Revenue +14% but operating income -66% as costs outpace pricing; $1.9B power equipment ordered

Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 25, 2025 · ~1 min read

Key Changes

• high

  $1.9B in power generation equipment orders (Bergen, Wärtsilä, Caterpillar) for data center projects, with deliveries 2027-2030; $1.1B remaining commitment at quarter-end.

  MD&A: Distributed Power Expansion verify on EDGAR →
• high

  $1.3B convertible notes issued (0% coupon, 2031/2032 maturities) raising $1.26B net; $186.5M spent on capped calls to limit dilution; proceeds funded equipment orders and repaid revolver.

  Notes: Convertible Debt view on EDGAR →
• high

  Operating income fell 66% to $12.7M despite 14% revenue growth, as cost of services rose 21% ($168M increase) driven by parts/materials inflation and personnel costs.

  MD&A: Operating Results verify on EDGAR →