Overview
- Revenue rose 134% to $1.36 billion versus $1.29 billion expected, with a net loss narrowing to about $110 million, or $0.22 per share.
- Management guided 2025 revenue to $5.05–$5.15 billion, down from $5.15–$5.35 billion, citing a partner facility delay; the affected customer extended timing, preserving total contract value.
- Remaining performance obligations and related backlog climbed to $55.6 billion, with contracted power at 2.9 GW and active power now expected to exceed 850 MW versus a prior 900 MW target.
- Shares fell roughly 6%–9% in extended and premarket trading as adjusted operating margin slipped to 16% from 21% a year earlier and execution risks came into focus.
- Capital spending is pegged at $12–$14 billion in 2025, with 2026 expected to be well over double; recent wins include a Meta deal worth up to $14.2 billion and a $6.5 billion OpenAI expansion, while the Core Scientific acquisition was rejected.