Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q2'25 → | B+ | B |
| Q3'25 → | B+ | B- |
| Q4'25 → | B+ | B- |
| Q1'26 → | B+ | B |
| Q2'26 → | B+ | B+ |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q2'26 | ⏳ | Strong fourth quarter with sequential and year-over-year growth Maintained guidance but tempered sequential growth expectations | pending |
| Q2'26 | ⏳ | Gross margin path towards 30-plus longer-term as next-gen mix increases Timeline pushed back - now focusing on 'stabilization' in Q3 before next expansion phase | pending |
| Q2'26 | ⏳ | More pronounced sequential growth in Q4 vs steady Q2-Q3 Maintained Q4 growth expectation but added qualifier about 'maybe a little bit less sequential' | pending |
| Q2'26 | ✅ | R&D spend to stay relatively the same annually despite Q1 reallocation Izzy confirmed higher R&D in Q2 OpEx as resources redeployed from paid development | delivered |
| Q2'26 | ✅ | Frozen/perishable sites fairly soon, can't tell you whether a year or longer Now have bot working in freezer with prototype expected within next year | exceeded |
| Q2'26 | ✅ | SyMicro prototypes within next twelve months, maybe sooner Firmed up timeline to calendar year 2026, prototypes on track | delivered |
| Q2'26 | ✅ | Continue to see improvements in installation timelines (Q1: 10 months average) XSLT Atlanta completed in under 10 months, ahead of historical performance | delivered |
| Q1'26 | ✅ | NextGen storage unlocking higher margins and value Systems deploying twice the work in same space, margins expanding | delivered |
| Q1'26 | ⏳ | Broadening opportunities with customers, especially e-commerce Walmart prototype development progressing but still 9-12 months from deployment | pending |
| Q1'26 | ✅ | Investment in innovation engine and R&D capabilities Fox acquisition closed, R&D headcount monetization, new bot capabilities | delivered |
| Q1'26 | ✅ | Transition to GAAP profitability $13M net income achieved in Q1 vs guided transition | delivered |
| Q1'26 | ✅ | Strong top-line growth and margin expansion 29% revenue growth and first double-digit EBITDA margin ahead of expectations | exceeded |
| Q1'26 | ✅ | Less pronounced sequential improvement in 2026 first half Q1 revenue flat to slight growth vs Q4 as guided, though at higher end of range | delivered |
| Q4'25 | ✅ | ASR revenue contribution in mid-single digits Now at mid to high single digits | delivered |
| Q4'25 | ✅ | Systems gross margin continued improvement Reached 22% high watermark | delivered |
| Q4'25 | ✅ | Software gross margins trending toward 70% Exceeded 70% for full year | exceeded |
| Q4'25 | ✅ | Mid to high single digit new starts per quarter Delivered 10 starts vs 5-8 guidance | exceeded |
| Q4'25 | ❌ | New customer announcements in 90-180 days Timeline passed with no GreenBox customer announcements | missed |
| Q4'25 | ⏳ | First prototype installations early next calendar year Still on track per management comments | pending |
| Q3'25 | ✅ | R&D run rate was good going forward at mid-$40M quarterly Maintained R&D levels with benefit from contracted ASR development work | delivered |
| Q3'25 | ⏳ | GreenBox to start moving forward with CEO and sales team in place CEO hired but still vague on tenant progress; no concrete customer announcements | pending |
| Q3'25 | ⏳ | System gross margins on path to 30% Maintained improved margins but no specific progress update toward 30% target | pending |
| Q3'25 | ❌ | Continue to see trajectory improvement in system starts Dropped from record 10 starts to 5 starts; now guiding for reduced sequential growth | missed |
| Q3'25 | ✅ | ASR revenue to ramp in back half of year/early next year with prototypes Identified prototype sites and maintained timeline for early calendar year installation | delivered |
| Q3'25 | ⏳ | Expect to announce meaningful new customer investments this year Still waiting for announced new customers; now saying 'in dialogue' but no firm announcements | pending |
| Q2'25 | ✅ | OpEx increase of $5-10M in Q2 OpEx stepped up as expected due to acquisitions and growth investments | delivered |
| Q2'25 | ✅ | Adjusted EBITDA between $26-30M for Q2 Delivered $35M, above forecast range | exceeded |
| Q2'25 | ✅ | At least 30% year-over-year revenue growth Delivered 40% growth in Q2 vs 35% in Q1 | exceeded |
| Q2'25 | ✅ | Sequential increase in overall gross margins in Q2 System gross margins improved due to project mix and execution improvements | delivered |
| Q2'25 | ✅ | Continue to see number of system starts increase throughout the year Achieved record 10 starts in Q2, though acknowledged ongoing lumpiness | delivered |
| Q2'25 | ✅ | Operations services impact to moderate going forward Swung back to gross profit in Q2 thanks to training revenue from 8 system acceptances | delivered |
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