Csquare is a leading North American enterprise digital infrastructure platform
providing carrier-neutral colocation and interconnection services that support
the applications powering the modern economy. We deliver mission-critical
infrastructure to a diversified customer base of more than 1,700 enterprise,
network, cloud, and technology customers. Our facilities support long-duration,
availability-sensitive workloads with high barriers to exit, underpinned by
strong customer retention, recurring revenue, and requirements for exceptional
reliability, security, and connectivity.
We own and operate a geographically diverse portfolio of highly engineered,
carrier-neutral data centers located in 21 major metropolitan markets across the
United States, Canada and the United Kingdom. Given our presence in strategic
locations, over 92% of the U.S. population is within two milliseconds of latency
from one of our data centers. Our data centers provide essential infrastructure,
including secure space, redundant power, advanced cooling systems, physical
security, and dense interconnection capabilities, enabling customers to deploy
and operate critical IT and network infrastructure.
As of March 31, 2026, our platform is comprised of 64 sites across 21 major
metropolitan markets, delivering approximately 389 megawatts (βMWβ) of Sellable
Power Capacity and more than 36,600 interconnection products.
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Our platform is purpose-built to serve enterprise customers with complex
operating requirements, including the need for network proximity, consistent
operating standards, and high service availability. We focus primarily on sub-5
MW colocation deployments within multi-customer, interconnection-rich
environments. We opportunistically can and will consider larger deployments
based on customer demand. This approach allows us to support a broad range of
long-standing blue-chip customers while maintaining high levels of operational
efficiency and scalability across our portfolio.
We generate a majority of our revenue from recurring colocation and
interconnection services under contractual arrangements that generally range
from one to seven years, with our average remaining contract term being
approximately 33 months as of March 31, 2026. We believe our diversified
customer base, combined with the mission-critical nature of our services and the
high switching costs associated with data center relocation, has contributed to
our Net Revenue Churn, which was less than 2% for each of the three months ended
March 31, 2026 and 2025, and stable, predictable cash flows.
Our multi-customer operating model is designed to drive significant customer
diversification and limit reliance on any single customer or industry vertical.
In addition, we believe our interconnection-rich facilities enhance customer
retention and support incremental revenue growth through cross-connects and
expansion deployments. As customers scale their infrastructure within our data
centers, we believe we will be able to benefit from embedded growth with limited
incremental capital investment.
Our customers rely on us as a critical infrastructure partner that simplifies
the deployment and operation of mission-critical IT environments. We provide a
geographically proximate, carrier-neutral colocation platform with pre-built
power and cooling infrastructure that can be activated and scaled quickly within
existing facilities. This enables enterprises to deploy capacity with short lead
times, predictable costs, and minimal upfront capital.
Because our buildings, infrastructure and fiber ecosystems are already in place,
customers benefit from low-latency connectivity, reduced execution risk, and
flexible, modular expansion without the complexity or capital intensity of
self-build or greenfield alternatives. This value proposition has driven
sustained demand and strong customer adoption.
Strong operating performance and cash generation have enabled us to fund growth
primarily through operating cash flow and disciplined financing activities. Our
expansions are typically executed within existing, transformer-enabled
facilities, requiring site-specific capital expenditures and typically costing
on a net basis approximately $4 million to $8 million per MWβmeaningfully lower
than the expected cost of greenfield development.
This capital-efficient expansion model allows us to add incremental revenue with
limited reliance on new building construction. As enterprises place additional
workloads into production, including hybrid cloud and inference use cases, our
portfolio of urban, carrier-neutral data centers provides a durable runway for
scalable growth.
We believe our portfolio, operating strategy, and customer mix position us to
benefit from long-term secular trends, including increased enterprise
outsourcing of data center infrastructure, growth in network-intensive and
latency-sensitive applications, artificial intelligence (βAIβ) inference, and
rising demand for reliable, secure, and interconnected digital infrastructure.
We believe our disciplined capital allocation strategy, strong corporate
liquidity and operating cash flows, as well as focus on operational excellence,
support sustainable growth.
Our business has grown rapidly since inception, including organically and
through acquisitions in January 2024 and October 2025. Our revenue was $270.5
million and $232.8 million for the three months ended March 31, 2026 and 2025,
respectively, representing year-over-year growth of 16%. Our revenue was
$987.0 million, $907.6 million and $198.3 million for the years ended
December 31, 2025, 2024 and 2023, respectively, representing year-over-year
growth of 9% and 358%, respectively. Our net loss for the three months ended
March 31, 2026 and 2025 was $66.0 million and $34.9 million, respectively. Our
net income (loss) for the years ended December 31, 2025, 2024 and 2023 was
$(119.9) million, $458.5 million and $(79.7) million, respectively. Our Adjusted
EBITDA for the three months ended March 31, 2026 and 2025 was $108.3 million and
$86.3 million, respectively. Our Adjusted EBITDA for the years ended
December 31, 2025, 2024 and 2023 was $390.0 million, $288.7 million and
$18.1 million, respectively. Our funds from operations (βFFOβ) for the three
months ended March 31, 2026 and 2025 were $18.5 million and $28.8 million,
respectively. Our FFO for the years ended December 31, 2025, 2024 and 2023 were
$152.0 million, $718.1 million and $(29.3) million, respectively. Adjusted
EBITDA and FFO are non-GAAP financial measures.
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We were organized under the laws of the State of Delaware as a limited liability
company on May 25, 2018 and converted to a corporation under the laws of the
State of Delaware on June 15, 2026. Our principal executive offices are located
at 3100 Olympus Blvd., Suite 510, Coppell, TX 75019. Our telephone number is
(855) 699-8372. Our website is located at https://www.csquare.com.
