NYSE: CSQR
Csquare, Inc.CIK 0002105398 · SIC 7370 · Computer & Data Processing
Every 8-K is open in full. Other 10-Ks and 10-Qs show a 3-bullet preview. A free account reads 3 more full reports a month. Generating a report requires a verified account.
Sign up freeWant to see a complete report first? Today's free report (MU 10-K) is open in full — no account needed.
Csquare posts 15% revenue growth to $280.4M in Q2, completes IPO in July 2026
6 material changes detected. Sign up free to read the summary.
Summary not yet generated.
Partner
Trade CSQR commission-free
Open an account, get a free stock.
Investing involves risk. Free stock terms apply.
Summary not yet generated.
Summary not yet generated.
Csquare prices $1.05B IPO at $21/share; Brookfield keeps 69% voting control
5 material changes detected. Sign up free to read the summary.
Csquare's $1.2B net IPO proceeds to repay $1.17B debt; Q2 net loss widens 129-151%
5 material changes detected. Sign up free to read the summary.
Summary not yet generated.
Summary not yet generated.
Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | 280,351 | 244,751 | 550,813 | 477,510 |
| Costs and operating expenses: | ||||
| Cost of revenues, excluding depreciation and amortization | 133,206 | 122,613 | 269,660 | 246,138 |
| Selling, marketing, general and administrative | 35,170 | 22,720 | 60,892 | 45,648 |
| Depreciation and amortization | 89,581 | 64,151 | 174,079 | 127,884 |
| Gain on lease modification | (40,043) | — | (40,043) | (51) |
| Transaction and other costs | 3,274 | 1,757 | 13,783 | 4,584 |
| Total costs and operating expenses | 221,188 | 211,241 | 478,371 | 424,203 |
| Income from operations | 59,163 | 33,510 | 72,442 | 53,307 |
| Interest expense | (92,826) | (51,566) | (181,189) | (106,119) |
| Loss on extinguishment of debt | — | — | — | (5,313) |
| Other (loss) income, net | (2,933) | 1,929 | (5,551) | 1,625 |
| Loss before income taxes | (36,596) | (16,127) | (114,298) | (56,500) |
| Income tax (expense) benefit | (12,231) | 2,199 | (482) | 7,657 |
| Net loss | (48,827) | (13,928) | (114,780) | (48,843) |
| Net loss per share: | ||||
| Basic and diluted | (0.47) | (0.13) | (1.10) | (0.47) |
| Weighted average common shares outstanding: | ||||
| Basic and diluted | 103,887 | 103,887 | 103,887 | 103,887 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 120,843 | 140,159 |
| Restricted cash | 209,517 | 263,257 |
| Due from related parties | 7,768 | 144,451 |
| Accounts receivable, net of allowance for expected credit losses of $5,282 and $2,643 as of June 30, 2026 and December 31, 2025, respectively | 134,711 | 90,708 |
| Prepaid assets | 14,359 | 7,013 |
| Other current assets | 61,143 | 73,307 |
| Total current assets | 548,341 | 718,895 |
| Property and equipment, net | 4,062,607 | 3,951,089 |
| Right-of-use assets | 319,863 | 355,237 |
| Goodwill | 537,233 | 541,493 |
| Intangible assets, net | 404,825 | 436,299 |
| Other assets | 130,445 | 91,410 |
| Total assets | 6,003,314 | 6,094,423 |
| Liabilities and stockholders'/member's deficit | ||
| Current liabilities: | ||
| Accounts payable | 47,933 | 34,477 |
| Accrued expenses | 123,578 | 128,606 |
| Due to related parties | 3,335 | — |
| Contract liabilities, current | 100,653 | 96,358 |
| Operating lease liabilities, current | 39,566 | 41,755 |
| Finance lease liabilities, current | 13,209 | 15,020 |
| Total current liabilities | 328,274 | 316,216 |
| Contract liabilities, net of current portion | 159,990 | 122,762 |
| Long-term related party loan | 75,000 | — |
| Long-term debt, net of deferred financing costs | 4,890,179 | 4,755,553 |
| Operating lease liabilities, net of current portion | 320,117 | 391,577 |
| Finance lease liabilities, net of current portion | 422,787 | 428,364 |
| Deferred tax liabilities | 154,669 | 165,600 |
| Other liabilities, non-current | 40,915 | 41,097 |
| Total liabilities | 6,391,931 | 6,221,169 |
| Commitments and contingencies (Note 13) | ||
| Stockholders'/member's deficit: | ||
| Member's interest, 150,000 common shares authorized, 103,887 issued and outstanding as of December 31, 2025 | — | 1,094,620 |
| Common stock, 1,000,000 common shares authorized, 103,887 issued and outstanding as of June 30, 2026 | 1,039 | — |
| Additional paid-in capital | 1,092,791 | — |
| Accumulated deficit | (1,469,893) | (1,225,641) |
| Accumulated other comprehensive (loss) income | (12,554) | 4,275 |
| Total stockholders'/member's deficit | (388,617) | (126,746) |
| Total liabilities and stockholders'/member's deficit | 6,003,314 | 6,094,423 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities | ||
| Net loss | (114,780) | (48,843) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 174,079 | 127,884 |
| Amortization of deferred financing costs | 24,116 | 11,837 |
| Employee loan extinguishment | 8,340 | — |
| Loss on extinguishment of debt | — | 5,313 |
| Deferred income tax benefit | (6,562) | (8,167) |
| Gain on modification of leases | (40,043) | (51) |
| Unrealized loss on foreign exchange transactions | 10,247 | — |
| Other operating activities | 4,103 | 370 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (47,309) | (25,144) |
| Prepaid and other current assets | 3,682 | (1,736) |
| Operating lease right-of-use assets | 20,708 | 26,552 |
| Due to (from) related parties | 4,161 | 260 |
| Other assets | (36,669) | (21,771) |
| Accounts payable and accrued expenses | 8,474 | (46,343) |
| Other long-term liabilities | 40,012 | 63,499 |
| Operating lease liabilities | (18,938) | (18,130) |
| Net cash provided by operating activities | 33,621 | 65,530 |
| Investing activities | ||
| Purchase of property and equipment | (277,976) | (113,200) |
| Related party loans and deposits | 127,590 | — |
| Net cash used in investing activities | (150,386) | (113,200) |
| Financing activities | ||
| Borrowings on long term debt, net of discount | — | 908,204 |
| Repayments on long-term debt | — | (646,695) |
| Borrowings on revolving credit facility | 112,000 | 60,000 |
| Repayments on revolving credit facility | — | (207,900) |
| Repayment of finance lease liabilities | (6,116) | (8,066) |
| Distributions to members | (130,528) | — |
| Contributions from members | 266 | 732 |
| Borrowings related party | 75,000 | — |
| Payment of debt financing cost | (443) | (20,847) |
| Net cash provided by financing activities | 50,179 | 85,428 |
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (1,216) | (66) |
| Cash, cash equivalents and restricted cash | ||
| Net change in cash, cash equivalents and restricted cash | (67,802) | 37,692 |
| Balance, beginning of period | 403,416 | 120,587 |
| Balance, end of period | 335,614 | 158,279 |
| Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets | ||
| Cash and cash equivalents | 120,843 | 32,296 |
| Restricted cash | 209,517 | 125,983 |
| Long-term restricted cash held within Other assets | 5,254 | — |
| Total cash and cash equivalents and restricted cash | 335,614 | 158,279 |
| Supplemental disclosure of cash flow information: | ||
| Taxes paid (received) | 5,016 | (217) |
| Interest paid | 156,597 | 98,576 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗