Strong bookings and EBITDA growth, but cash earnings weakened and results met prior ranges

The market had a usable expectation anchor, but not a published consensus. No reliable analyst estimates were available for the quarter, so the cleanest benchmark is the preliminary six-month range disclosed before the IPO: revenue of $546.7–$552.2 million and Adjusted EBITDA of $221.1–$231.2 million. Actual first-half results landed inside both ranges, making the quarter broadly an in-line delivery rather than a clear beat.

Underlying operations were healthy, but not unexpectedly so. Revenue grew 14.5%, recurring revenue increased 12.8%, colocation revenue rose 17.5%, and Adjusted EBITDA grew 21% with margin expanding to 46.2% (Disaggregation of Revenues; Discussion of Non-GAAP Financial Measures). Bookings of $64.7 million were a record and exceeded management’s internal expectation, while contracted capacity reached 107% of sellable capacity and churn improved to 2.4% (Commercial Activity; Key Business Metrics). Those are strong operating indicators, but the filing does not quantify how far bookings exceeded expectations, limiting the size of the upside read.

The weaker part of the quarter was cash earnings. FFO fell 18.9% year over year to $40.8 million, while first-half operating cash flow dropped to $33.6 million from $65.5 million (FFO reconciliation; Cash Flow statement). The net loss widened to $48.8 million as interest expense rose to $92.8 million from $51.6 million (Income Statement). Management attributes much of this to the pre-IPO capital structure, and the post-quarter debt repayment is expected to remove approximately $63 million of annualized interest expense, but that benefit was not yet reflected in Q2 results (IPO Highlights).

The balance-sheet reset improves the forward picture, but growth is capital intensive. The IPO generated approximately $1.16 billion of net proceeds and reduced debt, while 2026 guidance remains $1.13–$1.17 billion of revenue and $460–$480 million of Adjusted EBITDA (IPO Highlights; 2026 Guidance Summary). Against that, the company expects $610–$660 million of non-recurring growth capital expenditures, including two large deals signed near quarter-end, and spent $128 million on growth capex in Q2 (Business Highlights; 2026 Guidance Summary). Net read: strong demand and operating execution offset by in-line financial delivery, falling FFO, and heavy capital needs — broadly mixed versus what was already known.