Csquare Posts Record Bookings Amid Post-IPO Debt Restructuring

The Texas-based company, which debuted on the New York Stock Exchange as CSQR on July 17, is banking on its carrier-neutral infrastructure to meet surging demand for cloud and AI-enabled workloads. Adjusted EBITDA rose 21% to $120.3 million, a performance CEO Spencer Mullee attributed to disciplined execution and strong operating leverage. The company’s Adjusted EBITDA margin expanded by 330 basis points, reaching 46.2%.

Despite the bottom-line loss, management emphasized that the financial picture is shifting. By utilizing proceeds from its $1.16 billion IPO to pay down debt, Csquare expects to trim its annual interest obligations by approximately $63 million. The company’s contracted power capacity grew 44% year-over-year to 410 MW, with utilization rates hitting 107%—a signal that demand continues to outpace current sellable capacity. Looking ahead, Csquare maintains a revenue guidance range of $1.13 billion to $1.17 billion for the full year 2026.