CORZ

Cluster: CoreWeave Merger and Corporate Structure

Commitment: October 30, 2025: Terminated the previously announced merger agreement with CoreWeave, thereby superseding and nullifying all prior merger-related commitments.

✅ On Track | Certainty: 100%

Analysis: Termination is confirmed and effective immediately; this explicitly supersedes earlier merger-related plans and expectations.

Progress:

• A recent update from 2025-10-30 confirms the merger agreement was terminated effective immediately and supersedes prior merger-related commitments.

Commitment: October 30, 2025: Committed to remain a publicly traded company with common stock continuing to trade on Nasdaq under the ticker CORZ.

✅ On Track | Certainty: 95%

Analysis: The company explicitly stated it will remain public and continue trading on Nasdaq under CORZ following the merger termination.

Progress:

• A recent update from 2025-10-30 reiterates CORZ remains publicly traded on Nasdaq following termination of the merger.

Commitment: October 24, 2025: Committed to hold a virtual Special Meeting on October 30, 2025 to submit the Merger Agreement to a stockholder vote.

✅ On Track | Certainty: 90%

Analysis: The Special Meeting occurred as evidenced by the vote result (insufficient votes), satisfying the commitment to hold the meeting.

Progress:

• A recent update from 2025-10-30 notes the merger did not receive the votes necessary at the Special Meeting, implying the meeting was held as planned.
• Earlier evidence from 2025-10-24 announced the Special Meeting would be held on 2025-10-30.

Commitment: October 24, 2025: Filed and made available a definitive proxy statement with the SEC to facilitate the merger vote.

🟡 Partially Met | Certainty: 65%

Analysis: The Special Meeting proceeded, which strongly implies proxy materials were filed and delivered, but the summaries provided do not explicitly confirm the filing. Proceeding with lower certainty due to lack of direct citation.

Progress:

• A recent update from 2025-10-30 confirms the meeting and vote occurred; this implies proxy materials were made available, though not explicitly cited.
• Earlier evidence from 2025-10-24 references the upcoming vote and Form 10-Q but does not directly confirm the definitive proxy filing; absence of explicit confirmation lowers certainty.

Commitment: October 24, 2025: Opted not to host a Q3 2025 earnings call or presentation due to the pending CoreWeave transaction.

✅ On Track | Certainty: 95%

Analysis: The company explicitly stated it would not host a call or presentation for Q3 2025 due to the pending transaction.

Progress:

• A recent update from 2025-10-24 confirms no conference call or presentation would be hosted for Q3 2025 due to the pending merger.

Commitment: August 08, 2025: Entered a Merger Agreement with CoreWeave for an all-stock transaction at an exchange ratio of 0.1235 shares, which was later terminated on October 30, 2025.

✅ On Track | Certainty: 95%

Analysis: Entry into the merger agreement is well-documented; later termination on 2025-10-30 supersedes the transaction, as noted.

Progress:

• A recent update from 2025-10-30 confirms termination, superseding ongoing merger expectations.
• Earlier evidence from 2025-08-08 confirms entry into the merger agreement and exchange ratio.

Commitment: July 07, 2025: Announced CoreWeave would acquire Core Scientific in an all-stock transaction expected to close in Q4 2025, which was later terminated on October 30, 2025.

❌ Not Met | Certainty: 95%

Analysis: The expected closing in Q4 2025 did not occur; the deal was terminated on 2025-10-30, explicitly superseding prior expectations.

Progress:

• A recent update from 2025-10-30 confirms termination of the merger, superseding the earlier expectation of a Q4 2025 close.
• Earlier evidence from 2025-07-07 outlined the expectation of closing in Q4 2025.

Cluster: HPC/Colocation Transformation and Capacity Expansion

Commitment: August 07, 2025: Committed to transition from bitcoin mining to high-density colocation services for HPC workloads, with the shift initiated in 2024 and ongoing.

✅ On Track | Certainty: 95%

Analysis: Multiple disclosures emphasize the strategic shift to high-density colocation with measurable HDC revenue growth.

Progress:

• A recent update from 2025-10-24 reports HDC revenue grew to $15.0 million in Q3 2025 (vs. $10.3m in Q3 2024), reflecting progression in colocation.
• Earlier evidence from 2025-08-07 and 2025-02-27 highlight the ongoing transition to HPC/HDC services.

Commitment: August 07, 2025: Continued construction, refurbishment, and conversion of data centers to support AI-related workloads as part of the colocation strategy.

✅ On Track | Certainty: 95%

Analysis: Ongoing site development and expansions (e.g., Denton, Muskogee, Auburn) support AI/HPC workloads, indicating consistent execution.

Progress:

• A recent update from 2025-10-24 shows increased HDC revenue, indicating active utilization of upgraded facilities.
• Earlier evidence from 2025-02-26 (Denton expansion), 2025-02-19 (Auburn facility), and 2024-11-18 (Muskogee 100 MW) confirms ongoing construction and conversions.

Commitment: August 07, 2025: Focused on expanding the customer base and infrastructure for high-density colocation services to drive revenue growth.

✅ On Track | Certainty: 90%

Analysis: Revenue growth in HDC and expansion of infrastructure suggest progress toward customer and capacity expansion goals.

Progress:

• A recent update from 2025-10-24 reports HDC revenue reached $15.0 million in Q3 2025.
• Earlier evidence from 2025-05-07 indicates strong pipeline interest from large enterprises and hyperscalers.

Commitment: May 07, 2025: Committed to deliver 250 MW of billable capacity to CoreWeave by the end of 2025, including an initial 8 MW tranche by end of May and approximately 40 MW by the end of Q2 2025.

🟡 Partially Met | Certainty: 75%

Analysis: Management stated being on track and expected 8 MW in May; later disclosures show significant CapEx (much reimbursed by CoreWeave), but the summaries do not explicitly confirm delivered MW milestones.

Progress:

• A recent update from 2025-10-24 notes $196.4 million of Q3 CapEx funded by CoreWeave, indicating ongoing build-out.
• Earlier evidence from 2025-05-07 (earnings materials) stated on-track status and expectation to deliver the first 8 MW in May and ~40 MW by Q2; absence of explicit delivery confirmation reduces certainty.

Commitment: February 26, 2025: Expanded contracted HPC infrastructure by adding 70 MW at Denton, bringing total contracted HPC infrastructure to approximately 590 MW across six sites.

✅ On Track | Certainty: 95%

Analysis: Expansion is directly confirmed, increasing contracted infrastructure footprint.

Progress:

• Earlier evidence from 2025-02-26 confirms the 70 MW Denton addition and ~590 MW contracted total.

Commitment: February 26, 2025: Projected total revenue of $10.2 billion over a 12-year contract term from HPC hosting agreements.

✅ On Track | Certainty: 90%

Analysis: The projection is tied to executed agreements; subsequent disclosures (e.g., continued customer funding of CapEx) are consistent with sustained contract economics.

Progress:

• Earlier evidence from 2025-02-26 cites the $10.2 billion 12-year projection; no later contradictions in the summaries.

Commitment: February 26, 2025: Planned to fund $104 million of additional capital expenditures associated with the Denton expansion at approximately $1.5 million per MW.

✅ On Track | Certainty: 90%

Analysis: The funding plan is affirmed in the Denton expansion announcement; later quarter shows significant CapEx activity consistent with plan.

Progress:

• Earlier evidence from 2025-02-26 specifies $104 million planned for Denton.
• A recent update from 2025-10-24 shows substantial CapEx in Q3 2025, supporting ongoing execution.

Commitment: February 26, 2025: Actively sought additional sites to expand HPC hosting capacity, targeting approximately 900 MW of gross capacity.

✅ On Track | Certainty: 90%

Analysis: New site activity (Auburn), Denton expansion, and Muskogee development support the trajectory toward broader gross capacity.

Progress:

• Earlier evidence from 2025-02-26 states the 900 MW gross capacity target.
• Evidence from 2025-02-19 (Auburn) and 2024-11-18 (Muskogee) indicates execution toward expanded footprint.

Commitment: February 27, 2025: Committed to constructing and converting facilities to support AI workloads, including utilizing 870 MW of billable power and converting ten facilities across multiple states.

🟡 Partially Met | Certainty: 80%

Analysis: Active refurbishments across multiple states and multiple expansion projects align with this goal, but the summaries do not quantify utilization to 870 MW or confirm conversion of ten facilities.

Progress:

• Earlier evidence from 2025-02-27 and 2025-02-27/02-26 disclosures confirm multi-site conversions and large-scale build-outs.
• A recent update from 2025-10-24 shows HDC revenue growth, indicating converted capacity utilization; specific 870 MW figure not explicitly confirmed.

Commitment: February 19, 2025: Announced expansion into Auburn, Alabama with a new HPC facility backed by an initial approximately $135 million investment and total project investment expected to exceed $400 million.

✅ On Track | Certainty: 95%

Analysis: Auburn expansion is clearly announced with investment levels and hiring plans.

Progress:

• Earlier evidence from 2025-02-19 confirms the Auburn facility, investments, and job plans.

Commitment: December 05, 2024: Secured approvals to expand operations in Denton with up to 394 MW of power allocation and an additional 300 MW of critical IT load.

✅ On Track | Certainty: 95%

Analysis: Denton approvals and increased power allocation are documented; subsequent expansions build on this approval.

Progress:

• Earlier evidence from 2024-11-20 and 2024-12-05 confirms Denton approvals increasing access to 394 MW and additional critical IT load.

Commitment: November 20, 2024: Received Denton City Council approval to expand HPC infrastructure, including installing one of North America’s largest GPU supercomputers with a projected $6.1 billion real property investment.

✅ On Track | Certainty: 95%

Analysis: City approvals and scope are confirmed, with material investment indicated.

Progress:

• Earlier evidence from 2024-11-20 details the Denton approvals, power, acreage, and projected investment.

Commitment: November 18, 2024: Committed to develop a 100 MW HPC data center in Muskogee, Oklahoma, expected operational in 2026 with a potential 12-year contract value of $8.7 billion plus extension options.

✅ On Track | Certainty: 90%

Analysis: Groundbreaking and contract value are documented; timeline remains 2026 with no contradicting update.

Progress:

• Earlier evidence from 2024-11-18 confirms groundbreaking, 100 MW plan, and 2026 operational target.

Cluster: Commercial Strategy and Customer Diversification

Commitment: May 07, 2025: Aimed to build a more diverse customer base so that CoreWeave represents less than 50% of billable capacity by the end of 2028.

🟡 Partially Met | Certainty: 75%

Analysis: Strategy articulated with growing pipeline interest; however, no quantitative mix update yet. Long-dated target remains.

Progress:

• Earlier evidence from 2025-05-07 states the <50% CoreWeave target and notes strong enterprise interest; no later mix data provided to confirm progress.

Commitment: May 07, 2025: Pursued adding approximately 300 MW across existing sites and targeting an additional 400 MW via new developments by 2027 to support diversified demand.

🟡 Partially Met | Certainty: 80%

Analysis: Multiple expansions (Denton, Auburn, Muskogee) are consistent with these additions, but summaries do not tally progress against the 300/400 MW milestones.

Progress:

• Earlier evidence from 2025-05-07 sets the 300 MW (existing) and 400 MW (new) 2027 targets.
• Evidence from 2025-02-26 (Denton), 2025-02-19 (Auburn), and 2024-11-18 (Muskogee) indicates active expansions toward these goals.

Commitment: February 26, 2025: Committed to fully contract remaining HPC hosting capacity while reducing reliance on CoreWeave to less than 50% of critical IT load by the end of 2028.

✅ On Track | Certainty: 85%

Analysis: The original 500 MW was fully contracted, and additional capacity is being developed; reduction of CoreWeave exposure remains a forward target with strategy in place.

Progress:

• Earlier evidence from 2025-02-26 and the 2025-02-26 call (Q4 2024) indicates the original 500 MW is fully contracted and highlights diversification aims.
• No newer contradictory updates; diversification remains an ongoing initiative.

Commitment: February 26, 2025: Focused on executing existing HPC contracts, including approximately $1.2 billion in additional contracted revenue over a 12-year term from a new CoreWeave agreement.

✅ On Track | Certainty: 85%

Analysis: New CoreWeave expansions (e.g., Denton) and large multiyear revenue projections support execution; the specific $1.2b figure isn’t explicitly restated in summaries but is directionally consistent.

Progress:

• Earlier evidence from 2025-02-26 (Denton 70 MW and $10.2b total projection) aligns with incremental contracted revenue expansion.
• No later evidence contradicts contract execution efforts.

Commitment: February 26, 2025: Adopted a capital deployment approach to defer significant CapEx until customer negotiations are finalized to align investments with demand.

✅ On Track | Certainty: 80%

Analysis: Customer-reimbursed CapEx levels and staged project announcements are consistent with demand-aligned deployment, though not spelled out as a policy in summaries.

Progress:

• A recent update from 2025-10-24 shows $196.4 million of Q3 CapEx funded by CoreWeave, consistent with aligning spend to committed demand.
• Earlier evidence from 2025-02-26 outlines the approach.

Commitment: February 26, 2025: Pursued strategic M&A to acquire stabilized data center assets or projects with anchor contracts to accelerate customer and capacity growth.

❌ Not Met | Certainty: 65%

Analysis: The summaries do not cite any executed or pending M&A transactions; while pursuit may be ongoing, no evidence of progress is provided.

Progress:

• Earlier evidence from 2025-02-26 states the intent to pursue M&A.
• No subsequent summaries report M&A activity; no newer data to change status.

Cluster: Financial Strategy, Capital Structure, and Liquidity

Commitment: October 24, 2025: Reported that $196.4 million of Q3 2025 capital expenditures would be funded by CoreWeave under existing colocation agreements, out of $244.5 million total CapEx.

✅ On Track | Certainty: 95%

Analysis: The Q3 disclosure clearly quantifies customer-funded CapEx, evidencing strong counterpart funding under existing agreements.

Progress:

• A recent update from 2025-10-24 confirms $196.4 million of Q3 CapEx funded by CoreWeave.

Commitment: May 07, 2025: Maintained strong liquidity to execute organic and inorganic growth opportunities, with $778.6 million in cash, cash equivalents, and digital assets.

✅ On Track | Certainty: 95%

Analysis: Liquidity level is explicitly disclosed in Q1 2025 results, supporting growth execution.

Progress:

• Earlier evidence from 2025-05-07 reports $778.6 million in cash, cash equivalents, and digital assets.

Commitment: March 03, 2025: Strengthened the capital structure by raising over $1 billion through two convertible note transactions.

✅ On Track | Certainty: 95%

Analysis: Disclosures reflect a $625m 0% convertible in Q4 2024 and a $550m 0% convertible due 2031, totaling >$1b, strengthening capital structure.

Progress:

• Earlier evidence from 2025-02-26 confirms a $625 million convertible in Q4 2024.
• Earlier evidence from 2024-12-03 confirms pricing of a $550 million 0% convertible due 2031.
• Earlier evidence from 2025-03-03 references over $1 billion raised via convertibles.

Commitment: February 27, 2025: Committed approximately $1.14 billion to capital expenditures over the next year, with $899.3 million reimbursable by customers under existing agreements.

🟡 Partially Met | Certainty: 75%

Analysis: While the exact annual totals aren’t reiterated in summaries, substantial customer-funded CapEx (e.g., Q3 2025) supports progress toward this framework.

Progress:

• A recent update from 2025-10-24 shows $196.4 million of Q3 CapEx funded by CoreWeave, consistent with high reimbursable proportions.
• Earlier evidence from 2025-02-27 set the $1.14b CapEx and $899.3m reimbursable expectations; specific year-to-go tally not updated.

Commitment: February 27, 2025: Committed to effective debt management, with $1.12 billion of notes payable, $17.7 million due within one year, and expected interest payments of $15.8 million over the next twelve months.

✅ On Track | Certainty: 80%

Analysis: Broader disclosures on capital raises and manageable near-term maturities support prudent debt management; the exact figures are not repeated later in summaries.

Progress:

• Earlier evidence from 2025-02-27 details the debt profile and expected near-term payments.
• Subsequent financing updates (e.g., 0% converts) remain consistent with effective management.

Commitment: February 26, 2025: Allocated $104 million to fund additional capital expenditures for the Denton expansion at roughly $1.5 million per MW.

✅ On Track | Certainty: 95%

Analysis: Allocation and per-MW cost are directly disclosed; later CapEx activity supports execution.

Progress:

• Earlier evidence from 2025-02-26 confirms the $104 million Denton allocation.

Commitment: February 26, 2025: Strengthened financial foundation with a $625 million convertible note offering completed in Q4 2024.

✅ On Track | Certainty: 95%

Analysis: The 0% convertible was completed, enhancing liquidity and flexibility.

Progress:

• Earlier evidence from 2025-02-26 and 2025-02-26 results confirm the $625 million 0% convertible offering in Q4 2024.

Commitment: December 03, 2024: Priced an upsized $550 million 0.00% convertible senior notes offering due 2031, estimating $535.6 million in net proceeds (or $608.7 million if the over-allotment is fully exercised).

✅ On Track | Certainty: 95%

Analysis: Pricing and terms are explicitly disclosed; this offering enhances capital structure.

Progress:

• Earlier evidence from 2024-12-03 details the $550 million 0% 2031 notes pricing and expected net proceeds.

Commitment: December 02, 2024: Announced intention to offer $500 million convertible senior notes due 2031, which was superseded by the upsized $550 million pricing on December 03, 2024.

✅ On Track | Certainty: 95%

Analysis: The initial intention was superseded by the upsized 2031 offering; newer data correctly overrides the prior plan.

Progress:

• A recent update from 2024-12-03 supersedes the 2024-12-02 intention with a priced $550 million offering.
• Earlier evidence from 2024-12-02 announced the proposed $500 million offering.

Cluster: Mining Operations, Hosting, and Energy Management

Commitment: August 07, 2025: Continued to mine digital assets as long as it remains profitable while the company transitions to colocation services.

✅ On Track | Certainty: 90%

Analysis: Monthly production updates through April 2025 show ongoing self-mining and hosting activity, consistent with the stated approach.

Progress:

• Earlier evidence from 2025-04-07, 2025-03-05, and 2025-02-05 shows consistent self-mining and hosting activity with energy curtailment to local grids.

Commitment: April 07, 2025: Increased self-mining output to 247 bitcoins in March 2025 while continuing to host approximately 7,000 customer-owned miners and delivering 35,295 MWh to local grids.

✅ On Track | Certainty: 95%

Analysis: The March 2025 production and energy support metrics are explicitly disclosed.

Progress:

• Earlier evidence from 2025-04-07 confirms 247 BTC self-mined, ~7,000 hosted miners, and 35,295 MWh delivered to grids for March.

Commitment: March 05, 2025: Optimized February self-mining to 215 bitcoins, hosted approximately 7,000 customer miners earning an estimated 16 bitcoins, and delivered 50,373 MWh to local grids.

✅ On Track | Certainty: 95%

Analysis: February 2025 operations and grid support are directly stated.

Progress:

• Earlier evidence from 2025-03-05 confirms 215 BTC self-mined, ~7,000 hosted miners (16 BTC), and 50,373 MWh delivered.

Commitment: February 27, 2025: Maintained operational efficiency in self-mining with an average fleet efficiency of 24.4 joules per terahash for the three months ended March 31, 2025.

✅ On Track | Certainty: 85%

Analysis: March update shows 24.3 J/TH, consistent with the stated average; exact quarter-average is not restated but aligns with monthly metrics.

Progress:

• Earlier evidence from 2025-04-07 notes 24.3 J/TH in March, consistent with a ~24.4 J/TH quarterly average.

Commitment: February 05, 2025: Earned 256 self-mined bitcoins in January 2025, hosted approximately 7,000 customer miners earning an estimated 17 bitcoins, and delivered 48,236 MWh to local grids.

✅ On Track | Certainty: 95%

Analysis: January metrics are explicitly disclosed and consistent across two updates.

Progress:

• Earlier evidence from 2025-02-05 confirms 256 BTC self-mined, ~7,000 hosted miners (17 BTC), and 48,236 MWh delivered.
• Earlier evidence from 2025-02-05 (duplicate summary) corroborates the same figures.

Commitment: January 06, 2025: Maintained bitcoin production of 291 bitcoins in December 2024 while providing hosting services for approximately 7,000 customer-owned miners and delivering 30,985 MWh to local grids.

✅ On Track | Certainty: 95%

Analysis: December 2024 operations are explicitly disclosed.

Progress:

• Earlier evidence from 2025-01-06 confirms 291 BTC self-mined, ~7,000 hosted miners, and 30,985 MWh delivered.

Cluster: Governance, Leadership, and Organizational Development

Commitment: May 16, 2025: Committed to execute the company’s long-term growth strategy, underscored by the appointment of Elizabeth Crain to the board of directors.

✅ On Track | Certainty: 95%

Analysis: Appointment and role (Audit Committee Chair) are confirmed; aligns with strengthening governance for execution.

Progress:

• Earlier evidence from 2025-05-16 confirms Elizabeth Crain’s appointment and roles.

Commitment: May 13, 2025: Continued strengthening of the financial foundation following emergence from bankruptcy, highlighted by two significant capital raises during a board member’s tenure.

✅ On Track | Certainty: 90%

Analysis: Board transition acknowledges prior capital raises that improved the balance sheet; consistent with financing disclosures.

Progress:

• Earlier evidence from 2025-05-13 notes two significant capital raises and ongoing focus on strengthening the financial foundation.

Commitment: March 03, 2025: Transitioned to a new Chief Financial Officer, effective March 17, 2025, to strengthen leadership and financial strategy.

✅ On Track | Certainty: 95%

Analysis: CFO transition details and effective date are explicitly disclosed.

Progress:

• Earlier evidence from 2025-03-03 confirms Jim Nygaard’s appointment effective 2025-03-17.

Commitment: March 03, 2025: Ensured a seamless CFO transition with outgoing leadership assisting through May 01, 2025 to maintain operational continuity.

✅ On Track | Certainty: 95%

Analysis: Outgoing CFO’s support through May 1, 2025 is explicitly disclosed, supporting continuity.

Progress:

• Earlier evidence from 2025-03-03 confirms outgoing CFO support through 2025-05-01.

Commitment: January 09, 2025: Enhanced brand presence and growth prospects by appointing a Chief Marketing Officer to lead global marketing and partnerships.

✅ On Track | Certainty: 95%

Analysis: CMO hire and rationale are explicitly disclosed.

Progress:

• Earlier evidence from 2025-01-09 confirms Scott Brueggeman’s appointment as CMO.

Cluster: Risk Management and Regulatory Compliance

Commitment: August 07, 2025: Analyzed and worked to minimize future impacts of tariffs on equipment and materials for colocation and mining operations.

🟡 Partially Met | Certainty: 70%

Analysis: While the summaries don’t restate August analyses, earlier disclosures about capping certain cost contributions (see Feb 27 commitment) are consistent with tariff mitigation; limited direct August evidence lowers certainty.

Progress:

• Earlier evidence from 2025-02-27 (see related commitment) indicates measures to limit inflationary impacts, consistent with tariff risk mitigation.
• No newer contradictory updates found.

Commitment: August 07, 2025: Monitored and adapted to evolving regulations affecting digital assets and data center operations to maintain compliance.

🟡 Partially Met | Certainty: 65%

Analysis: No explicit compliance actions are cited in the summaries; however, continued public reporting and operations imply ongoing compliance. Evidence is indirect.

Progress:

• No direct citations in the provided summaries; continued exchange listing and filings imply compliance activity.

Commitment: February 27, 2025: Addressed tariff impacts beginning February 01, 2025 by capping certain financial contributions under existing agreements to limit cost inflation and delays.

🟡 Partially Met | Certainty: 65%

Analysis: This specific action is described in the commitments set but not explicitly quoted in the summaries; it aligns with broader cost-sharing dynamics evidenced later (customer-funded CapEx). Lacking a direct summary citation lowers certainty.

Progress:

• Earlier evidence from 2025-02-27 (commitment text) details the capping approach; no direct corroboration in summaries, but later customer-funded CapEx (2025-10-24) is consistent with cost-mitigation structures.

Cluster: Innovation and R&D

Commitment: August 07, 2025: Continued investing in research and development to enhance service offerings and operational efficiencies across colocation and mining.

🟡 Partially Met | Certainty: 70%

Analysis: While the summaries emphasize operational build-outs, references to increased R&D spending (see 2024 figures below) support ongoing investment; no specific 2025 R&D detail is provided in summaries.

Progress:

• Earlier evidence from 2025-02-27/2024 results references increased R&D spending in 2024; 2025 summaries do not quantify R&D but show continued technology-focused expansions.

Commitment: February 27, 2025: Invested in R&D, including proprietary hardware and software, to optimize operations and address advanced technology requirements.

🟡 Partially Met | Certainty: 65%

Analysis: The summaries do not detail proprietary R&D efforts; however, the scale and specificity of HPC projects suggest ongoing technical development. Evidence remains indirect.

Progress:

• No direct summary cites proprietary R&D; operational expansions (e.g., Denton GPU supercomputer build) imply ongoing technology work.

Commitment: February 27, 2025: Increased research and development expenses by $4.6 million in 2024 to support growth in HPC and AI applications.

🟡 Partially Met | Certainty: 65%

Analysis: The commitment references a 2024 R&D increase; the provided summaries do not explicitly restate the $4.6 million figure, though they are consistent with a pivot to HPC/AI.

Progress:

• Earlier evidence from year-end MD&A context aligns with higher investment focus; the exact $4.6 million R&D increase is not explicitly cited in the summaries provided.