| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 10, 2026 | 7/12 | 3 medium, 4 low flags | 0 | 2 | Call sheet → |
| Q1'26 | May 11, 2026 | 3/12 | 3 high, 5 medium, 1 low flags | 1 | 2 | Call sheet → |
| Q4'25 | March 31, 2026 | 5/12 | 3 high, 4 medium, 1 low flags | 1 | 2 | Call sheet → |
| Q3'25 | November 13, 2025 | 5/12 | 4 high, 4 medium, 1 low flags | 2 | 1 | Call sheet → |
| Q2'25 | August 12, 2025 | 9/12 | 1 high, 3 medium, 3 low flags | 2 | 0 | Call sheet → |
| Q1'25 | May 14, 2025 | 3/12 | 3 high, 3 medium, 2 low flags | 2 | 0 | Call sheet → |
| Q4'24 | March 27, 2025 | 5/12 | 2 high, 4 medium, 2 low flags | 3 | 3 | Call sheet → |
| Q3'24 | November 13, 2024 | 5/12 | 4 high, 4 medium flags | 1 | 3 | Call sheet → |
| Q2'24 | August 9, 2024 | 8/12 | 2 high, 3 medium, 2 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Credit line and/or ATM to be put in place 'at some point this year' Period has not ended, and no mention of a credit line or ATM facility was made on the Q2 call, actual not stated on the call |
| Q2'26 | Pending | Scrubgrass detailed load study results expected around end of year/Q4 2026 Period has not ended; current quarter language softened to a general 'December or January' update window across all expansion items rather than a Scrubgrass-specific confirmation |
| Q2'26 | Missed | Moses Lake 10MW expansion option available to exercise at will Management explicitly abandoned the option this quarter rather than exercising it |
| Q2'26 | Pending | Bitcoin hashrate to trickle from 14 EH/s to ~5 EH/s by year-end 2026 Period has not ended, but the metric was not mentioned at all this quarter, actual not stated on the call |
| Q2'26 | Missed | Panther Creek full permitting completion by 'mid-late summer' Period has ended (call is in August); management confirmed the final DEP process is 'taking a few months longer than originally anticipated' |
| Q2'26 | Pending | Sign 3 leases (Panther Creek, Sharon, Moses Lake) by year-end 2026 Period has not ended, but management declined to reaffirm the specific numeric target when asked directly, pivoting instead to generic negotiation language; zero leases signed to date |
| Q1'26 | Pending | Revenue commencing in 2027 Still targeting but requires leases first, which haven't materialized |
| Q1'26 | Pending | Permits in 'coming months' Slipped to 'mid-late summer' which is 3-4 months out |
| Q1'26 | Missed | Accelerate Bitcoin exit in 2026 Hash rate flat at 14 EH, now talking about 'maximizing value' instead |
| Q1'26 | Pending | Sign 3 leases by year-end 2026 Still maintaining this target but no progress visible yet |
| Q1'26 | Missed | Provide Quebec Sherbrooke update on Q1 call Pushed to Q2 call despite saying they hoped to update today |
| Q1'26 | Delivered | Complete U.S. redomiciliation by April 1 Completed as promised, now trading as KEEL |
| Q4'25 | Pending | Convert Quebec sites to HPC/AI Confirmed regulatory approval but no concrete timeline |
| Q4'25 | Pending | Secure leases by being patient for better economics Still no signed leases, strategy unchanged but unproven |
| Q4'25 | Delivered | U.S. redomicile in 2026 Completing April 1, 2026, as promised |
| Q4'25 | Pending | Complete Paso Pe sale and LATAM exit Still not closed, dragging into 2026 |
| Q4'25 | Pending | Q3: Sites coming online in 2027 Pushed Panther Creek Phase 1 from Dec 2026 to H1 2027, slippage already |
| Q4'25 | Missed | Maintain $8M monthly FCF from Bitcoin mining Now 'marginally profitable,' massive deterioration in one quarter |
| Q4'25 | Missed | Washington site conversion to HPC/AI with GPU-as-a-service focus Completely reversed strategy, now pure colocation after customer feedback |
| Q3'25 | Delivered | Continue share buybacks 5M shares repurchased but well below the authorized 49.9M |
| Q3'25 | Pending | Exit LATAM with Paso Pe sale Still not closed, no timeline provided |
| Q3'25 | Pending | Transition to U.S. GAAP for Q4 Confirmed on track for Q4 reporting |
| Q3'25 | Delivered | Generate $8M/month free cash flow from mining Maintained despite lower BTC production through cost cuts |
| Q3'25 | Missed | Phase 1 Panther Creek 50MW by end of 2026 Already delayed to H1 2027 for Vera Rubin redesign |
| Q3'25 | Pending | Break ground at Panther Creek in Q4 2025 Claimed to be on track but no evidence of actual groundbreaking yet |
| Q2'25 | Pending | U.S. redomicile in 2026 Maintained timeline, opened NYC office as interim step |
| Q2'25 | Pending | Transitioning to U.S. GAAP for full year 2025 Reconfirmed plan, implementation ongoing |
| Q2'25 | Delivered | All U.S. sites validated for HPC conversion WWT and ASG assessments confirmed all sites suitable |
| Q2'25 | Delivered | $8M/month free cash flow from mining Confirmed generating $8M/month despite Argentina shutdown |
| Q2'25 | Pending | Master site plan completion in Q2 2025 Still 'in process' with Macquarie review, may slip to early 2026 |
| Q2'25 | Pending | Breaking ground at Panther Creek in second half of 2025 Maintained Q4 2025 timeline, but no customers signed yet |
| Q1'25 | Pending | <$100M CapEx for 2025 Reduced from prior guidance, tracking at $75M currently |
| Q1'25 | Pending | HPC feasibility studies in Q2 For remaining North American sites beyond Pennsylvania |
| Q1'25 | Pending | No large miner purchases in 2025 Reiterated multiple times on call |
| Q1'25 | Delivered | Strategic sale of non-core assets Yguazu sold to Hive for cash plus payments |
| Q1'25 | Delivered | Complete Stronghold acquisition by end Q1 Closed March 14 as promised |
| Q1'25 | Pending | Break ground on HPC in H2 2025 Reiterated but conditional on master plan completion |
| Q1'25 | Pending | 21 exahash target for 2025 At 19.5 EH currently, seems achievable with remaining 6% of miners |
| Q4'24 | Pending | Update on HPC progress in 2025 They're now promising Q2 2025 for feasibility studies completion |
| Q4'24 | Delivered | Stronghold acquisition closing Closed as promised, debt paid off |
| Q4'24 | Exceeded | 19 watts/terahash efficiency by Q2 2025 Achieved 19 w/th three months early in Q1 2025 |
| Q4'24 | Delivered | Strategic options for Yguazu to 'best monetize this site' Sold the site to HIVE for cash, though this was selling not monetizing |
| Q4'24 | Missed | HPC/AI pilot with 1-2 MW deployment No mention of pilot progress; appears to have been quietly dropped |
| Q4'24 | Missed | 35 exahash by year-end 2025 Completely abandoned this guidance as 'premature to maintain' |
| Q4'24 | Missed | 21 exahash by year-end 2024 Only at 18.6 EH as of March 2025, pushed target to H1 2025 |
| Q3'24 | Pending | Sharon initial 12MW by end of 2024 Still claims on track but no specific update on progress |
| Q3'24 | Missed | 35 EH/s by end of 2025 Formally withdrawn this quarter as 'premature' |
| Q3'24 | Pending | Yguazu 100MW online December 2024 Applied for 60-day delay to March 1, 2025, suggests execution issues |
| Q3'24 | Delivered | 21 w/TH efficiency by year-end 2024 Actually hit in September, 3 months early, now targeting 19 w/TH |
| Q3'24 | Missed | 21 EH/s by year-end 2024 Pushed to 'first half 2025' without specific timeline |
| Q3'24 | Missed | 12 EH/s by midyear 2024 Hit 11.9 EH in November, blamed on warranty issues and construction delays |
| Q2'24 | Pending | Yguazu 100 MW in Q4 Pushed to December, 'broken ground on seven warehouses' |
| Q2'24 | Delivered | CEO search in 'next several weeks' Ben Gagnon appointed CEO, search concluded |
| Q2'24 | Delivered | Strategic alternatives review Completed and terminated, choosing standalone path |
| Q2'24 | Delivered | Paso Pe 70 MW site online Fully online and described as largest site by MW and hashrate |
| Q2'24 | Pending | 21 w/TH efficiency by year-end 2024 Currently at 28 w/TH, needs 25% more improvement in 5 months |
| Q2'24 | Pending | 21 EH/s by year-end 2024 Reiterated commitment but concerning equipment quality issues emerging |
| Q2'24 | Missed | 12 EH/s by Q2 2024 Hit 12.1 EH/s but admitted 'temporary delays' and missed mid-year target timing |
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