Exascale Labs Reports 111% Revenue Growth and Completes Nasdaq Listing

Exascale Labs Holdings Inc. issued a Form 8-K on September 28, 2026, disclosing financial results for the fiscal year ended June 30, 2026, and announcing the completion of its business combination with D. Boral ARC Acquisition I Corp. The company’s Class A common stock and warrants began trading on the Nasdaq Global Market under the ticker symbols “XLAB” and “XLABW,” respectively, on August 28, 2026.

For the fiscal year 2026, Exascale reported total revenue of $14.8 million, representing an increase of 111.3% compared to $7.0 million in fiscal year 2025. The company attributes this growth to a 124.0% increase in revenue from its intelligent computing power service, driven by higher spending from existing customers and an expanding customer base. The customer renewal rate was approximately 68%.

Gross profit for fiscal year 2026 was $2.4 million, with a gross margin of 16.3%, compared to $1.1 million in gross profit and a 15.8% margin in fiscal year 2025. However, operating expenses rose to $7.2 million in fiscal year 2026 from $4.2 million in the prior year, largely due to a $2.7 million increase in research and development expenses and a $0.9 million increase in general and administrative expenses. This resulted in a net loss of $12.2 million for fiscal year 2026, compared to a net loss of $7.7 million in fiscal year 2025.

As of June 30, 2026, Exascale held $2.7 million in cash. Following the business combination on August 27, 2026, the company obtained access to net cash proceeds of approximately $11.8 million. The company also noted that all outstanding Simple Agreements for Future Equity (SAFEs) converted into Class A common stock upon the closing of the business combination.

In other operational news, Exascale entered into a non-binding Letter of Intent with Compal Electronics to jointly develop an 800 VDC validation platform for next-generation GPU systems. Additionally, the company signed a Memorandum of Understanding with EnergyBank to integrate floating offshore wind power and long-duration energy storage into its modular AI compute infrastructure. Exascale also appointed Jake Carney as Chief Financial Officer, effective September 25, 2026.