Modine Stock Jumps After Report Names Google, Amazon as Data Center Cooling Customers – Modine Manufactur

Modine Manufacturing Co. (NYSE:MOD) shares are rising Friday. An investigative report from Hunterbrook Media identified Google as the previously unnamed customer behind Modine’s $4 billion cooling agreement. Here’s what you should know.

Report Names Google as Modine’s Mystery $4 Billion Customer

Hunterbrook Media said it obtained material it believes came from an internal Modine planning database, surfacing publicly on GitHub roughly a month ago in what looked like the middle of a broader shift of company records over to Alphabet Inc.’s (NASDAQ:GOOG) cloud infrastructure.

Per the report, the leaked files tie Google to a supply arrangement Modine disclosed in May without naming the customer, one that commits Modine to setting aside capacity for over $4 billion worth of Airedale chillers through 2029. The reporting also points to a second layer of Google business in the pipeline, roughly $4.5 billion in opportunities at various stages, of which about $433 million has already converted into bookings.

The database reportedly extends past Google too, pointing to close to $3 billion Modine considers locked in or highly probable from Amazon.com Inc.’s (NASDAQ:AMZN) cloud unit, Crusoe and more than a dozen other data center clients, on top of further early-stage business. Hunterbrook estimated Modine’s overall pipeline at close to $23 billion, with Amazon’s cloud division alone accounting for over half that sum.

Given the scale of what it was reporting, Hunterbrook Media also disclosed that, at the time of publication, its affiliated fund, Hunterbrook Capital, holds a long position in Modine shares and a short position in a basket of comparable companies, cautioning that its position could change.

Database Suggests Modine’s Pipeline Could Exceed its Own Guidance

Beyond the size of the pipeline itself, the report also examined what those numbers could mean for Modine’s upcoming results. Running the numbers through Modine’s own conversion odds, Hunterbrook arrived at an implied $540 million in revenue for the fiscal quarter closing in September, roughly a fifth higher than what Modine has guided to.

Stretched across fiscal 2027, that same math works out to $2.3 billion, a figure that would more than double last year’s results and land above the upper edge of Modine’s 60% to 80% growth target.

That same pipeline also comes with real execution risk. The database also reportedly shows Modine working through supplier shortages and engineering constraints as it scales up production, while pursuing new business further up the cooling stack, including an effort to qualify equipment against Nvidia’s (NASDAQ:NVDA) liquid-cooling specifications.

MOD Shares Are Climbing

MOD Price Action: Modine shares were up 2.42% at $195.35 at the time of publication on Friday, according to Benzinga Pro.

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