| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 29, 2026 | 6/12 | 2 high, 4 medium, 3 low flags | 2 | 0 | Call sheet → |
| Q1'26 | April 29, 2026 | 9/12 | 1 high, 2 medium, 5 low flags | 4 | 1 | Call sheet → |
| Q4'25 | February 11, 2026 | 11/12 | 3 medium, 5 low flags | 5 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Accelerate cabinet delivery - double H2 deliveries Commitment made Q2; execution to be observed in Q3‑Q4. |
| Q2'26 | Pending | Provide 70% of 2026 retail capacity expansion sold Management said 30% of remaining capacity sold; not the 70% target. |
| Q2'26 | Pending | Achieve 53%+ adjusted EBITDA margin by 2029 Current margin 53% in Q2; trajectory plausible. |
| Q2'26 | Pending | Deliver mid‑20% cash‑on‑cash returns on growth capex No project‑level returns disclosed yet; future quarters needed. |
| Q2'26 | Delivered | Raise 2026 revenue guidance (first raise in company history) Guidance lifted to 11‑12% after Q2 performance. |
| Q2'26 | Delivered | Maintain churn at the low end of 2‑2.5% for the full year Q2 churn 1.8% is below the stated range. |
| Q1'26 | Delivered | Continue to drive attractive MRR per cabinet yields Hit $2,524, up 7% YoY with $65 sequential increase |
| Q1'26 | Delivered | 2026 adjusted EBITDA margins of approximately 51% Q1 delivered 51% margins as promised |
| Q1'26 | Exceeded | MRR churn anticipated to remain within 2% to 2.5% range Delivered 1.7% but management explicitly cautioned about timing benefits and not calling victory early |
| Q1'26 | Delivered | Monthly recurring revenue to grow between 8-10% for 2026 Q1 came in at 10%, hitting high end of guidance range |
| Q1'26 | Pending | We expect xScale will continue to contribute to NRR over the next several years Still claiming future contribution but timing continues to slip on individual deals |
| Q1'26 | Missed | Hampton ExScale lease signing expected in Q1 2026 Deal slipped to Q2 with expanded terms but no explanation for delay or economics change |
| Q4'25 | Exceeded | Strong pipeline conversion and bookings momentum 49% conversion rate in Q4, record $474M bookings vs previous $394M |
| Q4'25 | Exceeded | Accelerated capacity delivery ahead of schedule Delivered 30% of retail capacity ahead of schedule, up from 20% mentioned in Q3 |
| Q4'25 | Delivered | MRR churn within 2%-2.5% quarterly guidance range Q4 churn 2.2%, within range and improving from 2.3% in Q3 |
| Q4'25 | Delivered | Continue to deliver improved adjusted EBITDA margins Guided 51% for 2026, up 200 bps from 49% in 2025 |
| Q4'25 | Exceeded | Strong Q4 bookings targets and building momentum for 2026 Delivered $474M vs $394M in Q3, already booked 45% of Q1 2026 target |
| Q4'25 | Missed | Late-stage negotiations for entire Hampton campus lease Slipped from Q4 to Q1, though they maintained lease will happen and described as 'fluid timing' |
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