| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | August 11, 2026 | 4/12 | 3 high, 2 medium flags | 0 | 0 | Call sheet → |
| Q3'26 | May 5, 2026 | 10/12 | 3 high, 2 medium, 1 low flags | 3 | 2 | Call sheet → |
| Q2'26 | February 3, 2026 | 8/12 | 3 high, 5 medium flags | 4 | 2 | Call sheet → |
| Q1'26 | November 4, 2025 | 3/12 | 3 high, 4 medium, 1 low flags | 2 | 3 | Call sheet → |
| Q4'25 | August 5, 2025 | 8/12 | 4 medium, 4 low flags | 5 | 2 | Call sheet → |
| Q3'25 | 2025-05-06 | 4/12 | 1 high, 5 medium, 2 low flags | 3 | 2 | Call sheet → |
| Q2'25 | February 11, 2025 | 5/12 | 2 high, 6 medium, 1 low flags | 1 | 4 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Missed | Supply chain cost pressures to improve Actually got worse. Memory and SSD prices 'double, triple, more than triple' with duration uncertainty. |
| Q3'26 | Exceeded | Double-digit DCBBS profit contribution by end of calendar 2026 Upgraded to '20% of net income' target over next 2 years, ahead of original timeline. |
| Q3'26 | Pending | At least $40 billion full year revenue Maintained guidance with new range $38.9-40.4B. Q4 guide suggests confidence in achieving target. |
| Q3'26 | Delivered | DCBBS to meaningfully contribute in second half fiscal '26 Software revenue hit $46M, up from $34M. Charles now targeting 20% of profits 'in next 2 years.' |
| Q3'26 | Exceeded | Gross margins up 30 basis points relative to Q2 levels Delivered 370bps improvement to 10.1% vs Q2's 6.4%. Major beat driven by mix and cost controls. |
| Q3'26 | Missed | Q3 revenue of 'at least $12.3 billion' Delivered $10.2B, 17% below minimum guidance due to customer site readiness delays. |
| Q2'26 | Missed | Customer diversification as important direction Went opposite direction to 63% concentration with single customer |
| Q2'26 | Pending | Margin improvement as we go through transition Still promising improvement but timeline keeps extending |
| Q2'26 | Delivered | Malaysia facility to contribute greatly Confirmed Malaysia now contributing to production |
| Q2'26 | Delivered | DCBBS to become meaningful contributor Now 4% of profits with specific double-digit target by calendar year-end |
| Q2'26 | Delivered | Sequential growth through fiscal 2026 Q2 revenue up 153% sequentially, guiding Q3 up another 17% |
| Q2'26 | Exceeded | At least $36 billion full year revenue Raised to $40 billion, $4B increase |
| Q2'26 | Missed | December quarter to be low watermark for gross margins Q2 margins fell further to 6.4% vs 9.5% in Q1, making Q1 the actual low point so far |
| Q1'26 | Missed | Back to 15% gross margins as long-term target Target completely disappeared from prepared remarks. David said they'll 'give guidance when we can see it clearly.' |
| Q1'26 | Missed | Adding 'a few more' 10%+ customers in fiscal '26 Actually lost half their large customers (from 4 to 2). Promise quietly dropped. |
| Q1'26 | Pending | DCBBS will 'ramp up very soon' with 'much higher' margins Still in early shipping phase. Charles now says 'I hope very soon' - confidence regression. |
| Q1'26 | Delivered | Gross margins similar to Q4 fiscal '25 levels (~9.6%) Came in at 9.5%, but guided next quarter down 300 bps. |
| Q1'26 | Missed | Q1 revenue between $6 billion and $7 billion Delivered $5B, citing customer specification changes and logistics delays. |
| Q1'26 | Exceeded | At least $33 billion total revenue for fiscal 2026 Raised to at least $36B. However, this came with explicit cash flow constraints. |
| Q4'25 | Exceeded | Strong Q4 performance after Q3 platform transition delays 26% sequential revenue growth showed recovery from Q3 weakness |
| Q4'25 | Delivered | Malaysia campus shipping by end of fiscal year 'Malaysia campus began shipping products to partners' during Q4 |
| Q4'25 | Pending | B300/GB300 platforms 'this summer' (Q3 call) Now says 'pretty much ready to go' but 'waiting for NVIDIA' - dependency risk |
| Q4'25 | Delivered | Launch DCBBS 'in the coming days' (Q3 call) 'Officially introduced' DCBBS last quarter and started shipping components |
| Q4'25 | Missed | Gross margins approximately 10% (Q3 guidance) Delivered 9.6% - missed by 40bps despite volume recovery |
| Q4'25 | Delivered | Non-GAAP diluted EPS $0.40 to $0.50 (Q3 guidance) Delivered $0.41 - at low end but within range |
| Q4'25 | Delivered | GAAP diluted EPS $0.30 to $0.40 (Q3 guidance) Delivered $0.31 - at low end but within range |
| Q4'25 | Missed | Q4 revenues of at least $6 billion (Q3 guidance) Delivered $5.8B - fell short of minimum guidance by $200M |
| Q3'25 | Pending | Expanding DCBBS quarter-after-quarter Still promising launch 'in coming days' - pattern of overpromising timelines |
| Q3'25 | Delivered | Malaysia campus shipping products to partners Confirmed shipping began, full enablement by July |
| Q3'25 | Delivered | Volume shipments of B200 HGX and GB200 NVL72 Did begin shipping but volumes constrained by NVIDIA allocation |
| Q3'25 | Missed | $40 billion potential for fiscal 2026 Explicitly refused to provide 2026 guidance, complete reversal from prior confidence |
| Q3'25 | Missed | $23.5-25B revenue for fiscal 2025 Quietly walked back to 'at least $6B Q4' without confirming full-year range |
| Q3'25 | Pending | Calendar year 2025 growth could repeat 2023 if not better Still claiming this despite Q3 miss and reduced visibility |
| Q3'25 | Delivered | Fiscal year 2024 10-K and Q1/Q2 10-Qs filed by February 25th, 2025 Actually achieved compliance and regained financial credibility |
| Q2'25 | Missed | Cash generation improvement from working capital normalization Burned $240M in operations vs generating $407M prior quarter |
| Q2'25 | Missed | Gross margin improvement as quarters progress Margins compressed 140bps, Q3 guided only to 12% |
| Q2'25 | Pending | Strong relationship with NVIDIA, no allocation changes Now admits allocation constraints, 'volume demand way much bigger' |
| Q2'25 | Delivered | Working diligently to select new auditor quickly BDO selected and working on audit completion |
| Q2'25 | Missed | Sequential revenue increases in medium-term Q3 guided flat to down sequentially |
| Q2'25 | Missed | Malaysia manufacturing to begin later in Q1 quarter Malaysia utilization still only 1% - facility barely operational |
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