Revenue: $214.4M vs. $149.7M Est. ✅
→ massive beat, approx. +43 % above consensus
EPS: GAAP -$0.62 vs. -$0.03 Est. ❌
→ optically clear miss, but strongly distorted by $81.8M non-cash warrant/stock costs
Positive:
- Revenue +44 % YoY
- Adj. EBITDA $16.1M vs. $4.0M YoY
- Bookings $2.5B, +1.971 %
- Backlog $2.7B, +483 %
- Pipeline >$14B
- Net debt reduced to $42.4M
- AI/Data Center power narrative strong
Negative:
- GAAP net loss -$79.6M
- Operating loss still negative
- Dilution: 133.8M shares vs. 97.9M
- Many adjustments
Conclusion:
Bullish for momentum/turnaround story, but no clean quality beat.
The market is more likely to focus on revenue beat, EBITDA jump, backlog/bookings and AI power story story - the GAAP loss remains the clear blemish.
