if that partnership is disrupted. The success of these initiatives is subject to factors such as deployment timing, customer demand, power availability, and overall operational execution.
  2. Capital Requirements and Funding for Infrastructure Expansion: The nature of the GPU-as-a-Service business is highly capital-intensive, demanding continuous and substantial investment in specialized hardware like NVIDIA GPUs and data center infrastructure. While QumulusAI has secured some capital through the sale of blockchain assets and other financing, its ambitious plans for future expansion, including acquiring more powered land and expanding its data center footprint, face uncertainty regarding the timing and scale of such expansions due to ongoing capital requirements and the availability of financing. Additionally, the availability and cost of power and GPUs are ongoing considerations that could impact expansion.
  3. Competition and Rapid Technological Change: QumulusAI operates in the highly dynamic and competitive High-Performance Computing and Artificial Intelligence markets. Despite its focus on underserved small and mid-market segments, the company is exposed to intense competition from established large-scale cloud providers ("hyperscalers") and emerging specialized GPU-as-a-Service providers. The rapid pace of technological innovation in GPUs and AI architectures necessitates continuous adaptation and significant investment to maintain a competitive edge, with the inherent risk that existing infrastructure could quickly become less competitive or technologically obsolete.

AI Analysis | Feedback

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AI Analysis | Feedback

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AI Analysis | Feedback

QumulusAI (QMLS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  1. Significant Expansion of High-Performance Computing (HPC) Operations: The company's growth strategy is focused on HPC, with an expectation that HPC compute services revenue will exceed blockchain operations revenue for the first time in 2026. This growth is underpinned by planned deployments of over 5,800 additional GPUs, increasing the total HPC IT load to approximately 11.0 MW by the end of 2026.
  2. Accelerated Scaling of the HPC Business through Strategic Capital Allocation: QumulusAI received a $16.5 million cash injection from the sale of its interest in the T20 Mining Group joint venture. This capital is specifically intended to accelerate the development and scale of its HPC business. Additionally, the company plans to repurpose approximately 9 MW of on-grid power availability in Watonga for HPC data center expansion, representing approximately 6 MW of additional HPC IT load.
  3. Growth in Underserved Small and Mid-Market Segments: QumulusAI specializes in providing flexible, competitively priced, and customizable GPU-powered solutions for AI applications, targeting small and mid-market customers, including machine learning teams, AI infrastructure startups, and research institutions. This focus on a market segment often overlooked by larger hyperscalers is expected to drive customer acquisition and revenue growth.
  4. Rapid Deployment and Activation of GPU Infrastructure: The company distinguishes itself by deploying, activating, and producing revenue from GPU infrastructure within approximately 90 days, significantly faster than traditional providers who can take 12 to 24 months. This expedited path from procurement to revenue generation allows QumulusAI to scale its services and generate revenue more quickly from new capacity.

AI Analysis | Feedback

Inbound Investments

  • In October 2025, QumulusAI secured a $500 million non-recourse financing facility, structured through blockchain and stablecoin liquidity channels, to fund GPU deployments.
  • QumulusAI obtained $90 million in convertible notes from ATW Partners, consisting of two $45 million facilities in April and June 2026, with $30 million funded to date, specifically for NVIDIA Blackwell GPU procurement and data center infrastructure.
  • A substantial minority investment was made into Global Digital Holdings, Inc., the predecessor to QumulusAI, in October 2023.

Outbound Investments

  • Global Digital Holdings, Inc., which was later rebranded as QumulusAI, acquired The Cloud Minders, Inc. in April 2025, making it a wholly owned subsidiary. [BACKGROUND]

Share Issuance

  • Between January 1, 2025, and June 26, 2026, QumulusAI issued shares to investors at prices ranging from $3.00 to $23.15 per share.
  • The company completed a direct listing on the Nasdaq in July 2026, registering 37 to 39.5 million shares for resale by existing shareholders, but the company itself did not raise new capital through this listing.

Capital Expenditures

  • QumulusAI reported capital expenditures of -$30.89 million in the last 12 months.
  • The company plans significant expansion of its high-performance computing (HPC) business, with a 2026 roadmap that includes over 21,000 NVIDIA Blackwell GPUs planned across four quarters and an expectation to support approximately 11.0 MW of total HPC IT load by year-end 2026. [BACKGROUND, 6, 15]
  • A $16.5 million cash injection from the sale of its interest in the T20 Mining Group, LLC joint venture in February 2026 is intended to accelerate the development and scale of its HPC business. [BACKGROUND] Additionally, QumulusAI entered into approximately $26 million in multi-year lease financing in May 2026 for a 50-node NVIDIA B200 GPU cluster.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

QMLSCRWVAPLDHUTNVDASMCIMedian
NameQumulusAICoreWeaveApplied .Hut 8 NVIDIA Super Mi. 
Mkt Price14.2873.2125.7991.45202.8124.1849.50
Mkt Cap-38.67.310.24,925.414.514.5
Rev LTM156,227284284253,49133,7003,256
Op Inc LTM-16-163-66-139162,2851,511-41
FCF LTM-38-10,616-1,811-814119,076-6,850-1,313
FCF 3Y Avg---858-42476,825-2,929-641
CFO LTM-75,981-36-133125,648-6,693-22
CFO 3Y Avg---47-8780,777-2,798-67

Growth & Margins

QMLSCRWVAPLDHUTNVDASMCIMedian
NameQumulusAICoreWeaveApplied .Hut 8 NVIDIA Super Mi. 
Rev Chg LTM-129.9%104.9%114.6%70.7%56.2%104.9%
Rev Chg 3Y Avg--117.8%48.6%121.7%72.8%95.3%
Rev Chg Q82.8%111.6%139.3%225.5%85.2%122.7%117.1%
QoQ Delta Rev Chg LTM11.8%21.4%35.0%20.9%17.4%20.1%20.5%
Op Inc Chg LTM--158.0%-5,266.3%-99.3%88.3%15.1%-99.3%
Op Inc Chg 3Y Avg---1,728.8%-368.0%376.9%31.2%-168.4%
Op Mgn LTM-107.6%-2.6%-23.2%-49.0%64.0%4.5%-12.9%
Op Mgn 3Y Avg---19.4%-36.4%60.6%6.8%-6.3%
QoQ Delta Op Mgn LTM-22.3%-1.7%4.8%-7.6%3.6%0.8%-0.5%
CFO/Rev LTM-48.1%96.0%-12.7%-46.6%49.6%-19.9%-16.3%
CFO/Rev 3Y Avg---29.6%-49.8%50.5%-11.6%-20.6%
FCF/Rev LTM-258.1%-170.5%-637.3%-286.4%47.0%-20.3%-214.3%
FCF/Rev 3Y Avg---395.5%-213.3%48.3%-12.3%-112.8%

Valuation

QMLSCRWVAPLDHUTNVDASMCIMedian
NameQumulusAICoreWeaveApplied .Hut 8 NVIDIA Super Mi. 
Mkt Cap-38.67.310.24,925.414.514.5
P/S-6.225.635.719.40.419.4
P/Op Inc--237.4-110.5-72.930.49.6-72.9
P/EBIT--381.1-139.7-24.426.08.6-24.4
P/E--24.2-39.0-32.530.911.6-24.2
P/CFO-6.5-202.0-76.639.2-2.2-2.2
Total Yield--4.1%-2.6%-3.1%3.3%8.6%-2.6%
Dividend Yield-0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg---32.0%-18.3%2.4%-17.8%-18.1%
D/E-0.90.40.00.00.60.4
Net D/E-0.90.20.0-0.00.50.2

Returns

QMLSCRWVAPLDHUTNVDASMCIMedian
NameQumulusAICoreWeaveApplied .Hut 8 NVIDIA Super Mi. 
1M Rtn-33.4%-37.9%-44.6%-26.5%-3.7%-21.1%-29.9%
3M Rtn-33.4%-37.3%-18.2%22.1%0.7%-15.3%-16.8%
6M Rtn-33.4%-27.7%-31.0%53.3%9.0%-25.9%-26.8%
12M Rtn-33.4%-40.5%116.2%323.0%17.8%-53.3%-7.8%
3Y Rtn-33.4%83.0%233.6%770.1%346.4%-20.2%158.3%
1M Excs Rtn-32.7%-36.7%-43.5%-24.0%-1.5%-16.5%-28.3%
3M Excs Rtn-39.3%-44.7%-20.2%23.0%-3.5%-20.8%-20.5%
6M Excs Rtn-41.0%-26.1%-36.2%49.0%3.2%-22.1%-24.1%
12M Excs Rtn-52.4%-67.9%137.3%292.1%-0.6%-73.6%-26.5%
3Y Excs Rtn-100.1%16.3%157.4%703.4%296.1%-79.4%86.9%

Comparison Analyses

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Financials

Price Behavior

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QMLS Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta      
Up Beta
Down Beta
Up Capture0%0%0%0%0%0%
Bmk +ve Days11244067140429
Stock +ve Days      
Down Capture-0%-0%-0%-0%-0%-0%
Bmk -ve Days10172358112321
Stock -ve Days      

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with QMLS
QMLS----
Sector ETF (XLK)36.5%24.6%1.21-
Equity (SPY)20.2%12.6%1.18-
Gold (GLD)19.6%28.0%0.63-
Commodities (DBC)30.0%19.0%1.25-
Real Estate (VNQ)15.7%14.0%0.81-
Bitcoin (BTCUSD)-46.3%42.8%-1.33-

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with QMLS
QMLS----
Sector ETF (XLK)19.2%25.5%0.67-
Equity (SPY)12.8%17.1%0.57-
Gold (GLD)16.9%18.4%0.74-
Commodities (DBC)8.7%19.5%0.34-
Real Estate (VNQ)2.9%18.9%0.05-
Bitcoin (BTCUSD)13.6%53.5%0.44-

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with QMLS
QMLS----
Sector ETF (XLK)24.5%24.8%0.90-
Equity (SPY)15.3%17.9%0.73-
Gold (GLD)11.0%16.1%0.55-
Commodities (DBC)7.0%17.9%0.31-
Real Estate (VNQ)5.3%20.7%0.22-
Bitcoin (BTCUSD)58.5%66.2%0.99-

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Earnings Returns History

Updated 6/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202606/10/2026S-1/A
12/31/202504/07/2026S-1/A
09/30/202502/13/2026S-1/A
06/30/202510/17/2025DRS/A
Collapse to Preview
Report DateFiling DateFiling
03/31/202606/10/2026S-1/A
12/31/202504/07/2026S-1/A
09/30/202502/13/2026S-1/A
06/30/202510/17/2025DRS/A
Core Cache Last Updated: 7/19/2026