In short: AI accelerates. Q2 revenue +29% Y/Y to $281M with non-GAAP EPS $0.45 (a $0.19 beat) and adjusted EBITDA margin holding at 40%. AI is the step-up: AI customer ARR +212% to $234M, ARR from $1M+ customers +214% to $259M, and a record $93M of incremental ARR added — nearly triple last year. The backlog is the eye-catching number: RPO increased 12x to $894M, while the new Inference Engine saw token volume up 30x in its first 60 days. Capacity is now the binding constraint — roughly 155 MW secured, most coming online through 2027, with the buildout weighing on near-term cash (FY26 adjusted FCF margin guided to 11–13%). FY26 revenue guidance raised ~$37M to $1.17–$1.18B (+30–31%) with Q3 growth accelerating to 32–34%, and management reiterated confidence in exceeding 50% revenue growth in 2027. "Demand is accelerating faster than capacity, and the key execution challenge is bringing enough infrastructure online without sacrificing margins."
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