Csquare Inc 2026年季度报告

(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.YesNo☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒ Accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of August 3, 2026, there were 166,633,984 shares outstanding of the registrant’s common stock, $0.01 par value. Table of Contents Part I - Financial InformationPageItem 1. Financial Statements:Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 20252Unaudited Condensed Consolidated Statements of Operations for the Three and Six months Ended June 30, 2026 and20253Unaudited Condensed Consolidated Statements of Comprehensive Loss for theThree and Six months Ended June 30,2026 and 20254Unaudited Condensed Consolidated Statements of Stockholders'/Member’s (Deficit) Equity for the Three and Six monthsEnded June 30, 2026 and 20255Unaudited Condensed Consolidated Statements of Cash Flows for theThree and Six months Ended June 30, 2026 and20256Notes to the Unaudited Condensed Consolidated Financial Statements7Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations25Item 3. Quantitative and Qualitative Disclosures About Market Risk36Item 4. Controls and Procedures37Part II - Other InformationItem 1. Legal Proceedings38Item 1A. Risk Factors38Item 2. Unregistered Sales of Equity Securities and Use of Proceeds38Item 3. Defaults Upon Senior Securities38Item 4. Mine Safety Disclosures38Item 5. Other Information38Item 6. Exhibits39 PART I - FINANCIAL INFORMATION Csquare, Inc.Unaudited Condensed Consolidated Balance Sheets(in thousands) June 30, 2026December 31, 2025AssetsCurrent assets:Cash and cash equivalents$120,843$140,159Restricted cash209,517263,257Due from related parties7,768144,451Accounts receivable, net of allowance for expected credit losses of $5,282and$2,643as of June 30, 2026 and December 31, 2025, respectively134,71190,708Prepaid assets14,3597,013Other current assets61,14373,307Total current assets548,341718,895Property and equipment, net4,062,6073,951,089Right-of-use assets319,863355,237Goodwill537,233541,493Intangible assets, net404,825436,299Other assets130,44591,410Total assets$6,003,314$6,094,423 Csquare, Inc.Unaudited Condensed Consolidated Statements of Operations(in thousands, except per share data) Csquare, Inc.Unaudited Condensed Consolidated Statements of Cash Flows(in thousands) Csquare, Inc.Notes to the Unaudited Condensed Consolidated Financial Statements 1.Overview and Summary of Significant Accounting Policies Csquare, Inc. (collectively with its consolidated subsidiaries referred to as “Csquare”, or the “Company”, or “we”) was formed as aDelaware limited liability company under the name of BIF III US Aggregator (Delaware) LLC in 2018. The Company commencedoperations on January 1, 2019 and is headquartered in Coppell, Texas. The Company is a wholly owned subsidiary of Dawn TopcoL.P. (“Parent”), which is majority-owned by investment funds managed by Brookfield Corporation. On June 15, 2026, BIF III USAggregator (Delaware) LLC converted its legal structure from a Delaware limited liability company, to a Delaware corporationnamed Csquare, Inc., pursuant to the provisions of the Delaware Limited Liability Company Act and the General Corporation Lawof the State of Delaware. The Company is a leading enterprise digital infrastructure platform, owning and operating a geographically diverse portfolio ofhighly engineered, carrier-neutral data centers located primarily in 21 of the largest population centers across the United Stat