| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 4, 2026 | 5/12 | 1 high, 3 medium, 2 low flags | 2 | 0 | Call sheet → |
| Q1'26 | May 5, 2026 | 4/12 | 3 high, 4 medium, 1 low flags | 2 | 1 | Call sheet → |
| Q4'25 | February 24, 2026 | 6/12 | 3 high, 4 medium, 1 low flags | 3 | 2 | Call sheet → |
| Q3'25 | November 3, 2025 | 6/12 | 2 high, 4 medium, 2 low flags | 3 | 2 | Call sheet → |
| Q2'25 | August 7, 2025 | 7/12 | 1 high, 4 medium, 3 low flags | 2 | 0 | Call sheet → |
| Q1'25 | May 6, 2025 | 6/12 | 3 high, 5 medium flags | 1 | 1 | Call sheet → |
| Q4'24 | February 25, 2025 | 9/12 | 2 high, 3 medium, 1 low flags | 2 | 0 | Call sheet → |
| Q3'24 | October 31, 2024 | 3/12 | 4 high, 3 medium, 1 low flags | 0 | 1 | Call sheet → |
| Q2'24 | August 13, 2024 | 5/12 | 3 high, 3 medium, 2 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Close a $2 B bond for Black Pearl in Q1 2026 Bond closed in February at $2 B, cited in Q1 call; Q2 reaffirmed execution |
| Q2'26 | Exceeded | Deliver Black Pearl capacity ahead of schedule (original lease timeline) Delivered two months early, rent commenced in August - verified by CEO statement |
| Q1'26 | Delivered | No additional capital investment into Bitcoin mining Confirmed no new CapEx deployed to mining operations |
| Q1'26 | Pending | Reveille and Ulysses representing 270MW of near-term pipeline Still marketing these sites but no signed leases yet |
| Q1'26 | Pending | Stingray to energize Q4 2026 Still claiming Q4 2026 timeline but no construction mobilization mentioned |
| Q1'26 | Pending | Continue opportunistically monetizing Bitcoin inventory, likely exit by 2026 Still holding $76M worth, minimal progress on liquidation |
| Q1'26 | Delivered | Substantial liquidity following Black Pearl financing with $233M reimbursement Completed the financing and got reimbursement as promised |
| Q1'26 | Missed | Black Pearl decommissioning to be completed 'this week' of February 2026 Actually completed in February but they said 'this week' on Feb 24 call, suggesting delays |
| Q4'25 | Exceeded | Secure debt financing for Barber Lake construction Raised $1.73B at 7.125%, fully funded through completion |
| Q4'25 | Pending | Stingray to energize Q4 2026 Still claims on track but ERCOT uncertainty clouds timeline |
| Q4'25 | Delivered | No further investment in Bitcoin mining Sold JVs, liquidating Bitcoin, complete pivot executed |
| Q4'25 | Missed | Maintain 23.6 EH/s of self-mining capacity Collapsed to 11.6 EH/s after JV sales and Black Pearl shutdown |
| Q4'25 | Missed | Black Pearl to contribute significant cash flow in Q3 Site is being decommissioned for AWS, no longer mining |
| Q4'25 | Delivered | Execute HPC transaction at Barber Lake by Q4 2025 Actually exceeded with both Barber Lake upsize and AWS Black Pearl deal |
| Q3'25 | Delivered | No further equity fundraising needed Convertible debt used instead, though creates future dilution risk |
| Q3'25 | Delivered | Continue evaluating Black Pearl Phase 2 for best shareholder outcome Evaluated and decided: AWS lease better than hybrid approach |
| Q3'25 | Missed | Maintain detailed site-level cost reporting Quietly consolidated metrics, no longer showing individual site economics |
| Q3'25 | Pending | Barber Lake deal with 'recent momentum' Still no signed deal, language softened to 'ongoing discussions' |
| Q3'25 | Missed | Black Pearl Phase 2 hybrid infrastructure for both mining and HPC Completely pivoted to AWS-only conversion, abandoned hybrid model |
| Q3'25 | Delivered | Reach 23.5 exahash per second by end of Q3 Actually hit 23.6 EH/s, slight outperformance |
| Q2'25 | Pending | Stingray to energize Q3 2026 Reconfirmed, initiated substation development |
| Q2'25 | Pending | Milsing interconnect decision expected later this year Reaffirmed timeline, said moving toward interconnect this year |
| Q2'25 | Pending | Reach 23.1 EH/s by end of Q3 Now guiding to 23.5 EH/s, slight increase |
| Q2'25 | Pending | Finalize best possible deal for Barber Lake Still in discussions, added Fortress but no tenant signed |
| Q2'25 | Exceeded | Scale to ~16 EH/s by end of Q2 Hit 16.8 EH/s, beating 16 EH/s guidance |
| Q2'25 | Delivered | Black Pearl Phase 1 to energize in Q2 2025 Energized in May/June as promised, actually ahead of original schedule |
| Q1'25 | Pending | 2027 sites interconnection decisions expected 'later this year' Maintained timeline but no specific updates on regulatory progress |
| Q1'25 | Pending | Finalize 'the best possible deal for Cipher' at Barber Lake Signing Fortress JV is progress, but still no tenant after months of discussions |
| Q1'25 | Missed | Barber Lake tenant discussions to evolve favorably SoftBank exclusivity expired without deal, now starting over with new financing partner |
| Q1'25 | Delivered | Complete Odessa fleet upgrade in Q4 Successfully deployed 36,000 new rigs, achieving 17.6 J/TH efficiency |
| Q1'25 | Pending | Reach at least 23 EH/s in second half of 2025 Subtly pushed to 'end of Q3' this quarter, suggesting timeline slippage |
| Q1'25 | Pending | Black Pearl Phase 1 to energize in Q2 2025 On track per management, but using old rigs instead of new suggests possible delays or cost issues |
| Q4'24 | Pending | 3M sites interconnection results in coming year Reiterated timeline, expect results in 2025 |
| Q4'24 | Delivered | Fleet-wide efficiency improvement Achieved 18.9 J/TH fleet-wide as promised |
| Q4'24 | Pending | Barber Lake immediately available upon construction Now expanded to 800MW potential but still no tenant signed |
| Q4'24 | Pending | Ongoing discussions with multiple HPC tenants Still discussing after 4+ months, no concrete progress disclosed |
| Q4'24 | Delivered | Odessa upgrade to 13.5 EH/s by year-end Confirmed at 13.5 EH/s today, actually exceeded with 11.3 EH/s at Odessa alone |
| Q4'24 | Pending | Black Pearl energization in Q2 2025 Reiterated as on track, construction proceeding |
| Q3'24 | Pending | Fleet efficiency of 18.6 J/TH by year-end Changed to 18.9 J/TH in this call, minor slippage in target |
| Q3'24 | Missed | Maintain opportunistic approach to Bitcoin treasury Claimed to grow inventory over time but sold 77% of Q3 production and depleted treasury by 31% |
| Q3'24 | Pending | Build powered shell data center at Reveille for HPC tenant Shifted from Bitcoin to HPC focus but no tenant identified yet |
| Q3'24 | Pending | 35 EH/s total hash rate by end of 2025 Depends heavily on Black Pearl being 100% Bitcoin which is no longer certain |
| Q3'24 | Pending | Black Pearl energization in Q2 2025 Reconfirmed timeline but now hedging on Bitcoin vs HPC allocation |
| Q3'24 | Pending | 13.5 EH/s self-mining by year-end 2024 Currently at 10.5 EH/s, needs 3 EH/s in 2 months, depends on Odessa upgrade completion |
| Q2'24 | Pending | Continue delivering on-time execution Bear on track but new sites pushed to 2.5 years out |
| Q2'24 | Missed | Fleet efficiency improvement to 22 J/TH Now targeting 18.6 J/TH by year-end, moved to 15.3 J/TH by 2025 |
| Q2'24 | Delivered | Maintain Bitcoin inventory growth over time Grew from 1,730 to 2,270 BTC despite selling 153 BTC |
| Q2'24 | Pending | Black Pearl energization Q2 2025 Reiterated timeline but now hedging on potential HPC conversion |
| Q2'24 | Pending | Chief full energization by end of June 2024 Infrastructure expected complete in June, on track per management |
| Q2'24 | Delivered | Bear infrastructure completion in May 2024 First new rigs delivered this week per management |
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