Boost Run (BRUN) Q3 2026: revenue $39.9M, up 492%, contract value $2.7B, operating loss $17.1M

$BRUN reported third-quarter revenue of $39.9M, up 492% from a year ago and about 28% from the June quarter, and said its total contract value now stands at $2.7B, up $800M in three months. That answers the demand side of our thesis faster than the funding side: depreciation almost doubled to $34.8M as new servers came online ahead of their revenue, the operating loss widened to $17.1M, and finance lease liabilities rose to $399.5M. This recap walks the print, the contract book, the cash and the leases, the read across the neocloud names and what to watch next, against our /stocks/brun thesis.

The print

$BRUN reported the quarter ended September 30, 2026. No consensus figures are cited here: the release does not compare its numbers with estimates.

Q2 2026 figures are from the 10-Q for the June quarter; operating cash flow for Q3 is the release's figure. Changes are the 10-Q's or our arithmetic.

What moved the numbers:

• Growth. Revenue rose about $8.8M in a quarter, to an annual run rate near $160M (our arithmetic, four times the quarter). The release headline says 496% growth; the 10-Q, from the same $39.87M and $6.74M, says 492%, which is what the two figures give.
• The margin before the fleet. Revenue less cost of revenue was 95.5% of revenue (our arithmetic), close to the 94.5% of the June quarter. A GPU rental business has little direct cost besides the servers and the sites.
• The fleet. Depreciation and amortization went from $18.1M to $34.8M in one quarter, faster than revenue. New servers depreciate from the day they are in service; the contracts they serve ramp after that.
• Tax. A $9.7M benefit this quarter against a $55.7M deferred tax charge in June is why the net loss looks five times smaller. Before tax, the loss went from about $19.3M in the June quarter (our arithmetic) to $23.9M.

The contract book

• Total contract value of $2.7B, up $800M from the prior quarter, which the company describes as "either live, in current deployment or fully contracted and scheduled for deployment in 2027". It is a company measure, not a remaining performance obligation figure from the financial statements.
• The September contracts. The 10-Q adds that in September the company signed "multiple long-term customer agreements" running through 2032, with customer prepayments and a total value "in excess of $700,000" thousand, so above $700M.
• The ramp. The chief executive expects all contracts behind the $2.7B to be deployed in 2027, "with 26% of it live by the end of this month".
• Customers. The release names none. Cohere (about $525.6M) remains the largest customer we have on file, from the October 8-K.
• The hardware commitment. Under the April partnership agreement (about $1.44B over five years, $578M in year one), the 10-Q says qualifying orders at September 30 "substantially exceeded" the year-one minimum, and management does not expect a shortfall payment for at least a year.

The cash and the leases

• How the servers are paid for. Most of the fleet sits on finance leases: $572.8M of finance lease assets on the balance sheet, and $212.5M of lease payments in the first nine months. Those payments are financing cash flows, so they do not reduce the $172.6M of nine-month operating cash flow, of which $167.4M came from customer deposits.
• Free cash flow, nine months. Operating cash flow of $172.6M, less $36.0M of equipment purchases and $212.5M of finance lease payments, leaves about $76M negative (our arithmetic).
• New money in the quarter. All 11,447,717 public and private warrants were exercised before the August 20 redemption, for $131.6M of cash at $11.50 a share. The release adds about $600M of project-based financing secured this year and $482M of customer prepayments due when projects are deployed.
• The share count. 54,648,123 Class A and 29,533,018 Class B shares, about 84.2M in total, against 79.5M on the August cover. The warrants are gone, so that part of the overhang is closed.
• Controls. Disclosure controls were still "not effective" at September 30, because of the material weaknesses identified earlier in the year; remediation is under way.

The read across the neoclouds

The standing QA thesis on /stocks/brun is a neocloud whose demand question was being answered faster than its funding question, with a $578M year-one hardware bill against $120M of cash at the end of June.

• Demand. Confirmed and larger: $2.7B of contract value, against about $940M of backlog when the company listed.
• The year-one bill. Covered by orders, with $157M of cash, deposits and leases carrying it. The funding gap did not open a share sale: it moved into leases and prepayments.
• The bottom line. The cost of the fleet now lands before most of its revenue. With 26% of contract value live at the end of November, the next two quarters carry more depreciation and lease interest before the 2027 deployments pay.
• The target. Management expects "sustainable net cash flow margins of 15-20% in forward periods". It is an expectation, not a result, and the release does not define the measure.

Net read: the contract book and the funding path both moved the right way; the income statement is where the timing gap shows. The same pattern, at a much larger scale, sits under the AI-Capex Hyperscalers bubble's spending.

Peer reaction

$BRUN's closest correlated names in the QA universe are $NBIS (0.80), $CRWV (0.77), $APLD (0.74) and $SHAZ (0.74). Nebius reported this morning too (our Nebius recap) and CoreWeave on November 10 (our CoreWeave recap). Boost Run's release came out before today's open, so the session reaction was not established when this recap was written.

What worked

• Revenue up 492% in a year and about 28% in a quarter.
• Total contract value of $2.7B, up $800M in three months.
• Year-one purchase commitment under the partnership agreement already covered by orders.
• Cash up to $157.0M, with the warrants exercised for $131.6M and no warrant left outstanding.
• Customer deposits up to $182.8M: prepayments still fund part of the build.

What broke

• The operating loss. $17.1M, wider than the $12.9M of the June quarter, as depreciation nearly doubled.
• The leases. Finance lease liabilities of $399.5M, up $161M in a quarter, plus $80.2M of other financial obligations, against $170.6M of equity.
• The ramp gap. 26% of contract value live by the end of November; most of the $2.7B depends on 2027 deployments arriving on schedule.
• Reporting. Disclosure controls still not effective, and a release growth figure (496%) that differs from the 10-Q's (492%).
• The tape. A $7.38 close on November 11, down 24% over a month and 68% over three months in the data QA tracks.

What to watch

• The call for the split of the $2.7B by customer and by year, and how much of the $600M of project financing is drawn.
• Fourth-quarter revenue as the contracts starting November 30 come online, and depreciation against it.
• The $482M of prepayments due on deployment, and whether customer deposits show them.
• Cohere's acceptance milestone: a minimum of capacity accepted by July 15, 2027, or the right to terminate.
• Levels. The nearest auto-computed level on BRUN, the 0.786 retracement of the 52-week range, sits near $13.23, about 1.8 times the November 11 close.

The level map, the peer table and the standing thesis live on /stocks/brun, with the company primer in Boost Run explained. To follow the AI cloud names as a group, see the neoclouds theme.

Educational research on structural market dynamics. Not investment advice. QuantAbundance positions may change without notice.