| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'27 | October 7, 2026 | 8/12 | 2 high, 6 medium, 1 low flags | 0 | 0 | Call sheet → |
| Q4'26 | July 27, 2026 | 7/12 | 5 high, 3 medium flags | 3 | 2 | Call sheet → |
| Q3'26 | April 8, 2026 | 8/12 | 5 high, 4 medium flags | 1 | 1 | Call sheet → |
| Q2'26 | January 7, 2026 | 5/12 | 3 high, 4 medium, 1 low flags | 2 | 0 | Call sheet → |
| Q1'26 | October 9, 2025 | 4/12 | 4 high, 4 medium, 1 low flags | 1 | 3 | Call sheet → |
| Q4'25 | July 30, 2025 | 6/12 | 3 high, 5 medium, 1 low flags | 1 | 1 | Call sheet → |
| Q3'25 | April 14, 2025 | 5/12 | 4 high, 2 medium, 1 low flags | 1 | 2 | Call sheet → |
| Q2'25 | January 14, 2025 | 2/12 | 4 high, 3 medium flags | 2 | 1 | Call sheet → |
| Q1'25 | October 9, 2024 | 5/12 | 3 high, 4 medium, 1 low flags | 1 | 2 | Call sheet → |
| Q4'24 | August 28, 2024 | 5/12 | 3 high, 4 medium, 1 low flags | 1 | 4 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'27 | Pending | Financing for the next three campuses (Polaris Forge 3, Delta Forge 1, Delta Forge 2) expected to be 'relatively straightforward' Management states they are 'already in active discussions with leading lending institutions' and have 'a high level of confidence' but no financing has closed yet. |
| Q1'27 | Pending | Expect to continue to add new campuses 'this year and next year' No new campus additions were disclosed this quarter; backlog remained flat at $36B, but the stated period has not fully elapsed. |
| Q1'27 | Pending | $1 billion NOI run-rate goal expected to be achieved a year from the Q4 FY26 call, three years ahead of the original five-year schedule Multi-year target with a future deadline that has not yet passed; however, it was not reiterated or updated on this call at all. |
| Q1'27 | Pending | Advanced negotiations to finalize ~100MW and ~150MW expansion leases with two existing investment-grade customers, expected at materially higher lease rates and possibly longer duration This call instead frames ~250MW of expansion leases expected to be executed by calendar year end; the prior specific negotiations were not confirmed as closed or separately reconciled on this call. |
| Q1'27 | Pending | CapEx for the upcoming quarter (i.e., the quarter just reported) expected around $600 million Actual quarterly CapEx figure was not stated anywhere on this call; only cash, debt and equity balances were disclosed. Unverified; actual not stated on the call. |
| Q4'26 | Missed | Continue diversifying customer base Actually concentrated more: 76% with single hyperscaler |
| Q4'26 | Pending | Maintain strongest balance sheet in industry $4.2B cash but also $5B debt, leverage increased significantly |
| Q4'26 | Exceeded | Sign leases for sites in advanced negotiation Signed three campuses totaling $20B in contracted value |
| Q4'26 | Missed | Complete ChronoScale separation and public listing Listed but retained 96% ownership, not a real separation |
| Q4'26 | Delivered | Close financing for PF2 campus Closed $2.15B notes in March 2026 |
| Q4'26 | Delivered | Deliver 75MW additional capacity at PF1 Confirmed delivery on schedule in Q4 |
| Q3'26 | Pending | Refinance project debt at lower rates once operational CoreWeave restructuring achieved A3 rating but no actual refinancing completed yet |
| Q3'26 | Missed | Additional locations in advantaged regions South Dakota paused, only added unnamed sites without specifics |
| Q3'26 | Pending | Surpass $1B NOI within 5 years Reiterated but language softened from 'expect' to 'remain confident' |
| Q3'26 | Pending | 600MW to come online over next 18-24 months On track so far with July 2026 first delivery but 18 months away from full delivery |
| Q3'26 | Delivered | Maintain strongest balance sheet in the industry $2.1B cash vs $2.7B debt is strong, though cash burn of $200M this quarter is concerning |
| Q3'26 | Pending | ChronoScale closing in first half of 2026 Still targeting H1 but pushed from March to April-May timeframe |
| Q3'26 | Pending | Begin construction of additional campuses in the near term Broke ground on Delta Forge but that was already in motion. No new campuses beyond that announced |
| Q2'26 | Pending | Complete tenant fit-out over calendar 2025 On track with $73M recognized this quarter |
| Q2'26 | Pending | Proceed with at least one third-party power project this year Not mentioned this quarter despite being promised in Q1 |
| Q2'26 | Delivered | Strategic review of cloud business Announced ChronoScale spin, though non-binding LOI only |
| Q2'26 | Pending | Secure project financing for CoreWeave buildings Still 'making great progress' but no close after 6 months of negotiations |
| Q2'26 | Delivered | Polaris Forge 1 first 100MW ready by end of 2025 Completed on schedule, now in tenant fit-out phase |
| Q2'26 | Pending | First building to start coming online in late 2026 Still on track per management commentary |
| Q1'26 | Missed | South Dakota development progress Pushed to 2026 legislative session for sales tax exemption |
| Q1'26 | Pending | $1B NOI in 3-5 years Subtly extended to 'within five years' dropping the 3-year possibility |
| Q1'26 | Missed | Cloud services strategic review update Management explicitly said they'll 'hold off on providing further updates' |
| Q1'26 | Pending | Second 150MW facility online mid-2026 Construction underway, building being erected per management |
| Q1'26 | Delivered | Breaking ground on 1-2 additional campuses before end of year Polaris Forge Two broke ground, but second campus not confirmed |
| Q1'26 | Missed | Project financing in 4-10 weeks Slipped to 'within the quarter' with no definitive timeline |
| Q1'26 | Pending | First 100MW facility operational in Q4 2025 Still on track per management, but now doing fit-out work first |
| Q4'25 | Pending | SMBC $375M financing arrangement Arrangement exists but no drawdown disclosed |
| Q4'25 | Pending | Macquarie to invest up to $5B in capital No update on actual capital deployed or terms |
| Q4'25 | Pending | Building 2 ready end of calendar Q2 2026 Pushed to 'mid-2026' this quarter, slight slippage |
| Q4'25 | Missed | Strategic options review for Cloud Services Three months later, zero concrete progress disclosed |
| Q4'25 | Delivered | Provide update on leasing discussions in near term CoreWeave lease announced, though took full quarter |
| Q4'25 | Pending | Ellendale first building ready for service Q4 2025 Maintained timeline but switched to 'scheduled' language |
| Q3'25 | Pending | Lower D&A by $7M per quarter going forward Accounting change made, need Q4 to verify |
| Q3'25 | Missed | Focus on data center operations Now divesting Cloud business that was supposed to be complementary |
| Q3'25 | Missed | Cloud Services growth from existing contracts Revenue dropped 36% sequentially, technical issues blamed |
| Q3'25 | Pending | $5B Macquarie facility will accelerate development Facility announced but no draws disclosed, still burning parent cash |
| Q3'25 | Delivered | Ellendale construction on time and within budget Equipment landed, Q4 2025 timeline maintained |
| Q3'25 | Pending | Late-stage discussions with multiple hyperscalers Three months later, still in discussions with no signed lease |
| Q2'25 | Pending | Building ready H1 2025 single feed, mid-2025 dual feed Substation energized but no customer to use it. Infrastructure without revenue. |
| Q2'25 | Delivered | Balance sheet improvement from strategic investments Cash increased to $314M but debt ballooned to $479M. Mixed delivery. |
| Q2'25 | Delivered | GPU lease amendment to extend amortization period Completed, saving $7M per quarter in D&A expense going forward. |
| Q2'25 | Pending | Expect to deploy additional GPU clusters in H2 FY2025 H2 started December 1. No new clusters announced yet, just 'evaluating opportunities.' |
| Q2'25 | Pending | Site-level debt financing expected to close shortly after lease execution Can't close debt without lease. Now replaced with expensive Macquarie preferred. |
| Q2'25 | Missed | Lease finalization could happen in days to 6-8 weeks max Q1 call was October 9. It's now January 14, well past the 8-week outside estimate. |
| Q1'25 | Pending | Market additional 1.4GW pipeline to hyperscalers Just started marketing, claims 'significant interest' but no LOIs yet |
| Q1'25 | Pending | Better financing structure for GPUs to align with economics Still 'expect to complete in current quarter', been promising this for multiple quarters |
| Q1'25 | Delivered | Sequential revenue improvements entering Q1 Revenue did grow to $60.7M from $43.7M, though growth rate decelerated |
| Q1'25 | Pending | Ellendale facility ready late 2024/early 2025 Building on track but no customer confirmed, just 'finalizing' after 6+ months |
| Q1'25 | Missed | Continue ramping cloud business with enterprise focus Actually pausing deployments until at least December despite claiming demand exists |
| Q1'25 | Missed | Finalize hyperscaler lease and project financing 'shortly' after lease execution Was supposed to be done by now, exclusivity expired, timeline now completely uncertain |
| Q4'24 | Missed | Diversification to enterprise GPU customers Still only 2 primary customers, no enterprise wins |
| Q4'24 | Missed | Hyperscaler lease in 60-90 days from start Started 3-4 weeks before Q3 call in April, now August still not done |
| Q4'24 | Pending | Project financing shortly after lease finalization Can't close until hyperscaler lease done |
| Q4'24 | Missed | 10,000 GPUs as bogey for May exit Only at 5,120 GPUs owned, explicitly deprioritized |
| Q4'24 | Delivered | Ellendale at 65-75% capacity by end of May Achieved full capacity but only at quarter end |
| Q4'24 | Missed | Close GPU debt facility by end of fiscal Q4 Still 'working on' it with no timeline given |
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