| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 29, 2026 | 9/12 | 3 medium flags | 1 | 0 | Call sheet → |
| Q1'26 | April 30, 2026 | 5/12 | 4 high, 4 medium flags | 1 | 2 | Call sheet → |
| Q4'25 | February 18, 2026 | 9/12 | 4 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q3'25 | October 29, 2025 | 8/12 | 2 high, 3 medium, 1 low flags | 4 | 0 | Call sheet → |
| Q2'25 | July 30, 2025 | 9/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q1'25 | April 29, 2025 | 5/12 | 3 high, 3 medium, 1 low flags | 1 | 1 | Call sheet → |
| Q4'24 | February 19, 2025 | 4/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q3'24 | October 30, 2024 | 4/12 | 3 high, 4 medium, 1 low flags | 2 | 2 | Call sheet → |
| Q2'24 | July 31, 2024 | 5/12 | 2 high, 6 medium flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | We are confident in Pro Power's future growth and expect to secure additional contracts throughout 2026 as we extend and deepen relationships with both new and existing partners. New contracts added 110 MW during the quarter. Management also reported some data-center discussions taking longer than expected. The full-year period is not complete. |
| Q2'26 | Pending | Additionally, we anticipate incurring capital expenditures of approximately $400 to $450 million for our pro-power business in 2026. Reaffirmed as unchanged this quarter; fiscal year not yet complete. |
| Q2'26 | Pending | We currently anticipate full-year 2026 capital expenditures incurred to be between $540 million and $610 million...completions business is expected to account for approximately $140 million to $160 million...we expect to buyout all five fleets with buyouts anticipated to begin in late 2026 and continue through 2028. Guidance revised down this quarter to $525M-$595M total and $125M-$145M completions, with the second FORCE buyout explicitly pushed from 2026 into early 2027. Full-year period has not ended; this is a disclosed downward revision, not a confirmed miss. |
| Q2'26 | Delivered | We anticipate adding a few more units later this year...accordingly expect to run approximately 12 fleets in the second quarter, up from the approximately 11 in the first quarter. Active fleet count confirmed at 12 for the quarter, with a 13th now activating. |
| Q1'26 | Pending | 60MW data center deployment to begin Q2 2026 Equipment on site being installed per management |
| Q1'26 | Delivered | Deploy approximately 11 fleets in Q1 2026 Met guidance but weather impact was severe |
| Q1'26 | Missed | Maintain financial flexibility and strong balance sheet Cash declined $79M in 2 months post-equity raise, seeking more financing |
| Q1'26 | Missed | Continue to leverage industrialized model to drive PROPWR expansion Completions business generated only $3M OCF, can't fund PROPWR growth |
| Q1'26 | Pending | Deliver at least 750MW by year-end 2028 Actually increased to 2.6GW by 2031, but funding path unclear |
| Q1'26 | Pending | PROPWR to begin contributing meaningful earnings by H2 2026 Softened to 'start making contributions' without quantification |
| Q4'25 | Delivered | Q4 sequential improvement in PROPWR segment Contracted MW grew 60% sequentially |
| Q4'25 | Delivered | Full year 2025 capex $270-290M Came in at $281M incurred, within range |
| Q4'25 | Pending | PROPWR to make significant impact starting in 2026 Pushed to H2 2026 for 'meaningful earnings' |
| Q4'25 | Pending | 750MW delivered by year-end 2028 Reaffirmed target, now at 550MW ordered |
| Q4'25 | Delivered | Maintain 10-11 active fleets in Q4 Reported 11 active fleets as guided |
| Q4'25 | Exceeded | 220MW contracted by end of year Delivered 240MW contracted, beat by 20MW |
| Q3'25 | Pending | Announce multiple long-term power contracts Only one 60MW data center deal announced so far |
| Q3'25 | Exceeded | 2025 completions CapEx of $100-140M Reduced to $80-100M, beating discipline target |
| Q3'25 | Delivered | Continue generating free cash flow in completions $25M FCF despite 30% fleet reduction |
| Q3'25 | Delivered | PROPWR inaugural contract deployment starting Q3 Confirmed assets deployed in field with 'excellent operational efficiency' |
| Q3'25 | Delivered | Maintain 10-11 fleets in Q3 Confirmed operating 10-11 fleets as guided |
| Q3'25 | Pending | Secure long-term agreements for all 220MW by end of 2025 On track with 150MW+ contracted, but 70MW still in negotiation |
| Q2'25 | Pending | 220MW PROPWR delivery by mid-2026 On track with orders placed |
| Q2'25 | Missed | Continue share buyback program Extended program but bought ZERO shares in Q2 despite saying it's 'important' |
| Q2'25 | Delivered | Full year 2025 CapEx of $295-345M Reduced to $270-310M, came in better |
| Q2'25 | Pending | Deploy fifth FORCE fleet in 2025 Still expected but not yet deployed |
| Q2'25 | Exceeded | 75MW of PROPWR LOIs to be finalized soon Delivered 80MW contract, more than the 75MW in LOI |
| Q2'25 | Delivered | Operate 13-14 fleets in Q2 Ran 13-14 fleets as guided |
| Q1'25 | Pending | Maintain disciplined capital allocation Cut CapEx guide by 9% but committed $230M to Pro Power without contracts |
| Q1'25 | Delivered | Scale Pro Power leveraging cash and targeted financing Added 80MW orders and secured $104M financing as promised |
| Q1'25 | Missed | Generate strong free cash flow $22M in Q1 vs $30M quarterly average in 2024, down 27% |
| Q1'25 | Pending | Continue share repurchase program Seeking board approval for one-year extension, no buyback activity disclosed this quarter |
| Q1'25 | Pending | 150-200MW Pro Power capacity by early 2026 Increased to 220MW but timeline pushed to 'midyear 2026' not 'early' |
| Q1'25 | Pending | Deploy fifth Force fleet in 2025 under long-term contract Reiterated midyear timeline but no customer or contract announced yet |
| Q4'24 | Pending | Phase out Tier II diesel-only assets over next few years On track, took $189M impairment in Q3, now 75% next-gen fleet |
| Q4'24 | Delivered | Continue share repurchase program Bought back shares but only 400k in Q4 vs 1.3M in Q3, momentum slowing |
| Q4'24 | Delivered | Run 14 active fleets in Q4 Maintained 14 fleets though with 'some white space' in December |
| Q4'24 | Delivered | Reduce capital spending to support strong free cash flow generation FY24 CapEx down 57% to $140M, FCF up 9x to $118M |
| Q4'24 | Missed | Deploy fifth fleet in early 2025 Slipped to just '2025' without specific timing |
| Q4'24 | Pending | Deploy fourth FORCE fleet by year-end 2024 Call was in February 2025 but they said 'expect' by year-end, not confirmed delivered |
| Q3'24 | Pending | Generate strong free cash flow Stopped disclosing FCF number, working capital burned cash |
| Q3'24 | Exceeded | Reduce CapEx to $175M-$200M Further reduced to $150M-$175M |
| Q3'24 | Delivered | Maintain 14 active fleets in Q3 Kept fleets flat as promised |
| Q3'24 | Missed | Continue share buybacks aggressively Only 1.3M shares vs 2.5M in Q2, pace cut in half |
| Q3'24 | Missed | Fifth FORCE fleet in field in 2024 Now saying 'early 2025', clear miss on timeline |
| Q3'24 | Pending | Deploy fourth FORCE fleet in 2024 Pushed from Q3 to 'by year-end', execution risk rising |
| Q2'24 | Delivered | Be opportunistic on M&A Completed Aqua Prop acquisition for $21M |
| Q2'24 | Delivered | Generate strong free cash flow $48M in Q2 up 17% sequentially despite earnings collapse |
| Q2'24 | Pending | Maintain strong balance sheet and liquidity Cash up but total liquidity down 28% to $145M, concerning trend |
| Q2'24 | Delivered | Continue fleet transition to next-generation assets Tier II hours down 25%, electric up 60%, clear evidence of transition |
| Q2'24 | Exceeded | 2024 CapEx of $200-250M Reduced to $175-200M, delivering better than promised on capital discipline |
| Q2'24 | Missed | Deploy fourth FORCE fleet by end of Q2 2024 Pushed to 'next few months', originally said end of June, now saying deployment coming |
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