| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | August 6, 2026 | 7/12 | 1 high, 2 medium flags | 0 | 0 | Call sheet → |
| Q2'26 | May 11, 2026 | 3/12 | 3 high, 3 medium, 1 low flags | 1 | 3 | Call sheet → |
| Q1'26 | February 5, 2026 | 3/12 | 3 high, 5 medium, 1 low flags | 4 | 0 | Call sheet → |
| Q4'25 | November 25, 2025 | 3/12 | 3 high, 4 medium, 2 low flags | 2 | 3 | Call sheet → |
| Q3'25 | August 8, 2025 | 3/12 | 3 high, 4 medium, 1 low flags | 3 | 2 | Call sheet → |
| Q2'25 | May 8, 2025 | 5/12 | 3 high, 4 medium, 1 low flags | 2 | 2 | Call sheet → |
| Q1'25 | February 6, 2025 | 10/12 | 1 high, 5 medium, 1 low flags | 4 | 1 | Call sheet → |
| Q4'24 | December 2, 2024 | 9/12 | 2 high, 3 medium, 2 low flags | 3 | 1 | Call sheet → |
| Q3'24 | August 10, 2024 | 5/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Hashrate trending to 55 EH/s by end of year Currently at 'broken 23' so need to more than double in 7 months, seems impossible |
| Q2'26 | Missed | Continue share buybacks to reduce dilution No buybacks mentioned this quarter despite stock likely down significantly |
| Q2'26 | Delivered | Disciplined capital deployment They're barely spending anything ('millions not tens of millions'), probably because they have to be disciplined |
| Q2'26 | Missed | Move from portfolio formation to commercialization milestones Still no signed leases, no LOIs announced, just 'progressing' with unnamed tenant |
| Q2'26 | Pending | Sealy 207 MW energizing Q1 2027 Now saying 'just over 200 MW' in 'first half' 2027, already walking it back |
| Q2'26 | Missed | DAM to generate 4% annualized return on Bitcoin balance Generated only $4M on ~5200 BTC average balance, well below 4% target when annualized |
| Q1'26 | Delivered | Generate consistent cash from DAM operations $13M in Q1 up from $9.3M in Q4, showing growth |
| Q1'26 | Pending | Texas site energization early 2027 Specified Q1 2027 for first 207 MW, on track but not yet proven |
| Q1'26 | Delivered | Maintain focus on non-dilutive financing Used convertible debt and Bitcoin-backed credit lines, though converts are ultimately dilutive |
| Q1'26 | Delivered | No equity issuance via ATM in fiscal 2025 Confirmed no shares issued, completed $600M in buybacks instead |
| Q1'26 | Delivered | Achieve 4% annualized yield on DAM strategy Reported 4.2% annualized return on Bitcoin balance |
| Q1'26 | Pending | Complete S21XP deployment by calendar 2026 Timeline extended from initial Q1 2026 target to full calendar year |
| Q1'26 | Pending | Sign first AI customer within 12 months Originally suggested weeks to months, now stretched to 'less than a year' |
| Q4'25 | Missed | Outpace global hash rate growth Zero growth while network expanded, losing market share |
| Q4'25 | Delivered | Self-fund operations without equity issuance No equity issued but used $1.15B convertible debt instead |
| Q4'25 | Pending | DAM yield target of 4% on entire treasury Achieving 12% on 40% of stack, but full deployment still in 'crawl phase' |
| Q4'25 | Missed | Continue pure-play Bitcoin mining focus Complete reversal to 'digital infrastructure platform' serving AI and HPC |
| Q4'25 | Missed | Additional 10 EH deployment on cost-effective timeline Reduced to 6 EH deployment over extended timeline to calendar 2026 |
| Q4'25 | Delivered | Maintain 50 EH/s operational hash rate Held at 50 EH/s but zero growth for first time |
| Q3'25 | Delivered | S&P 600 inclusion would enhance institutional ownership Institutional ownership rose to 64% as promised |
| Q3'25 | Delivered | Use revolver for accretive CapEx only Drew $100M+ on credit line, claims 100% for CapEx |
| Q3'25 | Missed | Maintain near-100% HODL with strategic monetization Now willing to sell entire month's production, complete reversal |
| Q3'25 | Missed | Implement derivative strategies to rapidly advance from crawl phase Still in crawl phase, pushed timeline to 'within next year' from 'soon' |
| Q3'25 | Pending | Continue growth towards 57 exahash Now saying 'additional 10 exahash' but removed timeline, suggests delays |
| Q3'25 | Delivered | Reach 50 exahash by mid-2025 Hit 50 EH on June 24, actually 6 days ahead of schedule |
| Q2'25 | Pending | Construction underway in Tennessee, Wyoming, Georgia Still talking about 'completion of development' needed |
| Q2'25 | Delivered | Indirect expenses to remain relatively flat Cash overhead decreased 16% quarter over quarter |
| Q2'25 | Delivered | Complete ATM offering Confirmed completed in November, no new shares issued since |
| Q2'25 | Missed | Maintain industry-leading uptime above 90% Metric completely disappeared from discussion |
| Q2'25 | Missed | Launch Bitcoin treasury management strategy 'shortly' Still in 'crawl phase' after two quarters of promises |
| Q2'25 | Pending | Reach 50 exahash by mid-2025 Reiterated but now backing away from time-bound targets going forward |
| Q1'25 | Delivered | No reliance on equity for growth funding Used convertible debt instead, avoided dilution at current prices |
| Q1'25 | Delivered | Continue fleet efficiency improvements Improved from 21.94 to 17.59 J/TH quarter over quarter |
| Q1'25 | Missed | Maintain industry-leading uptime >97% Dropped to 94%, blamed on hurricane and fleet moves |
| Q1'25 | Delivered | Digital asset management strategy implementation Team being built, RFPs out, launch expected 'shortly' |
| Q1'25 | Pending | Scale to 50 exahash in 2025 Reiterated H1 2025 target, on track at current 2.2 EH/s monthly run rate |
| Q1'25 | Exceeded | Reach 37 exahash by December 2024 Hit 39.1 EH/s, beat target by 5.7% |
| Q4'24 | Pending | Maintain 50%+ gross margins No Q4 specific margin disclosure provided |
| Q4'24 | Delivered | Remove all miners less efficient than 22 J/TH Fleet now at 19 J/TH average |
| Q4'24 | Missed | Sandersville 50 MW coming online September No mention of Sandersville completion; appears delayed |
| Q4'24 | Pending | Deploy S21 XP miners to Wyoming 7.8 EH/s for delivery 'before year-end', not confirmed deployed |
| Q4'24 | Delivered | Close GRIID acquisition this quarter Closed in October, renamed to Grid infrastructure |
| Q4'24 | Exceeded | Achieve 32 EH/s by end of fiscal year Hit 33.5 EH/s, beat by 1.5 EH/s |
| Q3'24 | Delivered | Maintain operational efficiency leadership 22.3 J/TH fleet efficiency, though taking massive impairment to get there |
| Q3'24 | Delivered | Continue HODL strategy Added 1,579 BTC to holdings |
| Q3'24 | Pending | Wyoming sites operational in H2 2024 Not mentioned this quarter despite Q2 announcement |
| Q3'24 | Pending | 32 EH/s by end of 2024 At 22.3 EH/s currently, needs 10 EH/s in 4 months |
| Q3'24 | Missed | Sandersville 50MW to come online Still waiting on transformer that failed testing, no timeline now |
| Q3'24 | Delivered | Achieve 20 EH/s by end of Q3 Hit 20.1 EH/s, exceeded target |
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