{"meta":{"as_of":"2026-09-26","revision":10,"skeleton":false,"compiled_at":"2026-09-26T11:15:44.362025+00:00","extract_url":null,"extract_form":null,"authored_hash":"c74ad0719dc915591c5fd44180d96355","extract_filed":null,"extract_source":"authored","generated_hash":"8d998e13b3a1acb5451bf583be811c74","research_stage":"operating_scenarios","business_authored":true,"extract_accession":null,"research_reviewed_at":"2026-09-20"},"model":{"entity":"Gorilla Technology Group Inc.","source":"SEC companyfacts with reviewed filing supplement; see each value's provenance.","quarters":[{"cfo":null,"fcf":null,"cash":null,"capex":null,"revenue":{"value":20054910.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"net_income":{"value":-7781488.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"period_end":"2024-09-30","eps_diluted":null,"fiscal_label":"2024Q3","gross_profit":{"value":9500540.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-6006765.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}}},{"cfo":null,"fcf":null,"cash":null,"capex":null,"revenue":{"value":33944429.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"net_income":{"value":-58624716.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"period_end":"2024-12-31","eps_diluted":null,"fiscal_label":"2024Q4","gross_profit":{"value":10128629.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-62709039.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}}},{"cfo":{"value":-10659866.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"fcf":null,"cash":null,"capex":null,"revenue":{"value":18258999.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"net_income":{"value":-4558307.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"period_end":"2025-03-31","eps_diluted":null,"fiscal_label":"2025Q1","gross_profit":{"value":6408382.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-4169085.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}}},{"cfo":{"value":-1858645.000000001,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"fcf":null,"cash":null,"capex":null,"revenue":{"value":21066840.000000004,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"net_income":{"value":-3944752.9999999995,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"period_end":"2025-06-30","eps_diluted":null,"fiscal_label":"2025Q2","gross_profit":{"value":7040453.000000001,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-4901362.0,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}}},{"cfo":null,"fcf":null,"cash":null,"capex":null,"revenue":{"value":26477414.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"net_income":{"value":-28249.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"period_end":"2025-09-30","eps_diluted":null,"fiscal_label":"2025Q3","gross_profit":{"value":9877376.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":424765.0,"provenance":{"form":null,"class":"reported","filed":"2025-11-17","concept":"Direct quarterly statement","accession":null,"source_url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}}},{"cfo":null,"fcf":null,"cash":null,"capex":null,"revenue":{"value":35557404.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"net_income":{"value":-2745289.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"period_end":"2025-12-31","eps_diluted":null,"fiscal_label":"2025Q4","gross_profit":{"value":10549810.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-5022805.0,"provenance":{"form":null,"class":"derived","filed":"2026-04-15","concept":"Annual less H1 less Q3; paired sources in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","retrieved_at":"2026-09-20T14:10:07.119855+00:00","reviewed_through":null}}},{"cfo":{"value":6641175.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":98399450.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Period-end cash","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":28230022.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"net_income":{"value":-36959057.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"period_end":"2026-03-31","eps_diluted":null,"fiscal_label":"2026Q1","gross_profit":{"value":5952544.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-41059091.0,"provenance":{"form":null,"class":"reported","filed":"2026-05-27","concept":"Direct quarter","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}}},{"cfo":{"value":-10980944.0,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"fcf":null,"cash":{"value":179361146.0,"provenance":{"form":null,"class":"reported","filed":"2026-08-24","concept":"Period-end cash","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"capex":null,"revenue":{"value":50131203.0,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"net_income":{"value":-9934657.000000002,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"period_end":"2026-06-30","eps_diluted":null,"fiscal_label":"2026Q2","gross_profit":{"value":-2108265.9999999995,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":null,"operating_income":{"value":-6121629.999999996,"provenance":{"form":null,"class":"derived","filed":"2026-08-24","concept":"H1 less directly reported Q1; paired source in source list","accession":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","retrieved_at":"2026-09-20T13:56:36.854564+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-26T11:15:43+00:00"},"notes":[{"url":"https://chartlibrary.io/research/views/grrr-contracts-cash-dilution-20260914","slug":"grrr-contracts-cash-dilution-20260914","title":"Gorilla Technology: What Survives the Journey from Contract to Shareholder?","session":"2026-09-14"}],"memory":{"as_of":"2026-09-25","bands":{"1d":{"n":300,"p10":-2.536,"p50":-0.16,"p90":2.113,"p_up":0.45,"censored":null},"5d":{"n":300,"p10":-6.775,"p50":-0.277,"p90":6.147,"p_up":0.463,"censored":null},"10d":{"n":300,"p10":-8.824,"p50":-0.296,"p90":8.355,"p_up":0.487,"censored":null},"21d":{"n":297,"p10":-12.712,"p50":-0.317,"p90":14.634,"p_up":0.478,"censored":0},"63d":{"n":287,"p10":-25.577,"p50":-0.02,"p90":24.55,"p_up":0.498,"censored":0},"126d":{"n":273,"p10":-32.795,"p50":4.729,"p90":49.892,"p_up":0.557,"censored":0},"252d":{"n":236,"p10":-38.437,"p50":14.343,"p90":91.835,"p_up":0.682,"censored":0}},"state":"up/above/off/stuck/quiet/weak/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The revenue target is achievable only if installed equipment becomes accepted and utilized capacity. Revenue growth alone does not establish self-funded expansion.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track commissioning, contract assets, collections, equipment cash and financing terms against the revenue ramp."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","title":"H1 IFRS statements and updated outlook","retrieved":"2026-09-20"},{"url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926018444/ex_944447.htm","title":"Direct Q1 IFRS statements","retrieved":"2026-09-20"},{"url":"https://investors.gorilla-technology.com/gorilla-technology-moves-yotta-ai-infrastructure-programme-into-physical-execution/","title":"September 8 equipment-delivery update","retrieved":"2026-09-20"},{"url":"https://www.sec.gov/Archives/edgar/data/1903145/000121390026079193/ea0298371-6k_gorilla.htm","title":"July convertible funding terms","retrieved":"2026-09-20"},{"url":"https://investors.gorilla-technology.com/gorilla-technology-reports-record-revenue-in-q3-issues-2026-guidance/","title":"2025 and comparative 2024 Q3 statements","retrieved":"2026-09-20"},{"url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926012385/grrr20241231_20f.htm","title":"2025 and comparative 2024 annual IFRS statements","retrieved":"2026-09-20"},{"url":"https://www.sec.gov/Archives/edgar/data/1903145/000121390025076084/ea025052801ex99-1_gorilla.htm","title":"2025 and comparative 2024 H1 statements","retrieved":"2026-09-20"},{"url":"https://www.sec.gov/Archives/edgar/data/1903145/000121390026065898/ea029373601ex99-8.htm","title":"June convertible principal and coupon","retrieved":"2026-09-20"}],"business":{"drivers":["Accepted project work and compute commissioning","Utilization, service mix and execution margin","Contract-asset collections and hardware funding"],"description":"Gorilla sells security, network and smart-city systems and is deploying AI compute infrastructure in Asia. Customer acceptance drives project revenue; commissioned capacity and workload utilization drive compute services. Collections and project financing determine how reported growth converts into usable cash."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/grrr-contracts-cash-dilution-20260914): Preserve September 11 as the completed-session baseline and append September 14 closing data, then September 18 and September 25 closes for five- and ten-session observations","next_report_date":null},"identity":{"cik":1903145,"sic":"7372","name":"Gorilla Technology Group Inc.","symbol":"GRRR","cluster":"AI infrastructure & power","exchange":"Nasdaq"},"research":{"risks":["Project acceptance, power readiness and customer workload migration.","Receivables, contract assets and customer concentration.","Fixed-price hardware and execution costs.","Convertible cash coupons, dilution and further funding.","Currency and derivative marks obscure operating trends."],"title":"From equipment delivery to collected project cash","question":"Can Gorilla turn its contracted AI buildout into margins and cash before the next funding need?","economics":"H1 revenue rose to $78.4M, but gross profit was $3.8M, IFRS operating loss $47.2M and operating cash use $4.3M. Equipment/project cash deployment was about $14.1M. June cash $179.4M was supported mainly by financing, while receivables and contract assets were $145.3M. The company raised $107M June and $125M July convertible principal at 7.5% coupons. August guidance set Q3 revenue at $48-50M, FY2026 at least $200M and a $450-500M 2027 target. September 8 confirmed Yotta equipment deliveries, not completed commissioning. Potential additional GPUs are excluded until contracted and ready.","change_note":"First operating model through September 20; includes September Yotta delivery milestone and both convertible series.","checkpoints":[{"event":"Q3 acceptance and commissioning","watch":"Distinguish delivered equipment from commissioned, billable service.","timing":"September/October 2026 project updates","date_status":"estimated"},{"event":"Q3 results","watch":"Test $48-50M planning range against margin and collections.","timing":"Next company release; date unconfirmed","date_status":"estimated"},{"event":"2027 ramp financing","watch":"Reconcile actual cash received, coupons and committed spending.","timing":"Each funding or deployment announcement","date_status":"estimated"}],"countercase":"Acceptance can pull sales forward while hardware, staffing and interest absorb cash. Fixed-price work, FX, customer concentration and commissioning delays can overwhelm projected service margins.","limitations":["The company does not disclose this project/service segment split. It is a transparent desk decomposition, not a reported segment history. Quarter allocations, utilization, margins and cash spending are assumptions.","H1 2026 interim statements are unaudited and unreviewed IFRS. Large FX, SBC and derivative effects limit extrapolation. Forecast operating income excludes future FX and fair-value marks.","September 8 equipment deliveries are confirmed; commissioning, customer workload migration and utilization are not. Additional potential 30,000 GPUs receive no automatic revenue.","Receivables plus contract assets were $145.3M against H1 sales $78.4M. Acceptance can precede billing and cash; payables can temporarily support cash flow.","June and July convertible principal is not the same as carrying debt or net cash received. June cash already includes June financing; no new financing is added to forecast operating cash.","Capital deployment includes equipment, advances and project work in progress. H1 $14.1M is a rounded disclosed deployment measure, not net investing cash flow. The cash-after-deployment proxy excludes debt principal, acquisitions and buybacks.","Eight quarterly income histories are reconstructed from direct Q1/Q3 and half-year/annual statements with paired sources. Older cash-flow and quarter EPS facts remain unknown.","No complete project-finance waterfall, conversion dilution or parent cash balance forecast. Negative cash after deployment indicates funding need."],"reviewed_at":"2026-09-20"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-20","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":49000000.0},{"eps":null,"as_of":"2026-09-20","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":78000000.0},{"eps":null,"as_of":"2026-09-20","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":95000000.0},{"eps":null,"as_of":"2026-09-20","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":111250000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":1,"notes_scored":1,"band_coverage_5d":1.0},"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":"Reported consolidated amount, converted from thousands to millions.","label":"Reported revenue","value":78.361225,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"h1_gross_profit","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Reported gross profit","value":3.844278,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Reported operating income","value":-47.180721,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Reported cfo","value":-4.339769,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"h1_project_spend","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Reported project spend","value":14.1,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"h1_cash_after_deployment","case":"shared","kind":"derived","unit":"USD_millions","basis":"Rounded equipment and project deployment, not net investing cash flow.","label":"H1 cash after disclosed deployment","value":-18.439769,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cfo","h1_project_spend"]},"source_url":null,"source_date":null},{"id":"cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; June bond is face principal, not its discounted carrying amount.","label":"cash","value":179.361146,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"receivables_contract_assets","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; June bond is face principal, not its discounted carrying amount.","label":"receivables contract assets","value":145.301296,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"payables","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; June bond is face principal, not its discounted carrying amount.","label":"payables","value":91.708655,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"derivative_liability","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; June bond is face principal, not its discounted carrying amount.","label":"derivative liability","value":48.2,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"june_bond_principal","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; June bond is face principal, not its discounted carrying amount.","label":"june bond principal","value":107.0,"period":"June 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000121390026065898/ea029373601ex99-8.htm","source_date":"2026-06-02"},{"id":"july_bond_principal","case":"shared","kind":"reported","unit":"USD_millions","basis":"New financing for Batam; gross principal, not cash added again to June balance.","label":"July convertible face principal","value":125.0,"period":"July 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000121390026079193/ea0298371-6k_gorilla.htm","source_date":"2026-07-17"},{"id":"bond_coupon","case":"shared","kind":"reported","unit":"ratio","basis":"Contractual coupon on June and July notes.","label":"Convertible annual cash coupon","value":0.075,"period":"2026 onward","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000121390026079193/ea0298371-6k_gorilla.htm","source_date":"2026-07-17"},{"id":"quarter","case":"shared","kind":"assumption","unit":"ratio","basis":"Time conversion.","label":"Quarter fraction","value":0.25,"period":"Model","formula":null,"source_url":null,"source_date":null},{"id":"bond_principal","case":"shared","kind":"derived","unit":"USD_millions","basis":"Principal includes both series.","label":"June and July face principal","value":232.0,"period":"July 2026","formula":{"op":"sum","refs":["june_bond_principal","july_bond_principal"]},"source_url":null,"source_date":null},{"id":"bond_cash_interest","case":"shared","kind":"derived","unit":"USD_millions","basis":"Excludes other borrowing costs, discount accretion and future financing.","label":"Quarterly coupon on $232M face principal","value":4.35,"period":"Quarter run rate","formula":{"op":"multiply","refs":["bond_principal","bond_coupon","quarter"]},"source_url":null,"source_date":null},{"id":"q3_revenue_guide_low","case":"shared","kind":"management_guidance","unit":"USD_millions","basis":"Company guidance; not a desk forecast.","label":"Q3 planning range low","value":48.0,"period":"2026Q3","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"q3_revenue_guide_high","case":"shared","kind":"management_guidance","unit":"USD_millions","basis":"Company guidance; not a desk forecast.","label":"Q3 planning range high","value":50.0,"period":"2026Q3","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"two","case":"shared","kind":"assumption","unit":"ratio","basis":"Arithmetic constant.","label":"Midpoint divisor","value":2.0,"period":"Model","formula":null,"source_url":null,"source_date":null},{"id":"q3_revenue_guide_sum","case":"shared","kind":"derived","unit":"USD_millions","basis":"Arithmetic intermediate.","label":"Q3 planning range endpoint sum","value":98.0,"period":"2026Q3","formula":{"op":"sum","refs":["q3_revenue_guide_low","q3_revenue_guide_high"]},"source_url":null,"source_date":null},{"id":"q3_revenue_guide","case":"shared","kind":"derived","unit":"USD_millions","basis":"Calculated midpoint of the company range; not an additional company forecast.","label":"Q3 planning range midpoint","value":49.0,"period":"2026Q3","formula":{"op":"divide","refs":["q3_revenue_guide_sum","two"]},"source_url":null,"source_date":null},{"id":"fy26_floor","case":"shared","kind":"management_guidance","unit":"USD_millions","basis":"At least $200M, not a closed range.","label":"FY2026 revenue floor","value":200.0,"period":"FY2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"fy27_revenue_target_low","case":"shared","kind":"management_guidance","unit":"USD_millions","basis":"Company guidance; not a desk forecast.","label":"FY2027 revenue target low","value":450.0,"period":"FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"fy27_revenue_target_high","case":"shared","kind":"management_guidance","unit":"USD_millions","basis":"Company guidance; not a desk forecast.","label":"FY2027 revenue target high","value":500.0,"period":"FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1903145/000143774926028827/ex_974012.htm","source_date":"2026-08-24"},{"id":"fy27_revenue_target_sum","case":"shared","kind":"derived","unit":"USD_millions","basis":"Arithmetic intermediate.","label":"FY2027 revenue target endpoint sum","value":950.0,"period":"FY2027","formula":{"op":"sum","refs":["fy27_revenue_target_low","fy27_revenue_target_high"]},"source_url":null,"source_date":null},{"id":"fy27_revenue_target","case":"shared","kind":"derived","unit":"USD_millions","basis":"Calculated midpoint of the company range; not an additional company forecast.","label":"FY2027 revenue target midpoint","value":475.0,"period":"FY2027","formula":{"op":"divide","refs":["fy27_revenue_target_sum","two"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_project_reference","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":38.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_acceptance","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_projects","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":38.0,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_project_reference","downside_2026q3_acceptance"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_service_potential","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":10.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_commissioned_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.55,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_services","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":5.5,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_service_potential","downside_2026q3_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":43.5,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_projects","downside_2026q3_services"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_project_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.1,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_project_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":3.8000000000000003,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_projects","downside_2026q3_project_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_service_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.32,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_service_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":1.76,"period":"2026Q3","formula":{"op":"multiply","refs":["downside_2026q3_services","downside_2026q3_service_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":5.5600000000000005,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_project_gross","downside_2026q3_service_gross"]},"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 overhead and execution costs","value":14.560000000000002,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.0,"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":"Depreciation and amortization","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":19.560000000000002,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_cash_opex","downside_2026q3_sbc","downside_2026q3_da"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-14.000000000000002,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_gross_profit","downside_2026q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_pre_wc","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":-9.000000000000002,"period":"2026Q3","formula":{"op":"sum","refs":["downside_2026q3_operating_income","downside_2026q3_sbc","downside_2026q3_da"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_other_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_wc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":18.85,"period":"2026Q3","formula":{"op":"sum","refs":["bond_cash_interest","downside_2026q3_other_interest","downside_2026q3_tax","downside_2026q3_wc"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-27.85,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_pre_wc","downside_2026q3_cash_claims"]},"source_url":null,"source_date":null},{"id":"downside_2026q3_project_spend","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":66.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q3_cash_after_deployment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-93.85,"period":"2026Q3","formula":{"op":"subtract","refs":["downside_2026q3_cfo","downside_2026q3_project_spend"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_project_reference","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":42.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_acceptance","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_projects","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":42.0,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_project_reference","downside_2026q4_acceptance"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_service_potential","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":32.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_commissioned_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.55,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_services","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":17.6,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_service_potential","downside_2026q4_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":59.6,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_projects","downside_2026q4_services"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_project_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.1,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_project_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":4.2,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_projects","downside_2026q4_project_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_service_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.32,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_service_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":5.632000000000001,"period":"2026Q4","formula":{"op":"multiply","refs":["downside_2026q4_services","downside_2026q4_service_margin"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":9.832,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_project_gross","downside_2026q4_service_gross"]},"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 overhead and execution costs","value":16.8,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.3,"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":"Depreciation and amortization","value":4.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":24.1,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_cash_opex","downside_2026q4_sbc","downside_2026q4_da"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-14.268,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_gross_profit","downside_2026q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_pre_wc","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":-6.968,"period":"2026Q4","formula":{"op":"sum","refs":["downside_2026q4_operating_income","downside_2026q4_sbc","downside_2026q4_da"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_other_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_wc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":19.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":26.35,"period":"2026Q4","formula":{"op":"sum","refs":["bond_cash_interest","downside_2026q4_other_interest","downside_2026q4_tax","downside_2026q4_wc"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-33.318,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_pre_wc","downside_2026q4_cash_claims"]},"source_url":null,"source_date":null},{"id":"downside_2026q4_project_spend","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":110.00000000000001,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2026q4_cash_after_deployment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-143.318,"period":"2026Q4","formula":{"op":"subtract","refs":["downside_2026q4_cfo","downside_2026q4_project_spend"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_project_reference","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":42.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_acceptance","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_projects","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":42.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_project_reference","downside_2027q1_acceptance"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_service_potential","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":60.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_commissioned_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.55,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_services","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":33.0,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_service_potential","downside_2027q1_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":75.0,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_projects","downside_2027q1_services"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_project_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.1,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_project_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":4.2,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_projects","downside_2027q1_project_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_service_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.32,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_service_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":10.56,"period":"2027Q1","formula":{"op":"multiply","refs":["downside_2027q1_services","downside_2027q1_service_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":14.760000000000002,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_project_gross","downside_2027q1_service_gross"]},"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 overhead and execution costs","value":19.040000000000003,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.6,"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":"Depreciation and amortization","value":6.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":28.640000000000004,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_cash_opex","downside_2027q1_sbc","downside_2027q1_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-13.880000000000003,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_gross_profit","downside_2027q1_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_pre_wc","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":-4.280000000000003,"period":"2027Q1","formula":{"op":"sum","refs":["downside_2027q1_operating_income","downside_2027q1_sbc","downside_2027q1_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_other_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_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_wc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":26.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":33.85,"period":"2027Q1","formula":{"op":"sum","refs":["bond_cash_interest","downside_2027q1_other_interest","downside_2027q1_tax","downside_2027q1_wc"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-38.13,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_pre_wc","downside_2027q1_cash_claims"]},"source_url":null,"source_date":null},{"id":"downside_2027q1_project_spend","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":132.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q1_cash_after_deployment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-170.13,"period":"2027Q1","formula":{"op":"subtract","refs":["downside_2027q1_cfo","downside_2027q1_project_spend"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_project_reference","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":45.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_acceptance","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_projects","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":45.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_project_reference","downside_2027q2_acceptance"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_service_potential","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":80.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_commissioned_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.55,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_services","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":44.0,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_service_potential","downside_2027q2_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":89.0,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_projects","downside_2027q2_services"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_project_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.1,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_project_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":4.5,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_projects","downside_2027q2_project_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_service_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.32,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_service_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":14.08,"period":"2027Q2","formula":{"op":"multiply","refs":["downside_2027q2_services","downside_2027q2_service_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":18.58,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_project_gross","downside_2027q2_service_gross"]},"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 overhead and execution costs","value":21.28,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.9,"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":"Depreciation and amortization","value":8.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":33.18,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_cash_opex","downside_2027q2_sbc","downside_2027q2_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-14.600000000000001,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_gross_profit","downside_2027q2_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_pre_wc","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":-2.700000000000001,"period":"2027Q2","formula":{"op":"sum","refs":["downside_2027q2_operating_income","downside_2027q2_sbc","downside_2027q2_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_other_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_wc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":32.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":41.35,"period":"2027Q2","formula":{"op":"sum","refs":["bond_cash_interest","downside_2027q2_other_interest","downside_2027q2_tax","downside_2027q2_wc"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-44.050000000000004,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_pre_wc","downside_2027q2_cash_claims"]},"source_url":null,"source_date":null},{"id":"downside_2027q2_project_spend","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":110.00000000000001,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q2_cash_after_deployment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-154.05,"period":"2027Q2","formula":{"op":"subtract","refs":["downside_2027q2_cfo","downside_2027q2_project_spend"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_project_reference","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":48.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_acceptance","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_projects","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":48.0,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_project_reference","downside_2027q3_acceptance"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_service_potential","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":100.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_commissioned_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.55,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_services","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":55.00000000000001,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_service_potential","downside_2027q3_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":103.0,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_projects","downside_2027q3_services"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_project_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.1,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_project_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":4.800000000000001,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_projects","downside_2027q3_project_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_service_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.32,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_service_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":17.6,"period":"2027Q3","formula":{"op":"multiply","refs":["downside_2027q3_services","downside_2027q3_service_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":22.400000000000002,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_project_gross","downside_2027q3_service_gross"]},"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 overhead and execution costs","value":23.520000000000003,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":4.2,"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":"Depreciation and amortization","value":10.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":37.72,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_cash_opex","downside_2027q3_sbc","downside_2027q3_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-15.319999999999997,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_gross_profit","downside_2027q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_pre_wc","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":-1.1199999999999974,"period":"2027Q3","formula":{"op":"sum","refs":["downside_2027q3_operating_income","downside_2027q3_sbc","downside_2027q3_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_other_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_wc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":39.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":48.85,"period":"2027Q3","formula":{"op":"sum","refs":["bond_cash_interest","downside_2027q3_other_interest","downside_2027q3_tax","downside_2027q3_wc"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-49.97,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_pre_wc","downside_2027q3_cash_claims"]},"source_url":null,"source_date":null},{"id":"downside_2027q3_project_spend","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":93.50000000000001,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q3_cash_after_deployment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-143.47000000000003,"period":"2027Q3","formula":{"op":"subtract","refs":["downside_2027q3_cfo","downside_2027q3_project_spend"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_project_reference","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":50.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_acceptance","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_projects","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":50.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_project_reference","downside_2027q4_acceptance"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_service_potential","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":120.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_commissioned_utilization","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.55,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_services","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":66.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_service_potential","downside_2027q4_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":116.0,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_projects","downside_2027q4_services"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_project_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.1,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_project_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":5.0,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_projects","downside_2027q4_project_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_service_margin","case":"downside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.32,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_service_gross","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":21.12,"period":"2027Q4","formula":{"op":"multiply","refs":["downside_2027q4_services","downside_2027q4_service_margin"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_gross_profit","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":26.12,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_project_gross","downside_2027q4_service_gross"]},"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 overhead and execution costs","value":25.76,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_sbc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":4.5,"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":"Depreciation and amortization","value":12.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_costs","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":42.260000000000005,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_cash_opex","downside_2027q4_sbc","downside_2027q4_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-16.140000000000004,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_gross_profit","downside_2027q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_pre_wc","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":0.3599999999999959,"period":"2027Q4","formula":{"op":"sum","refs":["downside_2027q4_operating_income","downside_2027q4_sbc","downside_2027q4_da"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_other_interest","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_tax","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":6.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_wc","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":45.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_claims","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":56.35,"period":"2027Q4","formula":{"op":"sum","refs":["bond_cash_interest","downside_2027q4_other_interest","downside_2027q4_tax","downside_2027q4_wc"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_cfo","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-55.99000000000001,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_pre_wc","downside_2027q4_cash_claims"]},"source_url":null,"source_date":null},{"id":"downside_2027q4_project_spend","case":"downside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":77.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"downside_2027q4_cash_after_deployment","case":"downside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-132.99,"period":"2027Q4","formula":{"op":"subtract","refs":["downside_2027q4_cfo","downside_2027q4_project_spend"]},"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":"Revenue ($M)","value":181.461225,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","downside_2026q3_revenue","downside_2026q4_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 ($M)","value":19.236278000000002,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_profit","downside_2026q3_gross_profit","downside_2026q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income before future FX/marks ($M)","value":-75.448721,"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 ($M)","value":-65.507769,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","downside_2026q3_cfo","downside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_project_spend","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Equipment and project cash deployment ($M)","value":190.10000000000002,"period":"FY2026","formula":{"op":"sum","refs":["h1_project_spend","downside_2026q3_project_spend","downside_2026q4_project_spend"]},"source_url":null,"source_date":null},{"id":"downside_fy2026_cash_after_deployment","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 project deployment ($M)","value":-255.60776900000002,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_deployment","downside_2026q3_cash_after_deployment","downside_2026q4_cash_after_deployment"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_revenue","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue ($M)","value":383.0,"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_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 ($M)","value":81.86000000000001,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_gross_profit","downside_2027q2_gross_profit","downside_2027q3_gross_profit","downside_2027q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_operating_income","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income before future FX/marks ($M)","value":-59.94,"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 ($M)","value":-188.14000000000001,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cfo","downside_2027q2_cfo","downside_2027q3_cfo","downside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_project_spend","case":"downside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Equipment and project cash deployment ($M)","value":412.5,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_project_spend","downside_2027q2_project_spend","downside_2027q3_project_spend","downside_2027q4_project_spend"]},"source_url":null,"source_date":null},{"id":"downside_fy2027_cash_after_deployment","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 project deployment ($M)","value":-600.6400000000001,"period":"FY2027","formula":{"op":"sum","refs":["downside_2027q1_cash_after_deployment","downside_2027q2_cash_after_deployment","downside_2027q3_cash_after_deployment","downside_2027q4_cash_after_deployment"]},"source_url":null,"source_date":null},{"id":"base_2026q3_project_reference","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":40.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_acceptance","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_projects","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":40.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_project_reference","base_2026q3_acceptance"]},"source_url":null,"source_date":null},{"id":"base_2026q3_service_potential","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":12.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_commissioned_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.75,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_services","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":9.0,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_service_potential","base_2026q3_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"base_2026q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":49.0,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_projects","base_2026q3_services"]},"source_url":null,"source_date":null},{"id":"base_2026q3_project_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.16,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_project_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":6.4,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_projects","base_2026q3_project_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q3_service_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.42,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_service_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":3.78,"period":"2026Q3","formula":{"op":"multiply","refs":["base_2026q3_services","base_2026q3_service_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q3_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":10.18,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_project_gross","base_2026q3_service_gross"]},"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 overhead and execution costs","value":13.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.0,"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":"Depreciation and amortization","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":18.0,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_cash_opex","base_2026q3_sbc","base_2026q3_da"]},"source_url":null,"source_date":null},{"id":"base_2026q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-7.82,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_gross_profit","base_2026q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2026q3_pre_wc","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":-2.8200000000000003,"period":"2026Q3","formula":{"op":"sum","refs":["base_2026q3_operating_income","base_2026q3_sbc","base_2026q3_da"]},"source_url":null,"source_date":null},{"id":"base_2026q3_other_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_wc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":10.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":15.85,"period":"2026Q3","formula":{"op":"sum","refs":["bond_cash_interest","base_2026q3_other_interest","base_2026q3_tax","base_2026q3_wc"]},"source_url":null,"source_date":null},{"id":"base_2026q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-18.67,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_pre_wc","base_2026q3_cash_claims"]},"source_url":null,"source_date":null},{"id":"base_2026q3_project_spend","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":60.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q3_cash_after_deployment","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-78.67,"period":"2026Q3","formula":{"op":"subtract","refs":["base_2026q3_cfo","base_2026q3_project_spend"]},"source_url":null,"source_date":null},{"id":"base_2026q4_project_reference","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":48.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_acceptance","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_projects","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":48.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_project_reference","base_2026q4_acceptance"]},"source_url":null,"source_date":null},{"id":"base_2026q4_service_potential","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":40.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_commissioned_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.75,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_services","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":30.0,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_service_potential","base_2026q4_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"base_2026q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":78.0,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_projects","base_2026q4_services"]},"source_url":null,"source_date":null},{"id":"base_2026q4_project_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.16,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_project_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":7.68,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_projects","base_2026q4_project_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q4_service_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.42,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_service_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":12.6,"period":"2026Q4","formula":{"op":"multiply","refs":["base_2026q4_services","base_2026q4_service_margin"]},"source_url":null,"source_date":null},{"id":"base_2026q4_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":20.28,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_project_gross","base_2026q4_service_gross"]},"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 overhead and execution costs","value":15.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.3,"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":"Depreciation and amortization","value":4.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":22.3,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_cash_opex","base_2026q4_sbc","base_2026q4_da"]},"source_url":null,"source_date":null},{"id":"base_2026q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-2.0199999999999996,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_gross_profit","base_2026q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2026q4_pre_wc","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":5.28,"period":"2026Q4","formula":{"op":"sum","refs":["base_2026q4_operating_income","base_2026q4_sbc","base_2026q4_da"]},"source_url":null,"source_date":null},{"id":"base_2026q4_other_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_wc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":15.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":21.85,"period":"2026Q4","formula":{"op":"sum","refs":["bond_cash_interest","base_2026q4_other_interest","base_2026q4_tax","base_2026q4_wc"]},"source_url":null,"source_date":null},{"id":"base_2026q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-16.57,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_pre_wc","base_2026q4_cash_claims"]},"source_url":null,"source_date":null},{"id":"base_2026q4_project_spend","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":100.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2026q4_cash_after_deployment","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-116.57,"period":"2026Q4","formula":{"op":"subtract","refs":["base_2026q4_cfo","base_2026q4_project_spend"]},"source_url":null,"source_date":null},{"id":"base_2027q1_project_reference","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":50.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_acceptance","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_projects","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":50.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_project_reference","base_2027q1_acceptance"]},"source_url":null,"source_date":null},{"id":"base_2027q1_service_potential","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":60.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_commissioned_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.75,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_services","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":45.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_service_potential","base_2027q1_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"base_2027q1_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":95.0,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_projects","base_2027q1_services"]},"source_url":null,"source_date":null},{"id":"base_2027q1_project_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.16,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_project_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":8.0,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_projects","base_2027q1_project_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q1_service_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.42,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_service_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":18.9,"period":"2027Q1","formula":{"op":"multiply","refs":["base_2027q1_services","base_2027q1_service_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q1_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":26.9,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_project_gross","base_2027q1_service_gross"]},"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 overhead and execution costs","value":17.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.6,"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":"Depreciation and amortization","value":6.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":26.6,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_cash_opex","base_2027q1_sbc","base_2027q1_da"]},"source_url":null,"source_date":null},{"id":"base_2027q1_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":0.29999999999999716,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_gross_profit","base_2027q1_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q1_pre_wc","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":9.899999999999997,"period":"2027Q1","formula":{"op":"sum","refs":["base_2027q1_operating_income","base_2027q1_sbc","base_2027q1_da"]},"source_url":null,"source_date":null},{"id":"base_2027q1_other_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_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_wc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":20.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":27.85,"period":"2027Q1","formula":{"op":"sum","refs":["bond_cash_interest","base_2027q1_other_interest","base_2027q1_tax","base_2027q1_wc"]},"source_url":null,"source_date":null},{"id":"base_2027q1_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-17.950000000000003,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_pre_wc","base_2027q1_cash_claims"]},"source_url":null,"source_date":null},{"id":"base_2027q1_project_spend","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":120.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q1_cash_after_deployment","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-137.95,"period":"2027Q1","formula":{"op":"subtract","refs":["base_2027q1_cfo","base_2027q1_project_spend"]},"source_url":null,"source_date":null},{"id":"base_2027q2_project_reference","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":55.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_acceptance","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_projects","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":55.0,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_project_reference","base_2027q2_acceptance"]},"source_url":null,"source_date":null},{"id":"base_2027q2_service_potential","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":75.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_commissioned_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.75,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_services","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":56.25,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_service_potential","base_2027q2_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"base_2027q2_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":111.25,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_projects","base_2027q2_services"]},"source_url":null,"source_date":null},{"id":"base_2027q2_project_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.16,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_project_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":8.8,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_projects","base_2027q2_project_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q2_service_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.42,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_service_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":23.625,"period":"2027Q2","formula":{"op":"multiply","refs":["base_2027q2_services","base_2027q2_service_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q2_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":32.425,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_project_gross","base_2027q2_service_gross"]},"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 overhead and execution costs","value":19.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.9,"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":"Depreciation and amortization","value":8.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":30.9,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_cash_opex","base_2027q2_sbc","base_2027q2_da"]},"source_url":null,"source_date":null},{"id":"base_2027q2_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":1.5249999999999986,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_gross_profit","base_2027q2_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q2_pre_wc","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":13.424999999999999,"period":"2027Q2","formula":{"op":"sum","refs":["base_2027q2_operating_income","base_2027q2_sbc","base_2027q2_da"]},"source_url":null,"source_date":null},{"id":"base_2027q2_other_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_wc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":25.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":33.85,"period":"2027Q2","formula":{"op":"sum","refs":["bond_cash_interest","base_2027q2_other_interest","base_2027q2_tax","base_2027q2_wc"]},"source_url":null,"source_date":null},{"id":"base_2027q2_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-20.425000000000004,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_pre_wc","base_2027q2_cash_claims"]},"source_url":null,"source_date":null},{"id":"base_2027q2_project_spend","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":100.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q2_cash_after_deployment","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-120.42500000000001,"period":"2027Q2","formula":{"op":"subtract","refs":["base_2027q2_cfo","base_2027q2_project_spend"]},"source_url":null,"source_date":null},{"id":"base_2027q3_project_reference","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":60.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_acceptance","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_projects","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":60.0,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_project_reference","base_2027q3_acceptance"]},"source_url":null,"source_date":null},{"id":"base_2027q3_service_potential","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":90.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_commissioned_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.75,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_services","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":67.5,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_service_potential","base_2027q3_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"base_2027q3_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":127.5,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_projects","base_2027q3_services"]},"source_url":null,"source_date":null},{"id":"base_2027q3_project_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.16,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_project_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":9.6,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_projects","base_2027q3_project_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q3_service_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.42,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_service_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":28.349999999999998,"period":"2027Q3","formula":{"op":"multiply","refs":["base_2027q3_services","base_2027q3_service_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q3_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":37.949999999999996,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_project_gross","base_2027q3_service_gross"]},"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 overhead and execution costs","value":21.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":4.2,"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":"Depreciation and amortization","value":10.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":35.2,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_cash_opex","base_2027q3_sbc","base_2027q3_da"]},"source_url":null,"source_date":null},{"id":"base_2027q3_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":2.749999999999993,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_gross_profit","base_2027q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q3_pre_wc","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":16.949999999999992,"period":"2027Q3","formula":{"op":"sum","refs":["base_2027q3_operating_income","base_2027q3_sbc","base_2027q3_da"]},"source_url":null,"source_date":null},{"id":"base_2027q3_other_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_wc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":30.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":39.85,"period":"2027Q3","formula":{"op":"sum","refs":["bond_cash_interest","base_2027q3_other_interest","base_2027q3_tax","base_2027q3_wc"]},"source_url":null,"source_date":null},{"id":"base_2027q3_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-22.90000000000001,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_pre_wc","base_2027q3_cash_claims"]},"source_url":null,"source_date":null},{"id":"base_2027q3_project_spend","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":85.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q3_cash_after_deployment","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-107.9,"period":"2027Q3","formula":{"op":"subtract","refs":["base_2027q3_cfo","base_2027q3_project_spend"]},"source_url":null,"source_date":null},{"id":"base_2027q4_project_reference","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":65.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_acceptance","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_projects","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":65.0,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_project_reference","base_2027q4_acceptance"]},"source_url":null,"source_date":null},{"id":"base_2027q4_service_potential","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":101.6666667,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_commissioned_utilization","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.75,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_services","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":76.25000002499999,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_service_potential","base_2027q4_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"base_2027q4_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":141.250000025,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_projects","base_2027q4_services"]},"source_url":null,"source_date":null},{"id":"base_2027q4_project_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.16,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_project_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":10.4,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_projects","base_2027q4_project_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q4_service_margin","case":"base","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.42,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_service_gross","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":32.025000010499994,"period":"2027Q4","formula":{"op":"multiply","refs":["base_2027q4_services","base_2027q4_service_margin"]},"source_url":null,"source_date":null},{"id":"base_2027q4_gross_profit","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":42.42500001049999,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_project_gross","base_2027q4_service_gross"]},"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 overhead and execution costs","value":23.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_sbc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":4.5,"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":"Depreciation and amortization","value":12.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_operating_costs","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":39.5,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_cash_opex","base_2027q4_sbc","base_2027q4_da"]},"source_url":null,"source_date":null},{"id":"base_2027q4_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":2.9250000104999927,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_gross_profit","base_2027q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"base_2027q4_pre_wc","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":19.425000010499993,"period":"2027Q4","formula":{"op":"sum","refs":["base_2027q4_operating_income","base_2027q4_sbc","base_2027q4_da"]},"source_url":null,"source_date":null},{"id":"base_2027q4_other_interest","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_tax","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":6.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_wc","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":35.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_claims","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":45.85,"period":"2027Q4","formula":{"op":"sum","refs":["bond_cash_interest","base_2027q4_other_interest","base_2027q4_tax","base_2027q4_wc"]},"source_url":null,"source_date":null},{"id":"base_2027q4_cfo","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-26.42499998950001,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_pre_wc","base_2027q4_cash_claims"]},"source_url":null,"source_date":null},{"id":"base_2027q4_project_spend","case":"base","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":70.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"base_2027q4_cash_after_deployment","case":"base","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-96.42499998950001,"period":"2027Q4","formula":{"op":"subtract","refs":["base_2027q4_cfo","base_2027q4_project_spend"]},"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":"Revenue ($M)","value":205.361225,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","base_2026q3_revenue","base_2026q4_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 ($M)","value":34.304278,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_profit","base_2026q3_gross_profit","base_2026q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"base_fy2026_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income before future FX/marks ($M)","value":-57.020720999999995,"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 ($M)","value":-39.579769,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","base_2026q3_cfo","base_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2026_project_spend","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Equipment and project cash deployment ($M)","value":174.1,"period":"FY2026","formula":{"op":"sum","refs":["h1_project_spend","base_2026q3_project_spend","base_2026q4_project_spend"]},"source_url":null,"source_date":null},{"id":"base_fy2026_cash_after_deployment","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 project deployment ($M)","value":-213.679769,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_deployment","base_2026q3_cash_after_deployment","base_2026q4_cash_after_deployment"]},"source_url":null,"source_date":null},{"id":"base_fy2027_revenue","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue ($M)","value":475.00000002499996,"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_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 ($M)","value":139.7000000105,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_gross_profit","base_2027q2_gross_profit","base_2027q3_gross_profit","base_2027q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"base_fy2027_operating_income","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income before future FX/marks ($M)","value":7.500000010499981,"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 ($M)","value":-87.69999998950003,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cfo","base_2027q2_cfo","base_2027q3_cfo","base_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"base_fy2027_project_spend","case":"base","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Equipment and project cash deployment ($M)","value":375.0,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_project_spend","base_2027q2_project_spend","base_2027q3_project_spend","base_2027q4_project_spend"]},"source_url":null,"source_date":null},{"id":"base_fy2027_cash_after_deployment","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 project deployment ($M)","value":-462.6999999895,"period":"FY2027","formula":{"op":"sum","refs":["base_2027q1_cash_after_deployment","base_2027q2_cash_after_deployment","base_2027q3_cash_after_deployment","base_2027q4_cash_after_deployment"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_project_reference","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":42.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_acceptance","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_projects","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":42.0,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_project_reference","upside_2026q3_acceptance"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_service_potential","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":14.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_commissioned_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.85,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_services","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":11.9,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_service_potential","upside_2026q3_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":53.9,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_projects","upside_2026q3_services"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_project_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.2,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_project_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":8.4,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_projects","upside_2026q3_project_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_service_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.48,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_service_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":5.712,"period":"2026Q3","formula":{"op":"multiply","refs":["upside_2026q3_services","upside_2026q3_service_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":14.112,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_project_gross","upside_2026q3_service_gross"]},"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 overhead and execution costs","value":13.65,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.0,"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":"Depreciation and amortization","value":2.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":18.65,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_cash_opex","upside_2026q3_sbc","upside_2026q3_da"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":-4.5379999999999985,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_gross_profit","upside_2026q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_pre_wc","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":0.4620000000000015,"period":"2026Q3","formula":{"op":"sum","refs":["upside_2026q3_operating_income","upside_2026q3_sbc","upside_2026q3_da"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_other_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":1.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_wc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":8.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":13.85,"period":"2026Q3","formula":{"op":"sum","refs":["bond_cash_interest","upside_2026q3_other_interest","upside_2026q3_tax","upside_2026q3_wc"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-13.387999999999998,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_pre_wc","upside_2026q3_cash_claims"]},"source_url":null,"source_date":null},{"id":"upside_2026q3_project_spend","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":69.0,"period":"2026Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q3_cash_after_deployment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-82.388,"period":"2026Q3","formula":{"op":"subtract","refs":["upside_2026q3_cfo","upside_2026q3_project_spend"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_project_reference","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":50.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_acceptance","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_projects","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":50.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_project_reference","upside_2026q4_acceptance"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_service_potential","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":44.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_commissioned_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.85,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_services","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":37.4,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_service_potential","upside_2026q4_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":87.4,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_projects","upside_2026q4_services"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_project_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.2,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_project_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":10.0,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_projects","upside_2026q4_project_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_service_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.48,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_service_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":17.951999999999998,"period":"2026Q4","formula":{"op":"multiply","refs":["upside_2026q4_services","upside_2026q4_service_margin"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":27.951999999999998,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_project_gross","upside_2026q4_service_gross"]},"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 overhead and execution costs","value":15.75,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.3,"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":"Depreciation and amortization","value":4.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":23.05,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_cash_opex","upside_2026q4_sbc","upside_2026q4_da"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":4.9019999999999975,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_gross_profit","upside_2026q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_pre_wc","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":12.201999999999998,"period":"2026Q4","formula":{"op":"sum","refs":["upside_2026q4_operating_income","upside_2026q4_sbc","upside_2026q4_da"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_other_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":2.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_wc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":12.0,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":18.85,"period":"2026Q4","formula":{"op":"sum","refs":["bond_cash_interest","upside_2026q4_other_interest","upside_2026q4_tax","upside_2026q4_wc"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-6.648000000000003,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_pre_wc","upside_2026q4_cash_claims"]},"source_url":null,"source_date":null},{"id":"upside_2026q4_project_spend","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":114.99999999999999,"period":"2026Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2026q4_cash_after_deployment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-121.648,"period":"2026Q4","formula":{"op":"subtract","refs":["upside_2026q4_cfo","upside_2026q4_project_spend"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_project_reference","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":55.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_acceptance","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_projects","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":55.0,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_project_reference","upside_2027q1_acceptance"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_service_potential","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":70.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_commissioned_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.85,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_services","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":59.5,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_service_potential","upside_2027q1_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":114.5,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_projects","upside_2027q1_services"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_project_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.2,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_project_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":11.0,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_projects","upside_2027q1_project_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_service_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.48,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_service_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":28.56,"period":"2027Q1","formula":{"op":"multiply","refs":["upside_2027q1_services","upside_2027q1_service_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":39.56,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_project_gross","upside_2027q1_service_gross"]},"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 overhead and execution costs","value":17.85,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.6,"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":"Depreciation and amortization","value":6.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":27.450000000000003,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_cash_opex","upside_2027q1_sbc","upside_2027q1_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":12.11,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_gross_profit","upside_2027q1_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_pre_wc","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":21.71,"period":"2027Q1","formula":{"op":"sum","refs":["upside_2027q1_operating_income","upside_2027q1_sbc","upside_2027q1_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_other_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_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_wc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":16.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":23.85,"period":"2027Q1","formula":{"op":"sum","refs":["bond_cash_interest","upside_2027q1_other_interest","upside_2027q1_tax","upside_2027q1_wc"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-2.1400000000000006,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_pre_wc","upside_2027q1_cash_claims"]},"source_url":null,"source_date":null},{"id":"upside_2027q1_project_spend","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":138.0,"period":"2027Q1","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q1_cash_after_deployment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-140.14,"period":"2027Q1","formula":{"op":"subtract","refs":["upside_2027q1_cfo","upside_2027q1_project_spend"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_project_reference","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":60.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_acceptance","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_projects","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":60.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_project_reference","upside_2027q2_acceptance"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_service_potential","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":90.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_commissioned_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.85,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_services","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":76.5,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_service_potential","upside_2027q2_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":136.5,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_projects","upside_2027q2_services"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_project_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.2,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_project_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":12.0,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_projects","upside_2027q2_project_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_service_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.48,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_service_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":36.72,"period":"2027Q2","formula":{"op":"multiply","refs":["upside_2027q2_services","upside_2027q2_service_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":48.72,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_project_gross","upside_2027q2_service_gross"]},"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 overhead and execution costs","value":19.95,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":3.9,"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":"Depreciation and amortization","value":8.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":31.849999999999998,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_cash_opex","upside_2027q2_sbc","upside_2027q2_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":16.87,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_gross_profit","upside_2027q2_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_pre_wc","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":28.77,"period":"2027Q2","formula":{"op":"sum","refs":["upside_2027q2_operating_income","upside_2027q2_sbc","upside_2027q2_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_other_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":4.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_wc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":20.0,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":28.85,"period":"2027Q2","formula":{"op":"sum","refs":["bond_cash_interest","upside_2027q2_other_interest","upside_2027q2_tax","upside_2027q2_wc"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":-0.08000000000000185,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_pre_wc","upside_2027q2_cash_claims"]},"source_url":null,"source_date":null},{"id":"upside_2027q2_project_spend","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":114.99999999999999,"period":"2027Q2","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q2_cash_after_deployment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-115.07999999999998,"period":"2027Q2","formula":{"op":"subtract","refs":["upside_2027q2_cfo","upside_2027q2_project_spend"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_project_reference","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":65.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_acceptance","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_projects","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":65.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_project_reference","upside_2027q3_acceptance"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_service_potential","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":110.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_commissioned_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.85,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_services","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":93.5,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_service_potential","upside_2027q3_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":158.5,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_projects","upside_2027q3_services"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_project_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.2,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_project_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":13.0,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_projects","upside_2027q3_project_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_service_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.48,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_service_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":44.879999999999995,"period":"2027Q3","formula":{"op":"multiply","refs":["upside_2027q3_services","upside_2027q3_service_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":57.879999999999995,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_project_gross","upside_2027q3_service_gross"]},"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 overhead and execution costs","value":22.05,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":4.2,"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":"Depreciation and amortization","value":10.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":36.25,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_cash_opex","upside_2027q3_sbc","upside_2027q3_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":21.629999999999995,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_gross_profit","upside_2027q3_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_pre_wc","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":35.83,"period":"2027Q3","formula":{"op":"sum","refs":["upside_2027q3_operating_income","upside_2027q3_sbc","upside_2027q3_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_other_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":5.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_wc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":24.0,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":33.85,"period":"2027Q3","formula":{"op":"sum","refs":["bond_cash_interest","upside_2027q3_other_interest","upside_2027q3_tax","upside_2027q3_wc"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":1.9799999999999969,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_pre_wc","upside_2027q3_cash_claims"]},"source_url":null,"source_date":null},{"id":"upside_2027q3_project_spend","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":97.74999999999999,"period":"2027Q3","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q3_cash_after_deployment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-95.76999999999998,"period":"2027Q3","formula":{"op":"subtract","refs":["upside_2027q3_cfo","upside_2027q3_project_spend"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_project_reference","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Project work available for acceptance","value":70.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_acceptance","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Accepted proportion","value":1.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_projects","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Accepted project revenue","value":70.0,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_project_reference","upside_2027q4_acceptance"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_service_potential","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Potential quarterly service sales","value":130.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_commissioned_utilization","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Commissioned and utilized share","value":0.85,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_services","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Recognized compute services","value":110.5,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_service_potential","upside_2027q4_commissioned_utilization"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Revenue","value":180.5,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_projects","upside_2027q4_services"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_project_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Project gross margin","value":0.2,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_project_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Project gross profit","value":14.0,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_projects","upside_2027q4_project_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_service_margin","case":"upside","kind":"assumption","unit":"ratio","basis":"Desk assumption; not company guidance.","label":"Compute-service gross margin","value":0.48,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_service_gross","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Compute-service gross profit","value":53.04,"period":"2027Q4","formula":{"op":"multiply","refs":["upside_2027q4_services","upside_2027q4_service_margin"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_gross_profit","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Gross profit","value":67.03999999999999,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_project_gross","upside_2027q4_service_gross"]},"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 overhead and execution costs","value":24.150000000000002,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_sbc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Share-based compensation","value":4.5,"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":"Depreciation and amortization","value":12.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_costs","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash overhead SBC and depreciation","value":40.650000000000006,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_cash_opex","upside_2027q4_sbc","upside_2027q4_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating income before future FX and marks","value":26.389999999999986,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_gross_profit","upside_2027q4_operating_costs"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_pre_wc","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating profit plus noncash costs","value":42.889999999999986,"period":"2027Q4","formula":{"op":"sum","refs":["upside_2027q4_operating_income","upside_2027q4_sbc","upside_2027q4_da"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_other_interest","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Other borrowing interest","value":0.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_tax","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Cash tax","value":6.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_wc","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Receivable/inventory use net of payables","value":28.0,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_claims","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Interest taxes and working-capital use","value":38.85,"period":"2027Q4","formula":{"op":"sum","refs":["bond_cash_interest","upside_2027q4_other_interest","upside_2027q4_tax","upside_2027q4_wc"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_cfo","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Operating cash flow proxy","value":4.039999999999985,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_pre_wc","upside_2027q4_cash_claims"]},"source_url":null,"source_date":null},{"id":"upside_2027q4_project_spend","case":"upside","kind":"assumption","unit":"USD_millions","basis":"Desk assumption; not company guidance.","label":"Equipment and project cash deployment","value":80.5,"period":"2027Q4","formula":null,"source_url":null,"source_date":null},{"id":"upside_2027q4_cash_after_deployment","case":"upside","kind":"derived","unit":"USD_millions","basis":"Calculated from the named operating assumptions.","label":"Cash after project deployment","value":-76.46000000000001,"period":"2027Q4","formula":{"op":"subtract","refs":["upside_2027q4_cfo","upside_2027q4_project_spend"]},"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":"Revenue ($M)","value":219.661225,"period":"FY2026","formula":{"op":"sum","refs":["h1_revenue","upside_2026q3_revenue","upside_2026q4_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 ($M)","value":45.908277999999996,"period":"FY2026","formula":{"op":"sum","refs":["h1_gross_profit","upside_2026q3_gross_profit","upside_2026q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income before future FX/marks ($M)","value":-46.816721,"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 ($M)","value":-24.375769000000002,"period":"FY2026","formula":{"op":"sum","refs":["h1_cfo","upside_2026q3_cfo","upside_2026q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_project_spend","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Equipment and project cash deployment ($M)","value":198.09999999999997,"period":"FY2026","formula":{"op":"sum","refs":["h1_project_spend","upside_2026q3_project_spend","upside_2026q4_project_spend"]},"source_url":null,"source_date":null},{"id":"upside_fy2026_cash_after_deployment","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 project deployment ($M)","value":-222.475769,"period":"FY2026","formula":{"op":"sum","refs":["h1_cash_after_deployment","upside_2026q3_cash_after_deployment","upside_2026q4_cash_after_deployment"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_revenue","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Revenue ($M)","value":590.0,"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_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 ($M)","value":213.2,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_gross_profit","upside_2027q2_gross_profit","upside_2027q3_gross_profit","upside_2027q4_gross_profit"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_operating_income","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Operating income before future FX/marks ($M)","value":76.99999999999999,"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 ($M)","value":3.7999999999999794,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cfo","upside_2027q2_cfo","upside_2027q3_cfo","upside_2027q4_cfo"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_project_spend","case":"upside","kind":"derived","unit":"USD_millions","basis":"Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.","label":"Equipment and project cash deployment ($M)","value":431.25,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_project_spend","upside_2027q2_project_spend","upside_2027q3_project_spend","upside_2027q4_project_spend"]},"source_url":null,"source_date":null},{"id":"upside_fy2027_cash_after_deployment","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 project deployment ($M)","value":-427.44999999999993,"period":"FY2027","formula":{"op":"sum","refs":["upside_2027q1_cash_after_deployment","upside_2027q2_cash_after_deployment","upside_2027q3_cash_after_deployment","upside_2027q4_cash_after_deployment"]},"source_url":null,"source_date":null}],"title":"Accepted projects, commissioned compute and the funding gap","method":"Separate accepted project work from available compute-service revenue. Apply an explicit commissioning/utilization share to potential compute sales; signed GPU programs are not immediate recognized revenue. Carry separate project and service margins, overhead, SBC, cash interest, collections and capital deployment. Base FY2026 clears the $200M company floor; FY2027 $475M matches the midpoint of the August target but remains a deployment scenario.","metrics":{"cfo":"Operating cash flow proxy ($M)","revenue":"Revenue ($M)","gross_profit":"Gross profit proxy ($M)","project_spend":"Equipment and project cash deployment ($M)","operating_income":"Operating income before future FX/marks ($M)","cash_after_deployment":"Cash after project deployment ($M)"},"outputs":[{"case":"downside","period":"2026Q3","values":{"cfo":-27.85,"revenue":43.5,"gross_profit":5.5600000000000005,"project_spend":66.0,"operating_income":-14.000000000000002,"cash_after_deployment":-93.85},"metrics":{"cfo":"downside_2026q3_cfo","revenue":"downside_2026q3_revenue","gross_profit":"downside_2026q3_gross_profit","project_spend":"downside_2026q3_project_spend","operating_income":"downside_2026q3_operating_income","cash_after_deployment":"downside_2026q3_cash_after_deployment"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"downside","period":"2026Q4","values":{"cfo":-33.318,"revenue":59.6,"gross_profit":9.832,"project_spend":110.00000000000001,"operating_income":-14.268,"cash_after_deployment":-143.318},"metrics":{"cfo":"downside_2026q4_cfo","revenue":"downside_2026q4_revenue","gross_profit":"downside_2026q4_gross_profit","project_spend":"downside_2026q4_project_spend","operating_income":"downside_2026q4_operating_income","cash_after_deployment":"downside_2026q4_cash_after_deployment"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"downside","period":"2027Q1","values":{"cfo":-38.13,"revenue":75.0,"gross_profit":14.760000000000002,"project_spend":132.0,"operating_income":-13.880000000000003,"cash_after_deployment":-170.13},"metrics":{"cfo":"downside_2027q1_cfo","revenue":"downside_2027q1_revenue","gross_profit":"downside_2027q1_gross_profit","project_spend":"downside_2027q1_project_spend","operating_income":"downside_2027q1_operating_income","cash_after_deployment":"downside_2027q1_cash_after_deployment"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"downside","period":"2027Q2","values":{"cfo":-44.050000000000004,"revenue":89.0,"gross_profit":18.58,"project_spend":110.00000000000001,"operating_income":-14.600000000000001,"cash_after_deployment":-154.05},"metrics":{"cfo":"downside_2027q2_cfo","revenue":"downside_2027q2_revenue","gross_profit":"downside_2027q2_gross_profit","project_spend":"downside_2027q2_project_spend","operating_income":"downside_2027q2_operating_income","cash_after_deployment":"downside_2027q2_cash_after_deployment"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"downside","period":"FY2026","values":{"cfo":-65.507769,"revenue":181.461225,"gross_profit":19.236278000000002,"project_spend":190.10000000000002,"operating_income":-75.448721,"cash_after_deployment":-255.60776900000002},"metrics":{"cfo":"downside_fy2026_cfo","revenue":"downside_fy2026_revenue","gross_profit":"downside_fy2026_gross_profit","project_spend":"downside_fy2026_project_spend","operating_income":"downside_fy2026_operating_income","cash_after_deployment":"downside_fy2026_cash_after_deployment"},"frequency":"year","period_end":"2026-12-31"},{"case":"downside","period":"FY2027","values":{"cfo":-188.14000000000001,"revenue":383.0,"gross_profit":81.86000000000001,"project_spend":412.5,"operating_income":-59.94,"cash_after_deployment":-600.6400000000001},"metrics":{"cfo":"downside_fy2027_cfo","revenue":"downside_fy2027_revenue","gross_profit":"downside_fy2027_gross_profit","project_spend":"downside_fy2027_project_spend","operating_income":"downside_fy2027_operating_income","cash_after_deployment":"downside_fy2027_cash_after_deployment"},"frequency":"year","period_end":"2027-12-31"},{"case":"base","period":"2026Q3","values":{"cfo":-18.67,"revenue":49.0,"gross_profit":10.18,"project_spend":60.0,"operating_income":-7.82,"cash_after_deployment":-78.67},"metrics":{"cfo":"base_2026q3_cfo","revenue":"base_2026q3_revenue","gross_profit":"base_2026q3_gross_profit","project_spend":"base_2026q3_project_spend","operating_income":"base_2026q3_operating_income","cash_after_deployment":"base_2026q3_cash_after_deployment"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"base","period":"2026Q4","values":{"cfo":-16.57,"revenue":78.0,"gross_profit":20.28,"project_spend":100.0,"operating_income":-2.0199999999999996,"cash_after_deployment":-116.57},"metrics":{"cfo":"base_2026q4_cfo","revenue":"base_2026q4_revenue","gross_profit":"base_2026q4_gross_profit","project_spend":"base_2026q4_project_spend","operating_income":"base_2026q4_operating_income","cash_after_deployment":"base_2026q4_cash_after_deployment"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"base","period":"2027Q1","values":{"cfo":-17.950000000000003,"revenue":95.0,"gross_profit":26.9,"project_spend":120.0,"operating_income":0.29999999999999716,"cash_after_deployment":-137.95},"metrics":{"cfo":"base_2027q1_cfo","revenue":"base_2027q1_revenue","gross_profit":"base_2027q1_gross_profit","project_spend":"base_2027q1_project_spend","operating_income":"base_2027q1_operating_income","cash_after_deployment":"base_2027q1_cash_after_deployment"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"base","period":"2027Q2","values":{"cfo":-20.425000000000004,"revenue":111.25,"gross_profit":32.425,"project_spend":100.0,"operating_income":1.5249999999999986,"cash_after_deployment":-120.42500000000001},"metrics":{"cfo":"base_2027q2_cfo","revenue":"base_2027q2_revenue","gross_profit":"base_2027q2_gross_profit","project_spend":"base_2027q2_project_spend","operating_income":"base_2027q2_operating_income","cash_after_deployment":"base_2027q2_cash_after_deployment"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"base","period":"FY2026","values":{"cfo":-39.579769,"revenue":205.361225,"gross_profit":34.304278,"project_spend":174.1,"operating_income":-57.020720999999995,"cash_after_deployment":-213.679769},"metrics":{"cfo":"base_fy2026_cfo","revenue":"base_fy2026_revenue","gross_profit":"base_fy2026_gross_profit","project_spend":"base_fy2026_project_spend","operating_income":"base_fy2026_operating_income","cash_after_deployment":"base_fy2026_cash_after_deployment"},"frequency":"year","period_end":"2026-12-31"},{"case":"base","period":"FY2027","values":{"cfo":-87.69999998950003,"revenue":475.00000002499996,"gross_profit":139.7000000105,"project_spend":375.0,"operating_income":7.500000010499981,"cash_after_deployment":-462.6999999895},"metrics":{"cfo":"base_fy2027_cfo","revenue":"base_fy2027_revenue","gross_profit":"base_fy2027_gross_profit","project_spend":"base_fy2027_project_spend","operating_income":"base_fy2027_operating_income","cash_after_deployment":"base_fy2027_cash_after_deployment"},"frequency":"year","period_end":"2027-12-31"},{"case":"upside","period":"2026Q3","values":{"cfo":-13.387999999999998,"revenue":53.9,"gross_profit":14.112,"project_spend":69.0,"operating_income":-4.5379999999999985,"cash_after_deployment":-82.388},"metrics":{"cfo":"upside_2026q3_cfo","revenue":"upside_2026q3_revenue","gross_profit":"upside_2026q3_gross_profit","project_spend":"upside_2026q3_project_spend","operating_income":"upside_2026q3_operating_income","cash_after_deployment":"upside_2026q3_cash_after_deployment"},"frequency":"quarter","period_end":"2026-09-30"},{"case":"upside","period":"2026Q4","values":{"cfo":-6.648000000000003,"revenue":87.4,"gross_profit":27.951999999999998,"project_spend":114.99999999999999,"operating_income":4.9019999999999975,"cash_after_deployment":-121.648},"metrics":{"cfo":"upside_2026q4_cfo","revenue":"upside_2026q4_revenue","gross_profit":"upside_2026q4_gross_profit","project_spend":"upside_2026q4_project_spend","operating_income":"upside_2026q4_operating_income","cash_after_deployment":"upside_2026q4_cash_after_deployment"},"frequency":"quarter","period_end":"2026-12-31"},{"case":"upside","period":"2027Q1","values":{"cfo":-2.1400000000000006,"revenue":114.5,"gross_profit":39.56,"project_spend":138.0,"operating_income":12.11,"cash_after_deployment":-140.14},"metrics":{"cfo":"upside_2027q1_cfo","revenue":"upside_2027q1_revenue","gross_profit":"upside_2027q1_gross_profit","project_spend":"upside_2027q1_project_spend","operating_income":"upside_2027q1_operating_income","cash_after_deployment":"upside_2027q1_cash_after_deployment"},"frequency":"quarter","period_end":"2027-03-31"},{"case":"upside","period":"2027Q2","values":{"cfo":-0.08000000000000185,"revenue":136.5,"gross_profit":48.72,"project_spend":114.99999999999999,"operating_income":16.87,"cash_after_deployment":-115.07999999999998},"metrics":{"cfo":"upside_2027q2_cfo","revenue":"upside_2027q2_revenue","gross_profit":"upside_2027q2_gross_profit","project_spend":"upside_2027q2_project_spend","operating_income":"upside_2027q2_operating_income","cash_after_deployment":"upside_2027q2_cash_after_deployment"},"frequency":"quarter","period_end":"2027-06-30"},{"case":"upside","period":"FY2026","values":{"cfo":-24.375769000000002,"revenue":219.661225,"gross_profit":45.908277999999996,"project_spend":198.09999999999997,"operating_income":-46.816721,"cash_after_deployment":-222.475769},"metrics":{"cfo":"upside_fy2026_cfo","revenue":"upside_fy2026_revenue","gross_profit":"upside_fy2026_gross_profit","project_spend":"upside_fy2026_project_spend","operating_income":"upside_fy2026_operating_income","cash_after_deployment":"upside_fy2026_cash_after_deployment"},"frequency":"year","period_end":"2026-12-31"},{"case":"upside","period":"FY2027","values":{"cfo":3.7999999999999794,"revenue":590.0,"gross_profit":213.2,"project_spend":431.25,"operating_income":76.99999999999999,"cash_after_deployment":-427.44999999999993},"metrics":{"cfo":"upside_fy2027_cfo","revenue":"upside_fy2027_revenue","gross_profit":"upside_fy2027_gross_profit","project_spend":"upside_fy2027_project_spend","operating_income":"upside_fy2027_operating_income","cash_after_deployment":"upside_fy2027_cash_after_deployment"},"frequency":"year","period_end":"2027-12-31"}],"highlights":["h1_revenue","h1_gross_profit","h1_operating_income","h1_cfo","h1_project_spend","h1_cash_after_deployment","cash","receivables_contract_assets","derivative_liability","june_bond_principal","july_bond_principal","bond_cash_interest","q3_revenue_guide","fy26_floor","fy27_revenue_target"],"limitations":["The company does not disclose this project/service segment split. It is a transparent desk decomposition, not a reported segment history. Quarter allocations, utilization, margins and cash spending are assumptions.","H1 2026 interim statements are unaudited and unreviewed IFRS. Large FX, SBC and derivative effects limit extrapolation. Forecast operating income excludes future FX and fair-value marks.","September 8 equipment deliveries are confirmed; commissioning, customer workload migration and utilization are not. Additional potential 30,000 GPUs receive no automatic revenue.","Receivables plus contract assets were $145.3M against H1 sales $78.4M. Acceptance can precede billing and cash; payables can temporarily support cash flow.","June and July convertible principal is not the same as carrying debt or net cash received. June cash already includes June financing; no new financing is added to forecast operating cash.","Capital deployment includes equipment, advances and project work in progress. H1 $14.1M is a rounded disclosed deployment measure, not net investing cash flow. The cash-after-deployment proxy excludes debt principal, acquisitions and buybacks.","Eight quarterly income histories are reconstructed from direct Q1/Q3 and half-year/annual statements with paired sources. Older cash-flow and quarter EPS facts remain unknown.","No complete project-finance waterfall, conversion dilution or parent cash balance forecast. Negative cash after deployment indicates funding need."],"reviewed_at":"2026-09-20","schema_version":"operating_model.v1"}}