{"meta":{"as_of":"2026-09-19","revision":3,"skeleton":false,"compiled_at":"2026-09-20T00:34:13.401649+00:00","extract_url":null,"extract_form":null,"authored_hash":"292570bb91afefc80ba6ab8559d37af4","extract_filed":null,"extract_source":"authored","generated_hash":"1c4426984a6f1b42766e00c5a0dd86e5","research_stage":"operating_scenarios","business_authored":true,"extract_accession":null,"research_reviewed_at":"2026-09-19"},"model":{"entity":"The Elmet Group Co.","source":"Quarter values retain field-level provenance. Fiscal labels reviewed against https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm (2026-08-13); Reported July 3 period is FY2026 Q2 under the 52/53-week calendar, not FY2027.","quarters":[{"cfo":{"value":5305000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fcf":{"value":2572000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-05-29","concept":"CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-05-29] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-05-29]","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"cash":null,"capex":{"value":2733000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"revenue":{"value":46387000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"Revenues","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"net_income":{"value":1197000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"NetIncomeLoss","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"period_end":"2025-03-31","eps_diluted":{"value":0.06,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"EarningsPerShareDiluted","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fiscal_label":"2025Q1","gross_profit":{"value":8611000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"GrossProfit","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":{"value":20123187.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"operating_income":{"value":2858000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"OperatingIncomeLoss","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}}},{"cfo":{"value":977000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-13","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fcf":{"value":-892000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-13","concept":"CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-08-13] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-08-13]","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"cash":{"value":1795000.0,"provenance":{"form":null,"class":"reported","filed":"2026-08-13","concept":"Total cash including discontinued operations","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","retrieved_at":"2026-09-19T18:30:00+00:00","reviewed_through":null}},"capex":{"value":1869000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-13","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"revenue":{"value":49130000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"RevenueFromContractWithCustomerExcludingAssessedTax","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"net_income":{"value":1240000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"NetIncomeLoss","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"period_end":"2025-06-30","eps_diluted":{"value":0.06,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"EarningsPerShareDiluted","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fiscal_label":"2025Q2","gross_profit":{"value":10147000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"GrossProfit","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":{"value":20268282.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"operating_income":{"value":3246000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"OperatingIncomeLoss","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}}},{"cfo":{"value":6921000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fcf":{"value":4584000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-05-29","concept":"CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-05-29] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-05-29]","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"cash":{"value":1825000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"capex":{"value":2337000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"revenue":{"value":56007000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"Revenues","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"net_income":{"value":-338000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"NetIncomeLoss","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"period_end":"2026-04-03","eps_diluted":{"value":-0.02,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"EarningsPerShareDiluted","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fiscal_label":"2026Q1","gross_profit":{"value":11848000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"GrossProfit","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"debt_long_term":{"value":26768000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"LongTermDebtNoncurrent","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"shares_diluted":{"value":20123187.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"operating_income":{"value":1863000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-05-29","concept":"OperatingIncomeLoss","accession":"0001213900-26-062433","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}}},{"cfo":{"value":-14493000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-13","concept":"NetCashProvidedByUsedInOperatingActivities","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fcf":{"value":-15297000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-13","concept":"CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-08-13] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json; filed 2026-08-13]","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"cash":{"value":66122000.0,"provenance":{"form":null,"class":"reported","filed":"2026-08-13","concept":"Reported ending cash","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","retrieved_at":"2026-09-19T18:30:00+00:00","reviewed_through":null}},"capex":{"value":804000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-08-13","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"revenue":{"value":66401000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"RevenueFromContractWithCustomerExcludingAssessedTax","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"net_income":{"value":-4488000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"NetIncomeLoss","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"period_end":"2026-07-03","eps_diluted":{"value":-0.16,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"EarningsPerShareDiluted","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"fiscal_label":"2026Q2","gross_profit":{"value":16610000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"GrossProfit","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"debt_long_term":{"value":10394000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"LongTermDebt","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"shares_diluted":{"value":28414861.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}},"operating_income":{"value":-7628000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-08-13","concept":"OperatingIncomeLoss","accession":"0001628280-26-056460","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002101698.json","retrieved_at":"2026-09-20T00:34:13+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-20T00:34:13+00:00"},"notes":[{"url":"https://chartlibrary.io/research/views/elmt-scarcity-cash-acquisition-20260914","slug":"elmt-scarcity-cash-acquisition-20260914","title":"Elmet: Government Funding, Ownership Costs and a Multiyear Expansion","session":"2026-09-14"}],"memory":{"as_of":null,"bands":null,"state":null,"reason":"No built market state is available for ELMT.","coverage":"none","analogs_n":null,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"September funding materially expands the execution opportunity but also adds preferred and dilution claims. The research tests when real external deliveries and operating cash follow investment, keeping contract ceilings and received financing separate from revenue.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track tranche closings, external project cash, inventory, purchase-price adjustments and accepted stockpile orders before upgrading the earnings case."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","title":"H1 financials, net capital grants and fiscal calendar","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026088714/ea030166201ex99-1.htm","title":"Q2 demand/metal-price mix and backlog","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","title":"September initial funding, tranches, PIK, warrants and stockpile obligations","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026097862/ea0304152-8k_elmet.htm","title":"Conditional German purchase-price formula and expected closing","retrieved":"2026-09-19"}],"business":{"drivers":["Core demand versus raw-material price pass-through","Incremental tungsten supply and accepted stockpile deliveries","Staged preferred funding, project cash and acquisition terms"],"description":"The Elmet Group manufactures tungsten and molybdenum components and advanced high-power systems. Its new government-backed supply-chain program adds planned mining, refining and stockpile-delivery activity. Existing product demand, material prices, investment timing and senior preferred claims determine cash economics."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/elmt-scarcity-cash-acquisition-20260914): Recheck the financing filing and investor-call replay","next_report_date":null},"identity":{"cik":2101698,"sic":"3490","name":"Elmet Group Co.","symbol":"ELMT","cluster":"Materials","exchange":"Nasdaq"},"research":{"risks":["Government appropriations, closing conditions and procurement timing.","Tungsten availability, inventory pricing and pass-through margins.","Project commissioning, controlled-JV costs and minority commitments.","German pension and working-capital purchase adjustments.","Preferred compounding, warrants and conditional cash compensation."],"title":"A larger tungsten program with staged capital and delivery conditions","question":"Can funded supply-chain expansion produce durable margins after working capital and senior financing claims?","economics":"H1 revenue was $122.4M and CFO negative $7.6M, with inventory absorbing $32.8M. Net capital spending was $3.1M after grants; July cash was $66.1M. Q2 management attributed about 55% of sales growth to net demand and the remainder to metal-price effects. September 14 brought $200M actual preferred funding under a $450M commitment; remaining $250M is conditional in staged $50M tranches. Preferred PIK accrues at 5.5% and warrants can represent up to 19.9% post-transaction ownership. The DLA agreement has a $2B ceiling and $150M minimum over a five-year ordering period, not immediate revenue. Domestic investment above $165M, controlled Springer plant work and separate raw-material/minority investments require cash. The German asset purchase is expected in Q1 calendar 2027, but final price depends on metal inventory and pension adjustments.","change_note":"Added September completed/conditional funding split, preferred PIK, stockpile delivery limits and German price sensitivity.","checkpoints":[{"event":"Staged financing","watch":"Verify conditions and actual receipts rather than assuming the full commitment is cash.","timing":"First subsequent tranche window from March 2027","date_status":"estimated"},{"event":"German acquisition","watch":"Obtain final price, pension/working-capital values and acquired financials.","timing":"Q1 calendar 2027 expected closing","date_status":"estimated"},{"event":"Stockpile and new supply","watch":"Separate the ceiling, accepted orders, qualified supply and recognized deliveries.","timing":"Each delivery-order/project update","date_status":"estimated"}],"countercase":"Commodity inflation can increase reported sales while tying up cash. Conditional funding may lag projects, new supply may arrive late and preferred claims grow even before commercial deliveries. German closing consideration could materially exceed the negative fixed-price component.","limitations":["September 14 initial preferred funding of $200M was received. Remaining $250M is conditional, in up to $50M tranches available at six-month intervals; congressional authorization, appropriations and other conditions remain relevant.","Preferred dividends accrue at 5.5%, compound quarterly and are payable in kind. Warrants cover up to 19.9% post-transaction ownership. Redemption and warrant-linked reductions require a full ownership waterfall; this model tracks PIK before those adjustments, not common equity value.","The $2B stockpile ceiling is not backlog recognized as revenue. The $150M minimum is funded commitment over a five-year ordering period, subject to accepted delivery orders; materials may be delivered within 48 months of each order. Desk sales begin only after assumed incremental supply.","September German asset acquisition remains conditional with Q1 calendar 2027 closing expected. The price includes negative EUR18M, pension assets less obligations, EUR1M restructuring prepayment and working-capital adjustment against EUR3.875M. No fixed final purchase price or receipt is asserted.","Metal-price pass-through can inflate revenue and inventory funding without equal margin growth. Q2 management attributed about 55% of revenue growth to net demand and the balance to raw material pricing; this model independently tests incremental pass-through.","The controlled Springer JV is consolidated in the forward scenario, so internal capital contributions are eliminated; only modeled external plant cash is counted as capex. Separate raw-material prepayments and Blue Moon minority shares are additional cash deployment.","Blue Moon CAD35M investment is a binding commitment; modeled USD settlement depends on assumed FX. Government money is earmarked for project purposes and does not become free cash for common owners.","H1 capex was reported net of government capital grants. Historical supplement corrects fiscal labels, adds reported July cash and sources net-capex treatment; missing historical quarters remain unavailable, not zero.","Forecast excludes precise preferred redemption, debt/lease principal, equity-award withholding, full acquisition working-capital settlement and discretionary investments. Cash after funding is a period cash-flow proxy before those claims, not ending unrestricted cash.","Fiscal quarter dates use the company's 52/53-week calendar convention, with future dates estimated. All delivery, inventory, investment and German closing cases are desk assumptions; no full-year earnings guidance is asserted."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":77721050.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":83041100.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":88361150.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":102009220.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Total revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":1,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"revenue","value":122.408,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_core_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"core revenue","value":122.408,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_stockpile_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"stockpile revenue","value":0.0,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_gross_profit","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"gross profit","value":28.458,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"operating income","value":-5.765,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"cfo","value":-7.572,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_capex","case":"shared","kind":"reported","unit":"USD_millions","basis":"Net capex is after capital grants; strategic cash was exercise of an investment call option.","label":"capex","value":3.141,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_strategic_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"Net capex is after capital grants; strategic cash was exercise of an investment call option.","label":"strategic cash","value":1.426,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_preferred_funding","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"preferred funding","value":0.0,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_preferred_pik","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"preferred pik","value":0.0,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_sbc","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"sbc","value":10.735,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_da","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"da","value":3.779,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_inventory_use","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"inventory use","value":32.763,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_award_withholding","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"award withholding","value":4.371,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"cash","value":66.122,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"backlog","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"backlog","value":131.5,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026088714/ea030166201ex99-1.htm","source_date":"2026-08-13"},{"id":"net_ipo","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; preferred financing and stockpile program occurred after H1.","label":"net ipo","value":125.363,"period":"H1 / July 3 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"h1_business_investing","case":"shared","kind":"derived","unit":"USD_millions","basis":"Uses statement net-of-capital-grants presentation.","label":"Net capex and investment purchase","value":4.567,"period":"H1 2026","formula":{"op":"sum","refs":["h1_capex","h1_strategic_cash"]},"source_url":null,"source_date":null},{"id":"h1_cash_after_investing","case":"shared","kind":"derived","unit":"USD_millions","basis":"No further grant cash added again.","label":"H1 cash after net PP&E and strategic cash","value":-12.139,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cfo","h1_business_investing"]},"source_url":null,"source_date":null},{"id":"h1_cash_after_funding","case":"shared","kind":"derived","unit":"USD_millions","basis":"H1 IPO cash is outside this selected-funding comparison.","label":"H1 cash after preferred funding","value":-12.139,"period":"H1 2026","formula":{"op":"sum","refs":["h1_cash_after_investing","h1_preferred_funding"]},"source_url":null,"source_date":null},{"id":"preferred_received","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"preferred received","value":200.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"preferred_remaining","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"preferred remaining","value":250.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"stockpile_ceiling","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"stockpile ceiling","value":2000.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"stockpile_minimum","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"stockpile minimum","value":150.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"domestic_investment","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"domestic investment","value":165.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"springer_initial","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"springer initial","value":75.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"springer_prepayment_capacity","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"springer prepayment capacity","value":50.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"bonus_cap","case":"shared","kind":"reported","unit":"USD_millions","basis":"The $200M initial receipt is actual. Other commitments, limits and intended investments are not automatically receipts or current revenue.","label":"bonus cap","value":3.0,"period":"September 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"preferred_rate","case":"shared","kind":"reported","unit":"ratio","basis":"Quarterly compounding; no current cash dividend assumed.","label":"Annual preferred PIK rate","value":0.055,"period":"Contract","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000121390026099734/ea0304682-8k_elmet.htm","source_date":"2026-09-14"},{"id":"q2_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q2 revenue","value":66.401,"period":"2026Q2","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"q2_gross","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q2 gross profit","value":16.61,"period":"2026Q2","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2101698/000162828026056460/elmt-20260703.htm","source_date":"2026-08-13"},{"id":"downside_2026q3_demand_index","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_legacy_demand","case":"downside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":66.401,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_revenue","downside_2026q3_demand_index"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_metal_pass","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":12.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_german_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":78.401,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_legacy_demand","downside_2026q3_metal_pass","downside_2026q3_german_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_stockpile_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":78.401,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_core_revenue","downside_2026q3_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_core_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.22,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":14.60822,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_legacy_demand","downside_2026q3_core_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_pass_cost_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_metal_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":12.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_metal_pass","downside_2026q3_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_price_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_metal_pass","downside_2026q3_metal_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_german_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_german_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_german_revenue","downside_2026q3_german_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_stock_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_stockpile_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_stockpile_revenue","downside_2026q3_stock_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":14.60822,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_legacy_gross","downside_2026q3_price_gross","downside_2026q3_german_gross","downside_2026q3_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_bonus","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_opex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":14.399999999999999,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":18.4,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_cash_opex","downside_2026q3_sbc","downside_2026q3_da","downside_2026q3_cash_bonus"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-3.7917799999999993,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_gross_profit","downside_2026q3_opex"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_interest_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":2.2082200000000007,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_operating_income","downside_2026q3_sbc","downside_2026q3_da","downside_2026q3_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_inventory_other_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":18.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_inventory_price_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_pass_inventory_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":6.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_metal_pass","downside_2026q3_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":26.2,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_cash_tax","downside_2026q3_cash_interest","downside_2026q3_inventory_other_cash","downside_2026q3_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-23.99178,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_operating_cash_earnings","downside_2026q3_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_german_eur_amount","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_eur_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.15,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_german_price","case":"downside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_german_eur_amount","downside_2026q3_eur_usd"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cad_commitment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cad_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_blue_moon","case":"downside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_cad_commitment","downside_2026q3_cad_usd"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_raw_prepay","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":0.0,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_blue_moon","downside_2026q3_raw_prepay","downside_2026q3_german_price"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_business_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":15.0,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_capex","downside_2026q3_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-38.99178,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_cfo","downside_2026q3_business_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_preferred_funding","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":200.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_preferred_opening","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Opening preferred claim","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_funding_weight","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.2087912087912088,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_new_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":41.75824175824176,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_preferred_funding","downside_2026q3_funding_weight"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":41.75824175824176,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_preferred_opening","downside_2026q3_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_quarter_year","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":0.5741758241758242,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_pik_basis","preferred_rate","downside_2026q3_quarter_year"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_preferred_ending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":200.57417582417582,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_preferred_opening","downside_2026q3_preferred_funding","downside_2026q3_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":161.00822,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_cash_after_investing","downside_2026q3_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_demand_index","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.02,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_legacy_demand","case":"downside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":67.72901999999999,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_revenue","downside_2026q4_demand_index"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_metal_pass","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":15.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_german_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":82.72901999999999,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_legacy_demand","downside_2026q4_metal_pass","downside_2026q4_german_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_stockpile_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":82.72901999999999,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_core_revenue","downside_2026q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_core_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.22,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":14.900384399999998,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_legacy_demand","downside_2026q4_core_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_pass_cost_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_metal_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":15.0,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_metal_pass","downside_2026q4_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_price_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_metal_pass","downside_2026q4_metal_cost"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_german_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_german_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_german_revenue","downside_2026q4_german_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_stock_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_stockpile_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_stockpile_revenue","downside_2026q4_stock_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":14.900384399999998,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_legacy_gross","downside_2026q4_price_gross","downside_2026q4_german_gross","downside_2026q4_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.2,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":2.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_bonus","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_opex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":15.719999999999999,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":20.419999999999998,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_cash_opex","downside_2026q4_sbc","downside_2026q4_da","downside_2026q4_cash_bonus"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-5.5196156,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_gross_profit","downside_2026q4_opex"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_interest_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":1.1803844000000003,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_operating_income","downside_2026q4_sbc","downside_2026q4_da","downside_2026q4_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_inventory_other_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":21.599999999999998,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_inventory_price_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_pass_inventory_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":7.5,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_metal_pass","downside_2026q4_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":31.799999999999997,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_cash_tax","downside_2026q4_cash_interest","downside_2026q4_inventory_other_cash","downside_2026q4_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-30.619615599999996,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_operating_cash_earnings","downside_2026q4_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":30.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_german_eur_amount","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_eur_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.15,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_german_price","case":"downside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_german_eur_amount","downside_2026q4_eur_usd"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cad_commitment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":35.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cad_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_blue_moon","case":"downside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":25.55,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_cad_commitment","downside_2026q4_cad_usd"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_raw_prepay","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":25.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":50.55,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_blue_moon","downside_2026q4_raw_prepay","downside_2026q4_german_price"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_business_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":80.55,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_capex","downside_2026q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-111.16961559999999,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_cfo","downside_2026q4_business_investment"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_preferred_funding","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_funding_weight","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_new_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_preferred_funding","downside_2026q4_funding_weight"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":200.57417582417582,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q3_preferred_ending","downside_2026q4_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_quarter_year","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.7578949175824174,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_pik_basis","preferred_rate","downside_2026q4_quarter_year"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_preferred_ending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":203.33207074175823,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q3_preferred_ending","downside_2026q4_preferred_funding","downside_2026q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-111.16961559999999,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_cash_after_investing","downside_2026q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_demand_index","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.04,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_legacy_demand","case":"downside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":69.05704,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_revenue","downside_2027q1_demand_index"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_metal_pass","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":15.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_german_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":84.05704,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_legacy_demand","downside_2027q1_metal_pass","downside_2027q1_german_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_stockpile_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":84.05704,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_core_revenue","downside_2027q1_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_core_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.22,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":15.1925488,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_legacy_demand","downside_2027q1_core_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_pass_cost_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_metal_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":15.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_metal_pass","downside_2027q1_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_price_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_metal_pass","downside_2027q1_metal_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_german_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_german_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_german_revenue","downside_2027q1_german_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_stock_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_stockpile_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_stockpile_revenue","downside_2027q1_stock_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":15.1925488,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_legacy_gross","downside_2027q1_price_gross","downside_2027q1_german_gross","downside_2027q1_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.4,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":3.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_bonus","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_opex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":17.04,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":22.439999999999998,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_cash_opex","downside_2027q1_sbc","downside_2027q1_da","downside_2027q1_cash_bonus"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-7.247451199999997,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_gross_profit","downside_2027q1_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_interest_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":0.15254880000000348,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_operating_income","downside_2027q1_sbc","downside_2027q1_da","downside_2027q1_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":3.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_inventory_other_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":25.2,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_inventory_price_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_pass_inventory_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":7.5,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_metal_pass","downside_2027q1_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":35.9,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_cash_tax","downside_2027q1_cash_interest","downside_2027q1_inventory_other_cash","downside_2027q1_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-35.74745119999999,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_operating_cash_earnings","downside_2027q1_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":45.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_german_eur_amount","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_eur_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.15,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_german_price","case":"downside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_german_eur_amount","downside_2027q1_eur_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cad_commitment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cad_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_blue_moon","case":"downside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_cad_commitment","downside_2027q1_cad_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_raw_prepay","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":0.0,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_blue_moon","downside_2027q1_raw_prepay","downside_2027q1_german_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_business_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":45.0,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_capex","downside_2027q1_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-80.7474512,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_cfo","downside_2027q1_business_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_preferred_funding","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_funding_weight","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_new_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_preferred_funding","downside_2027q1_funding_weight"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":203.33207074175823,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2026q4_preferred_ending","downside_2027q1_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_quarter_year","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.7958159726991756,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_pik_basis","preferred_rate","downside_2027q1_quarter_year"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_preferred_ending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":206.12788671445742,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2026q4_preferred_ending","downside_2027q1_preferred_funding","downside_2027q1_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-80.7474512,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_cash_after_investing","downside_2027q1_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_demand_index","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.07,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_legacy_demand","case":"downside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":71.04907,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_revenue","downside_2027q2_demand_index"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_metal_pass","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":12.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_german_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":3.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":86.04907,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_legacy_demand","downside_2027q2_metal_pass","downside_2027q2_german_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_stockpile_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":86.04907,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_core_revenue","downside_2027q2_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_core_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.22,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":15.6307954,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_legacy_demand","downside_2027q2_core_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_pass_cost_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_metal_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":12.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_metal_pass","downside_2027q2_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_price_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_metal_pass","downside_2027q2_metal_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_german_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_german_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.54,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_german_revenue","downside_2027q2_german_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_stock_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_stockpile_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_stockpile_revenue","downside_2027q2_stock_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":16.1707954,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_legacy_gross","downside_2027q2_price_gross","downside_2027q2_german_gross","downside_2027q2_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.6,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":3.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_bonus","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":3.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_opex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":18.36,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":27.46,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_cash_opex","downside_2027q2_sbc","downside_2027q2_da","downside_2027q2_cash_bonus"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-11.289204600000001,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_gross_profit","downside_2027q2_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_interest_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":-3.189204600000002,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_operating_income","downside_2027q2_sbc","downside_2027q2_da","downside_2027q2_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":3.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_inventory_other_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":28.799999999999997,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_inventory_price_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_pass_inventory_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":6.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_metal_pass","downside_2027q2_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":38.5,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_cash_tax","downside_2027q2_cash_interest","downside_2027q2_inventory_other_cash","downside_2027q2_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-41.689204600000004,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_operating_cash_earnings","downside_2027q2_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":50.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_german_eur_amount","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":34.125,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_eur_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.15,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_german_price","case":"downside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":39.24375,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_german_eur_amount","downside_2027q2_eur_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cad_commitment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cad_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_blue_moon","case":"downside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_cad_commitment","downside_2027q2_cad_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_raw_prepay","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":25.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":64.24375,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_blue_moon","downside_2027q2_raw_prepay","downside_2027q2_german_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_business_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":114.24375,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_capex","downside_2027q2_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-155.93295460000002,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_cfo","downside_2027q2_business_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_preferred_funding","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_funding_weight","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_new_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_preferred_funding","downside_2027q2_funding_weight"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":206.12788671445742,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q1_preferred_ending","downside_2027q2_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_quarter_year","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.8342584423237893,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_pik_basis","preferred_rate","downside_2027q2_quarter_year"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_preferred_ending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":208.96214515678122,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q1_preferred_ending","downside_2027q2_preferred_funding","downside_2027q2_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-155.93295460000002,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_cash_after_investing","downside_2027q2_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_demand_index","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.1,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_legacy_demand","case":"downside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":73.0411,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_revenue","downside_2027q3_demand_index"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_metal_pass","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":10.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_german_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":88.0411,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_legacy_demand","downside_2027q3_metal_pass","downside_2027q3_german_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_stockpile_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":93.0411,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_core_revenue","downside_2027q3_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_core_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.22,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":16.069042,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_legacy_demand","downside_2027q3_core_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_pass_cost_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_metal_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":10.0,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_metal_pass","downside_2027q3_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_price_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_metal_pass","downside_2027q3_metal_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_german_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_german_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.8999999999999999,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_german_revenue","downside_2027q3_german_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_stock_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_stockpile_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.6,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_stockpile_revenue","downside_2027q3_stock_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":17.569042,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_legacy_gross","downside_2027q3_price_gross","downside_2027q3_german_gross","downside_2027q3_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.8,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":4.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_bonus","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_opex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":19.679999999999996,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":26.479999999999997,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_cash_opex","downside_2027q3_sbc","downside_2027q3_da","downside_2027q3_cash_bonus"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-8.910957999999997,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_gross_profit","downside_2027q3_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_interest_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":-0.11095799999999745,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_operating_income","downside_2027q3_sbc","downside_2027q3_da","downside_2027q3_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_inventory_other_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":32.4,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_inventory_price_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_pass_inventory_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":5.0,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_metal_pass","downside_2027q3_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":41.6,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_cash_tax","downside_2027q3_cash_interest","downside_2027q3_inventory_other_cash","downside_2027q3_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-41.710958,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_operating_cash_earnings","downside_2027q3_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":55.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_german_eur_amount","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_eur_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.15,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_german_price","case":"downside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_german_eur_amount","downside_2027q3_eur_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cad_commitment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cad_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_blue_moon","case":"downside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_cad_commitment","downside_2027q3_cad_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_raw_prepay","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":-2.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":-2.0,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_blue_moon","downside_2027q3_raw_prepay","downside_2027q3_german_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_business_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":53.0,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_capex","downside_2027q3_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-94.710958,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_cfo","downside_2027q3_business_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_preferred_funding","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_funding_weight","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_new_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_preferred_funding","downside_2027q3_funding_weight"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":208.96214515678122,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q2_preferred_ending","downside_2027q3_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_quarter_year","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.8732294959057416,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_pik_basis","preferred_rate","downside_2027q3_quarter_year"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_preferred_ending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":211.83537465268697,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q2_preferred_ending","downside_2027q3_preferred_funding","downside_2027q3_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-94.710958,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_cash_after_investing","downside_2027q3_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_demand_index","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.12,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_legacy_demand","case":"downside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":74.36912000000001,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_revenue","downside_2027q4_demand_index"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_metal_pass","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":8.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_german_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":7.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":89.36912000000001,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_legacy_demand","downside_2027q4_metal_pass","downside_2027q4_german_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_stockpile_revenue","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":10.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":99.36912000000001,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_core_revenue","downside_2027q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_core_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.22,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_legacy_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":16.361206400000004,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_legacy_demand","downside_2027q4_core_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_pass_cost_ratio","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_metal_cost","case":"downside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":8.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_metal_pass","downside_2027q4_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_price_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_metal_pass","downside_2027q4_metal_cost"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_german_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_german_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":1.26,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_german_revenue","downside_2027q4_german_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_stock_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_stockpile_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":1.2,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_stockpile_revenue","downside_2027q4_stock_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":18.821206400000005,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_legacy_gross","downside_2027q4_price_gross","downside_2027q4_german_gross","downside_2027q4_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":3.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_da","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":4.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_bonus","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_opex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":21.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_opex","case":"downside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":28.5,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_cash_opex","downside_2027q4_sbc","downside_2027q4_da","downside_2027q4_cash_bonus"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-9.678793599999995,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_gross_profit","downside_2027q4_opex"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_interest_income","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_cash_earnings","case":"downside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":-0.17879359999999522,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_operating_income","downside_2027q4_sbc","downside_2027q4_da","downside_2027q4_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_inventory_other_cash","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":36.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_inventory_price_fraction","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_pass_inventory_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":4.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_metal_pass","downside_2027q4_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_uses","case":"downside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":44.7,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_cash_tax","downside_2027q4_cash_interest","downside_2027q4_inventory_other_cash","downside_2027q4_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-44.878793599999995,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_operating_cash_earnings","downside_2027q4_cash_uses"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_capex","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":60.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_german_eur_amount","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_eur_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.15,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_german_price","case":"downside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_german_eur_amount","downside_2027q4_eur_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cad_commitment","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cad_usd","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_blue_moon","case":"downside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_cad_commitment","downside_2027q4_cad_usd"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_raw_prepay","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":-2.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":-2.0,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_blue_moon","downside_2027q4_raw_prepay","downside_2027q4_german_price"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_business_investment","case":"downside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":58.0,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_capex","downside_2027q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-102.8787936,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_cfo","downside_2027q4_business_investment"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_preferred_funding","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_funding_weight","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_new_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_preferred_funding","downside_2027q4_funding_weight"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_pik_basis","case":"downside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":211.83537465268697,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q3_preferred_ending","downside_2027q4_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_quarter_year","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.912736401474446,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_pik_basis","preferred_rate","downside_2027q4_quarter_year"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_preferred_ending","case":"downside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":214.7481110541614,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q3_preferred_ending","downside_2027q4_preferred_funding","downside_2027q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-102.8787936,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_cash_after_investing","downside_2027q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":283.53801999999996,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","downside_2026q3_revenue","downside_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Core and acquired component revenue ($M)","value":283.53801999999996,"period":"FY2026","formula":{"op":"sum","refs":["h1_core_revenue","downside_2026q3_core_revenue","downside_2026q4_core_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_stockpile_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted stockpile deliveries ($M)","value":0.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_stockpile_revenue","downside_2026q3_stockpile_revenue","downside_2026q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross profit proxy ($M)","value":57.9666044,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_profit","downside_2026q3_gross_profit","downside_2026q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-15.0763956,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","downside_2026q3_operating_income","downside_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-62.1833956,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","downside_2026q3_cfo","downside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_capex","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net cash PP&E including controlled JV ($M)","value":48.141,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","downside_2026q3_capex","downside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Prepayments minority/acquisition cash ($M)","value":51.976,"period":"FY2026","formula":{"op":"sum","refs":["h1_strategic_cash","downside_2026q3_strategic_cash","downside_2026q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-162.3003956,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_investing","downside_2026q3_cash_after_investing","downside_2026q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_preferred_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred funding cash ($M)","value":200.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_preferred_funding","downside_2026q3_preferred_funding","downside_2026q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred PIK economic accrual ($M)","value":3.332070741758242,"period":"FY2026","formula":{"op":"sum","refs":["h1_preferred_pik","downside_2026q3_preferred_pik","downside_2026q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after preferred funding ($M)","value":37.6996044,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_funding","downside_2026q3_cash_after_funding","downside_2026q4_cash_after_funding"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":362.51633,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_revenue","downside_2027q2_revenue","downside_2027q3_revenue","downside_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_core_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Core and acquired component revenue ($M)","value":347.51633,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_core_revenue","downside_2027q2_core_revenue","downside_2027q3_core_revenue","downside_2027q4_core_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_stockpile_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted stockpile deliveries ($M)","value":15.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_stockpile_revenue","downside_2027q2_stockpile_revenue","downside_2027q3_stockpile_revenue","downside_2027q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross profit proxy ($M)","value":67.7535926,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_gross_profit","downside_2027q2_gross_profit","downside_2027q3_gross_profit","downside_2027q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-37.12640739999999,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_operating_income","downside_2027q2_operating_income","downside_2027q3_operating_income","downside_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-164.02640739999998,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cfo","downside_2027q2_cfo","downside_2027q3_cfo","downside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_capex","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net cash PP&E including controlled JV ($M)","value":210.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_capex","downside_2027q2_capex","downside_2027q3_capex","downside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_strategic_cash","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Prepayments minority/acquisition cash ($M)","value":60.243750000000006,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_strategic_cash","downside_2027q2_strategic_cash","downside_2027q3_strategic_cash","downside_2027q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cash_after_investing","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-434.2701574,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cash_after_investing","downside_2027q2_cash_after_investing","downside_2027q3_cash_after_investing","downside_2027q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_preferred_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred funding cash ($M)","value":0.0,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_preferred_funding","downside_2027q2_preferred_funding","downside_2027q3_preferred_funding","downside_2027q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_preferred_pik","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred PIK economic accrual ($M)","value":11.416040312403153,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_preferred_pik","downside_2027q2_preferred_pik","downside_2027q3_preferred_pik","downside_2027q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cash_after_funding","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after preferred funding ($M)","value":-434.2701574,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cash_after_funding","downside_2027q2_cash_after_funding","downside_2027q3_cash_after_funding","downside_2027q4_cash_after_funding"]},"source_url":null,"source_date":null},{"id":"base_2026q3_demand_index","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.05,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_legacy_demand","case":"base","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":69.72105,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_revenue","base_2026q3_demand_index"]},"source_url":null,"source_date":null},{"id":"base_2026q3_metal_pass","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":8.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_german_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":77.72105,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_legacy_demand","base_2026q3_metal_pass","base_2026q3_german_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q3_stockpile_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":77.72105,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_core_revenue","base_2026q3_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q3_core_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":17.4302625,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_legacy_demand","base_2026q3_core_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q3_pass_cost_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_metal_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":8.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_metal_pass","base_2026q3_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q3_price_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_metal_pass","base_2026q3_metal_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q3_german_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_german_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_german_revenue","base_2026q3_german_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q3_stock_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_stockpile_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_stockpile_revenue","base_2026q3_stock_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q3_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":17.4302625,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_legacy_gross","base_2026q3_price_gross","base_2026q3_german_gross","base_2026q3_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"base_2026q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_bonus","case":"base","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_opex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":12.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":16.0,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_cash_opex","base_2026q3_sbc","base_2026q3_da","base_2026q3_cash_bonus"]},"source_url":null,"source_date":null},{"id":"base_2026q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":1.4302625000000013,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_gross_profit","base_2026q3_opex"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_interest_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_operating_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":7.430262500000001,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_operating_income","base_2026q3_sbc","base_2026q3_da","base_2026q3_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_inventory_other_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_inventory_price_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_pass_inventory_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":4.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_metal_pass","base_2026q3_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":21.2,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_cash_tax","base_2026q3_cash_interest","base_2026q3_inventory_other_cash","base_2026q3_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-13.769737499999998,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_operating_cash_earnings","base_2026q3_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2026q3_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_german_eur_amount","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_eur_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.1,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_german_price","case":"base","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_german_eur_amount","base_2026q3_eur_usd"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cad_commitment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cad_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_blue_moon","case":"base","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_cad_commitment","base_2026q3_cad_usd"]},"source_url":null,"source_date":null},{"id":"base_2026q3_raw_prepay","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":0.0,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_blue_moon","base_2026q3_raw_prepay","base_2026q3_german_price"]},"source_url":null,"source_date":null},{"id":"base_2026q3_business_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":15.0,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_capex","base_2026q3_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-28.769737499999998,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_cfo","base_2026q3_business_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q3_preferred_funding","case":"base","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":200.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_preferred_opening","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Opening preferred claim","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_funding_weight","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.2087912087912088,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_new_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":41.75824175824176,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_preferred_funding","base_2026q3_funding_weight"]},"source_url":null,"source_date":null},{"id":"base_2026q3_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":41.75824175824176,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_preferred_opening","base_2026q3_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"base_2026q3_quarter_year","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":0.5741758241758242,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_pik_basis","preferred_rate","base_2026q3_quarter_year"]},"source_url":null,"source_date":null},{"id":"base_2026q3_preferred_ending","case":"base","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":200.57417582417582,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_preferred_opening","base_2026q3_preferred_funding","base_2026q3_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":171.2302625,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_cash_after_investing","base_2026q3_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_2026q4_demand_index","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.1,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_legacy_demand","case":"base","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":73.0411,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_revenue","base_2026q4_demand_index"]},"source_url":null,"source_date":null},{"id":"base_2026q4_metal_pass","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":10.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_german_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":83.0411,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_legacy_demand","base_2026q4_metal_pass","base_2026q4_german_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q4_stockpile_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":83.0411,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_core_revenue","base_2026q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_2026q4_core_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":18.260275,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_legacy_demand","base_2026q4_core_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q4_pass_cost_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_metal_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":10.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_metal_pass","base_2026q4_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"base_2026q4_price_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_metal_pass","base_2026q4_metal_cost"]},"source_url":null,"source_date":null},{"id":"base_2026q4_german_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_german_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_german_revenue","base_2026q4_german_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q4_stock_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_stockpile_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_stockpile_revenue","base_2026q4_stock_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q4_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":18.260275,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_legacy_gross","base_2026q4_price_gross","base_2026q4_german_gross","base_2026q4_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"base_2026q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.2,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":2.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_bonus","case":"base","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_opex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":13.1,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":17.8,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_cash_opex","base_2026q4_sbc","base_2026q4_da","base_2026q4_cash_bonus"]},"source_url":null,"source_date":null},{"id":"base_2026q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":0.4602749999999993,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_gross_profit","base_2026q4_opex"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_interest_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_operating_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":7.1602749999999995,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_operating_income","base_2026q4_sbc","base_2026q4_da","base_2026q4_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_inventory_other_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":18.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_inventory_price_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_pass_inventory_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":5.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_metal_pass","base_2026q4_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":25.7,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_cash_tax","base_2026q4_cash_interest","base_2026q4_inventory_other_cash","base_2026q4_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-18.539725,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_operating_cash_earnings","base_2026q4_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2026q4_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":25.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_german_eur_amount","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_eur_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.1,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_german_price","case":"base","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_german_eur_amount","base_2026q4_eur_usd"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cad_commitment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":35.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cad_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_blue_moon","case":"base","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":25.55,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_cad_commitment","base_2026q4_cad_usd"]},"source_url":null,"source_date":null},{"id":"base_2026q4_raw_prepay","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":25.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":50.55,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_blue_moon","base_2026q4_raw_prepay","base_2026q4_german_price"]},"source_url":null,"source_date":null},{"id":"base_2026q4_business_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":75.55,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_capex","base_2026q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-94.089725,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_cfo","base_2026q4_business_investment"]},"source_url":null,"source_date":null},{"id":"base_2026q4_preferred_funding","case":"base","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_funding_weight","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_new_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_preferred_funding","base_2026q4_funding_weight"]},"source_url":null,"source_date":null},{"id":"base_2026q4_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":200.57417582417582,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q3_preferred_ending","base_2026q4_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"base_2026q4_quarter_year","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.7578949175824174,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_pik_basis","preferred_rate","base_2026q4_quarter_year"]},"source_url":null,"source_date":null},{"id":"base_2026q4_preferred_ending","case":"base","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":203.33207074175823,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q3_preferred_ending","base_2026q4_preferred_funding","base_2026q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-94.089725,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_cash_after_investing","base_2026q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_2027q1_demand_index","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.15,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_legacy_demand","case":"base","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":76.36115,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_revenue","base_2027q1_demand_index"]},"source_url":null,"source_date":null},{"id":"base_2027q1_metal_pass","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":10.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_german_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":2.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":88.36115,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_legacy_demand","base_2027q1_metal_pass","base_2027q1_german_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q1_stockpile_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":88.36115,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_core_revenue","base_2027q1_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q1_core_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":19.0902875,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_legacy_demand","base_2027q1_core_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q1_pass_cost_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_metal_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":10.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_metal_pass","base_2027q1_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q1_price_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_metal_pass","base_2027q1_metal_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q1_german_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_german_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.36,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_german_revenue","base_2027q1_german_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q1_stock_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_stockpile_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_stockpile_revenue","base_2027q1_stock_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q1_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":19.450287499999998,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_legacy_gross","base_2027q1_price_gross","base_2027q1_german_gross","base_2027q1_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q1_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.4,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":3.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_bonus","case":"base","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_opex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":14.2,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":19.599999999999998,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_cash_opex","base_2027q1_sbc","base_2027q1_da","base_2027q1_cash_bonus"]},"source_url":null,"source_date":null},{"id":"base_2027q1_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-0.1497124999999997,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_gross_profit","base_2027q1_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_interest_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_operating_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":7.250287500000001,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_operating_income","base_2027q1_sbc","base_2027q1_da","base_2027q1_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":3.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_inventory_other_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":21.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_inventory_price_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_pass_inventory_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":5.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_metal_pass","base_2027q1_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":29.2,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_cash_tax","base_2027q1_cash_interest","base_2027q1_inventory_other_cash","base_2027q1_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-21.949712499999997,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_operating_cash_earnings","base_2027q1_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q1_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":40.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_german_eur_amount","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":2.125,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_eur_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.1,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_german_price","case":"base","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":2.3375000000000004,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_german_eur_amount","base_2027q1_eur_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cad_commitment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cad_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_blue_moon","case":"base","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_cad_commitment","base_2027q1_cad_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q1_raw_prepay","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":2.3375000000000004,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_blue_moon","base_2027q1_raw_prepay","base_2027q1_german_price"]},"source_url":null,"source_date":null},{"id":"base_2027q1_business_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":42.3375,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_capex","base_2027q1_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-64.2872125,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_cfo","base_2027q1_business_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q1_preferred_funding","case":"base","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":50.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_funding_weight","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_new_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":12.5,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_preferred_funding","base_2027q1_funding_weight"]},"source_url":null,"source_date":null},{"id":"base_2027q1_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":215.83207074175823,"period":"2027Q1","formula":{"op":"sum","refs":["base_2026q4_preferred_ending","base_2027q1_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"base_2027q1_quarter_year","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.9676909726991756,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_pik_basis","preferred_rate","base_2027q1_quarter_year"]},"source_url":null,"source_date":null},{"id":"base_2027q1_preferred_ending","case":"base","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":256.2997617144574,"period":"2027Q1","formula":{"op":"sum","refs":["base_2026q4_preferred_ending","base_2027q1_preferred_funding","base_2027q1_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-14.287212499999995,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_cash_after_investing","base_2027q1_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_2027q2_demand_index","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.22,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_legacy_demand","case":"base","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":81.00922,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_revenue","base_2027q2_demand_index"]},"source_url":null,"source_date":null},{"id":"base_2027q2_metal_pass","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":8.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_german_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":8.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":97.00922,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_legacy_demand","base_2027q2_metal_pass","base_2027q2_german_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q2_stockpile_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":5.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":102.00922,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_core_revenue","base_2027q2_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q2_core_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":20.252305,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_legacy_demand","base_2027q2_core_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q2_pass_cost_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_metal_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":8.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_metal_pass","base_2027q2_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q2_price_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_metal_pass","base_2027q2_metal_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q2_german_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_german_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":1.44,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_german_revenue","base_2027q2_german_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q2_stock_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_stockpile_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.6,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_stockpile_revenue","base_2027q2_stock_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q2_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":22.292305000000002,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_legacy_gross","base_2027q2_price_gross","base_2027q2_german_gross","base_2027q2_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q2_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.6,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":3.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_bonus","case":"base","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":3.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_opex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":15.3,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":24.400000000000002,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_cash_opex","base_2027q2_sbc","base_2027q2_da","base_2027q2_cash_bonus"]},"source_url":null,"source_date":null},{"id":"base_2027q2_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":-2.1076949999999997,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_gross_profit","base_2027q2_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_interest_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_operating_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":5.992305,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_operating_income","base_2027q2_sbc","base_2027q2_da","base_2027q2_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":3.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_inventory_other_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":24.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_inventory_price_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_pass_inventory_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":4.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_metal_pass","base_2027q2_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":31.7,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_cash_tax","base_2027q2_cash_interest","base_2027q2_inventory_other_cash","base_2027q2_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-25.707695,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_operating_cash_earnings","base_2027q2_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q2_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":45.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_german_eur_amount","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_eur_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.1,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_german_price","case":"base","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_german_eur_amount","base_2027q2_eur_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cad_commitment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cad_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_blue_moon","case":"base","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_cad_commitment","base_2027q2_cad_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q2_raw_prepay","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":25.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":25.0,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_blue_moon","base_2027q2_raw_prepay","base_2027q2_german_price"]},"source_url":null,"source_date":null},{"id":"base_2027q2_business_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":70.0,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_capex","base_2027q2_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-95.707695,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_cfo","base_2027q2_business_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q2_preferred_funding","case":"base","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_funding_weight","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_new_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_preferred_funding","base_2027q2_funding_weight"]},"source_url":null,"source_date":null},{"id":"base_2027q2_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":256.2997617144574,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q1_preferred_ending","base_2027q2_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"base_2027q2_quarter_year","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":3.5241217235737894,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_pik_basis","preferred_rate","base_2027q2_quarter_year"]},"source_url":null,"source_date":null},{"id":"base_2027q2_preferred_ending","case":"base","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":259.8238834380312,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q1_preferred_ending","base_2027q2_preferred_funding","base_2027q2_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-95.707695,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_cash_after_investing","base_2027q2_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_2027q3_demand_index","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.28,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_legacy_demand","case":"base","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":84.99328,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_revenue","base_2027q3_demand_index"]},"source_url":null,"source_date":null},{"id":"base_2027q3_metal_pass","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":7.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_german_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":9.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":100.99328,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_legacy_demand","base_2027q3_metal_pass","base_2027q3_german_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q3_stockpile_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":15.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":115.99328,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_core_revenue","base_2027q3_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q3_core_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":21.24832,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_legacy_demand","base_2027q3_core_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q3_pass_cost_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_metal_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":7.0,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_metal_pass","base_2027q3_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q3_price_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_metal_pass","base_2027q3_metal_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q3_german_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_german_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":1.6199999999999999,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_german_revenue","base_2027q3_german_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q3_stock_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_stockpile_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":1.7999999999999998,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_stockpile_revenue","base_2027q3_stock_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q3_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":24.66832,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_legacy_gross","base_2027q3_price_gross","base_2027q3_german_gross","base_2027q3_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.8,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":4.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_bonus","case":"base","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_opex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":16.4,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":23.2,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_cash_opex","base_2027q3_sbc","base_2027q3_da","base_2027q3_cash_bonus"]},"source_url":null,"source_date":null},{"id":"base_2027q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":1.468320000000002,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_gross_profit","base_2027q3_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_interest_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_operating_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":10.268320000000003,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_operating_income","base_2027q3_sbc","base_2027q3_da","base_2027q3_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_inventory_other_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":27.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_inventory_price_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_pass_inventory_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":3.5,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_metal_pass","base_2027q3_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":34.7,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_cash_tax","base_2027q3_cash_interest","base_2027q3_inventory_other_cash","base_2027q3_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-24.43168,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_operating_cash_earnings","base_2027q3_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q3_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":50.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_german_eur_amount","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_eur_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.1,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_german_price","case":"base","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_german_eur_amount","base_2027q3_eur_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cad_commitment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cad_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_blue_moon","case":"base","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_cad_commitment","base_2027q3_cad_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q3_raw_prepay","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":-2.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":-2.0,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_blue_moon","base_2027q3_raw_prepay","base_2027q3_german_price"]},"source_url":null,"source_date":null},{"id":"base_2027q3_business_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":48.0,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_capex","base_2027q3_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-72.43168,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_cfo","base_2027q3_business_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q3_preferred_funding","case":"base","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":50.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_funding_weight","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_new_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":12.5,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_preferred_funding","base_2027q3_funding_weight"]},"source_url":null,"source_date":null},{"id":"base_2027q3_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":272.3238834380312,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q2_preferred_ending","base_2027q3_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"base_2027q3_quarter_year","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":3.7444533972729293,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_pik_basis","preferred_rate","base_2027q3_quarter_year"]},"source_url":null,"source_date":null},{"id":"base_2027q3_preferred_ending","case":"base","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":313.56833683530414,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q2_preferred_ending","base_2027q3_preferred_funding","base_2027q3_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-22.43168,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_cash_after_investing","base_2027q3_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_2027q4_demand_index","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.33,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_legacy_demand","case":"base","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":88.31333,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_revenue","base_2027q4_demand_index"]},"source_url":null,"source_date":null},{"id":"base_2027q4_metal_pass","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":6.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_german_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":10.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":104.31333,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_legacy_demand","base_2027q4_metal_pass","base_2027q4_german_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q4_stockpile_revenue","case":"base","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":25.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":129.31333,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_core_revenue","base_2027q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_2027q4_core_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_legacy_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":22.0783325,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_legacy_demand","base_2027q4_core_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q4_pass_cost_ratio","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_metal_cost","case":"base","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":6.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_metal_pass","base_2027q4_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"base_2027q4_price_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_metal_pass","base_2027q4_metal_cost"]},"source_url":null,"source_date":null},{"id":"base_2027q4_german_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_german_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":1.7999999999999998,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_german_revenue","base_2027q4_german_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q4_stock_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_stockpile_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":3.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_stockpile_revenue","base_2027q4_stock_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q4_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":26.8783325,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_legacy_gross","base_2027q4_price_gross","base_2027q4_german_gross","base_2027q4_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"base_2027q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":3.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_da","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":4.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_bonus","case":"base","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_opex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":17.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_opex","case":"base","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":25.0,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_cash_opex","base_2027q4_sbc","base_2027q4_da","base_2027q4_cash_bonus"]},"source_url":null,"source_date":null},{"id":"base_2027q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":1.878332499999999,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_gross_profit","base_2027q4_opex"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_interest_income","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_operating_cash_earnings","case":"base","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":11.378332499999999,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_operating_income","base_2027q4_sbc","base_2027q4_da","base_2027q4_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_inventory_other_cash","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":30.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_inventory_price_fraction","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_pass_inventory_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":3.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_metal_pass","base_2027q4_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_uses","case":"base","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":37.7,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_cash_tax","base_2027q4_cash_interest","base_2027q4_inventory_other_cash","base_2027q4_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-26.321667500000004,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_operating_cash_earnings","base_2027q4_cash_uses"]},"source_url":null,"source_date":null},{"id":"base_2027q4_capex","case":"base","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":55.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_german_eur_amount","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_eur_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.1,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_german_price","case":"base","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_german_eur_amount","base_2027q4_eur_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cad_commitment","case":"base","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cad_usd","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_blue_moon","case":"base","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_cad_commitment","base_2027q4_cad_usd"]},"source_url":null,"source_date":null},{"id":"base_2027q4_raw_prepay","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":-2.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":-2.0,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_blue_moon","base_2027q4_raw_prepay","base_2027q4_german_price"]},"source_url":null,"source_date":null},{"id":"base_2027q4_business_investment","case":"base","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":53.0,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_capex","base_2027q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-79.3216675,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_cfo","base_2027q4_business_investment"]},"source_url":null,"source_date":null},{"id":"base_2027q4_preferred_funding","case":"base","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_funding_weight","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_new_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_preferred_funding","base_2027q4_funding_weight"]},"source_url":null,"source_date":null},{"id":"base_2027q4_pik_basis","case":"base","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":313.56833683530414,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q3_preferred_ending","base_2027q4_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"base_2027q4_quarter_year","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":4.311564631485432,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_pik_basis","preferred_rate","base_2027q4_quarter_year"]},"source_url":null,"source_date":null},{"id":"base_2027q4_preferred_ending","case":"base","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":317.8799014667896,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q3_preferred_ending","base_2027q4_preferred_funding","base_2027q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-79.3216675,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_cash_after_investing","base_2027q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_fy2026_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":283.17015000000004,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","base_2026q3_revenue","base_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Core and acquired component revenue ($M)","value":283.17015000000004,"period":"FY2026","formula":{"op":"sum","refs":["h1_core_revenue","base_2026q3_core_revenue","base_2026q4_core_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_stockpile_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted stockpile deliveries ($M)","value":0.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_stockpile_revenue","base_2026q3_stockpile_revenue","base_2026q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2026_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross profit proxy ($M)","value":64.1485375,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_profit","base_2026q3_gross_profit","base_2026q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"base_fy2026_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":-3.874462499999999,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","base_2026q3_operating_income","base_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-39.8814625,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","base_2026q3_cfo","base_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2026_capex","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net cash PP&E including controlled JV ($M)","value":43.141,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","base_2026q3_capex","base_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"base_fy2026_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Prepayments minority/acquisition cash ($M)","value":51.976,"period":"FY2026","formula":{"op":"sum","refs":["h1_strategic_cash","base_2026q3_strategic_cash","base_2026q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-134.99846250000002,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_investing","base_2026q3_cash_after_investing","base_2026q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"base_fy2026_preferred_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred funding cash ($M)","value":200.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_preferred_funding","base_2026q3_preferred_funding","base_2026q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_fy2026_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred PIK economic accrual ($M)","value":3.332070741758242,"period":"FY2026","formula":{"op":"sum","refs":["h1_preferred_pik","base_2026q3_preferred_pik","base_2026q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after preferred funding ($M)","value":65.0015375,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_funding","base_2026q3_cash_after_funding","base_2026q4_cash_after_funding"]},"source_url":null,"source_date":null},{"id":"base_fy2027_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":435.67698,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_revenue","base_2027q2_revenue","base_2027q3_revenue","base_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_core_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Core and acquired component revenue ($M)","value":390.67698,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_core_revenue","base_2027q2_core_revenue","base_2027q3_core_revenue","base_2027q4_core_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_stockpile_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted stockpile deliveries ($M)","value":45.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_stockpile_revenue","base_2027q2_stockpile_revenue","base_2027q3_stockpile_revenue","base_2027q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"base_fy2027_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross profit proxy ($M)","value":93.289245,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_gross_profit","base_2027q2_gross_profit","base_2027q3_gross_profit","base_2027q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"base_fy2027_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":1.0892450000000018,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_operating_income","base_2027q2_operating_income","base_2027q3_operating_income","base_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-98.41075500000001,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cfo","base_2027q2_cfo","base_2027q3_cfo","base_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2027_capex","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net cash PP&E including controlled JV ($M)","value":190.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_capex","base_2027q2_capex","base_2027q3_capex","base_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"base_fy2027_strategic_cash","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Prepayments minority/acquisition cash ($M)","value":23.3375,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_strategic_cash","base_2027q2_strategic_cash","base_2027q3_strategic_cash","base_2027q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cash_after_investing","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-311.74825500000003,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cash_after_investing","base_2027q2_cash_after_investing","base_2027q3_cash_after_investing","base_2027q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"base_fy2027_preferred_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred funding cash ($M)","value":100.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_preferred_funding","base_2027q2_preferred_funding","base_2027q3_preferred_funding","base_2027q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"base_fy2027_preferred_pik","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred PIK economic accrual ($M)","value":14.547830725031325,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_preferred_pik","base_2027q2_preferred_pik","base_2027q3_preferred_pik","base_2027q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cash_after_funding","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after preferred funding ($M)","value":-211.74825499999997,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cash_after_funding","base_2027q2_cash_after_funding","base_2027q3_cash_after_funding","base_2027q4_cash_after_funding"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_demand_index","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.08,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_legacy_demand","case":"upside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":71.71308,"period":"2026Q3","formula":{"op":"multiply","refs":["q2_revenue","upside_2026q3_demand_index"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_metal_pass","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":5.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_german_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":76.71308,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_legacy_demand","upside_2026q3_metal_pass","upside_2026q3_german_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_stockpile_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":76.71308,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_core_revenue","upside_2026q3_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_core_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.27,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":19.362531600000004,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_legacy_demand","upside_2026q3_core_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_pass_cost_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_metal_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":5.0,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_metal_pass","upside_2026q3_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_price_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_metal_pass","upside_2026q3_metal_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_german_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_german_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_german_revenue","upside_2026q3_german_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_stock_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_stockpile_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_stockpile_revenue","upside_2026q3_stock_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":19.362531600000004,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_legacy_gross","upside_2026q3_price_gross","upside_2026q3_german_gross","upside_2026q3_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_bonus","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_opex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":12.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":16.0,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_cash_opex","upside_2026q3_sbc","upside_2026q3_da","upside_2026q3_cash_bonus"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":3.362531600000004,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_gross_profit","upside_2026q3_opex"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_interest_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":9.362531600000004,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_operating_income","upside_2026q3_sbc","upside_2026q3_da","upside_2026q3_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_inventory_other_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_inventory_price_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_pass_inventory_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":2.5,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_metal_pass","upside_2026q3_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":19.7,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_cash_tax","upside_2026q3_cash_interest","upside_2026q3_inventory_other_cash","upside_2026q3_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-10.337468399999995,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_operating_cash_earnings","upside_2026q3_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":15.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_german_eur_amount","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_eur_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.08,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_german_price","case":"upside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_german_eur_amount","upside_2026q3_eur_usd"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cad_commitment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cad_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_blue_moon","case":"upside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_cad_commitment","upside_2026q3_cad_usd"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_raw_prepay","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":0.0,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_blue_moon","upside_2026q3_raw_prepay","upside_2026q3_german_price"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_business_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":15.0,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_capex","upside_2026q3_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-25.337468399999995,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_cfo","upside_2026q3_business_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_preferred_funding","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":200.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_preferred_opening","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Opening preferred claim","value":0.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_funding_weight","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.2087912087912088,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_new_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":41.75824175824176,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_preferred_funding","upside_2026q3_funding_weight"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":41.75824175824176,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_preferred_opening","upside_2026q3_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_quarter_year","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":0.5741758241758242,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_pik_basis","preferred_rate","upside_2026q3_quarter_year"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_preferred_ending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":200.57417582417582,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_preferred_opening","upside_2026q3_preferred_funding","upside_2026q3_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":174.6625316,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_cash_after_investing","upside_2026q3_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_demand_index","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.15,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_legacy_demand","case":"upside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":76.36115,"period":"2026Q4","formula":{"op":"multiply","refs":["q2_revenue","upside_2026q4_demand_index"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_metal_pass","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":5.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_german_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":81.36115,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_legacy_demand","upside_2026q4_metal_pass","upside_2026q4_german_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_stockpile_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":81.36115,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_core_revenue","upside_2026q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_core_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.27,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":20.6175105,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_legacy_demand","upside_2026q4_core_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_pass_cost_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_metal_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":5.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_metal_pass","upside_2026q4_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_price_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_metal_pass","upside_2026q4_metal_cost"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_german_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_german_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_german_revenue","upside_2026q4_german_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_stock_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_stockpile_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_stockpile_revenue","upside_2026q4_stock_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":20.6175105,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_legacy_gross","upside_2026q4_price_gross","upside_2026q4_german_gross","upside_2026q4_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.2,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":2.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_bonus","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_opex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":13.1,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":17.8,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_cash_opex","upside_2026q4_sbc","upside_2026q4_da","upside_2026q4_cash_bonus"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":2.817510500000001,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_gross_profit","upside_2026q4_opex"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_interest_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":9.5175105,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_operating_income","upside_2026q4_sbc","upside_2026q4_da","upside_2026q4_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_inventory_other_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":18.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_inventory_price_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_pass_inventory_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":2.5,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_metal_pass","upside_2026q4_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":23.2,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_cash_tax","upside_2026q4_cash_interest","upside_2026q4_inventory_other_cash","upside_2026q4_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-13.682489499999999,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_operating_cash_earnings","upside_2026q4_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":30.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_german_eur_amount","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_eur_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.08,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_german_price","case":"upside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_german_eur_amount","upside_2026q4_eur_usd"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cad_commitment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":35.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cad_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_blue_moon","case":"upside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":25.55,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_cad_commitment","upside_2026q4_cad_usd"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_raw_prepay","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":25.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":50.55,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_blue_moon","upside_2026q4_raw_prepay","upside_2026q4_german_price"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_business_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":80.55,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_capex","upside_2026q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-94.2324895,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_cfo","upside_2026q4_business_investment"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_preferred_funding","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_funding_weight","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_new_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_preferred_funding","upside_2026q4_funding_weight"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":200.57417582417582,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q3_preferred_ending","upside_2026q4_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_quarter_year","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.7578949175824174,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_pik_basis","preferred_rate","upside_2026q4_quarter_year"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_preferred_ending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":203.33207074175823,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q3_preferred_ending","upside_2026q4_preferred_funding","upside_2026q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-94.2324895,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_cash_after_investing","upside_2026q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_demand_index","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_legacy_demand","case":"upside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":83.00125,"period":"2027Q1","formula":{"op":"multiply","refs":["q2_revenue","upside_2027q1_demand_index"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_metal_pass","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":4.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_german_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":3.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":90.00125,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_legacy_demand","upside_2027q1_metal_pass","upside_2027q1_german_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_stockpile_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":5.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":95.00125,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_core_revenue","upside_2027q1_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_core_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.27,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":22.4103375,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_legacy_demand","upside_2027q1_core_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_pass_cost_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_metal_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":4.0,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_metal_pass","upside_2027q1_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_price_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_metal_pass","upside_2027q1_metal_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_german_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_german_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":0.54,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_german_revenue","upside_2027q1_german_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_stock_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_stockpile_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":0.6,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_stockpile_revenue","upside_2027q1_stock_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":23.5503375,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_legacy_gross","upside_2027q1_price_gross","upside_2027q1_german_gross","upside_2027q1_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.4,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":3.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_bonus","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_opex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":14.2,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":19.599999999999998,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_cash_opex","upside_2027q1_sbc","upside_2027q1_da","upside_2027q1_cash_bonus"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":3.9503375000000034,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_gross_profit","upside_2027q1_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_interest_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":11.350337500000004,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_operating_income","upside_2027q1_sbc","upside_2027q1_da","upside_2027q1_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":3.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_inventory_other_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":21.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_inventory_price_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_pass_inventory_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":2.0,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_metal_pass","upside_2027q1_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":26.2,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_cash_tax","upside_2027q1_cash_interest","upside_2027q1_inventory_other_cash","upside_2027q1_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-14.849662499999996,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_operating_cash_earnings","upside_2027q1_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":45.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_german_eur_amount","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":-5.875,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_eur_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.08,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_german_price","case":"upside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":-6.345000000000001,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_german_eur_amount","upside_2027q1_eur_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cad_commitment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cad_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_blue_moon","case":"upside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_cad_commitment","upside_2027q1_cad_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_raw_prepay","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":0.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":-6.345000000000001,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_blue_moon","upside_2027q1_raw_prepay","upside_2027q1_german_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_business_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":38.655,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_capex","upside_2027q1_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-53.504662499999995,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_cfo","upside_2027q1_business_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_preferred_funding","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":50.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_funding_weight","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_new_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":12.5,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_preferred_funding","upside_2027q1_funding_weight"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":215.83207074175823,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2026q4_preferred_ending","upside_2027q1_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_quarter_year","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":2.9676909726991756,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_pik_basis","preferred_rate","upside_2027q1_quarter_year"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_preferred_ending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":256.2997617144574,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2026q4_preferred_ending","upside_2027q1_preferred_funding","upside_2027q1_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-3.504662499999995,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_cash_after_investing","upside_2027q1_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_demand_index","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.35,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_legacy_demand","case":"upside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":89.64135,"period":"2027Q2","formula":{"op":"multiply","refs":["q2_revenue","upside_2027q2_demand_index"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_metal_pass","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":4.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_german_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":10.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":103.64135,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_legacy_demand","upside_2027q2_metal_pass","upside_2027q2_german_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_stockpile_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":15.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":118.64135,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_core_revenue","upside_2027q2_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_core_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.27,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":24.203164500000003,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_legacy_demand","upside_2027q2_core_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_pass_cost_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_metal_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":4.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_metal_pass","upside_2027q2_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_price_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_metal_pass","upside_2027q2_metal_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_german_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_german_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":1.7999999999999998,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_german_revenue","upside_2027q2_german_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_stock_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_stockpile_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":1.7999999999999998,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_stockpile_revenue","upside_2027q2_stock_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":27.803164500000005,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_legacy_gross","upside_2027q2_price_gross","upside_2027q2_german_gross","upside_2027q2_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.6,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":3.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_bonus","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":3.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_opex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":15.3,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":24.400000000000002,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_cash_opex","upside_2027q2_sbc","upside_2027q2_da","upside_2027q2_cash_bonus"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":3.4031645000000026,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_gross_profit","upside_2027q2_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_interest_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":11.503164500000002,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_operating_income","upside_2027q2_sbc","upside_2027q2_da","upside_2027q2_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":3.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_inventory_other_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":24.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_inventory_price_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_pass_inventory_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":2.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_metal_pass","upside_2027q2_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":29.7,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_cash_tax","upside_2027q2_cash_interest","upside_2027q2_inventory_other_cash","upside_2027q2_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-18.1968355,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_operating_cash_earnings","upside_2027q2_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":55.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_german_eur_amount","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_eur_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.08,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_german_price","case":"upside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_german_eur_amount","upside_2027q2_eur_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cad_commitment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cad_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_blue_moon","case":"upside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_cad_commitment","upside_2027q2_cad_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_raw_prepay","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":25.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":25.0,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_blue_moon","upside_2027q2_raw_prepay","upside_2027q2_german_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_business_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":80.0,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_capex","upside_2027q2_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-98.19683549999999,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_cfo","upside_2027q2_business_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_preferred_funding","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_funding_weight","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_new_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_preferred_funding","upside_2027q2_funding_weight"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":256.2997617144574,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q1_preferred_ending","upside_2027q2_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_quarter_year","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":3.5241217235737894,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_pik_basis","preferred_rate","upside_2027q2_quarter_year"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_preferred_ending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":259.8238834380312,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q1_preferred_ending","upside_2027q2_preferred_funding","upside_2027q2_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-98.19683549999999,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_cash_after_investing","upside_2027q2_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_demand_index","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.45,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_legacy_demand","case":"upside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":96.28144999999999,"period":"2027Q3","formula":{"op":"multiply","refs":["q2_revenue","upside_2027q3_demand_index"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_metal_pass","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":3.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_german_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":12.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":111.28144999999999,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_legacy_demand","upside_2027q3_metal_pass","upside_2027q3_german_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_stockpile_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":25.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":136.28145,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_core_revenue","upside_2027q3_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_core_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.27,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":25.9959915,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_legacy_demand","upside_2027q3_core_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_pass_cost_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_metal_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":3.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_metal_pass","upside_2027q3_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_price_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_metal_pass","upside_2027q3_metal_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_german_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_german_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":2.16,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_german_revenue","upside_2027q3_german_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_stock_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_stockpile_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":3.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_stockpile_revenue","upside_2027q3_stock_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":31.1559915,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_legacy_gross","upside_2027q3_price_gross","upside_2027q3_german_gross","upside_2027q3_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":2.8,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":4.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_bonus","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_opex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":16.4,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":23.2,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_cash_opex","upside_2027q3_sbc","upside_2027q3_da","upside_2027q3_cash_bonus"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":7.9559915,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_gross_profit","upside_2027q3_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_interest_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":16.7559915,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_operating_income","upside_2027q3_sbc","upside_2027q3_da","upside_2027q3_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_inventory_other_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":27.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_inventory_price_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_pass_inventory_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":1.5,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_metal_pass","upside_2027q3_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":32.7,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_cash_tax","upside_2027q3_cash_interest","upside_2027q3_inventory_other_cash","upside_2027q3_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-15.944008500000002,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_operating_cash_earnings","upside_2027q3_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":60.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_german_eur_amount","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_eur_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.08,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_german_price","case":"upside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_german_eur_amount","upside_2027q3_eur_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cad_commitment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cad_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_blue_moon","case":"upside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_cad_commitment","upside_2027q3_cad_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_raw_prepay","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":-2.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":-2.0,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_blue_moon","upside_2027q3_raw_prepay","upside_2027q3_german_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_business_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":58.0,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_capex","upside_2027q3_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-73.9440085,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_cfo","upside_2027q3_business_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_preferred_funding","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":50.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_funding_weight","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_new_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":12.5,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_preferred_funding","upside_2027q3_funding_weight"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":272.3238834380312,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q2_preferred_ending","upside_2027q3_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_quarter_year","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":3.7444533972729293,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_pik_basis","preferred_rate","upside_2027q3_quarter_year"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_preferred_ending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":313.56833683530414,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q2_preferred_ending","upside_2027q3_preferred_funding","upside_2027q3_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-23.944008499999995,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_cash_after_investing","upside_2027q3_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_demand_index","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Net volume and mix versus Q2","value":1.55,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_legacy_demand","case":"upside","kind":"derived","unit":"USD_millions","basis":"Demand separated from incremental metal-price pass-through.","label":"Legacy revenue at reference metal prices","value":102.92155,"period":"2027Q4","formula":{"op":"multiply","refs":["q2_revenue","upside_2027q4_demand_index"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_metal_pass","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Incremental raw-material price pass-through","value":3.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_german_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk acquired-period contribution only after assumed closing; transaction remains conditional.","label":"Conditional acquired German revenue","value":14.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Current manufacturing and conditional acquired operations; stockpile is separate.","label":"Core and acquired revenue","value":119.92155,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_legacy_demand","upside_2027q4_metal_pass","upside_2027q4_german_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_stockpile_revenue","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Supply-qualified delivery assumption, not pro-rata recognition of the contract ceiling or minimum.","label":"Accepted incremental stockpile deliveries","value":40.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"No recognition of preferred funding as revenue.","label":"Total revenue","value":159.92155,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_core_revenue","upside_2027q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_core_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Core gross margin","value":0.27,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_legacy_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Independent operating-margin scenario.","label":"Legacy gross profit","value":27.7888185,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_legacy_demand","upside_2027q4_core_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_pass_cost_ratio","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Input-cost share of pass-through","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_metal_cost","case":"upside","kind":"derived","unit":"USD_millions","basis":"At 100% pass-through, higher commodity prices do not create gross profit.","label":"Matched input price cost","value":3.0,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_metal_pass","upside_2027q4_pass_cost_ratio"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_price_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Mismatch sensitivity is explicit.","label":"Incremental price pass-through gross profit","value":0.0,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_metal_pass","upside_2027q4_metal_cost"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_german_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Acquired gross margin","value":0.18,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_german_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Unverified post-close margin.","label":"German gross contribution","value":2.52,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_german_revenue","upside_2027q4_german_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_stock_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Stockpile gross margin","value":0.12,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_stockpile_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Procured input cost is reflected in margin; no unsupported floor-price assumption.","label":"Stockpile gross contribution","value":4.8,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_stockpile_revenue","upside_2027q4_stock_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Company forecasts are not supplied for the new program.","label":"Gross profit proxy","value":35.1088185,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_legacy_gross","upside_2027q4_price_gross","upside_2027q4_german_gross","upside_2027q4_stockpile_gross"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"SBC","value":3.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_da","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Operating D&A","value":4.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_bonus","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Maximum September award shown as a Q2 2027 cash/expense sensitivity, conditional on employment and measurement criteria; not SBC.","label":"Performance cash-bonus allowance","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_opex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash corporate R&D and selling expense","value":17.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_opex","case":"upside","kind":"derived","unit":"USD_millions","basis":"No repeat of H1 IPO SBC as if recurring every quarter.","label":"Cash overhead SBC and D&A","value":25.0,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_cash_opex","upside_2027q4_sbc","upside_2027q4_da","upside_2027q4_cash_bonus"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Preferred PIK is below operating economics, not operating expense.","label":"Operating income proxy","value":10.108818499999998,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_gross_profit","upside_2027q4_opex"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_interest_income","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash interest income","value":2.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_cash_earnings","case":"upside","kind":"derived","unit":"USD_millions","basis":"No debt forgiveness or financing gain.","label":"Operating earnings plus noncash and interest","value":19.608818499999998,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_operating_income","upside_2027q4_sbc","upside_2027q4_da","upside_2027q4_cash_interest_income"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash debt interest","value":0.2,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_inventory_other_cash","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Inventory and other working-capital use","value":30.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_inventory_price_fraction","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Price-related inventory funding share","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_pass_inventory_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Commodity inflation can tie up cash despite matched gross profit.","label":"Additional price-related inventory funding","value":1.5,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_metal_pass","upside_2027q4_inventory_price_fraction"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_uses","case":"upside","kind":"derived","unit":"USD_millions","basis":"Project input prepayments are shown separately in strategic cash.","label":"Tax interest and working capital","value":36.2,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_cash_tax","upside_2027q4_cash_interest","upside_2027q4_inventory_other_cash","upside_2027q4_pass_inventory_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"No current-period preferred cash dividend.","label":"Operating cash flow proxy","value":-16.591181500000005,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_operating_cash_earnings","upside_2027q4_cash_uses"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_capex","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Consolidated external investment includes domestic expansion and controlled JV plant; internal capital contributions are not counted again.","label":"External PP&E domestic and controlled-JV cash","value":65.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_german_eur_amount","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk working capital and net pension assumptions in contractual price formula; signed amount can be negative.","label":"German net price sensitivity, EUR millions represented at 1:1 before FX","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_eur_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per EUR conversion","value":1.08,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_german_price","case":"upside","kind":"derived","unit":"USD_millions","basis":"Scenario only; metal inventory and pension measurement can materially change final consideration.","label":"Conditional German closing cash in USD","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_german_eur_amount","upside_2027q4_eur_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cad_commitment","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Binding 3.5M-unit commitment at CAD10, within 45 days of September 14; expected in Q4 fiscal 2026.","label":"CAD35M investment at 1:1 before FX","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cad_usd","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"USD per CAD assumption","value":0.73,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_blue_moon","case":"upside","kind":"derived","unit":"USD_millions","basis":"No consolidated Blue Moon sales or market-value gains.","label":"Blue Moon minority investment cash","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_cad_commitment","upside_2027q4_cad_usd"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_raw_prepay","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk first and milestone-conditioned second $25M funding; later negative amounts are consumption/settlement credits, not new revenue.","label":"Net new raw-material prepayments","value":-2.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Prepaid input consumption cash credits avoid charging both historical prepayment and subsequent COGS cash without adjustment.","label":"Minority prepayment and acquisition cash","value":-2.0,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_blue_moon","upside_2027q4_raw_prepay","upside_2027q4_german_price"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_business_investment","case":"upside","kind":"derived","unit":"USD_millions","basis":"No initial government receipt netted into capex.","label":"PP&E and strategic deployment","value":63.0,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_capex","upside_2027q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Before preferred funding and other capital allocation.","label":"Cash after business investing","value":-79.5911815,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_cfo","upside_2027q4_business_investment"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_preferred_funding","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Initial $200M received September 14; any later $50M receipt is conditional and respects six-month tranche availability.","label":"Preferred financing receipts","value":0.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_funding_weight","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"New funding quarter weight","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_new_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Initial 19-day approximate accrual; later tranches assumed late-quarter.","label":"New funding weighted for partial quarter","value":0.0,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_preferred_funding","upside_2027q4_funding_weight"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_pik_basis","case":"upside","kind":"derived","unit":"USD_millions","basis":"Existing balance includes prior PIK compounding.","label":"Weighted preferred claim for PIK","value":313.56833683530414,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q3_preferred_ending","upside_2027q4_new_pik_basis"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_quarter_year","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Quarter-year fraction","value":0.25,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Noncash senior claim; no deduction from current-period cash.","label":"Preferred economic PIK accrual","value":4.311564631485432,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_pik_basis","preferred_rate","upside_2027q4_quarter_year"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_preferred_ending","case":"upside","kind":"derived","unit":"USD_millions","basis":"Stock balance, not an annual flow; ignores warrant-linked liquidation preference reductions.","label":"Ending preferred claim before warrant adjustments","value":317.8799014667896,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q3_preferred_ending","upside_2027q4_preferred_funding","upside_2027q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Period flow only; no claim that preferred cash is freely distributable.","label":"Cash after preferred financing","value":-79.5911815,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_cash_after_investing","upside_2027q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":280.48223,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","upside_2026q3_revenue","upside_2026q4_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Core and acquired component revenue ($M)","value":280.48223,"period":"FY2026","formula":{"op":"sum","refs":["h1_core_revenue","upside_2026q3_core_revenue","upside_2026q4_core_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_stockpile_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted stockpile deliveries ($M)","value":0.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_stockpile_revenue","upside_2026q3_stockpile_revenue","upside_2026q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross profit proxy ($M)","value":68.4380421,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_profit","upside_2026q3_gross_profit","upside_2026q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":0.4150421000000053,"period":"FY2026","formula":{"op":"sum","refs":["h1_operating_income","upside_2026q3_operating_income","upside_2026q4_operating_income"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-31.591957899999993,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","upside_2026q3_cfo","upside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_capex","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net cash PP&E including controlled JV ($M)","value":48.141,"period":"FY2026","formula":{"op":"sum","refs":["h1_capex","upside_2026q3_capex","upside_2026q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Prepayments minority/acquisition cash ($M)","value":51.976,"period":"FY2026","formula":{"op":"sum","refs":["h1_strategic_cash","upside_2026q3_strategic_cash","upside_2026q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-131.7089579,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_investing","upside_2026q3_cash_after_investing","upside_2026q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_preferred_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred funding cash ($M)","value":200.0,"period":"FY2026","formula":{"op":"sum","refs":["h1_preferred_funding","upside_2026q3_preferred_funding","upside_2026q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred PIK economic accrual ($M)","value":3.332070741758242,"period":"FY2026","formula":{"op":"sum","refs":["h1_preferred_pik","upside_2026q3_preferred_pik","upside_2026q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after preferred funding ($M)","value":68.29104209999998,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_funding","upside_2026q3_cash_after_funding","upside_2026q4_cash_after_funding"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Total revenue ($M)","value":509.8456,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_revenue","upside_2027q2_revenue","upside_2027q3_revenue","upside_2027q4_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_core_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Core and acquired component revenue ($M)","value":424.8456,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_core_revenue","upside_2027q2_core_revenue","upside_2027q3_core_revenue","upside_2027q4_core_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_stockpile_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Accepted stockpile deliveries ($M)","value":85.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_stockpile_revenue","upside_2027q2_stockpile_revenue","upside_2027q3_stockpile_revenue","upside_2027q4_stockpile_revenue"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Gross profit proxy ($M)","value":117.618312,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_gross_profit","upside_2027q2_gross_profit","upside_2027q3_gross_profit","upside_2027q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income proxy ($M)","value":25.418312000000004,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_operating_income","upside_2027q2_operating_income","upside_2027q3_operating_income","upside_2027q4_operating_income"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating cash flow proxy ($M)","value":-65.581688,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cfo","upside_2027q2_cfo","upside_2027q3_cfo","upside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_capex","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Net cash PP&E including controlled JV ($M)","value":225.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_capex","upside_2027q2_capex","upside_2027q3_capex","upside_2027q4_capex"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_strategic_cash","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Prepayments minority/acquisition cash ($M)","value":14.655000000000001,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_strategic_cash","upside_2027q2_strategic_cash","upside_2027q3_strategic_cash","upside_2027q4_strategic_cash"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cash_after_investing","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after business investing ($M)","value":-305.23668799999996,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cash_after_investing","upside_2027q2_cash_after_investing","upside_2027q3_cash_after_investing","upside_2027q4_cash_after_investing"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_preferred_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred funding cash ($M)","value":100.0,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_preferred_funding","upside_2027q2_preferred_funding","upside_2027q3_preferred_funding","upside_2027q4_preferred_funding"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_preferred_pik","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Preferred PIK economic accrual ($M)","value":14.547830725031325,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_preferred_pik","upside_2027q2_preferred_pik","upside_2027q3_preferred_pik","upside_2027q4_preferred_pik"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cash_after_funding","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Cash after preferred funding ($M)","value":-205.236688,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cash_after_funding","upside_2027q2_cash_after_funding","upside_2027q3_cash_after_funding","upside_2027q4_cash_after_funding"]},"source_url":null,"source_date":null}],"title":"Metal-price pass-through, staged government capital and new delivery obligations","method":"Separate legacy demand from incremental metal-price pass-through, acquired German operations and future stockpile deliveries. Calculate gross profit after matched input costs, then operating and cash costs including inventory. Model the announced domestic/JV build, raw-material prepayments and minority investment separately. Show initial preferred proceeds, conditional semiannual tranches and compounding PIK claims without calling them sales. Explicitly model a conditional German purchase-price sensitivity rather than treating the negative fixed component as free cash.","metrics":{"cfo":"Operating cash flow proxy ($M)","capex":"Net cash PP&E including controlled JV ($M)","revenue":"Total revenue ($M)","core_revenue":"Core and acquired component revenue ($M)","gross_profit":"Gross profit proxy ($M)","preferred_pik":"Preferred PIK economic accrual ($M)","strategic_cash":"Prepayments minority/acquisition cash ($M)","operating_income":"Operating income proxy ($M)","preferred_funding":"Preferred funding cash ($M)","stockpile_revenue":"Accepted stockpile deliveries ($M)","cash_after_funding":"Cash after preferred funding ($M)","cash_after_investing":"Cash after business investing ($M)"},"outputs":[{"case":"downside","period":"2026Q3","values":{"cfo":-23.99178,"capex":15.0,"revenue":78.401,"core_revenue":78.401,"gross_profit":14.60822,"preferred_pik":0.5741758241758242,"strategic_cash":0.0,"operating_income":-3.7917799999999993,"preferred_funding":200.0,"stockpile_revenue":0.0,"cash_after_funding":161.00822,"cash_after_investing":-38.99178},"metrics":{"cfo":"downside_2026q3_cfo","capex":"downside_2026q3_capex","revenue":"downside_2026q3_revenue","core_revenue":"downside_2026q3_core_revenue","gross_profit":"downside_2026q3_gross_profit","preferred_pik":"downside_2026q3_preferred_pik","strategic_cash":"downside_2026q3_strategic_cash","operating_income":"downside_2026q3_operating_income","preferred_funding":"downside_2026q3_preferred_funding","stockpile_revenue":"downside_2026q3_stockpile_revenue","cash_after_funding":"downside_2026q3_cash_after_funding","cash_after_investing":"downside_2026q3_cash_after_investing"},"frequency":"quarter","period_end":"2026-10-02"},{"case":"downside","period":"2026Q4","values":{"cfo":-30.619615599999996,"capex":30.0,"revenue":82.72901999999999,"core_revenue":82.72901999999999,"gross_profit":14.900384399999998,"preferred_pik":2.7578949175824174,"strategic_cash":50.55,"operating_income":-5.5196156,"preferred_funding":0.0,"stockpile_revenue":0.0,"cash_after_funding":-111.16961559999999,"cash_after_investing":-111.16961559999999},"metrics":{"cfo":"downside_2026q4_cfo","capex":"downside_2026q4_capex","revenue":"downside_2026q4_revenue","core_revenue":"downside_2026q4_core_revenue","gross_profit":"downside_2026q4_gross_profit","preferred_pik":"downside_2026q4_preferred_pik","strategic_cash":"downside_2026q4_strategic_cash","operating_income":"downside_2026q4_operating_income","preferred_funding":"downside_2026q4_preferred_funding","stockpile_revenue":"downside_2026q4_stockpile_revenue","cash_after_funding":"downside_2026q4_cash_after_funding","cash_after_investing":"downside_2026q4_cash_after_investing"},"frequency":"quarter","period_end":"2027-01-01"},{"case":"downside","period":"2027Q1","values":{"cfo":-35.74745119999999,"capex":45.0,"revenue":84.05704,"core_revenue":84.05704,"gross_profit":15.1925488,"preferred_pik":2.7958159726991756,"strategic_cash":0.0,"operating_income":-7.247451199999997,"preferred_funding":0.0,"stockpile_revenue":0.0,"cash_after_funding":-80.7474512,"cash_after_investing":-80.7474512},"metrics":{"cfo":"downside_2027q1_cfo","capex":"downside_2027q1_capex","revenue":"downside_2027q1_revenue","core_revenue":"downside_2027q1_core_revenue","gross_profit":"downside_2027q1_gross_profit","preferred_pik":"downside_2027q1_preferred_pik","strategic_cash":"downside_2027q1_strategic_cash","operating_income":"downside_2027q1_operating_income","preferred_funding":"downside_2027q1_preferred_funding","stockpile_revenue":"downside_2027q1_stockpile_revenue","cash_after_funding":"downside_2027q1_cash_after_funding","cash_after_investing":"downside_2027q1_cash_after_investing"},"frequency":"quarter","period_end":"2027-04-02"},{"case":"downside","period":"2027Q2","values":{"cfo":-41.689204600000004,"capex":50.0,"revenue":86.04907,"core_revenue":86.04907,"gross_profit":16.1707954,"preferred_pik":2.8342584423237893,"strategic_cash":64.24375,"operating_income":-11.289204600000001,"preferred_funding":0.0,"stockpile_revenue":0.0,"cash_after_funding":-155.93295460000002,"cash_after_investing":-155.93295460000002},"metrics":{"cfo":"downside_2027q2_cfo","capex":"downside_2027q2_capex","revenue":"downside_2027q2_revenue","core_revenue":"downside_2027q2_core_revenue","gross_profit":"downside_2027q2_gross_profit","preferred_pik":"downside_2027q2_preferred_pik","strategic_cash":"downside_2027q2_strategic_cash","operating_income":"downside_2027q2_operating_income","preferred_funding":"downside_2027q2_preferred_funding","stockpile_revenue":"downside_2027q2_stockpile_revenue","cash_after_funding":"downside_2027q2_cash_after_funding","cash_after_investing":"downside_2027q2_cash_after_investing"},"frequency":"quarter","period_end":"2027-07-02"},{"case":"downside","period":"FY2026","values":{"cfo":-62.1833956,"capex":48.141,"revenue":283.53801999999996,"core_revenue":283.53801999999996,"gross_profit":57.9666044,"preferred_pik":3.332070741758242,"strategic_cash":51.976,"operating_income":-15.0763956,"preferred_funding":200.0,"stockpile_revenue":0.0,"cash_after_funding":37.6996044,"cash_after_investing":-162.3003956},"metrics":{"cfo":"downside_fy2026_cfo","capex":"downside_fy2026_capex","revenue":"downside_fy2026_revenue","core_revenue":"downside_fy2026_core_revenue","gross_profit":"downside_fy2026_gross_profit","preferred_pik":"downside_fy2026_preferred_pik","strategic_cash":"downside_fy2026_strategic_cash","operating_income":"downside_fy2026_operating_income","preferred_funding":"downside_fy2026_preferred_funding","stockpile_revenue":"downside_fy2026_stockpile_revenue","cash_after_funding":"downside_fy2026_cash_after_funding","cash_after_investing":"downside_fy2026_cash_after_investing"},"frequency":"year","period_end":"2027-01-01"},{"case":"downside","period":"FY2027","values":{"cfo":-164.02640739999998,"capex":210.0,"revenue":362.51633,"core_revenue":347.51633,"gross_profit":67.7535926,"preferred_pik":11.416040312403153,"strategic_cash":60.243750000000006,"operating_income":-37.12640739999999,"preferred_funding":0.0,"stockpile_revenue":15.0,"cash_after_funding":-434.2701574,"cash_after_investing":-434.2701574},"metrics":{"cfo":"downside_fy2027_cfo","capex":"downside_fy2027_capex","revenue":"downside_fy2027_revenue","core_revenue":"downside_fy2027_core_revenue","gross_profit":"downside_fy2027_gross_profit","preferred_pik":"downside_fy2027_preferred_pik","strategic_cash":"downside_fy2027_strategic_cash","operating_income":"downside_fy2027_operating_income","preferred_funding":"downside_fy2027_preferred_funding","stockpile_revenue":"downside_fy2027_stockpile_revenue","cash_after_funding":"downside_fy2027_cash_after_funding","cash_after_investing":"downside_fy2027_cash_after_investing"},"frequency":"year","period_end":"2027-12-31"},{"case":"base","period":"2026Q3","values":{"cfo":-13.769737499999998,"capex":15.0,"revenue":77.72105,"core_revenue":77.72105,"gross_profit":17.4302625,"preferred_pik":0.5741758241758242,"strategic_cash":0.0,"operating_income":1.4302625000000013,"preferred_funding":200.0,"stockpile_revenue":0.0,"cash_after_funding":171.2302625,"cash_after_investing":-28.769737499999998},"metrics":{"cfo":"base_2026q3_cfo","capex":"base_2026q3_capex","revenue":"base_2026q3_revenue","core_revenue":"base_2026q3_core_revenue","gross_profit":"base_2026q3_gross_profit","preferred_pik":"base_2026q3_preferred_pik","strategic_cash":"base_2026q3_strategic_cash","operating_income":"base_2026q3_operating_income","preferred_funding":"base_2026q3_preferred_funding","stockpile_revenue":"base_2026q3_stockpile_revenue","cash_after_funding":"base_2026q3_cash_after_funding","cash_after_investing":"base_2026q3_cash_after_investing"},"frequency":"quarter","period_end":"2026-10-02"},{"case":"base","period":"2026Q4","values":{"cfo":-18.539725,"capex":25.0,"revenue":83.0411,"core_revenue":83.0411,"gross_profit":18.260275,"preferred_pik":2.7578949175824174,"strategic_cash":50.55,"operating_income":0.4602749999999993,"preferred_funding":0.0,"stockpile_revenue":0.0,"cash_after_funding":-94.089725,"cash_after_investing":-94.089725},"metrics":{"cfo":"base_2026q4_cfo","capex":"base_2026q4_capex","revenue":"base_2026q4_revenue","core_revenue":"base_2026q4_core_revenue","gross_profit":"base_2026q4_gross_profit","preferred_pik":"base_2026q4_preferred_pik","strategic_cash":"base_2026q4_strategic_cash","operating_income":"base_2026q4_operating_income","preferred_funding":"base_2026q4_preferred_funding","stockpile_revenue":"base_2026q4_stockpile_revenue","cash_after_funding":"base_2026q4_cash_after_funding","cash_after_investing":"base_2026q4_cash_after_investing"},"frequency":"quarter","period_end":"2027-01-01"},{"case":"base","period":"2027Q1","values":{"cfo":-21.949712499999997,"capex":40.0,"revenue":88.36115,"core_revenue":88.36115,"gross_profit":19.450287499999998,"preferred_pik":2.9676909726991756,"strategic_cash":2.3375000000000004,"operating_income":-0.1497124999999997,"preferred_funding":50.0,"stockpile_revenue":0.0,"cash_after_funding":-14.287212499999995,"cash_after_investing":-64.2872125},"metrics":{"cfo":"base_2027q1_cfo","capex":"base_2027q1_capex","revenue":"base_2027q1_revenue","core_revenue":"base_2027q1_core_revenue","gross_profit":"base_2027q1_gross_profit","preferred_pik":"base_2027q1_preferred_pik","strategic_cash":"base_2027q1_strategic_cash","operating_income":"base_2027q1_operating_income","preferred_funding":"base_2027q1_preferred_funding","stockpile_revenue":"base_2027q1_stockpile_revenue","cash_after_funding":"base_2027q1_cash_after_funding","cash_after_investing":"base_2027q1_cash_after_investing"},"frequency":"quarter","period_end":"2027-04-02"},{"case":"base","period":"2027Q2","values":{"cfo":-25.707695,"capex":45.0,"revenue":102.00922,"core_revenue":97.00922,"gross_profit":22.292305000000002,"preferred_pik":3.5241217235737894,"strategic_cash":25.0,"operating_income":-2.1076949999999997,"preferred_funding":0.0,"stockpile_revenue":5.0,"cash_after_funding":-95.707695,"cash_after_investing":-95.707695},"metrics":{"cfo":"base_2027q2_cfo","capex":"base_2027q2_capex","revenue":"base_2027q2_revenue","core_revenue":"base_2027q2_core_revenue","gross_profit":"base_2027q2_gross_profit","preferred_pik":"base_2027q2_preferred_pik","strategic_cash":"base_2027q2_strategic_cash","operating_income":"base_2027q2_operating_income","preferred_funding":"base_2027q2_preferred_funding","stockpile_revenue":"base_2027q2_stockpile_revenue","cash_after_funding":"base_2027q2_cash_after_funding","cash_after_investing":"base_2027q2_cash_after_investing"},"frequency":"quarter","period_end":"2027-07-02"},{"case":"base","period":"FY2026","values":{"cfo":-39.8814625,"capex":43.141,"revenue":283.17015000000004,"core_revenue":283.17015000000004,"gross_profit":64.1485375,"preferred_pik":3.332070741758242,"strategic_cash":51.976,"operating_income":-3.874462499999999,"preferred_funding":200.0,"stockpile_revenue":0.0,"cash_after_funding":65.0015375,"cash_after_investing":-134.99846250000002},"metrics":{"cfo":"base_fy2026_cfo","capex":"base_fy2026_capex","revenue":"base_fy2026_revenue","core_revenue":"base_fy2026_core_revenue","gross_profit":"base_fy2026_gross_profit","preferred_pik":"base_fy2026_preferred_pik","strategic_cash":"base_fy2026_strategic_cash","operating_income":"base_fy2026_operating_income","preferred_funding":"base_fy2026_preferred_funding","stockpile_revenue":"base_fy2026_stockpile_revenue","cash_after_funding":"base_fy2026_cash_after_funding","cash_after_investing":"base_fy2026_cash_after_investing"},"frequency":"year","period_end":"2027-01-01"},{"case":"base","period":"FY2027","values":{"cfo":-98.41075500000001,"capex":190.0,"revenue":435.67698,"core_revenue":390.67698,"gross_profit":93.289245,"preferred_pik":14.547830725031325,"strategic_cash":23.3375,"operating_income":1.0892450000000018,"preferred_funding":100.0,"stockpile_revenue":45.0,"cash_after_funding":-211.74825499999997,"cash_after_investing":-311.74825500000003},"metrics":{"cfo":"base_fy2027_cfo","capex":"base_fy2027_capex","revenue":"base_fy2027_revenue","core_revenue":"base_fy2027_core_revenue","gross_profit":"base_fy2027_gross_profit","preferred_pik":"base_fy2027_preferred_pik","strategic_cash":"base_fy2027_strategic_cash","operating_income":"base_fy2027_operating_income","preferred_funding":"base_fy2027_preferred_funding","stockpile_revenue":"base_fy2027_stockpile_revenue","cash_after_funding":"base_fy2027_cash_after_funding","cash_after_investing":"base_fy2027_cash_after_investing"},"frequency":"year","period_end":"2027-12-31"},{"case":"upside","period":"2026Q3","values":{"cfo":-10.337468399999995,"capex":15.0,"revenue":76.71308,"core_revenue":76.71308,"gross_profit":19.362531600000004,"preferred_pik":0.5741758241758242,"strategic_cash":0.0,"operating_income":3.362531600000004,"preferred_funding":200.0,"stockpile_revenue":0.0,"cash_after_funding":174.6625316,"cash_after_investing":-25.337468399999995},"metrics":{"cfo":"upside_2026q3_cfo","capex":"upside_2026q3_capex","revenue":"upside_2026q3_revenue","core_revenue":"upside_2026q3_core_revenue","gross_profit":"upside_2026q3_gross_profit","preferred_pik":"upside_2026q3_preferred_pik","strategic_cash":"upside_2026q3_strategic_cash","operating_income":"upside_2026q3_operating_income","preferred_funding":"upside_2026q3_preferred_funding","stockpile_revenue":"upside_2026q3_stockpile_revenue","cash_after_funding":"upside_2026q3_cash_after_funding","cash_after_investing":"upside_2026q3_cash_after_investing"},"frequency":"quarter","period_end":"2026-10-02"},{"case":"upside","period":"2026Q4","values":{"cfo":-13.682489499999999,"capex":30.0,"revenue":81.36115,"core_revenue":81.36115,"gross_profit":20.6175105,"preferred_pik":2.7578949175824174,"strategic_cash":50.55,"operating_income":2.817510500000001,"preferred_funding":0.0,"stockpile_revenue":0.0,"cash_after_funding":-94.2324895,"cash_after_investing":-94.2324895},"metrics":{"cfo":"upside_2026q4_cfo","capex":"upside_2026q4_capex","revenue":"upside_2026q4_revenue","core_revenue":"upside_2026q4_core_revenue","gross_profit":"upside_2026q4_gross_profit","preferred_pik":"upside_2026q4_preferred_pik","strategic_cash":"upside_2026q4_strategic_cash","operating_income":"upside_2026q4_operating_income","preferred_funding":"upside_2026q4_preferred_funding","stockpile_revenue":"upside_2026q4_stockpile_revenue","cash_after_funding":"upside_2026q4_cash_after_funding","cash_after_investing":"upside_2026q4_cash_after_investing"},"frequency":"quarter","period_end":"2027-01-01"},{"case":"upside","period":"2027Q1","values":{"cfo":-14.849662499999996,"capex":45.0,"revenue":95.00125,"core_revenue":90.00125,"gross_profit":23.5503375,"preferred_pik":2.9676909726991756,"strategic_cash":-6.345000000000001,"operating_income":3.9503375000000034,"preferred_funding":50.0,"stockpile_revenue":5.0,"cash_after_funding":-3.504662499999995,"cash_after_investing":-53.504662499999995},"metrics":{"cfo":"upside_2027q1_cfo","capex":"upside_2027q1_capex","revenue":"upside_2027q1_revenue","core_revenue":"upside_2027q1_core_revenue","gross_profit":"upside_2027q1_gross_profit","preferred_pik":"upside_2027q1_preferred_pik","strategic_cash":"upside_2027q1_strategic_cash","operating_income":"upside_2027q1_operating_income","preferred_funding":"upside_2027q1_preferred_funding","stockpile_revenue":"upside_2027q1_stockpile_revenue","cash_after_funding":"upside_2027q1_cash_after_funding","cash_after_investing":"upside_2027q1_cash_after_investing"},"frequency":"quarter","period_end":"2027-04-02"},{"case":"upside","period":"2027Q2","values":{"cfo":-18.1968355,"capex":55.0,"revenue":118.64135,"core_revenue":103.64135,"gross_profit":27.803164500000005,"preferred_pik":3.5241217235737894,"strategic_cash":25.0,"operating_income":3.4031645000000026,"preferred_funding":0.0,"stockpile_revenue":15.0,"cash_after_funding":-98.19683549999999,"cash_after_investing":-98.19683549999999},"metrics":{"cfo":"upside_2027q2_cfo","capex":"upside_2027q2_capex","revenue":"upside_2027q2_revenue","core_revenue":"upside_2027q2_core_revenue","gross_profit":"upside_2027q2_gross_profit","preferred_pik":"upside_2027q2_preferred_pik","strategic_cash":"upside_2027q2_strategic_cash","operating_income":"upside_2027q2_operating_income","preferred_funding":"upside_2027q2_preferred_funding","stockpile_revenue":"upside_2027q2_stockpile_revenue","cash_after_funding":"upside_2027q2_cash_after_funding","cash_after_investing":"upside_2027q2_cash_after_investing"},"frequency":"quarter","period_end":"2027-07-02"},{"case":"upside","period":"FY2026","values":{"cfo":-31.591957899999993,"capex":48.141,"revenue":280.48223,"core_revenue":280.48223,"gross_profit":68.4380421,"preferred_pik":3.332070741758242,"strategic_cash":51.976,"operating_income":0.4150421000000053,"preferred_funding":200.0,"stockpile_revenue":0.0,"cash_after_funding":68.29104209999998,"cash_after_investing":-131.7089579},"metrics":{"cfo":"upside_fy2026_cfo","capex":"upside_fy2026_capex","revenue":"upside_fy2026_revenue","core_revenue":"upside_fy2026_core_revenue","gross_profit":"upside_fy2026_gross_profit","preferred_pik":"upside_fy2026_preferred_pik","strategic_cash":"upside_fy2026_strategic_cash","operating_income":"upside_fy2026_operating_income","preferred_funding":"upside_fy2026_preferred_funding","stockpile_revenue":"upside_fy2026_stockpile_revenue","cash_after_funding":"upside_fy2026_cash_after_funding","cash_after_investing":"upside_fy2026_cash_after_investing"},"frequency":"year","period_end":"2027-01-01"},{"case":"upside","period":"FY2027","values":{"cfo":-65.581688,"capex":225.0,"revenue":509.8456,"core_revenue":424.8456,"gross_profit":117.618312,"preferred_pik":14.547830725031325,"strategic_cash":14.655000000000001,"operating_income":25.418312000000004,"preferred_funding":100.0,"stockpile_revenue":85.0,"cash_after_funding":-205.236688,"cash_after_investing":-305.23668799999996},"metrics":{"cfo":"upside_fy2027_cfo","capex":"upside_fy2027_capex","revenue":"upside_fy2027_revenue","core_revenue":"upside_fy2027_core_revenue","gross_profit":"upside_fy2027_gross_profit","preferred_pik":"upside_fy2027_preferred_pik","strategic_cash":"upside_fy2027_strategic_cash","operating_income":"upside_fy2027_operating_income","preferred_funding":"upside_fy2027_preferred_funding","stockpile_revenue":"upside_fy2027_stockpile_revenue","cash_after_funding":"upside_fy2027_cash_after_funding","cash_after_investing":"upside_fy2027_cash_after_investing"},"frequency":"year","period_end":"2027-12-31"}],"highlights":["h1_revenue","h1_inventory_use","h1_cfo","h1_capex","h1_cash_after_investing","cash","backlog","preferred_received","preferred_remaining","preferred_rate","stockpile_ceiling","stockpile_minimum","domestic_investment","springer_initial","springer_prepayment_capacity","h1_award_withholding","bonus_cap"],"limitations":["September 14 initial preferred funding of $200M was received. Remaining $250M is conditional, in up to $50M tranches available at six-month intervals; congressional authorization, appropriations and other conditions remain relevant.","Preferred dividends accrue at 5.5%, compound quarterly and are payable in kind. Warrants cover up to 19.9% post-transaction ownership. Redemption and warrant-linked reductions require a full ownership waterfall; this model tracks PIK before those adjustments, not common equity value.","The $2B stockpile ceiling is not backlog recognized as revenue. The $150M minimum is funded commitment over a five-year ordering period, subject to accepted delivery orders; materials may be delivered within 48 months of each order. Desk sales begin only after assumed incremental supply.","September German asset acquisition remains conditional with Q1 calendar 2027 closing expected. The price includes negative EUR18M, pension assets less obligations, EUR1M restructuring prepayment and working-capital adjustment against EUR3.875M. No fixed final purchase price or receipt is asserted.","Metal-price pass-through can inflate revenue and inventory funding without equal margin growth. Q2 management attributed about 55% of revenue growth to net demand and the balance to raw material pricing; this model independently tests incremental pass-through.","The controlled Springer JV is consolidated in the forward scenario, so internal capital contributions are eliminated; only modeled external plant cash is counted as capex. Separate raw-material prepayments and Blue Moon minority shares are additional cash deployment.","Blue Moon CAD35M investment is a binding commitment; modeled USD settlement depends on assumed FX. Government money is earmarked for project purposes and does not become free cash for common owners.","H1 capex was reported net of government capital grants. Historical supplement corrects fiscal labels, adds reported July cash and sources net-capex treatment; missing historical quarters remain unavailable, not zero.","Forecast excludes precise preferred redemption, debt/lease principal, equity-award withholding, full acquisition working-capital settlement and discretionary investments. Cash after funding is a period cash-flow proxy before those claims, not ending unrestricted cash.","Fiscal quarter dates use the company's 52/53-week calendar convention, with future dates estimated. All delivery, inventory, investment and German closing cases are desk assumptions; no full-year earnings guidance is asserted."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}