| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 5, 2026 | 4/12 | 1 high, 3 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q1'26 | April 28, 2026 | 6/12 | 2 high, 5 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q4'25 | February 3, 2026 | 4/12 | 4 high, 4 medium flags | 2 | 1 | Call sheet → |
| Q3'25 | October 21, 2025 | 3/12 | 1 high, 5 medium, 2 low flags | 3 | 2 | Call sheet → |
| Q2'25 | August 5, 2025 | 3/12 | 3 high, 3 medium, 2 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Phase 2 financing would be completed in Q2 (Q1) Notes offering closed on July 28 for $3.5 B senior secured notes fully funding Phase 2 |
| Q1'26 | Exceeded | Maintaining flat volumes despite market weakness Volumes flat while market down 25%, significant outperformance |
| Q1'26 | Delivered | Revenue ramping in Q2 from data centers $90M Q2-to-date EBITDA confirms revenue is flowing |
| Q1'26 | Pending | New data center projects beyond Helios At LOI stage but no signed deals yet |
| Q1'26 | Pending | Infrastructure business announcements coming soon Still talking about 'deals roughly done' but no actual announcements |
| Q1'26 | Delivered | Data halls delivered by Q1 First data hall delivered to CoreWeave as promised |
| Q1'26 | Missed | Phase II financing details coming 'in very short order' Ferraro said 'we expect to have more to share on Phase 2 financing in the near term,' still no definitive terms |
| Q4'25 | Pending | Refinancing Phase 1 to unlock equity Still planning for post-stabilization, no progress |
| Q4'25 | Delivered | Additional power capacity approval well positioned Got 830MW approval, though timeline is 2028 |
| Q4'25 | Pending | Galaxy One ambitious roadmap over coming quarters Launched but zero metrics disclosed, said wait until Q2 2026 |
| Q4'25 | Delivered | Continue investing in data center infrastructure Raised $1.6B and confirmed spending on Phase 2 |
| Q4'25 | Missed | Maintain strong client engagement throughout Q4 Trading volumes down 40%, assets on platform down 29% |
| Q4'25 | Pending | First data hall ready for service in Q1 2026 Pushed from 'early December' power-on to 'later in Q1' delivery |
| Q3'25 | Delivered | Expanding staking through custody integrations AUS doubled to $7B through custodian partnerships |
| Q3'25 | Delivered | CoreWeave full campus commitment Exercised all 800MW options as anticipated |
| Q3'25 | Delivered | July strongest monthly performance ever Confirmed but without supporting numbers to verify claim |
| Q3'25 | Pending | Revenue recognition beginning Q1 2026 Now hedged to 'first half of 2026' suggesting potential delays |
| Q3'25 | Missed | Clear visibility on ERCOT power approvals in back half of year Now pushed to undefined 'foreseeable future' with no clarity |
| Q3'25 | Missed | Phase 1 project financing closing 'imminently' Still not closed 3 months later despite repeated 'final stages' claims |
| Q2'25 | Delivered | Expand institutional capabilities through regulatory registrations Completed U.K. FCA registration as mentioned |
| Q2'25 | Pending | Selling over half of legacy Bitcoin mining machines by end of Q3 Agreement signed but not yet closed |
| Q2'25 | Pending | Begin recognizing Data Center revenue in Q1 2026 Maintained timeline but dependent on construction execution |
| Q2'25 | Delivered | Q2 would see marked improvement in digital asset prices and activity Bitcoin up 26% QTD as promised |
| Q2'25 | Pending | Maintain disciplined approach to lending underwriting Margins compressed but book grew, suggests loosening standards |
| Q2'25 | Missed | Data center financing to close in 'coming weeks' Still saying 'imminently' three months later |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.