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Table of Contents Quarterly Consolidated Statements of Operations, as a Percentage of Revenue Revenue Operating expenses: Compute and infrastructure Personnel Bartz settlement Sales, marketing, and partnerships Other operating and administrative Total operating expenses Operating income (loss) Interest income Change in fair value of convertible notes, derivative liabilities, and SAFEs Other income (expense), net Total other income (expense), net Loss before provision for income taxes Provision for income taxes Net loss Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 100 % 100 % 100 % 100 % 100 % 100 % 251 58 — 6 33 349 (249) 14 177 41 — 12 23 252 (152) 8 148 35 109 15 17 324 (224) 9 144 40 — 12 43 239 (139) 9 72 27 — 22 14 135 (35) 7 (1,516) (666) (663) (696) (270) — — — — (7) 48 16 — 18 9 92 8 7 (516) (73) (1,503) (658) (654) (687) (270) (582) (1,751) 2 (1,753)% (810) — (810)% (878) — (878)% (826) — (826)% (305) — (305)% (574) — (574)% ______________ Note: Totals of percentage of revenue may not foot due to rounding. Quarterly Trends Revenue Revenue increased sequentially in each of the quarters presented, from $376 million for the three months ended March 31, 2025 to $11.6 billion for the three months ended June 30, 2026. The increases in each quarter were driven by successive model and product releases that drove higher usage, expansion, and broader adoption across our offerings, with both consumption-based and subscription-based revenue contributing. Growth in customers generating meaningful revenue contributed across the periods: customers with $100,000 or more of revenue on a TTM basis grew from approximately 400 as of March 31, 2025 to more than 6,000 as of June 30, 2026. Operating Expenses Compute and Infrastructure Compute and infrastructure expenses increased sequentially in each of the quarters presented, from $944 million for the three months ended March 31, 2025 to $5.6 billion for the three months ended June 30, 2026, driven by the delivery of committed compute under our multi-year CSP arrangements. Because we typically procure compute 12 to 18 months in advance of availability, these expenses are generally fixed in the near term and increased as committed compute became available to us rather than in response to in-period demand. 158
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