| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'27 | August 17, 2026 | 7/12 | 2 high, 3 medium, 2 low flags | 1 | 0 | Call sheet → |
| Q4'25 | June 26, 2025 | 4/12 | 5 high, 3 medium flags | 3 | 1 | Call sheet → |
| Q3'25 | February 12, 2025 | 2/12 | 3 high, 4 medium, 1 low flags | 0 | 2 | Call sheet → |
| Q2'25 | November 13, 2024 | 6/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'27 | Pending | Gigafactory site to be energized by end of calendar 2027, with compute live early 2028 Timeline reaffirmed verbatim this quarter; deadline has not yet arrived. |
| Q1'27 | Pending | Target 11,000 GPUs active/contracted by fiscal year-end Currently at 5,500 active / 9,800 contracted; progress made but target not yet reached and year not yet over. |
| Q1'27 | Delivered | Definitive agreements on the two large GPU cluster MOUs to be announced 'in the near future' This quarter management announced a definitive 5-year, $350M TCV GB300 agreement, fulfilling the prior open-ended commitment to convert MOUs to signed contracts. |
| Q1'27 | Pending | Target $200 million ARR for GPU cloud business by fiscal year-end Reaffirmed this quarter at $180M contracted/active with management saying they are 'so close'; fiscal year has not ended, so this remains an open target, not yet delivered or missed. |
| Q4'25 | Pending | Deploy capital at sub-1 year ROI Claims 11-month ROI on Bitmain order but won't be verifiable until 2026 |
| Q4'25 | Missed | Maintain Bitcoin HODL while growing HODL crashed from 2,805 to 610 BTC, down 78% |
| Q4'25 | Delivered | US GAAP transition for March 31 year-end Completed but revealed massive hidden depreciation charges |
| Q4'25 | Pending | $100M HPC revenue target Completely dropped timeline, now just hypothetical 'if we populate Toronto' |
| Q4'25 | Exceeded | Scale from 6 to 11 exahash Hit 11.5 EH ahead of schedule per management |
| Q4'25 | Delivered | Hit $20M HPC ARR target Achieved in May, one month behind Q3 implied timeline |
| Q3'25 | Missed | Deploy H100 cluster for revenue Six weeks after 'configuration' still not deployed to customers |
| Q3'25 | Missed | Maintain HODL growth while scaling January HODL dropped to 2,657 from 2,805 peak, selling to fund growth |
| Q3'25 | Pending | 12.5 exahash by summer 2025 Increased to 25 exahash but pushed to September 2025 |
| Q3'25 | Pending | Paraguay first 2 exahash online Q2 2025 Now conditional on Bitfarms closing, shifted from 2EH to 6EH for first phase |
| Q3'25 | Pending | $100M HPC revenue target by end of calendar 2025 Reiterated but now calling it 'infrastructure driven' not GPU rental driven |
| Q3'25 | Pending | Hit $20M annualized HPC revenue in Q1 2025 Pushed to 'next quarter' with H100/H200 delays. Currently at $10M run rate |
| Q2'25 | Pending | $100M AI revenue target for 2025 Seems impossible given current $10M run rate and no concrete expansion plans |
| Q2'25 | Delivered | Maintaining positive gross margins Barely: 5% margin vs 35% last quarter is technically positive but brutal |
| Q2'25 | Pending | Paraguay Q3 2025 completion Already softening to 'summer 2025' which could mean later |
| Q2'25 | Delivered | 5.5 exahash installed capacity Technically installed but only running 5.2 EH due to economics |
| Q2'25 | Missed | $20M AI revenue target for H2 2024 Quietly pushed to calendar Q1 2025 without acknowledging the slip |
| Q2'25 | Delivered | $10M annualized AI revenue target for Q1 2025 Hit $10.4M annualized in Q1, but concerning it hasn't grown since |
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