QumulusAI

QMLS · NASDAQ

$3.56−$0.19 (−5.07%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $3.75

QMLS analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 3 analysts

Average $23.46 (+559.0% upside)

Low: $23.23
Now: $3.56
High: $24.15

Upgrades and downgrades

The latest rating actions, newest first

QMLS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Compass Point	Oct 16, 2026	Initiates	Buy	$9.00	17%
Chardan Capital	Sep 30, 2026	Maintains	Buy	$23.00	15%
Chardan Capital	Aug 27, 2026	Maintains	Buy	$24.50 → $23.00	15%
Chardan Capital	Aug 26, 2026	Maintains	Buy	$24.50	15%
Chardan Capital	Aug 12, 2026	Initiates	Buy	$24.50	15%

The case for and against

Updated Oct 16, 2026

Bull case

QumulusAI is viewed positively because it is rapidly converting customer demand into long-duration, take-or-pay contracts, including $240.9M of new AI inference agreements and a $211.9M incremental deal that lifts one base-term commitment to $283.8M, with extension options pushing value materially higher. Its fundamentals also point to improving operating momentum, as FQ2/26 revenue rose to $6.7M, compute revenue increased 116.8% QoQ, and the GPU fleet expanded to 3,088 units while 8 IT MW is already contracted or coming online. The outlook is further supported by strong unit economics, with implied pricing near $4.50 per GPU per hour and a $19M/MW run-rate, suggesting strong demand and room for additional contract wins as capacity scales.

Bear case

QumulusAI is facing a negative outlook because its growth plan depends on securing more than $190M of lease financing by year-end at a 12.0% interest rate, while $130.8M of debt and lease obligations already sit against just $39.9M of total liquidity. The company also reported a -$22.9M net loss in FQ2/26, and its -$0.8M adjusted EBITDA loss was helped by non-cash items rather than durable operating strength. Execution risk remains elevated given aggressive year-end targets, murky $300M ARR guidance, and heavy reliance on RunPod Inc for 71.9% of top-line compute revenue in Q1/26.

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