What changed: r7 to r8

September 22 update: recorded that the last company disclosure is the July 23 quarter, added the August 18 Form 4 as a primary source, and set out the August dispositions and the price path around them with the sector comparison. No change to the operating model, whose inputs are unchanged since July.

Retrieval clocks and internal hashes are excluded. Changed source or accounting definitions are not automatically an economic restatement. The authored reason describes the destination revision.

Field	Before	After
/meta/research_reviewed_at	2026-09-19	2026-09-22
/meta/revision	7	8
/research/change_note	First completed four-market model with guided GAAP/adjusted bridge, bonus-settlement sensitivity and cash IP investment.	September 22 update: recorded that the last company disclosure is the July 23 quarter, added the August 18 Form 4 as a primary source, and set out the August dispositions and the price path around them with the sector comparison. No change to the operating model, whose inputs are unchanged since July.
/research/checkpoints/3/date_status	None	event_driven
/research/checkpoints/3/event	None	Insider and trust dispositions
/research/checkpoints/3/timing	None	Form 4 and Rule 144 filings
/research/checkpoints/3/watch	None	Read each Form 4 for the reporting person, the ownership form (direct or indirect), whether the filing indicates a Rule 10b5-1 plan, and the holding that remains after the transaction.
/research/countercase	AI infrastructure growth can be concentrated in a few customer programs and demand inventory before cash arrives. Strong non-GAAP profit may depend on compensation exclusions. A larger cash bonus election or adverse litigation outcome could strain liquidity despite improving revenue.	AI infrastructure growth can be concentrated in a few customer programs and demand inventory before cash arrives. Strong non-GAAP profit may depend on compensation exclusions. A larger cash bonus election or adverse litigation outcome could strain liquidity despite improving revenue. Selling by holders associated with an officer is not evidence about the business, and the August 18 decline coincided with a sector-wide fall rather than an isolated move.
/research/economics	H1 revenue was $306.035M, including $147.830M infrastructure. Non-GAAP operating profit $59.364M contrasts with GAAP operating loss $21.394M. The reconciliation includes $47.506M ordinary SBC and $17.948M performance equity expense. The $32.205M of bonus shares issued in H1 settles prior accruals; it is not current expense. H1 CFO negative $4.063M, PP&E $3.722M and intangibles $1.665M imply negative $9.450M after investment, or negative $16.888M after award taxes, before a separate notes investment. June unrestricted cash was $64.814M, restricted cash $28.918M and term principal $125M. Q3 guidance is $210M-$220M sales, 57%-60% GAAP gross margin and $98M-$104M GAAP operating expense. Future quarter and annual figures are desk scenarios.	H1 revenue was $306.035M, including $147.830M infrastructure. Non-GAAP operating profit $59.364M contrasts with GAAP operating loss $21.394M. The reconciliation includes $47.506M ordinary SBC and $17.948M performance equity expense. The $32.205M of bonus shares issued in H1 settles prior accruals; it is not current expense. H1 CFO negative $4.063M, PP&E $3.722M and intangibles $1.665M imply negative $9.450M after investment, or negative $16.888M after award taxes, before a separate notes investment. June unrestricted cash was $64.814M, restricted cash $28.918M and term principal $125M. Q3 guidance is $210M-$220M sales, 57%-60% GAAP gross margin and $98M-$104M GAAP operating expense. Future quarter and annual figures are desk scenarios. Since the July 23 filings the company has disclosed nothing substantive: the eight EDGAR filings from July 24 to September 22 are two Form 4s, two Rule 144 notices and four Schedule 13G filings. The last reported quarter is therefore the June quarter, while the shares closed at $85.98 on September 21 against $16.08 on March 30, a 435% move over 120 sessions on no new company numbers.
/research/limitations/7	None	The August Form 4 reports shares held by two trusts for the benefit of the reporting person's children whose trustee is an independent entity and over which he disclaims beneficial ownership. It is a record of those trusts' dispositions, not of his direct holding, and it carries no information about the business.
/research/question	Can infrastructure adoption produce cash after engineering investment, inventory and compensation?	Can infrastructure adoption produce cash after engineering investment, inventory and compensation, and what supports a price that has moved far from the last reported quarter?
/research/reviewed_at	2026-09-19	2026-09-22
/research/risks/6	None	The price now rests on the June quarter and September guidance; the next company numbers are the first test of it.
/research/title	Optical growth after inventory and stock-settled compensation	Optical growth after inventory and compensation, with no company disclosure since July
/sources/2/retrieved	None	2026-09-22
/sources/2/title	None	August 18 Form 4: 591,454 shares sold on August 14 and 17 by two family trusts, ending at zero
/sources/2/url	None	https://www.sec.gov/Archives/edgar/data/1288469/000147834026000008/wk-form4_1787085273.xml
/thesis/what_changes_it	Compare infrastructure growth with total sales, GAAP operating profit and inventory funding. Improve confidence if the ramp finances IP investment and compensation claims; reduce it if customer concentration, delayed programs or cash settlement strains liquidity.	Compare infrastructure growth with total sales, GAAP operating profit and inventory funding. Improve confidence if the ramp finances IP investment and compensation claims; reduce it if customer concentration, delayed programs or cash settlement strains liquidity. The first new company evidence will be the September quarter; until it lands, the price is being set against June numbers and September guidance.