Boost Run Inc.

Good morning and thank you for standing by. Welcome to the Boost Run Inc. Second Quarter 2026 Earnings Call. All participants are currently in listen-only mode. After the speaker's remarks, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your touch-tone telephone. Please note this call may be recorded. I would like to turn the call over to Cassidy Patterson, Investor Relations. Please go ahead.

Thank you and good morning, everyone. Welcome to Boost Run's second quarter 2026 earnings conference call. Joining me on the call today are Andrew Karos, founder and CEO, Erik Guckel, CFO, and Harry Georgakopoulos, COO. Before we begin, I'd like to remind you that today's discussion will include forward-looking statements within the meaning of the federal securities law, including statements regarding our expected future financial performance annual recurring revenue, contracted revenue backlog, net cash flow margin, and capital expenditure levels. Actual results may differ materially from those contemplated by these statements. Factors that could cause results to differ are described in our filings with the SEC, including the risk factors section of our most recent Form 10-Q. We undertake no obligation to update these statements except as required by law. We will also discuss certain non-GAAP financial measures, including ARR, run rate revenue, net cash flow margin, and our TCV slash CAPEX ratio. These measures should not be considered in isolation or as substitutes for the most directly comparable measures prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. A reconciliation of each historical non-GAAP measure to the most directly comparable GAAP measure is included in the appendix in today's investor presentation. And with that, I'll turn the call over to Andrew.

Good morning, everyone. Thank you for joining us. This is our first earnings call as a public company. I'm not going to spend time on how we got here. I want to talk about where we are going. This team built Boost Run from the ground up, and we have never been more excited about what is in front of us. I will cover the results briefly, spend most of my time on how we run this business, and Erik will then take you through the financials. To set the context of today's discussion, Boost Run today is roughly a $1.6 billion company, yet we sit in the same conversations, compete for the same customers, and participate in the same NVIDIA programs as companies 10 times our size. This access is earned. We believe that if we continue to execute, Boost Run has significant opportunity to grow from here. We believe Boost Run will play a major role in the AI revolution, and what we hear from customers and partners every day gives us that further conviction. Partners choose Boost Run because we bring capacity online faster than the market expects in accordance with reference architecture, a compelling economics, and with the compliance posture that regulated industries like financial services and healthcare demand. Our pipeline today is the largest in our history in project size, number of opportunities, and diversity and quality of customer. Quarterly update, Q2 revenue was $31.1 million, up approximately 270% year over year and approximately 260% from the first quarter. We signed significant contracts worth approximately $1 billion in TCV in Q2. Long-term contracted revenue, or TCV, stands at $1.9 billion with an average duration of approximately three years and an average prepayment of 22%. We obtained prepayment on every deal we closed. We expect to continue deploying capacity through fiscal year and into Q1 2027 bringing the full 1.9 billion of TCV lives in production. We operate six data center locations with three more coming online over the next six months. And our expanded partnerships bring total accessibility to 253 megawatts with more to come. We currently expect to exit fiscal 2026 with approximately 400 million of annualized reoccurring revenue. Our $1.44 billion purchase agreement with Dell is essentially fully committed and allocated, and we are in the process of a strategic procurement of an additional $4 to $5 billion of compute hardware with multiple OEMs. Upon completion on the terms we are pursuing, that would be a step change in the scale of this company anchored by contracted demand and pipeline visibility, and it would allow us to monetize the power commitments we can access today. We are not speculating on hardware. We invest in capacity based on visible trends and continued customer interactions, positioning ourselves ahead of the market rather than reacting to it. And we look forward to sharing exciting announcements over the coming months, new customer agreements, expanded capacity partnerships, and further progress on this procurement. Demand has not been our constraint today. Everything we sold this quarter was contracted before hardware was energized. Inference demand is currently heaviest, and we see no ceiling on it. AI adoption is moving from experimentation into production faster than customers can source capacity. We compete on the same calls for the same customers as providers many times our size, and quality wins those conversations. We're in active discussions with some of the largest GPU consumers in the world with requirements ranging from 10,000 to 50,000 GPUs. Those discussions are not yet contracts, and we will announce them only when they are. But here's the math that matters. Given the choice, under the current market conditions, we are preferentially deploy four 25 megawatt sites over 100 megawatt sites every time. Four sites come online faster and in parallel using a templatized design that has been battle tested across hardware generations and locations. Same capacity delivered sooner with less risk repeated throughout the year. That is a multi-billion dollar capacity. And the right question is whether we can run that playbook multiple times a year. We built this company to do exactly that. A moment on NVIDIA because the partnership is central to our strategy. Boost Run is an NVIDIA cloud partner and NVIDIA exemplar cloud. One of the smaller number of providers strictly adhering to NVIDIA's reference architecture in every certification we earn opens the door to the next customer. We work directly with NVIDIA on standardized capacity designs that we deploy consistently across sites, all of which are approved to conform with and Video Reference Architecture Standard. While our platform is architected to support and accelerate at scale, NVIDIA's next generation technologies sit at the center of our roadmap. Our ongoing collaboration gives us meaningful visibility into what's coming and together we're exploring deployments at scale that could meaningfully expand our footprint. Partnerships like this are built on execution and that remains our focus. Boostrun is built around four core inputs that drive our continued growth. One, the customer deliberately diversified portfolio selected on sector, project size, concentration, and credit worthiness reached through direct sales, channel partners, and Boostrun's platform for on-demand access. Second, co-location. We do not own our data centers. We partner with multiple providers and align CapEx with our expanded footprint. Third, Access to Hard Work, a multi-forward looking approach with our OEM partners in NVIDIA procuring in advance to meet customer demand in a capital efficient manner. Fourth, Finance. Strong relationships with multiple finance partners allowing us to scale responsibly through prudent use of leverage across short and long term structures. We run this company with a focus on operating cash flow by partnering rather than owning data centers. We avoid tying up billions in real estate, eliminate multi-year lead times, and keep capital pointed at revenue generating hardware. The discipline shows in the numbers. Adjusted SG&A was roughly 6.4 million against 31.1 million of revenue, about 20% meaningfully below our peer group with a reconciliation in our supplemental materials. And we use the technology we sell We run AI inference across our own operations and productivity gains are real. So how do we finance profitability growth? Six steps. A rigorous execution plan for every project with detailed project management and delivery milestones. A required prepayment on every customer agreement averaging 22% of PCB. Those prepayments are combined with the operating cash flow and where needed balance sheet equity to finance each project. That combination is intended to position every project to generate positive project NOI. As contract duration extends, our TCV to CapEx ratio continues to increase to 1.4 and above. We optimize duration to capture the on-demand market, which delivers higher pricing and higher margin through our purpose-built Boost Run platform. On that last point, currently more than 12% of our revenue comes from short-term on-demand contracts through the Boostrun platform. That is an intentional portfolio construction carrying higher pricing and higher margins, and very few in our space have sustained it at this scale. It is a durable, competitive advantage. Erik, over to you.