| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 10, 2026 | 8/12 | 2 medium, 1 low flags | 1 | 0 | Call sheet → |
| Q1'26 | April 30, 2026 | 6/12 | 3 high, 3 medium, 1 low flags | 2 | 0 | Call sheet → |
| Q4'25 | March 2, 2026 | 6/12 | 2 high, 5 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q3'25 | October 30, 2025 | 4/12 | 5 high, 3 medium flags | 1 | 2 | Call sheet → |
| Q2'25 | July 31, 2025 | 5/12 | 1 high, 5 medium, 2 low flags | 3 | 2 | Call sheet → |
| Q1'25 | 2025-05-01 | 2/12 | 2 high, 4 medium, 2 low flags | 1 | 2 | Call sheet → |
| Q4'24 | February 24, 2025 | 3/12 | 3 high, 4 medium, 1 low flags | 2 | 3 | Call sheet → |
| Q3'24 | October 30, 2024 | 7/12 | 1 high, 5 medium, 2 low flags | 2 | 1 | Call sheet → |
| Q2'24 | July 31, 2024 | 7/12 | 3 high, 4 medium, 1 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | "we have a clear line of sight to 168 megawatts of completed core-and-shell in 2027" The 2027 core-and-shell period had not ended. Current remarks on tenant-ready dates depend on design and negotiations; those are not necessarily the same milestone as core-and-shell completion. |
| Q2'26 | Pending | "we anticipate exiting 2026 with an annualized operating lease revenue run rate of $37.8 million, scaling to a run rate of $55.6 million as we exit 2027" Fiscal year-end target not yet reached; actual not stated on this call beyond the quarter's $4.9M lease revenue. |
| Q2'26 | Pending | "Phase three... will deliver 10 megawatts in November 2026, while phase four... represents the remaining 15 megawatts for delivery in May 2027" Period has not ended; current call reaffirms the identical November 2026 / May 2027 timeline, a consistency positive but not yet a delivered outcome. |
| Q2'26 | Delivered | "the remaining 20 megawatts on track for delivery this May" Confirmed delivered on schedule and on budget this quarter. |
| Q1'26 | Pending | Secure project financing for AMD lease In 'active discussions' but no commitments |
| Q1'26 | Pending | Corsicana substation reaching 1GW in next 12 months Not mentioned this quarter; timeline uncertain |
| Q1'26 | Pending | Additional lease announcements targeted for 2026 Softened to 'discussions underway' with 'unpredictable timeline' |
| Q1'26 | Pending | Remaining 20MW AMD delivery in May 2026 Management reaffirms May timeline multiple times |
| Q1'26 | Delivered | Core-and-shell development at Corsicana to begin Development underway per management, though no completion metrics provided |
| Q1'26 | Delivered | Deliver initial 5MW to AMD in January 2026 Achieved on schedule, generating $900K quarterly revenue |
| Q4'25 | Missed | Continue to announce further development plans as we progress No new development beyond initial 112MW at Corsicana announced |
| Q4'25 | Pending | First building completed in Q1 2027 Reaffirmed timeline but 12+ months away |
| Q4'25 | Pending | Corsicana substation expansion reaching 1GW over next 12 months Still on track per management, but won't know until Q1 2027 |
| Q4'25 | Delivered | Initiate Core & Shell development of first 2 buildings at Corsicana Development underway as announced in Q3 |
| Q4'25 | Delivered | Complete basis of design to enable technical discussions Completed and now in commercial discussions as outlined |
| Q4'25 | Delivered | Deliver initial phase of power capacity to AMD on time and on budget 5MW Phase 1 delivered in January 2026 as promised, generating revenue immediately |
| Q3'25 | Pending | Stock-based comp to reduce dramatically Still at $32.9M in Q3; promises reduction to $8M in Q3 2026 |
| Q3'25 | Pending | Focus on high-quality credit tenants No tenants signed yet, but rhetoric has softened to 'wide variety of the market' |
| Q3'25 | Missed | Maintain 4% of global hash rate Hash rate grew 3% vs network 8%; losing share despite claims of maintaining position |
| Q3'25 | Missed | Not looking to build out a site on spec Complete reversal; now building $214M of spec Core & Shell without tenants |
| Q3'25 | Pending | 400MW substation expansion energized in Q1 2026 Transformer on site and being installed; appears on track |
| Q3'25 | Delivered | Complete basis of design by end of Q3 2025 Actually completed as promised; one of the few concrete deliverables achieved |
| Q2'25 | Delivered | Run rate SG&A of $30-33M per quarter Hit $29.5M excluding one-time items |
| Q2'25 | Missed | Maintaining 4% share of global Bitcoin network Hash rate growing slower than network, losing share |
| Q2'25 | Missed | Continue to share updates on completion of key milestones No LOI, no tenant names, no real milestone progress disclosed |
| Q2'25 | Delivered | Close on additional 355 acres of land Actually acquired 593 acres total, exceeded promise |
| Q2'25 | Pending | Complete basis of design for first phase of Corsicana Pushed to Q3 end, was implied to happen in Q2 |
| Q2'25 | Delivered | Announcing best-in-class team to drive data center execution Hired Jonathan Gibbs as CDO, though just one person not full team yet |
| Q1'25 | Missed | Announce best-in-class datacenter team Said 'soon' last quarter, now saying 'soon' again this quarter. |
| Q1'25 | Delivered | Maintain Bitcoin yield focus 7% yield achieved YTD, though they started selling production in April. |
| Q1'25 | Pending | Engineering business path to $100M revenue in 2025 Q1 run rate of $56M annually, would need 78% growth in remaining quarters. They're now saying $84M GAAP. |
| Q1'25 | Pending | Complete basis of design for first phase data center Pushed to future quarters with no timeline given. |
| Q1'25 | Missed | Maximize value of 1GW Corsicana opportunity No LOI, no deal structure, just more land purchases and consultant fees. |
| Q1'25 | Pending | Achieve industry-leading operational uptime Hit 90% uptime but no comparison to industry benchmarks provided. Partial credit. |
| Q4'24 | Delivered | Continue evaluating Bitfarms position No mention this quarter, appears to have quietly exited or written off |
| Q4'24 | Pending | Focus on operational excellence Some improvement shown but still below target utilization rates |
| Q4'24 | Pending | Kentucky initial phase online in 2025 Already walked back to 2026, suggesting this won't happen |
| Q4'24 | Delivered | Complete Corsicana Phase 1 by year-end 400MW substation energized with 14 EH deployed |
| Q4'24 | Missed | 56 exahash target for 2025 Immediately cut to 38.4 EH, a 31% reduction before the year even started |
| Q4'24 | Missed | 35 exahash by year-end 2024 Ended at 31.5 EH, missed by 10% despite lowering from 36 EH last quarter |
| Q4'24 | Missed | Achieve greater than 95% utilization excluding curtailment Still at ~85% after claiming 'significant improvements' for two quarters |
| Q3'24 | Pending | Strong second half for engineering business Q3 showed recovery to $12.6M revenue, Q4 TBD |
| Q3'24 | Missed | Kentucky expansion to 4.8 EH/s by end of 2024 Pushed out 1.8 EH/s of Kentucky growth into 2025 |
| Q3'24 | Delivered | Improve operational efficiency at Rockdale October showing 80%+ utilization vs 60-70% previously |
| Q3'24 | Pending | Corsicana first 400MW phase complete by year end On track per management, final systems being commissioned |
| Q3'24 | Pending | 36 EH/s by end of 2024 Revised down to 35 EH/s, needs 7 EH/s in Q4 |
| Q3'24 | Delivered | 28 EH/s deployed by end of Q3 2024 Hit the 28 EH/s target exactly as promised |
| Q2'24 | Delivered | No new hosting contracts Confirmed no new hosting customers |
| Q2'24 | Delivered | Maintain strong balance sheet $639M liquidity plus 9,334 BTC |
| Q2'24 | Missed | Replace problematic Rockdale miners in Q2 Now saying deployment starts 'end of May' into June/July |
| Q2'24 | Pending | ESS Metron supply chain resolution by end of Q3 Pushed to 'second half' suggesting slippage |
| Q2'24 | Delivered | Corsicana energization in Q2 Energized in April as promised |
| Q2'24 | Exceeded | 21 EH/s by end of Q2 2024 Delivered 22 EH/s, beat by 1 EH/s |
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