Every Missed Promise

Q2 SG&A leverage was flat, not delevered, after tariff reinvestments

Q2 AI revenue only $16.4 bn versus $16.1 bn prior, growth ~102% YoY, far below 800% target

Program paused after completing half the chain, timeline now unclear

Now expecting upper 40s growth - higher than promised

China declined 26% this quarter, a severe acceleration versus the -7% base that was supposed to hold.

Q1 margins deteriorated massively from Q4, opposite of promise

Explicitly stated 'results today driven primarily by core workloads,' walked back AI revenue narrative

Zero mention this quarter despite being a key initiative last quarter

Already backed down to high single digits for Q2, suggesting full year target at risk

Licensing fell 30% QoQ; YoY still +23% but management now highlights ACV instead.

Margin fell to 41% in Q1, indicating cost pressure or pricing softness.

Free cash flow margins dropped 600 bps quarter-over-quarter, significant miss

Now guiding 13% for Q1, 100bps lower than prior indication

Acknowledged EDC hit an 'air pocket' after claiming predictable growth

Delivered only +1% YoY; Q4 flat after pull‑forward adjustment.

Q4 described as “in line” with prior year; down from “improved” in Q3.

Actual margin came in at 32% and declining, with Hillary admitting 'pressure on near-term gross margins'

Announcing $40B debt and equity raise including $20B equity ATM program

Cloud apps grew only 10%, down from 11% last quarter

Wholesale grew 10% but Nike Direct down 6%, getting more imbalanced not less

Decelerated to 'mid single digits' for full year despite Q3's 20% growth

Actual Q4 OpEx was $2.6 billion, driven by a deliberate decision to increase FY26 incentive compensation for every global team member.

Said 'over 300 customers on track' but this is future-looking not achieved

They stopped disclosing the specific margin, only said it was 'down versus prior year'

Now guiding China revenue down, complete reversal

Only returned 45% in Q4, though claims 81% YTD

Cash at June 30 was $7.6 B, but $1.7 B is restricted; free cash remained negative. No evidence of net cash increase matching promise.

Q3 announced scaling, but Q4 customer growth slowed to 3% YoY, suggesting the hire‑driven pipeline underperformed

Still pending regulatory approval, pushed to FY27

Combined with the 4 already done at the time of that promise, total expected was ~12-14; actual completed for FY26 was 11, below the implied range.

Fine dining SSS decelerated from 2.1% to 1.9% despite the focus

Now calling environment 'unprecedented' and 'highly dynamic' - clearly worse than expected

OpEx up 5% vs down 2% prior quarter, citing 'variable compensation tied to outperformance'

Actual came in at 25 net new buildings for FY26 (28 opened including 3 relocations), one unit short of the 26 promised last quarter; a minor but real miss on a hard, countable metric.

Listed but retained 96% ownership, not a real separation

Actually concentrated more: 76% with single hyperscaler

No debt paydown in Q4 for first time in several quarters, though they built cash instead

Elevated churn post-acquisition, integration clearly struggling

Now guiding to high single digits in Q4, up 200 bps in FY27

The reported four-basis-point increase was larger than the approximately two-basis-point expectation. This is a forecast variance, not evidence that larger reserves are inherently good or bad.

Q3 annualized at $217M but Q4 guide implies only $192M annualized

Actual TE NII increased only 1.1% LQ to $3.7B versus the 1.5% guide - a modest shortfall despite the extra day benefit cited.

Reported non-interest income fell to $84M due to AFS repositioning and RAC losses; even adjusted non-interest income declined 2.9% LQ, missing the 'stable' characterization.

RPO decelerated to 37% growth, though management claims normalized rate would be 40%+ adjusting for revenue recognition

Deal was withdrawn in mid-July after DOJ signaled intent to challenge it under HSR; management confirmed the withdrawal and reasoning this quarter.

Q3 announcement to eliminate dividend contradicts Q2 commitment.

Q3 broad‑markets grew 8% YoY, down from 10% YoY in Q2.

Bits down high-teens sequentially, building inventory instead

Delivered $10.2B, 17% below minimum guidance due to customer site readiness delays.

Actually got worse. Memory and SSD prices 'double, triple, more than triple' with duration uncertainty.

Q3 expense of $52.2M exceeded the prior roughly $50M run rate. Management attributed about $2M to nonrecurring costs and now expects a $50M-$51M quarterly run rate.

Now 'materially lower' due to supply constraints

Delivered 26.7%, close but slightly below

Apps revenue stayed flat at 11% YoY growth, no material acceleration delivered despite deferred revenue growing faster

C&I (CNI) loans came in largely unchanged at $65.9 billion in Q3, not the 'more modest growth' that was promised.

Only 7% growth ex-OpenAI vs 'healthy growth' promise - this is concerning

Only declined 2-3%, significantly better than guided range

NII actually declined sequentially to $2.2 billion from $2.3 billion, explicitly described as 'down modestly'. This is a clean guidance miss on a metric with a defined quarter-end deadline.

MIS revenue actually came in at $1.1B, down 1% yoy, versus the guided low single digit growth. A clear miss on an ended-period, explicitly stated guidance figure.

Now expect headwind to persist through at least 2026

4% growth still well below system growth of 40%, problem persisting

Quietly pushed to Q3 2026 ('Microsoft handoff in Q3'). One quarter delay

Pushed beyond FY26; essentially abandoned as growth driver

Guiding to 7% for full year, down from 8% prior guide

Still refusing to quantify despite peer disclosures and analyst pressure

Management explicitly stated C&P revenue and operating margins were 'both below our expectations', driven by NA frac, Argentina, and a slower Saudi contract startup

Pushed out by one quarter due to 'technology transition', now targeting Q4 FY2026 or Q1 FY2027

Datacom declined 6% sequentially despite second source, supply constraints actually broadened

Datacom declined 6% sequentially, opposite of promised growth

Q3 delivered $4.82 vs Q2's $4.82, essentially flat. They expected decline but held steady.

Now expecting 'down low single digits' - worse than flat expectation from Q2.

Management now says weakness continues into Q4

Actual shipments were 4.2 million tons, below the guided floor.

Actual increase was $53 per ton; management characterized it as 'right in line' but it is technically below guide.

Six months later, management explicitly stated they are 'probably not going to break it out between the two' going forward, reversing the earlier offer of transparency.

Only opened 82 stores, fell short of guided range

Gross margin down 57 bps even excluding LIFO; merchandise margin benefits didn't materialize

SG&A grew 7.6% versus sales growth of 8.4%, but still close

Deteriorated to 1.6% from 2.5% last quarter

South Dakota paused, only added unnamed sites without specifics

Channel weeks actually fell below the 6 to 7 week target rather than staying flat; a different outcome than the flat assumption, though not necessarily a negative for the business.

Actual trajectory cut further to low-to-mid single digits this quarter, worse than the 8-9% characterization given last quarter.

Services decelerated 400 bps from 16% to 12%, blamed on FX and gaming

Now saying constraints will 'increase significantly' affecting iPhone, Mac, and iPad

This quarter's Canine OA pain mAbs fell $34 million, down 24%, directly reversing the stabilization claim from last quarter.

Now admits elevated churn, though raised financial guidance - mixed signal

Q2 margin was 50 bps down YoY, below expectations

Still declining at 27% YoY; can't definitively call bottom

OR improved 390 bps sequentially but this was actually at the high end, not above it

Pushed major rollouts to 2027, only 'early deployments' completed

The Anthropic lease was executed 'following quarter end', meaning after June 30, not within Q2 as promised; a narrow but real timing miss despite the strong economics of the eventual deal.

CB3 was actually delivered and generating lease revenue in early July, roughly five to six weeks later than guided.

CB4 delivery held at late September (within Q3), but CB5 slipped from the promised Q4 2026 to 'very early January' 2027, a real slip on the CB5 half of this compound promise.

Still growing but 'not yet growing accounts at the pace we expect to over time'

Walked back to 'relatively stable' from growth expectations

Q2 incremental margins came in low 20s sequentially per analyst questioning

Divestiture still pending; no close announced during call.

Never mentioned, appears delayed or abandoned as a target

Only delivered $43M, blamed on timing but no color on what shifted

Now calling it 'stable' not recovering; quietly walked back

Q2 margins down 40bps YoY ex-gains despite claiming cost savings are working

Still talking about repositioning challenges, fuel added 20-30bps headwind

Admitted they couldn't get another $1B of fleet, contradicting Q1 confidence

Raised to 6% due to benefits inflation

Quietly walked back. Now saying recovery extends 'past 2027' with no new timeline.

Revised upward to $2B, 33% increase

Q2 growth decelerated to 3% from Q1's 12%; aviation grew only 1%

Admitted still having key component issues, internal problems as big as external

Jets down YoY, only up 3 units QoQ despite massive backlog

Lead times extending 'couple of weeks', first extension in 2 years

Actual mix came in at 40% of Q2 sales despite 91% YoY segment growth; a mix-guidance miss inside an overall revenue beat.

Expected flat, delivered low teens growth

Only Netherlands approved, EU review pushed to May at earliest

Quietly walked back to 3.5-4% this quarter

Slashed to 1-1.5%, blamed on deposit mix not rates

Revised down to 50‑52% in Q2 guidance.

Timeline pushed out to Q1 2027 per current call, framed as an optimization rather than a miss.

Q2 ended with only a bridge convertible note closed, not the comprehensive financing solution originally targeted.

Supply disruption created meaningful backorder and lost sales

OpEx up 7% vs loans up 2%, significantly worse

Costs accelerated with expedite fees, gold prices pressuring margins

Cash declined $200M, stopped reporting free cash flow metrics

Never mentioned if this actually happened

Delivered 53k tons, blamed on packaging issues and floor inventory

Substantial completion now targeted for Q4 2026 following discovery of compressor equipment damage; the summer target was not met.

Actual net additions of 16M were 1M below forecast.

Growth stayed flat at 6% despite 'solid pipeline' commentary

Lowered guidance to 4.5-6% blaming Iran conflict

Only 3GW now expected near-term. Half the pipeline slipped or died.

Now saying 'expanding trials' and commercial availability in H2, clear slip

Pushed to 'next several quarters' which could mean Q4

Q2 margins fell further to 6.4% vs 9.5% in Q1, making Q1 the actual low point so far

Went opposite direction to 63% concentration with single customer

Revenue fell 13% sequentially, worse than guided

Now only 30 net stores due to 57 closures. Gross openings on track but net way below

Raised to mid single digits with H2 at high single digits

Actual Q2 revenue was $417.6M, below the low end of the guided range.

Actual RLM was 23.0% of shack sales, 100-150bps below the guided range.

Q2 at ~4% annualized despite record June, below target

CCB actually accelerated from 25% to 26%, though they're sticking to deceleration forecast

Admitted AI is only '85-90% accurate' and 'not enough' for mission-critical processes

Services revenue declined as consultants shifted to AI development

Margins flat at 17.1% despite claimed structural changes

Pushed to 'later this year', clear timeline slippage

Still pending, same language as Q1. FDA didn't act by April PDUFA for second manufacturer

US DAUs actually declined sequentially to ~50M, moving away from target

WAUs growing faster than DAUs, conversion getting worse not better

Abandoned entirely, won't even provide Q4 guidance anymore

At 57% with no timeline to reach 90%, original urgency gone

Extended timeline to 'whole fiscal year' impact - conditions got worse, not better

No update on expansion beyond UK despite Q1 commitment

Only 22 properties added, pace is slowing not accelerating

Now pushed to Q3, indicating a delay of several months.

Ramon admits they're only 50% through planogram resets, innovation at 40-50% ACV, clearly behind schedule

Volumes went negative in Q2 despite lapping the water transition

PFNA volumes went flat from +2%, PBNA volumes turned negative

Q2 was worse than Q1 on volume, directly contradicting the promised trajectory

No incremental rate reduction in Q2, stuck at same 23% reduction cited in Q1

Current call reframes the target as completion 'by the end of summer,' a slip of roughly 2-3 months from the original mid-year commitment.

Current call discloses a March trial date and ongoing incremental financing costs 'beyond September 30th,' confirming the September target was not met.

Margins declined further to 23.2%, now pushing recovery to H2

Explicitly stated retention declined in Q2 after claiming stabilization in Q1

Abandoned after just one quarter, now $8.8-8.9B

Now targeting end of July, 3-month delay

Q2 margin at 29.5% vs 32% in Q1, 250bps compression

Segment margins compressed to 9.7% from 10.8% in Q1

Admitted 'acquisition effect has been small to date' despite years of investment

Zero mention of password sharing in entire call, was a key driver last quarter

Cave establishment still halted, only at 80% capacity currently

Q3 now guided flat with Q2, not the acceleration they promised

Now just 'continuing to progress' with no timeline provided

Q2 at 22% growth, below the 25% medium-term target despite 'strong momentum'

Revenue 'essentially flat' in Q1, not even mentioned separately in Q2

Average balances barely moved (+$57M), though June surge sets up Q3

Now just 'modest' Q3 increase, clearly backing off full-year build

Dropped to $39B in Q2, -28% sequential

Quietly walked back to 'more likely in 2027' after interim fail

Management now guides Q3 2026 to be negatively impacted by the unwind of Q2 specialty-pharmacy purchases and pushes the acceleration target out to 2027.

Raised to 90% due to adverse selection and prior year items

Now saying $50M company-wide, a 39% increase from Q1 guidance

Q2 at 3.6% despite claiming network optimization benefits

Did not include NFM in updated guidance despite closing

Vaguely mentioned benefits but no specific metrics provided

They said 'we expect to close' in April but it closed in Q2 instead

+5.1% was above seasonal but not 'well above' as promised

Admitted 'pace is slower than we would like' and July pricing similar to Q2

Q2 margins declined 30bps ex-passthrough, making full year target mathematically difficult

Now saying normalization timing uncertain, walking back upside narrative

S‑1 filed in Q1 but IPO now pushed to mid‑2027.

Q2 shows 8% YoY; guidance now 8‑10%.

Blown out to $1.5B, a 50% miss on capital discipline

No new major signings mentioned despite being 80%+ leased, momentum appears stalled

Quietly walked back to 'mid to high teens' growth expectation

Walked back mid-year. Now saying 'more likely land below that level' despite Q2 strength.

Walked back to 3.0-3.05% range after only 2bp expansion in Q2

Increased to $107.5B due to volume-related costs

Revised up to $9B despite rate sensitivity

Already walking back with 'tempered expectations' on Abiomed

Q2 decelerated to 5.6% from Q1's 6.4%

Only 40% due to price-cost issues they didn't anticipate

China only up 1% in Q2 vs -3% in Q1, not meaningful

Still at 0% organic, pushed to second half

Only 4% organic growth in Q2, below mid-single digit target

Pushed to 'beyond fiscal 2026', effectively abandoned near-term target

Pushed to 2026-2027, no customer announcements despite Q2 promise

Launched MCP server but only for non-proprietary data. Proprietary still 'being explored.'

Dramatically cut to 4-5% range after Q2 miss

Slashed to 6-8% range, massive deceleration

Q2 actual net adds were 7,000, explicitly stated by management as below the 9,000-10,000 expectation.

No attach‑rate disclosed in Q2; prior 40% not mentioned, suggesting stagnation or decline.

Came in at 3.21% but now guiding to high 3.20s for full year vs mid-3.30s prior

No software revenue disclosed, described as 'seasonal' not growth

Still calling it 'subdued versus historical averages' with no acceleration

Non-comp expenses jumped to $5.6B despite 'discipline' claims

Walked back to just 'exceed 70%', removing the 80% target entirely

Already raised to $195-205B citing 'acceleration in delivery of capacity'

Now pushed to Q3 with no firm commitment

Only grew 1% YoY in Q2, massive deceleration from Q1

Pushed to 'later this year', suggesting delays

Q2 free cash flow $68 M; cumulative FY still far below target.

Current margin 14.2% (down 40bps YoY), well below guidance.

Pushed to mid-2027; blamed on 'optimizing launch' but really incorporating CURE

Still 40bps negative in Q2, only improved 10bps QoQ despite aggressive efforts

Formally lowered target to 63-64%, first major target miss acknowledged

Signings decelerated from 110/day to 109/day

Q2 incremental margin only 21.5%, Florness admitted disappointment

Completely dropped customer order timeline; only mentioned deliveries starting next year

Still at 45 days for F-Series; blamed on Novellus but timeline keeps slipping

Only 7% organic in Q2, relied on acquisition for total growth

Filed full case July 14 instead of letter of intent in May

Still at 200/week with no growth trajectory despite adding installers

Sell-through approximately flat, saved only by Europe offsetting US weakness

Quietly lowered to 7-10% growth while emphasizing dollar range

Q2 was 'in line with' Q1 record, not a new record despite 15-day and expanded coverage

Still in pilot with KOLs, no broader launch mentioned

Q2 at 0.1% makes 3% for full year mathematically impossible without 5%+ comps in H2

Already downgraded to 'approximately 175' citing franchisee profitability pressure

Order counts grew but ticket collapsed, breaking the 'barbell strategy'

June settlement was DOWN $0.15/lb; complete reversal of Q1 pricing momentum

Only grew 8% in Q2, massive deceleration from 15% in Q1

Zero mention on Q2 call, appears to have been quietly dropped

Still down 1% in Q2, now promising Q3 improvement - moved goalposts again

Pushed from mid-year to end of calendar year - timeline slip

Quietly cut to 'mid-single digits' despite claiming healthy demand

Consolidated sales fell 1.2%

Retail sales fell 2.2%

Pushed to end of 2027, a 6-month delay from original timeline

Cut to $230-270M, a $45M reduction at midpoint

Only 'hundreds' of units vs 3,500-5,000 target; pushed to 'next year'

Dwell increased, Trip Plan performance deteriorated per Cory's admission

Came in at $36M, though $4M allegedly one-time

Metric completely disappeared from commentary suggesting streak broke

Only discussed restructuring impact, no forward guidance

Now expecting 8-9% decline, 50% worse than promised

Q2 showed clear deceleration across key metrics

Generated only $4M on ~5200 BTC average balance, well below 4% target when annualized

Still no signed leases, no LOIs announced, just 'progressing' with unnamed tenant

No buybacks mentioned this quarter despite stock likely down significantly

Q2 was worse than Q1; organic sales declined from -1% to -3%

Now guiding to down for the year after being 'up' just last quarter

Q1 promise abandoned. Now saying 'it'll be close either way' for full year ARPU growth

Reversed to expecting 1% decline for full year 2026

Stopped disclosing the metric entirely, suggesting deterioration

CI dealer inventory rose $400M versus a decline a year ago, explicitly flagged as 'higher than we originally anticipated'.

Actual $31.862m

Actual growth 8.2%

Refund-excluded expansion approximately 339 bps from detailed tables; issuer rounds to 340 bps

Q2 realizations declined to $414M from $448M in Q1 despite improving markets

Q2 guidance cut to flat‑to‑low single‑digit; actual Q2 growth only 4% YoY.

Q2 now projects flat/decline in H2 and overall 2026 EP flat.

Now guided to 7‑8%.

Now guidance 0‑25 bps.

Pushed to Q1 2027 due to slower event rates

Delayed to early 2027 citing enrollment quality and slower relapse rates

Q1 said 'launched', Q2 says 'we launched' but no flows or AUM disclosed, suggesting weak uptake

Q2 still assumes activity unchanged through year‑end; no resolution evident.

Period has ended (call is in August); management confirmed the final DEP process is 'taking a few months longer than originally anticipated'

Management explicitly abandoned the option this quarter rather than exercising it

Free cash flow came in at $408 M, 19% below the implied target.

Cash fell to $1.3 B due to the $3.6 B cash outlay.

Still at 120bps buffer (11.2% vs 10% minimum), no progress on tightening

Went from 3.1% to -0.2% including charges, even ex-charges only 3.5%

SG&A per store actually decelerated from 5.8% to 3.9%, showing more cost discipline than projected

Raised to 44-45% due to higher reward category spend

Now guiding +10% in H2, significant increase from original plan

Q2 comp −0.4%

Pushed to 'late Q3 and into Q4', clear timeline slip

Actual Q2 origination was $74B, modestly above Q1 but far short of the $97B comparison point management itself introduced; the shortfall is partly a function of Broadcom's $35B being excluded from the figure.

Now says 'just started shipping' in Q2, suggests Q1 delay

Actual opex came in at $3.4 billion, above the guided figure, continuing a pattern of opex overshooting guidance.

Q2 EBITDA of $289M barely above Q1's $288M, not 'gradual growth'

Extended to December 2026 with 'modified protection terms', AEP made concessions

Completely dropped discussion of stock business after Q1's 'steeper decline than expected'

Actual gross margin was 42.7%, attributed to CS&I mix and higher services costs.

Actual opex was $60M, above guide due to higher variable compensation.

Grew 9.5% vs promised double digits, blamed on tender delay

Q2 actual: 'the team navigated a volatile demand environment, which contributed to a slight decline in comparable sales'; this is a negative comp, not a moderated-but-positive comp as implied last quarter.

Key dermatology down -11%, Simparica down -1%. Competition caused more damage than expected without market expansion benefit

Now expect challenging environment to persist for remainder of year. Complete reversal of prior optimism

Delivered only 2% in Q1, guided to 1-2% range going forward. Permanent pricing power impairment

Only hit 79.9%, pushed recovery to Q2 guidance

Still guiding online flat to down for FY26, no progress on return to growth

Margins were below expectations in Q1, now pushed to 'balance of the year' recovery

Regulatory delays pushed closing to end of Q2 - six week delay

Timeline slipped from end of 2025 to end of 2026 without explicit acknowledgment

Q1 OI grew 3% vs sales 4% - though they say framework holds annually

Lowered guidance to flat to low single-digit growth, pushed growth expectations to second half only

Admitted delivery times not improving at same rate as in-restaurant speed improvements

Q1 delivered 75% but guiding to 65% for Q2, now targeting 50% long-term

Now guiding below 30% for first time - significant shift

Program discontinued due to unresolvable tolerability issues

Commercial revenue down $74M YoY - recovery narrative hasn't materialized

$228M cash use vs positive generation expected

Actually pulled back for software rewrite, delayed timeline from original plan

Actually accelerated dramatically to 30%+ YoY, much stronger than 'moderate' implied

Current $310M guidance is 10.7% of sales at midpoint, more than double normal

Pushed to mid-2026, blamed on competitor copying concerns

Complete reversal - now requires costly hardware retrofit

Q1 revenue and margins both declined sequentially, breaking the promise immediately

Delivered 2% organic growth, though pandemic roll-off was cited as ~1% headwind

Delivered 5% growth, cited macro headwinds and tariff impacts

Lowered to 2-3% due to no Fed cuts assumption - external factor but still a miss

Expanded range to 55-60%, hedging from specific 60% estimate

Pushed to 'second quarter' with no specific month committed

Delayed to 'later in May' citing weather but still a miss

Was in 'advanced discussions' in Q4, now just 'pursuing' with no timeline

Delivered 7% vs high single-digit guidance, citing distribution and market share headwinds

Operating margin fell 180 bps - though cyber incident provides excuse

Only deployed $29M at average price of $187, token effort

Reduced to $115M from $240M prior quarter due to working capital needs

Cut guidance to 4.5-6% due to Iran conflict, first mid-year reduction

Swung from $45M profit in Q4 to $89M loss in Q1 - opposite direction, though they blame timing

Delivered $5B, citing customer specification changes and logistics delays.

Actually lost half their large customers (from 4 to 2). Promise quietly dropped.

Target completely disappeared from prepared remarks. David said they'll 'give guidance when we can see it clearly.'

Now up low to mid single digits due to Middle East conflict

Acknowledged 'elevated beef costs that continue to persist' - mitigation incomplete

Actually said contracts are taking 'extended period of time to close' this quarter

Delivered -$31M (ex-safeharbor), blamed on shifting project finance transactions to Q2. Second time using timing excuse.

Completely withdrew this guidance after one quarter, citing 'too many unknown variables'

Quietly scaled back to approximately 90 stores (80 Ross, 10 dd's) without explanation

Delivered flat comps despite claiming sequential improvement through Q1

Stopped mentioning marketing impact, suggests it wasn't delivering promised results

Achieved 99.1% median, 40 basis points below target. Shifted timeline to 'throughout 2026'

Loans were relatively stable vs 2024, headwinds from strategic runoff exceeded expectations

FDA did not act by April PDUFA, both applications still pending

Cut to 8-12%, massive miss on guidance provided just 3 months ago

DAUs still contracting, now pushed to Q3 for recovery

Comps worsened to -6.5% in Q1, now targeting second half 2026 recovery

Delivered 1% Q4 growth, well below mid-single digits

Completions business generated only $3M OCF, can't fund PROPWR growth

Cash declined $79M in 2 months post-equity raise, seeking more financing

Guided low-80s for Q2 due to Middle East joint venture uncertainty

Completely reversed to expecting no cuts in 2026

Still in evaluation phase with 'multiple options' but no definitive timeline

Downgraded to incremental improvements, no major wins disclosed

Still waiting for decision despite meeting targets, clear delay

Pushed to early 2027, a full year delay

Reduced to 1.44M BOE/d for Middle East disruptions and EOR optimization

Pushed to back half of 2026 - this is a one-year delay in flagship fundraising.

At $5.8B, now targeting end of 2026. Another timeline miss on major fundraising.

Service margins contracted 160 bps in Q1, now only promising expansion 'by end of year'

Retention only stabilized, no improvement despite $50M investments

Europe (55% of portfolio) saw no gains, maintenance growth decelerated to 2%

Service growth flat at 5% despite all investments and backlog

Came in at 4.5%, 50bps above guidance due to cost pressures

Operating margin flat at 19.5%, not expanded due to SG&A pressures

Delivered $1.6B, below range due to tax credit timing

Q1 FCF was $217M on $1.51B revenue = 14.4%, well below target range

Came in at 4.4%, 10 bps short of the seasonal expectation they set.

Quietly reduced to $205M without explanation of the $60M cut.

Actually increased from 10 to 11 weeks, opposite of staying weak

China revenue 'slightly below expectations' and declining sequentially due to H20 export ban

Now pushed to 'by end of 2026' with same language - concerning pattern

CRE declined 3% in Q1, consumer down 1%. Only C&I and mortgage delivered growth.

Guidance cut to 'high 3.60s' despite Q1 coming in at 3.71%.

Efficiency ratio deteriorated to 58.3% from 55.1% due to seasonal comp and lower revenue.

Extended timeline to 'at least end of fiscal year' - capacity shortage worse than projected despite CapEx surge

$34.9B represents acceleration not moderation, now expect 'FY26 growth rate to be higher than FY25'

NII increased to $2.2B in Q1 vs $2.1B in Q4, so it actually grew rather than stayed flat.

FCF margin dropping from 7.4% to 3%, massive miss already visible in Q1

Margins declined 190 bps to 13.1% in Q1

Margins compressed 140 bps already

Q1 tax rate came in at 20.9%, above the range

Completely omitted from commentary despite being highlighted for 5 quarters

Reality Labs revenue fell 58% sequentially, sustainability looks further away

No mention of dedicated team, still talking about trials and pipeline building

Reduced to 4 expected starts, cited approval and construction timeline delays

Decelerated from 50% to 35% YoY growth without explanation

No update provided despite being key margin driver highlighted last quarter

Full price globally up high single digits but US still negative, and Q2 guidance shows more markdowns not less

Now saying Q2 will have markdowns up 50 bps and seasonal clearance higher than expected

Now expecting 90 bps decline, better than originally guided due to lower tariff impact

December guidance of 48.5% vs 50.6% actual Q1 - margins holding higher than expected

Management said issues were resolved in Q4, but Q1 still shows 'integration challenges and supplier constraints persisted'

Now explicitly excluding helium upside from guidance despite shortages

Project canceled, though megawatts reallocated

Pushed to late Q4 2026, adding 6 months of capitalization

Now facing $150-170M potential back-half headwinds vs flat projection

Q1 revenue of $240M annualizes to $960M, fell short

Pushed to Q2 2027 commissioning - 6 month slip buried in technical language

Revised from explicit '$16B target' to vague 'flat to down slightly' - less commitment

No concrete progress disclosed, shifted to 'optimization' language

Now saying industry projects double digit unit declines - completely reversed outlook

Now expect below range for remainder of year

Q1 came in at 19.8%, well below guidance range. Victor blamed mix but acknowledged dissatisfaction.

Pushed to 'latter part of 2026', clear 6-month delay

Already walked back to 70% to 80% range

Ended at 103 average vs 101 prior, essentially flat

Sales pace declined to 3.4/month from 3.5 despite adding incentives

Updated to $180-190B - $5B increase at midpoint

Updated to $180-190B citing Intersect acquisition, but that's a $5B+ increase

Ferraro said 'we expect to have more to share on Phase 2 financing in the near term,' still no definitive terms

No mention of buybacks executed in Q1 despite commitment

Cut to 15.4-15.7% due to inflation - failure to hedge commodity exposure

Cut to $4.80-5.00 - inflation impact larger than initially modeled

Cut to $1.6B entirely due to profit reduction - no operational improvements to offset

Admitted process taking longer than anticipated

Telecom was completely flat QoQ at $412M, no momentum despite 'system ramp'

Datacom actually declined 1% sequentially despite 1.6T ramp claims

Slipped to 12.3% with more pressure guided for Q2

Revised down to 60,000 tonnes/day due to material handling constraints

Now under review due to diesel and other input cost volatility

Will be significantly less due to 40% reduction in daily capacity

Revised up to $1.95 due to diesel costs and lower Grasberg volumes

Now saying M&A 'likely fairly quiet' due to market volatility

Pushed to '28-29 timeframe for negotiations, no deals announced

Explicitly declined to provide updates, deferred to developers

Boston outlook 'moderated' due to weather and Cambridge life science funding

Deal slipped to Q2 with expanded terms but no explanation for delay or economics change

Timeline pushed to second half 2026, blamed on dynamic geopolitical situation

Reduced to 'just over 800 MMcf' due to gas market conditions

Came in at ~$248M excluding safe harbor, but guided $270-300M total. Underlying demand 10-15% below expectations.

Now expected by end of Q3 2026, regulatory approvals taking longer

Walked back to flat to slightly positive due to Maggiano's and tariffs

Now expecting mid-single digits including tariff impact

Guided to 'positive low single digits' instead - major miss on key metric despite Russell still calling 3% his 'objective'

Revised down to mid-single digits due to weaker comp outlook

Cut to mid- to high single digits, directly tied to sales disappointment

Consolidation delayed due to strong orders, now expected by midyear instead of Q1

Lowered to $1.6-1.7B due to lighter than normal Q1 season. Recalibrating endemic assumptions

Down in Q1 even excluding Middle East impact. Now expects flat H1, recovery H2.

Now saying majority of work in 2026, some bleeding to 2027

Still waiting for Q2 RFP decision, timeline pushed to later in 2026

Delayed due to execution issues, restarting in May with warehouse roadshows

Program ended but revenue impact continuing $10-15M per quarter through FY2026

Reduced to 28 due to Spain delays, but maintained confidence in 30+ future years

Explicitly admitted failure: 'We did not sign one by this call'

Raised to $12.0-12.5B range, 2% increase at midpoint due to Permian additions

Lowered midpoint to 2,310 due to Qatar conflict and Surmont royalty impacts

Now guided to ~3% pretax margin due to higher Silver tier utilization, though upside possible from risk adjustment

Only reached 350 by Q4, now saying 2,000 by end of 2026. Significant delay.

Admitted it was 'going to take some time' and only started seeing improvement in back half of Q1 - much slower than promised

Complete reversal - now guiding margins down due to cost inflation

Actually completed in February but they said 'this week' on Feb 24 call, suggesting delays

Explicitly said 'not projecting broadband relationship growth this year' - major retreat

Explicitly said they're not ready to announce anything, blamed regulatory scrutiny and executive order

Guided 43.5-44.5% for 2026 due to Hexagon integration costs

Promised cost reduction, delivered complete closure instead

Cut to 6.5% to 8% after just three months - 'unanticipated headwinds'

Now guiding to approximate 10% growth globally, losing more share than expected

Now expecting 'low to mid-single digits' and explicitly 'below market'

Q1 growth rate was inaudible but guided to 'low- to mid-teens' suggesting deceleration

Quietly pushed to 'second quarter' with hedging language about timing evolution.

Pushed to Q2 call despite saying they hoped to update today

Hash rate flat at 14 EH, now talking about 'maximizing value' instead

Raised to $1.6B - 7% increase from original guidance

Grew 10.4% in Q1, well above mid-single-digit range

SG&A growing 200+ bps faster than sales growth

Occupancy down 320bps in Q1, guidance cut 150bps for year-end

Quietly deprioritized, now described as 'early development' and 'long term'

Slipped to 'within the quarter' with no definitive timeline

Management explicitly said they'll 'hold off on providing further updates'

Pushed to 2026 legislative session for sales tax exemption

Now saying 'next few months' for clarity on costs - pushed timeline

Gross margin declined to 62.4%, supply costs forcing margin pressure

Pushed to Q3, now 'later this year'

Underlying auto combined ratio at 89.5% above mid-90s target, openly trading margin for growth

Guided positive low single digits Q1 but delivered -2%, though they claim recent weeks improving

Down 8% sequentially due to factory issues

CRL issued for manufacturing questions, now working on resubmission timeline

Pushed to Q3 2026 - 6+ month delay attributed to dose optimization

SecOps growth decelerated from 120% to 85% YoY despite Red Canary

Q4 was 78.8%, likely came in slightly below

Book-to-bill was 'near one' but several expected Q4 projects pushed to 2026

Delivered 2.2% actual, 80bps shortfall from guidance

Appears to have underperformed due to commodity pressures

Bought back $5B in Q4, below the $6.1B Q3 level they guided to

Came in at $54.8B, $600M higher due to severance and revenue-related comp

Admitted it hasn't started globally yet, major timeline regression

Admitted no pipeline replenishment, 2026 will be similar to reset year 2025

Delivered $2.30B, below midpoint but within range

Came in at $5.30 per barrel, 50 cents over guidance

Now talking about 'anticipated' spending, not actual

Admitted infrastructure test remains sluggish medium-term

Sold $2.73B OEC, held high-time assets to meet demand instead

Q4 adjusted OR of 60% vs Q3's 58.5%, though they still expect 2026 improvement

Admitted pricing may not drive margins in 2026 despite record service metrics

Delivered $1.5B adjusted baseline after restructuring, significantly below the $3B+ implied by 'just under 3%' margin guidance

Actual contraction 1.3-1.4M, 30-40% higher than predicted due to competitive dynamics

No growth update provided on $12B run rate despite prior quarter's emphasis

Pushed to early access Q1 2026, GA in Q2 - delayed one quarter

Actual $969M, below midpoint due to working capital

Only opened 4 total franchise locations in 2025, significant shortfall

Revenue flat at $5M vs Q3, no meaningful growth despite promise

Actual headwind was 180bp, 20bp worse than guided

Only operating in Austin and Bay Area, mentioned Nevada/Florida/Arizona pending

Cut 2026 guidance to 3-4%, effectively lowered framework

Maintained assumption of similar weak conditions despite budget progress

County commissioners rejected the project, management now refuses to discuss specifics

Q3 'optimism' yielded only 3.7% growth after 58% Q3 surge - momentum clearly stalled

Actually guided to sequentially lower contribution (mid-single vs mid-to-high single digit)

Still 'exchanging term sheets' in Q1 2026, no closed transaction

Claimed 'onetime items' but that's what they all say when they miss

Receivables down -1% vs flat guidance, though within reasonable range

$247M actual vs $235-245M guide due to higher incentive accruals

Still not qualified in Q4. They pushed the language to 'by mid-calendar 2026.'

Only reduced debt by $150M vs $536M in Q3. Pace slowed dramatically.

Admitted to 'higher portfolio losses in December and January' due to growth

MI margins declined 340 bps sequentially to 32.2%, well below expectations

Volume-driven products went from double-digit growth to flat

Admitted FY26 will be 'muted growth' - pivot not delivering results yet

Excluded from Q1 guidance due to 'no mutual agreement on broader rollout.' Partnership execution failed.

Delivered $5.8B - fell short of minimum guidance by $200M

Delivered 9.6% - missed by 40bps despite volume recovery

Pushed out to late 2026/2027, major timeline slip

Actually declined to $53M from $58M despite guidance for flat

Delivered 26% growth, not the 30% promised. This matters because MRO output directly drives AOG reduction.

Q4 revenue decline accelerated to $60M vs $32M in Q3, recovery pushed to second half of 2026

Delivered 8% which is barely high single digits, consistently below double-digit targets

Q4 commentary returned to 'muted' CapEx activity, suggesting limited improvement

No new development beyond initial 112MW at Corsicana announced

Generated $252M, hit low end but below midpoint of range

Achieved 8%, missed low end by 100 bps

Delayed to 'around end of March 2026' due to tunable coupler interactions - 3-month slip

Timeline pushed to 'by the end of this year or thereabouts'

Don't see Q4 actual disclosed but guiding 2026 to same range suggests miss

Advertising completely absent from 2026 guidance discussion

Now guiding flat to down margins in 2026

Product deployment was 'slower than we planned' in H2 2025 per Miller

Revenue was flat at -0.2% in Q4, and 2026 guide is worse at -1.1%

Pipeline actually declined to $610M by year-end

Fee income grew 3% instead of declining, driven by capital markets strength

Q4 revenue growth was 14%, Q1 guidance midpoint is 12.5% - below stated target range

UCAN growth remained flat at 9% for second straight quarter

Europe growth decelerated 1600bps to 25% despite management confidence

Pushed out to H2'26; 'modest through first half' is 3-6 months later than promised

Actually declined 2% sequentially, blamed on 'project timing'

They guided negative low singles but finished FY25 closer to flat

Now guiding flat to 3% for FY26, acknowledged sustained weakness

Lost 20bps global share in Q4, first notable decline

Explicitly pushed to 2026 with new qualifier about FDA alignment - regulatory uncertainty emerged

Found efficiencies instead - actually better outcome

Pushed to Q2 2026 for both phases

Came in 'mid-single digits' which is roughly 5-6%, significant miss on explicit forecast

Came in at 4.0%, 50 bps above guidance due to self-insurance costs

Now says Stargate 'still in formation' and contributions are 'small numbers'

Shipped to one customer but others still in evaluation phase, timeline extended

Quietly abandoned this guidance, actual 2026 midpoint implies only 1% growth

Only said 'slightly below model' - no specific metrics provided

Networking declined 3% sequentially, pushed growth expectations to Q1

Now accelerating content spending in 2026 after promising discipline

Only did $507M, Bible cited being 'price sensitive' due to stock performance

Now expects constraints through H1 FY26 - demand grew faster than supply additions

Changed from smooth to 'still early days'-timeline extended

Down only 8% vs mid-teens guide

This promise from Q3 was completely dropped in Q4 materials-major omission after flu RTF

Timeline pushed to 'maybe end of next year' from earlier '27 start

Delivered 'at least $5' guidance - massive 64% cut from Q3 outlook

Medicare now $1/share headwind, Marketplace break-even at best on much lower volume

Final rates fell short - now 4% rates vs 5% trend, 100bp shortfall

Now delayed to 2027, not included in 2026 revenue guidance

No transaction executed despite repeated commitments since Investor Day

Now expected Q1 2026 due to real estate complexities in 1031 exchange

Mark explicitly said answers would be 'unfulfilling' and called it a 'long-term effort'

Stopped reporting user numbers, pivoted to geographic coverage

Stopped reporting $60B ARR figure entirely

Only achieved 230bps in Q3, Q4 was 72.2% - didn't get the full 400bps promised

Q4 sales growth decelerated to 18% from 34% in Q3 - significant momentum loss

Non-Atlas actually exceeded expectations due to multiyear deals

Q4 delivered 21% margin, above expectations due to revenue beat

Only got 14 of 23 projects live by Q4, with 9 remaining expected in Q1 2026

Q1 2026 margins guided to compress YoY, walking back expansion trajectory

Now expects flat to slightly down instead of meaningful decline

Decelerated from double-digit to high single-digit growth without explanation

Government shutdown pushed awards, now expecting 2026

Q4 revenue up 10% sequentially, defied normal seasonal decline

Retention only 40%, substantial move-outs now expected

India continues to underperform with no clear recovery timeline given

Achieved just over 9%, with investment banking at only 5% vs 10% target

Timeline pushed out, now only expecting 'modest' growth instead of 6%

Abandoned constraint language, now guiding to $105B+ vs prior discipline messaging

Vague promise but GPU utilization metrics disappeared and no Horizon customer signed

Quietly dropped this aggressive expansion pace without explanation

Delivered $11.92, within range but no mention of where in range

Delivered $1.046B, in range but toward low end

Q3 Dom said consensus was fine - actual FY26 guide came in below consensus at 22-23% vs expected ~25%+

Came in at low teens, added 'at the low end' qualifier

Pushed to 'beginning of Q2' with 60-day intervals, effectively 6+ month delay on full delivery

Actually provided less detail on conversion rates and timing between stages

Actual appears to be above $830M based on 18.2% YoY growth vs guidance midpoint

Revenue declined 5% sequentially vs. flat guidance, explained as strategic pivot

HODL crashed from 2,805 to 610 BTC, down 78%

Delivered 14% vs 15% target - 100bps shortfall

Pushed to 'before end of first half of 2026' - 6 month delay

Delivered low single-digit growth, reset expectation to 2026

Closed in October but admits 'very little revenue synergies' in guidance three months later

ROE declining with 24.5% drop in net income

Q4 earnings down vs up as promised, blamed on weaker Europe and independent owner sales

First Brands filed bankruptcy, took $150M writeoff, had to execute contingency plans with alternative suppliers

Independent owner sales went from +1% growth in Q3 to flat in Q4, missing expectations

Trading volumes down 40%, assets on platform down 29%

Actual losses $600M due to Vineyard Wind stop-work order - 50% worse than guided in December

Explicitly said 'we're going to be short of the 30 million' for 2025

Language softened to '90% plus level' - suggests some deterioration

Came in at 12.7%, hurt by G600 issues and tariffs

Comps decelerated from 6% to 3% - momentum clearly peaked in Q3 despite their optimism

Language softened to 'recommence running' CURE products - suggests less confidence in permanent conversion timeline

Actually guiding datacom DOWN in Q1 despite claiming strong 1.6T demand

Still up 9% per store in Q4 vs their expectation of moderation - they're less confident in demand predictability

Ended up at 3.1-3.4% in Q4, below promised range and revised down from 5-8%

Received about half of requested amount, disappointed with outcome

Deal completely failed to close, no explanation provided

Only $40M in Q4 vs $800M+ earlier in year

Project suspended instead of reaching FID - complete abandonment of timeline

November 19 decision was negative, now remanded to March 25. Timeline slipped 4+ months.

Did not close by year-end 2025, now dependent on March 25 PURA decision.

Slipped from Q4 to Q1, though they maintained lease will happen and described as 'fluid timing'

Pushed to Q2 2026, cited as normal exploration timeline adjustment

Delivered 4% due to software renewal timing and tariff surcharge adjustments

Delivered only 172 net stores, slightly below 175+ commitment

Website launched but apps now targeted for end of 2026, timeline slipped

Came in at $23.9B, below $24B floor despite strong AI and storage performance

ISG grew 22%, below mid-20s range due to AI shipment timing

Stopped reporting security growth rate, shifted to vague 'traction' language

Actually started January 2026, 2+ month delay blamed on Charybdis punch list items

Lowered to $275-325M range - the floor became the midpoint

Delivered 14% constant currency vs 20% guidance due to December data incident

Explicitly abandoned: 'our previous trends of delivering annual consolidated EBITDA margin expansion will be disrupted this year'

Came in at $995M, at higher end due to Taiwan momentum exceeding expectations

Came in at $5.5B, 10% above guidance

Stopped disclosing assets on platform figure in Q4, suggesting weaker performance.

Gross margin declined 43 bps sequentially to 38.1%

Legacy purchase volume growth slowed from 6.5% to 6.2% YoY - deceleration

Auto originations growth halved from 17% to 8% YoY due to competition

Reduced to 6 EH deployment over extended timeline to calendar 2026

Complete reversal to 'digital infrastructure platform' serving AI and HPC

Zero growth while network expanded, losing market share

Now guiding 'flat to mid-single digits' instead of clear growth

Site is being decommissioned for AWS, no longer mining

Collapsed to 11.6 EH/s after JV sales and Black Pearl shutdown

Timeline appears pushed to end of 2026 based on current quarter commentary

Not only didn't close, but actively delayed due to regulatory complexity - timeline moved backward

Q4 margin of 21.4% likely pulled full year below guidance range, though full year not disclosed

Only delivered for majority of five businesses in Q4

Language downgraded to 'double-digit', suggests deceleration

Opened 154 shops, but said shortfall would be incremental to 2026 target

Study clearly did not report in Q4 2025 despite repeated commitments, major execution miss

Only 9% room night growth, fell below double-digit threshold

Completely reversed strategy, now pure colocation after customer feedback

Now 'marginally profitable,' massive deterioration in one quarter

Took massive $80M LIFO charge driven by tariffs. Mitigation efforts clearly fell short.

Federal opportunities pushed to 2026, no mention of Q4 federal performance

Guided to weaker revenue growth (1.4%) than current run rate, suggesting fundamentals not improving as expected

Three months later, zero concrete progress disclosed

Guided to 1% (4% ex-DISH) due to DISH default not anticipated in Q3

Actually delivered $390M in Q4 that wasn't guided

Revised down by $500M but management now claims 'high confidence' in outperformance

Timeline pushed to 'later in the year' for 2025 - roughly 6-12 month delay from original commitment

Q4 gross margin declined 350bps despite 8% revenue growth - structural issues not just mix/timing

Q4 margin of 17.4% was at bottom of range, not upper end as guided

Broke cadence to highlight $5-8B incremental projects in Q4

No additional Bloom customer announcements provided

Delivered $3.43, significantly below guidance due to crush margin deterioration

Came in at 69.8%. Rich blamed automotive being stronger than expected, keeping industrial mix lower. Second consecutive quarter missing 70% target.

Auto was up 1% sequential vs expected decline. Rich said 'that did not appear to happen to us' - complete reversal of their confident prediction.

Decelerated to 'over 30%' - significant slowdown in highest-growth DX product.

Guided to 6.5%-7.5% range with 7% midpoint, citing nutrition headwinds

Only expecting $10M in FY26, much smaller than 'meaningful impact' suggested. Excluded from guidance.

Delivered 210 bps sequential improvement, short of 230 bps guided due to higher variable pay.

Came in at $1.59, at high end but below what strong revenue performance should have delivered.

Quietly pushed pilot to 'by end of Q2 2026' without acknowledging the 6-month delay

Q3 comp was -5.6%, much worse than expected despite easier compares

Revised down to -3% to -4%, a 400-500 bps miss

Flat Q4 guide contradicts 'continued momentum' narrative

Only opened 2 in Q3, expecting just 1 more in Q4 = 3 total vs 4 promised

Raised to ~6% due to higher beef inflation than expected

Delivered $1.48 but included unguided $0.10 reduction for restructuring

Actually cut loadings in Q3, contrary to guidance

GPM declined 50bps from 58% to 57%

Only at $5M, now giving no timeline for breakeven

Complete radio silence on Wisconsin this quarter

International mix declined 100bps despite claiming faster growth - either growth differential narrowing or base effect

Pushed to Q1'26, three-month delay

Now $3.3B due to additional projects - $300M increase

Now admits trending toward low end due to limited Q3 volatility

Fewer peak days in July/August, opportunities didn't materialize

Narrowed range to $7-8, moving to bottom half of prior range - guidance cut

Complete reversal, raised $122M equity in October claiming 'attractive terms'

Quietly cut Phase 1 to 2.1 GW, total now 5.3 GW assuming Phase 2 unchanged

Slashed to $375-450M without explanation or acknowledgment of prior guidance

Lowered to flat-to-low single digit after -7% Q3 performance

Ad revenue flat YoY in Q3. Now saying inflection pushed to H2 2026.

IP went from +21% YoY in Q2 to -8% YoY in Q3 - major reversal

Storage remained 11% of revenue, management now claims net positive from new workloads

Quietly walked back to 'at least $6B Q4' without confirming full-year range

Explicitly refused to provide 2026 guidance, complete reversal from prior confidence

French Onion failure suggests pipeline issues, had to pivot strategy mid-quarter

Q3 revenue per MW of $220K implies 5+ year payback at current utilization

Q4 guide implies flat performance despite capacity additions

Escalated to litigation against all 5 hotels instead of managing orderly transition

Creation costs increased 4% YoY in Q3 vs. 4% decrease in Q2 - cost discipline reversed direction.

ES margins compressed 340 bps to 20.3%, though management blames macro

Complete reversal; now building $214M of spec Core & Shell without tenants

Hash rate grew 3% vs network 8%; losing share despite claims of maintaining position

Delayed 8 weeks, only 28% in home by end of prior quarter due to tariff pricing uncertainty

Explicitly stated they were not selected for initial Phase B, now hoping for selection 'in coming months'

Q3 margin at 359 bps, below low-360s guidance

Q3 losses higher at 55 bps vs 47 bps in Q2, and Q4 still expected elevated

Delayed due to Catalent manufacturing issues, now targeting late 2025

Still at 5% growth, same as Q2 - no acceleration despite new experiences scaling

Revenue grew 12% sequentially ex-licensing but called it 'low end of typical seasonal growth'

Quietly pushed to 2026 with FDA alignment caveat - clear regulatory pushback

Now guiding negative FCF for 2026 due to transformation costs

Quietly removed this language from slide deck, now says 'stay tuned' for Q1 2026 guidance

Actual CapEx was $2.7B, guidance was over $3B - timing-related underspend

Pushed to 'middle of next fiscal year', 2-3 quarter delay

No mention of third hyperscaler order, just 'discussions' now

Actually hit by another supplier interruption in Q2, but claims resolved for Q3

New distributor excuse emerged, now promises recovery in Q1 FY26

Now expecting approximately 12.1%, below prior range due to FBM dilution

Cut to $525-550M, reducing both completions and power spending

Net debt up $100M in one quarter, cash down to $13M, liquidity cut nearly in half

Extended to June 2026, a 6-month slip with vague explanation about city negotiations

Timeline pushed to 'within first half of FY26' - significant delay

Now expects Q4 closing due to regulatory review timing

Reduced to 50 exahash, cutting 4% of planned capacity

Completely dropped from discussion, likely dead

Issued $218M via ATM already with more likely coming

Q3 small deal pipeline only described as 'stable,' no mention of Q2's double-digit growth converting to revenue

Still in discussions, expanded scope to 1GW instead of closing 300MW deal

January HODL dropped to 2,657 from 2,805 peak, selling to fund growth

Six weeks after 'configuration' still not deployed to customers

Still only 'several thousand' pros enrolled vs millions of customers after multiple quarters of promises.

Downgraded to low single digit growth, flat Q3 comp despite 'exceeded expectations' narrative in Q2.

Management explicitly stated 'expected increase in demand in the third quarter did not materialize.'

Revised down from 13.4% due to GMS impact and volume shortfall.

Revised down to 33.2% due to acquisition mix impact.

Pushed to spring 2026 selling season, a 6-month delay

Only achieved $2,250 reduction, 44% below prior quarter claim

PMI stayed below 50 for last 7 months, but Industrial still grew 5% somehow

Europe comp sales worsened to -2% from -1%, described results as 'below our expectations'

Now saying tight supply environment continues through 2026

Only said 'significant increase' and punted to Q4 call

Still not closed 3 months later despite repeated 'final stages' claims

Now pushed to undefined 'foreseeable future' with no clarity

Had to increase liability estimate by $9M, suggesting costs trending higher

Datacom fell 16% sequentially; 1.6T is still just 'qualification bills'

Operating margin compressed 40 bps despite flat OpEx

Pushed from Q4 2025 to Q1 2026 due to international regulatory processes

Now guiding $925M Q4 baseline, multiply by four - costs drifting higher

Reduced to $4.6B due to project deferrals into 2026, though not execution issues

Live services down 8% YoY, had to parse 'core' vs 'total' to justify

Underperformed significantly, now reallocating resources away

Admitted systematic change required, pushing timeline out further

Cut to $7.0B to $7.15B, massive $350-650M reduction

Zone pricing not mentioned at all this quarter, appears shelved

Q4 bookings decelerated from 7% to 6%

CSG down 1% in Q3, now pushing growth expectations into FY26

Actually went negative on price in Q3 due to pool fund accruals

Raised to 'nearly $600M' due to steel and Europe reciprocal rate changes

Slipped to November due to Charybdis vessel delays and punch list items

Electric cable terminations took longer than expected, now starting sea trials in November

PJM delayed to late September, now expect year-end conclusion

Still in crawl phase, pushed timeline to 'within next year' from 'soon'

Now willing to sell entire month's production, complete reversal

Completely pivoted to AWS-only conversion, abandoned hybrid model

Quietly consolidated metrics, no longer showing individual site economics

Lowered to 3-4% range due to macro pressures

Lowered to 24.4-24.8% due to margin pressures

Still in 'discussions' with no commercial contracts signed

Already delayed to H1 2027 for Vera Rubin redesign

Now expect Q4 margins 'down slightly' vs prior implication of recovery

Delivered only 9% vs 13% prior quarter and low-teens target

Stalled at 25% for multiple quarters, management surprised by flat performance

Revenue dropped 36% sequentially, technical issues blamed

Now divesting Cloud business that was supposed to be complementary

$34.2B in Q3 vs $31.4B in Q2 - acceleration not representative

OpEx actually declined to $103M from $104M

Cut to $3.25-$3.50 range, a 13-19% reduction from prior guidance

Now expecting flat to slightly up from Q3, well below $60-70 range

Delivered 69.2% due to European fab utilization issues

Q3 came in at 14%, Q4 guided to 15%, so running slightly better

China slowed to 4% growth in Q3 vs 10% in Q2

NDR remained at 98%, no improvement. Now pushed timeline to 'middle of next year'

Q2 op income growth 7.4% vs sales growth 4.9%, but margin compressed vs Q1's massive outperformance

Collapsed to 32.5% with further deterioration guided.

Pushed recovery out by 'a couple of quarters' from original timeline.

Now saying 'likely insufficient to reach breakeven by end of Q3' and won't commit to any timeline

Q1 described as 'lowest point' but no Q2 mobile metrics disclosed

Q2 sales and EBITDA fell short of expectations per management admission

Pushed to 'second half of calendar 2025', another quarter delay

Malaysia utilization still only 1% - facility barely operational

Q3 guided flat to down sequentially

Margins compressed 140bps, Q3 guided only to 12%

Burned $240M in operations vs generating $407M prior quarter

Now claiming 'at least 40%' but Q2 only grew 58% YoY vs 83% in Q1, clear deceleration

Only placed 70 MW, now have 450 MW still open

No LOI, no tenant names, no real milestone progress disclosed

Hash rate growing slower than network, losing share

Extended program but bought ZERO shares in Q2 despite saying it's 'important'

Actually grew 2% sequentially to $13.3M, beat their own guidance

No mention of these specific accounts, just general food commentary

Q3 guidance worsened to low double-digit decline vs prior 8-10%

Actually grew 5% sequentially, opposite of guidance

115bps impact was 'slightly higher than expected' per management

Supplier interruption prevented expected acceleration, growth actually stalled

Guidance withdrawn entirely due to macro uncertainty

Zero buybacks in Q2 despite 'depressed' stock price

Explicitly deferred despite strong cash generation to fund Horizon 1

Terminated Morgan Stanley process, now pursuing different strategy

Margins flat despite Maximus benefits, all gains eaten by variable pay

Pipeline flat at 10.8 GW, first quarter without growth

Quietly pushed to calendar Q1 2025 without acknowledging the slip

Pushed to August model start, no mention of June lot delivery achievement

SG&A increased 40 bps as percentage of revenue despite efficiency claims

Still saying 'imminently' three months later

Declined 9% sequentially, opposite of growth

Completely withdrew this guidance - delivered 28% in Q2 and now won't provide full year target

Still in 'crawl phase' after two quarters of promises

Metric completely disappeared from discussion

Q3 guided to low 40s, same as Q2, pushing recovery to Q4 at best

Was supposed to be done by now per Q1 timeline, still needs $40-50M

Backlog actually declined 21% QoQ despite 'strong demand' claims

Q1 call was October 9. It's now January 14, well past the 8-week outside estimate.

No update provided on cumulative units; metric disappeared

Walked back to 'mid-single digits' (5%)

Actual $358M came in 7% below midpoint guided

Cut to 2.6-3.0GW due to demand collapse, not operational issues

Slashed to $30M-$50M, a 60% reduction at midpoint

Essentially abandoned, now expecting 0-500MW merchant sales

Pushed to Q2 or Q3, cash flow delay

Still in 'progressing well' phase, revenue shipments pushed to later quarters

Revenue declined sequentially while OpEx stayed flat

Doubled down on existing customer instead; concentration risk increased

No LOI, no deal structure, just more land purchases and consultant fees.

Said 'soon' last quarter, now saying 'soon' again this quarter.

$22M in Q1 vs $30M quarterly average in 2024, down 27%

Only cleared one week. Partners now maintaining elevated levels permanently

Already walked back to 57-58% for full year, structural issues at Lowell fab

Never mentioned this quarter, prior admission of only 15% increase

Pushed to Q4 for 'first shipments', still in test phase

Actual decline only 0.4%, customers pulled forward demand

Net debt increased $15M despite 'fortress balance sheet' rhetoric

Still no specific square footage or tenant names despite 'advancing discussions'

Q1 revenue flat to down from Q4 run rate

Still looking for customers; acknowledged 'may take time'

No concrete progress disclosed, just vague 'continues to play out'

Quietly reduced to $125M this quarter, citing curtailment adjustments

Still no definitive agreements despite 'deep conversations' for multiple quarters

Energy costs rose 29% YoY to $51.71/MWh despite 'competitive advantage' claims

Only 15% order growth vs 54% of deliveries, clearly not driving growth

Timeline slipped to '9 months or so', already pushing out before ramping

Failed completely; ended year with only CoreWeave as customer

Dropped to 94%, blamed on hurricane and fleet moves

SoftBank exclusivity expired without deal, now starting over with new financing partner

Pushed to mid-2026, a 6-month delay

Was supposed to be done by now, exclusivity expired, timeline now completely uncertain

Actually pausing deployments until at least December despite claiming demand exists

Guided flat, delivered -7% sequential decline

Cable players pulled back, spreading upgrades over multiple quarters

Conspicuously absent from Q4 commentary despite being 'consistent' in Q3

Pushed to 'middle of 2025', a clear delay

Claimed 'at least hit the $150 million' but math suggests closer to $140M based on $105M full year

Russell admitted 'This has not happened but rather the imaging business remained stable'

Pushed to September due to 'mechanical component' issue. Third delay on this qualification.

Only shipped 'small volume', likely under 100k units based on revenue impact.

Walked back to 'over time' with no timeline commitment

Still at ~85% after claiming 'significant improvements' for two quarters

Ended at 31.5 EH, missed by 10% despite lowering from 36 EH last quarter

Immediately cut to 38.4 EH, a 31% reduction before the year even started

Slipped to just '2025' without specific timing

Declined 9% sequentially, worse than guided 'modest' decline

Pushed to 'may ramp in 2026'

Still at 58.1%, admitted fab utilization issues preventing target achievement

Achieved only 15% increase. Management explicitly admitted falling short.