| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 5, 2026 | 6/12 | 2 high, 3 medium, 3 low flags | 2 | 0 | Call sheet → |
| Q1'26 | May 6, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 4 | 1 | Call sheet → |
| Q4'25 | February 26, 2026 | 6/12 | 4 medium, 2 low flags | 6 | 0 | Call sheet → |
| Q3'25 | November 8, 2025 | 9/12 | 1 high, 5 medium, 2 low flags | 3 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | We are also reaffirming our projections for full year 2026 adjusted EBITDA to be in the range of negative $310 million to negative $330 million. FY2026 is not complete; this range was not reaffirmed, updated, or mentioned at all this quarter despite burn widening to -$120.3M, actual not stated on the call for this specific metric. |
| Q2'26 | Pending | We are expecting organic revenue growth to be 100% for the full year. FY2026 is not complete; Q2 organic growth of 132% significantly exceeds the 100% target, yet the full-year guide was left unchanged, an inconsistency worth tracking into Q3/Q4. |
| Q2'26 | Delivered | We expect the transaction to close in the second or third quarter of 2026, subject to customary regulatory approvals. Skywater acquisition closed 'last week' as stated on this call, within the Q2/Q3 2026 window. |
| Q2'26 | Exceeded | For the second quarter, we are projecting revenues of between $65 million and $68 million. Q2 actual revenue came in at $80.1M, well above the $68M high end. |
| Q1'26 | Delivered | Q4: 'continue to globalize' with named countries Expanded to 30+ countries, added Poland, Florida networks |
| Q1'26 | Pending | Q4: Adjusted EBITDA -$310M to -$330M for 2026 Q1 at -$96.8M puts them on worse trajectory than guidance |
| Q1'26 | Delivered | Q4: 'multiple initial tapeouts' with SkyWater Completed tapeouts A, B, C, and D for 256-qubit chips |
| Q1'26 | Pending | Q4: 'SkyWater transaction to close in Q2 or Q3 2026' Still in regulatory review, on track per management |
| Q1'26 | Exceeded | Q4: '$225M-$245M revenue for 2026' Raised to $260M-$270M based on Q1 outperformance |
| Q1'26 | Delivered | Q4: 'we've addressed' supply constraints that were 'outpacing our ability to meet demand' Doubled manufacturing capacity, expanded deployment teams |
| Q1'26 | Missed | Q4: 'demonstrate an operational 256-qubit system in Q4 2026' Pushed to Q2 2027 commissioning - 6 month slip buried in technical language |
| Q4'25 | Delivered | Continued international expansion International revenue exceeded 30% for first time annually |
| Q4'25 | Delivered | Vector Atomic acquisition closing Closed after quarter end as promised |
| Q4'25 | Delivered | 99.99% two-qubit gate fidelity demonstration Achieved and announced as world record 'four nines' performance |
| Q4'25 | Delivered | Tempo system delivery ahead of schedule 64 algorithmic qubits achieved, described as '3 months ahead of schedule' |
| Q4'25 | Exceeded | Full year 2025 revenue guidance $106-110M Delivered $130M, beating high end by 18% |
| Q4'25 | Exceeded | Q4 revenue to be even stronger than record Q3 $39.9M Delivered $61.9M, 55% above Q3, demonstrating strong execution |
| Q3'25 | Delivered | Adjusted EBITDA loss up to $211 million pending Oxford integration Q3 loss $48.9M puts full year on track for guided range |
| Q3'25 | Pending | 1,600 logical qubits in 2028 and 80,000 in 2030 Reaffirmed timeline, emphasized competitors are 5 years behind |
| Q3'25 | Pending | Oxford Ionics acquisition to close later in calendar 2025 Still expecting closure, regulatory approval in UK proceeding 'constructively' but no specific date |
| Q3'25 | Exceeded | Full year 2025 revenue guidance $82-100 million Raised guidance to $106-110 million, 37% beat in Q3 |
| Q3'25 | Pending | Oxford Ionics EQC architecture actively being integrated into 256 qubit machine, demonstrated in 2026 Still targeting 2026 but language softened from 'actively integrating' to 'development roadmap' |
| Q3'25 | Exceeded | We believe our #AQ 64 benchmark will be reached in the near term (Q2 2025) Delivered AQ 64 on Tempo system 3 months ahead of schedule |
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