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Second Quarter 2026 Earnings Presentation August 17, 2026 Christopher Miglino Chief Executive Officer Jeremy Yaukey-Witter Chief Financial Officer Kyle Okamoto President NASDAQ: AGPU · www.axecompute.com · Filmed on location at an Axe Build data center
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Important Disclosures Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding signed contracted value, anticipated customer prepayments, deployment timing, annualized run rate, expected margins and profitability, financing structures, potential future contract signings, and future performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including those described in the Risk Factors section of Axe Compute's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. Axe Compute undertakes no obligation to update them except as required by law. Financial Figures Quarterly financial figures presented are as reported in the Form 10-Q filed on August 14, 2026. Annualized run rate (or “ARR”) is an operating metric representing annualized monthly revenue upon full deployment of signed contracts. Total contract value (or “TCV”) is an operating metric representing the aggregate estimated contractual spend under signed customer contracts; ARR and TCV may not represent revenue recognized in a particular period as separately determined in accordance with US GAAP. Signed contracts are subject to deployment, customer acceptance, and the other risks described in our SEC filings. Illustrative steady-state economics are model-derived, blended across signed Build contracts, and do not constitute guidance. Non-GAAP Measures This presentation includes “Adjusted EBITDA,” which is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss) adjusted to exclude: (i) interest expense (income), net; (ii) income tax expense (benefit); (iii) depreciation and amortization; (iv) stock-based compensation expense; and (v) unrealized (gains) losses on digital assets. Unrealized (gains) losses on digital assets represent mark-to-market, fair value adjustments related to digital assets and digital asset receivables, and do not include realized gains and losses on digital assets, including from ATH used to pay for compute the Company then sells to customers. Adjusted EBITDA is not a substitute for net income (loss) or any other measure of financial performance prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Management believes Adjusted EBITDA is useful to investors because it provides a supplemental measure of the Company’s core operating performance by excluding the effects of capital structure decisions (such as interest expense), non-cash charges (such as depreciation, amortization and stock-based compensation), unrealized fair value adjustments (such as changes in volatile market price of digital asset holdings) and tax impacts that can vary significantly between periods and across companies. Management uses Adjusted EBITDA to evaluate the Company’s performance, compare performance across periods, and assist in the allocation of resources. Investors are cautioned that Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under U.S. GAAP. A reconciliation of Adjusted EBITDA to the most directly comparable U.S. GAAP financial measure is included in this presentation. To the extent the Company provides forward-looking Adjusted EBITDA guidance in connection with this release or the related earnings call, a reconciliation of such forward-looking non-GAAP measure to the most directly comparable U.S. GAAP measure may not be available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts, including but not limited to fair value adjustments on digital asset holdings, stock-based compensation expense, and other non-cash or non-recurring items, the timing and magnitude of which may be significant. No Offer or Solicitation This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Axe Compute or any of its affiliates. No securities are being offered or sold in any jurisdiction where such offer or sale would be unlawful. Third-Party Information Certain information contained in this presentation has been obtained from third-party sources. While Axe Compute believes such information to be reliable, it has not independently verified the accuracy or completeness of such information and makes no representation or warranty, express or implied, as to its accuracy or completeness. 2
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Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 3 Company Overview Axe Compute (Nasdaq: AGPU) is a neocloud AI infrastructure platform providing enterprises and AI innovators with dedicated compute across two growth engines: Axe Build and Axe Access. Build Primary Growth Engine Axe Compute designs, deploys, owns and operates dedicated GPU clusters worldwide, delivering fully integrated AI infrastructure to customers. Access Complementary Recurring Stream Axe Compute offers high-velocity access to GPU infrastructure across global locations, with flexibility across geographies, hardware generations and deployment models. THE COMPANY · CHRISTOPHER MIGLINO, CEO
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THE MARKET · CHRISTOPHER MIGLINO, CEO A generational build-out. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 4 $6.7T Data center investment needed by 2030 (McKinsey) $5.2T Of that, investment attributable to AI-capable capacity (McKinsey) 75% New capacity pre-leased before it is built (CBRE) Sources: McKinsey & Company, "The cost of compute" (April 2025); CBRE North America Data Center Trends (2025); IDC Worldwide Quarterly AI Infrastructure Tracker (July 2026).
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DELIVERY UPDATE · CHRISTOPHER MIGLINO, CEO Execution and momentum. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 5 STATUS OF LANDMARK $260M Q2 CONTRACT SIGNED Landmark cluster data center is being built. 2,304 NVIDIA B300s currently being installed. Projected go-live targeted for Q3. Once live, expected to add $21M in quarterly revenue, commencing at activation under a 36-month, take-or-pay agreement. ANNOUNCED IN JULY, SUBSEQUENT TO QUARTER END $3B+ 2026 TCV, surpassing the $1B goal for new customer agreements announced in May $696M+ ARR expected upon deployment, vs $385M reported in early July $534M+ Aggregate customer prepayments anticipated across recent contracts
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Illustrative, model-derived figures for signed Build contracts; not guidance. Estimated Contract Gross Margin is specific to the revenues and costs related to the delivery of services under a particular Build customer contract and does not include an allocation of certain corporate and other costs. Estimated Contract EBITDA Margin is similarly specific to the revenues and costs related to a particular Build customer contract and does not reflect certain allocations of Company overhead or other expenses. Estimated Contract Gross Margin and Estimated Contract EBITDA Margin are not comparable to any US GAAP financial measure of the Company and may not be comparable to similarly titled measures used by other companies. Forward looking statements. See Safe Harbor. BUILD PROGRAM ECONOMICS · CHRISTOPHER MIGLINO, CEO The economics of Build contracts. Modeled across signed Build contracts — illustrative and forward-looking. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 6 28-44% ESTIMATED CONTRACT GROSS MARGIN Estimated Contract Gross Margin refers to revenue from the customer contract less depreciation and other direct costs related to delivery of compute. 62-76% ESTIMATED CONTRACT EBITDA MARGIN TAKEAWAY Build contract economics expected to look notably different than Access contract economics. Estimated Contract EBITDA Margin refers to management’s estimated project net income, adjusted to exclude (i) interest expense (income), net; (ii) income tax expense (benefit); (iii) depreciation and (iv) amortization.
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Illustrative structure only; not guidance and not an offer of securities. Ranges reflect prospective financing for Build contracts and vary by project with customer terms, hardware mix, site and financing conditions. Where retaining project equity is accretive, the Company may fund portions itself. Any project financing is subject to definitive documentation and market conditions. Forward-looking statements. See Safe Harbor. HOW A BUILD IS FINANCED · CHRISTOPHER MIGLINO, CEO Funding the build. Illustrative capital stack for a Build contract, as a share of total project cost — not guidance. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 7 20-40% CUSTOMER PREPAYMENTS Received at or shortly after signing under take-or-pay contracts. Funds hardware and long-lead equipment before deployment. 60-80% PROJECT FINANCING TAKEAWAY Customer cash and asset-level capital fund the build. The company is evaluating alternatives including asset-level debt secured by the hardware and the contracted, take-or-pay revenue stream amortized over the contract term, third-party equity raised at the project level, and other financing options. PREPAYMENTS 20% PROJECT FINANCING 80% TOTAL PROJECT COST = 100% · CONSERVATIVE CASE (LOW-END PREPAYMENT)
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TODAY’S ANNOUNCEMENTS · CHRISTOPHER MIGLINO, CEO Announcing today: prepayment received, capacity expanding. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 8 $317M+ ANNOUNCEMENT 1: CUSTOMER PREPAYMENTS Received for $1.3B cluster build. Equipment purchasing initiated and data center capacity securred. 55 MW ANNOUNCEMENT 2: SECURED FROM DUOS TECHNOLOGIES Partnership to develop AI data center capacity across multiple facilities. Axe Compute to invest $140 million in a SPV that would own the facilities. Prepayment amounts received to date are preliminary and unaudited; expected prepayments remain subject to the terms of the signed agreements. Axe Compute has executed a non-binding term sheet with Duos Technologies Group, Inc. (Nasdaq: DUOT); the 55 MW of contracted capacity and the $140 million project-level investment remain subject to negotiation of definitive agreements, development, permitting, power and interconnection timelines. Forward-looking statements. See Safe Harbor. TAKEAWAY Customer cash is funding the build, and capacity is scaling with a key partner.
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S E C T I O N T W O Financial Update Jeremy Yaukey-Witter · Chief Financial Officer Q2 2026 results
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Summary Condensed Financial Statements Three and Six Months Ended June 30, 2026 Summary Statements of Net Loss (Unaudited) 3 Months Ended June 30, 2026 6 Months Ended June 30, 2026 Revenue $3,214,992 $3,250,303 Gains (losses) on digital assets $(13,125,352) $(17,421,620) Total operating costs & expenses $(7,417,650) $(10,885,374) Total operating loss $(17,328,010) $(25,056,691) Other income, net $122,128 $141,866 Net loss $(17,205,882) $(24,914,825) Summary Statement of Cash Flows (Unaudited) 6 Months Ended June 30, 2026 Net cash provided by operating activities $17,370,239 Net cash used in investing activities $(17,121,106) Net cash provided by financing activities $10,865,784 Net increase in cash & cash equivalents $11,114,917 Summary Balance Sheet (Unaudited) June 30, 2026 ASSETS Cash and cash equivalents $21,905,767 Digital assets & digital asset receivable (current) $18,815,563 Compute prepayments (current) $11,148,981 Other current assets $4,194,849 Total current assets $56,065,160 Compute prepayments, net of current portion $22,946,761 Property and equipment, net $17,291,873 Other non-current assets $4,072,162 Total assets $100,375,956 LIABILITIES & EQUITY Contract liabilities (current) $33,645,987 Other current liabilities $5,040,921 Total current liabilities $38,686,908 Long-term liabilities $27,643,853 Total liabilities $66,330,761 Total stockholders' equity $34,045,195 Total liabilities and equity $100,375,956 Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 10 Q2 2026 FINANCIALS · JEREMY YAUKEY-WITTER, CFO See Form 10-Q for the Quarter Ended June 30, 2026 for complete results and statements.
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Q2 2026 RESULTS · JEREMY YAUKEY-WITTER, CFO Adjusted EBITDA Reconciliation Three and Six Months Ended June 30, 2026 (Unaudited) - Reconciliation of Net Loss to Adjusted EBITDA Reconciliation Item (in USD ‘000s) Three Months Ended June 30, 2026 Net Interest (Income) Expense (75) Stock-Based Compensation 572 Unrealized (Gains) Losses on Digital Assets 11,798 Net Loss from Continuing Operations $(17,206) Adjusted EBITDA $(4,885) Depreciation & Amortization 26 Income Tax (Benefit) Expense - TAKEAWAY: While net loss reflects significant non-cash digital asset valuation impact, Adjusted EBITDA provides a clearer representation of ongoing core compute operational performance. Realized gains/losses on digital assets — including from ATH used to pay for compute resold to customers — are not separately added back and remain within Adjusted EBITDA; only the unrealized, mark-to-market fair value adjustment is reflected in Unrealized (Gains) Losses on Digital Assets. Non-GAAP measures. See Important Disclosures. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 11
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Q2 2026 TCV AND ARR · JEREMY YAUKEY-WITTER, CFO When Build deployments are expected to convert to revenue Revenue recognition trails contract signing; when each phase is expected to convert. Q2 2026 - ADDED TCV $317M First full quarter of compute services Access scaled through the quarter. Landmark $260M contract signed. Q3 2026 TO DATE - ADDED TCV $2.9B+ Three significant July contracts YTD THRU AUG 15, 2026 - ADDED TCV Significant customer wins under Build program ($2.8B+). April 2026 contract ($260M) is expected to reach ready-for-service and begin contributing revenue in Q3. $3.2B+ In less than eight months Rapid expansion of Build program, paired with steady growth in Access program, sets robust foundation for near-term revenue scaling. ANNUALIZED RUN RATE, QUARTER TO QUARTER $37M Q2 2026 EXIT ANNUALIZED RUN RATE $139M Q3 2026 $696M+ Q4 2026 - Q1 2027 ONCE SIGNED BOOK IS FULLY DEPLOYED TAKEAWAY Annualized run rate is expected to scale significantly as Build contracts reach go-live in subsequent quarters. Forward-looking statements; see Safe Harbor. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 12
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S E C T I O N THREE Business Update Kyle Okamoto · President Technology, Qualified Pipeline, Organization
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Photographs: Axe Build data center sites, 2026. GLOBAL FOOTPRINT · KYLE OKAMOTO, PRESIDENT Building across the globe. Axe Build data centers in delivery and development across the U.S., including Georgia, and Sweden. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 14 TAKEAWAY One Build program, one high quality standard, scaling across the U.S. and Europe. RACK ROWS READY FOR GPU DEPLOYMENT DEDICATED POWER INFRASTRUCTURE GPU RACKS IN BUILD
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THE TECHNOLOGY · KYLE OKAMOTO, PRESIDENT Inside an Axe Compute cluster. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 15 GPUz NVIDIA B300, 8 GPUs per node; or NVIDIA GB300 NVL72, 288GB HBM3e each Rack High-density air-cooled, liquid-cooled or DLC racks (64-155kVa/rack) Fabric NVIDIA Quantum-X800 InfiniBand, 6.4 Tbps per node (B300) or 57.6 Tbps per rack (GB300) Storage High-speed attached storage at large scale (40PB+): WEKA, VAST, DDN, Pure, Dell, etc. Facility Tier 3/3+, N+1 redundancy; 5MW to 25MW dedicated facilities, with room for expansion to scale Ecosystem NVIDIA reference architecture & design, 5-year OEM next-business day support, with sparing and 24/7 support on-site WHY IT MATTERS At these levels of scale, AI capacity must be engineered, not bought off the shelf. That is the expertise customers contract for.
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PIPELINE SNAPSHOT · KYLE OKAMOTO, PRESIDENT A qualified pipeline behind the signed book. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 16 $5.9B Pipeline contract value for qualified deals 98 Qualified prospects, customer vetting complete 75% Share of pipeline specifying NVIDIA Blackwell-class GPUs 35.2 mo Average proposed contract term across qualified pipeline - Our clients want the most powerful compute available now, with paths to upgrade over time - Clients want long-term reservations of critical AI infrastructure to power their business growth - Vera Rubin demand accelerating in Q3 - Qualified logo count increased by 46% from Q1 2026 as the Axe Build program gains momentum WHY IT MATTERS Qualified prospects have documented technical requirements, pricing is being negotiated; some may be in testing or PoC stages
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ORGANIZATION · KYLE OKAMOTO, PRESIDENT Scaling business to meet market demands. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 17 20+ TEAM MEMBERS BEING ADDED RIGHT NOW DEPLOYMENT & OPERATIONS Additional data center engineers, cluster commissioning, and 24/7 operations for the builds going live in Q3 and Q4, including dedicated VP-level deployment leadership. INFRASTRUCTURE ENGINEERING GPU, power, fabric, and storage specialists for ~150kW-per-rack AI factories across the U.S. and Europe. CUSTOMER & COMMERCIAL Customer success, service delivery, program management and technical account management supporting marquee signed clients. WHY IT MATTERS We have built a foundation to support the signed contracts, and are now enhancing the team to support further scale and a more robust pipeline, ensuring enterprise-grade support at all times.
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WHERE WE ARE GOING · CHRISTOPHER MIGLINO, CEO The next $2 billion. Axe Compute Inc. | NASDAQ: AGPU | Second Quarter 2026 Earnings Presentation 18 Our objective: an additional $2 billion in signed contracts before the end of 2026 WHY IT IS CREDIBLE A $6.2B qualified pipeline behind the signed book. Demand for dedicated, single-tenant builds continues to outrun supply, and our U.S. + Europe footprint is expanding. ON THE SAME TERMS Take-or-pay, multi-year, prepaid. Every new dollar arrives with customer prepayments and project-level financing attached, not an equity raise. WHAT IT MEANS Contracts signed in the back half of 2026 convert to 2027 ARR, on top of the $696M+ ARR expected from the book already signed. TAKEAWAY More than $3 billion signed. $2 billion more in our sights. Forward-looking statements; see Safe Harbor.
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From contracts to revenue. The largest contracts in company history are moving into build. ir@axecompute.com · axecompute.com · NASDAQ: AGPU
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Second Quarter 2026 Earnings Presentation August 17, 2026 NASDAQ: AGPU · www.axecompute.com · Filmed on location at an Axe Build data center