| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'26 | April 28, 2026 | 7/12 | 2 high, 4 medium, 1 low flags | 4 | 1 | Call sheet → |
| Q4'25 | February 25, 2026 | 2/12 | 2 high, 5 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q3'25 | November 4, 2025 | 3/12 | 2 high, 5 medium, 1 low flags | 1 | 2 | Call sheet → |
| Q2'25 | July 24, 2025 | 6/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q1'25 | April 29, 2025 | 9/12 | 3 high, 4 medium, 1 low flags | 4 | 1 | Call sheet → |
| Q4'24 | February 21, 2025 | 7/12 | 2 high, 3 medium, 1 low flags | 4 | 0 | Call sheet → |
| Q1'24 | April 26, 2024 | 7/12 | 1 high, 3 medium, 2 low flags | 2 | 2 | Call sheet → |
| Q4'23 | March 2, 2024 | 6/12 | 2 high, 3 medium, 1 low flags | 3 | 2 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Delivered | Steve Tompsett joining as CFO in early 2026 Tompsett on the call as CFO |
| Q1'26 | Delivered | Working with new customer on balance of plant expansion 600MW contract includes full balance of plant scope |
| Q1'26 | Pending | Pro forma $600M+ EBITDA once 2,200MW deployed Now saying $1B+ with 3,100MW but timeline pushed out |
| Q1'26 | Delivered | Logistics to remain relatively flat next two quarters Q1 Logistics EBITDA flat at $23M as promised |
| Q1'26 | Exceeded | Q1 Power EBITDA to increase more than 20% sequentially Delivered 36% sequential growth from $53M to $72M |
| Q1'26 | Missed | More streamlined contracting going forward Actually said contracts are taking 'extended period of time to close' this quarter |
| Q4'25 | Pending | Q3: Working to deliver more services related to balance-of-plant Mentioned as ongoing but no specific wins disclosed |
| Q4'25 | Delivered | Q3: Good news on negotiations 'in the near future' Announced 500MW deal but took until February, later than implied |
| Q4'25 | Delivered | Q3: Logistics to improve slightly in Q4 Increased to $23M from ~$20M |
| Q4'25 | Missed | Q3: Power segment EBITDA to be relatively flat in Q4 Actually declined to $53M from $58M despite guidance for flat |
| Q4'25 | Pending | Q3: 80MW to be delivered by year-end Mentioned as expected but not confirmed as delivered yet |
| Q4'25 | Delivered | Q3: Second data center to begin operations in Q3 Started providing power to second datacenter but with third-party equipment impacting margins |
| Q3'25 | Missed | Deliver 'modestly higher' Power Solutions EBITDA in H2 Q4 guide implies flat performance despite capacity additions |
| Q3'25 | Missed | Achieve 3-4 year paybacks on owned capacity Q3 revenue per MW of $220K implies 5+ year payback at current utilization |
| Q3'25 | Pending | Deploy remaining 1,700MW order book Now expanded to 2,200MW but timeline extended to early 2028 |
| Q3'25 | Delivered | Continue selective M&A to expand capabilities HVMVLV acquisition completed, though no financial details provided |
| Q3'25 | Pending | Maintain Power Solutions at >80% of EBITDA after fleet deployed Currently at 75% of segment EBITDA, timeline pushed to 2028 |
| Q3'25 | Pending | Stand up 900MW JV capacity for data center Still in construction phase, permanent generation not yet operational |
| Q2'25 | Missed | Contract remaining ~500 MW of open capacity Only placed 70 MW, now have 450 MW still open |
| Q2'25 | Pending | Power Solutions to reach 80% of EBITDA after deployment Currently at 67%, trajectory intact but timeline unclear |
| Q2'25 | Pending | Maintain 3-to-4 year payback on power investments Still claiming this but third-party rentals obscure actual returns |
| Q2'25 | Exceeded | Q2 adjusted EBITDA of $50-55M Delivered $61M, 11% above high end |
| Q2'25 | Delivered | Q2 logistics at 90-95 fully utilized systems Hit 94 systems, within range |
| Q2'25 | Exceeded | Q2 power capacity of 440 MW average Delivered 600 MW average, 36% above guidance |
| Q1'25 | Missed | Diversify customer base beyond current concentration Doubled down on existing customer instead; concentration risk increased |
| Q1'25 | Pending | Contract remaining ~450MW of capacity Actually got worse; now have 500MW uncontracted after 330MW order |
| Q1'25 | Delivered | Maintain dividend of $0.12 per share 26th consecutive quarterly dividend approved |
| Q1'25 | Delivered | Q1 logistics systems of 90-95 (Q4 guidance) Hit the range as promised |
| Q1'25 | Exceeded | Q1 power activity of 360MW average (Q4 guidance) Achieved 390MW, partly through expensive third-party rentals |
| Q1'25 | Exceeded | Formation of JV with ~500MW for new data center (Q4) Delivered 900MW JV, but consumed all flexibility in the process |
| Q4'24 | Delivered | Maintain dividend through growth phase 26th consecutive $0.12 dividend declared |
| Q4'24 | Pending | Logistics activity decline of ~10% in Q4 Not disclosed in Q4 results, only forward Q1 guidance given |
| Q4'24 | Delivered | Q4 2024 EBITDA of $33-36M Achieved $37M, beat high end of range |
| Q4'24 | Pending | Achieve full utilization of ordered fleet capacity At 68% contracted (950MW of 1,400MW), still 450MW to place |
| Q4'24 | Delivered | Convert to longer-term contracts from 6-month average Extended to 4-5 year average tenor including 6-year hyperscaler deal |
| Q4'24 | Exceeded | Power fleet to reach 535MW by Q3 2025 Now targeting 700MW by early 2026, then 1,400MW by early 2027 |
| Q1'24 | Pending | Generate significant free cash flow in 2024 $14M in Q1 on track but Q2 guide suggests modest growth to $15-20M |
| Q1'24 | Delivered | Capital expenditures less than $4M per quarter $3M in Q1, on track for maintenance spending |
| Q1'24 | Exceeded | Maintain 50% of FCF returned to shareholders Returned $13M of $14M FCF (93%), well above minimum |
| Q1'24 | Pending | Continue to look for M&A opportunities Still looking but admit 'have not been a direct participant' yet |
| Q1'24 | Missed | Activity to be relatively stable from Q4 levels Now guiding down 5-10% for Q2, stability narrative abandoned |
| Q1'24 | Missed | Modestly growing system count in Q1 Systems went from 103 to 102, completely flat despite growth promise |
| Q4'23 | Pending | 58 Top Fill systems in fleet by year-end Not explicitly confirmed, management went silent on exact count |
| Q4'23 | Missed | Continue opportunistic share repurchases Only $1M in Q4 vs $26M earlier in year |
| Q4'23 | Delivered | Maintenance and upgrade program to taper Confirmed tapering in prepared remarks |
| Q4'23 | Exceeded | Q4 CapEx of approximately $10M Actual $7M, 30% below guidance |
| Q4'23 | Delivered | Q4 contribution margin per system to be flat excluding ancillary Remained at $1.0M annualized as guided |
| Q4'23 | Missed | Q4 system count to be flat sequentially Guided flat, delivered -5% to 103 systems |
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