What changed: r5 to r6

September 21: adds the conditional $5M Magnachip minority investment, distinct from Claros purchase cash. Rebuilt all quarterly/yearly cases with one assumed investment payment and cash after both transactions. Revenue, operating profit, CFO and reported quarterly history are unchanged; no deal benefit is invented.

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
/business/drivers/2	Operating burn, equity financing and conditional acquisition cash	Operating burn, equity funding and conditional acquisition/investment cash
/estimates/rows/2026Q3/as_of	2026-09-19	2026-09-21
/estimates/rows/2026Q4/as_of	2026-09-19	2026-09-21
/estimates/rows/2027Q1/as_of	2026-09-19	2026-09-21
/estimates/rows/2027Q2/as_of	2026-09-19	2026-09-21
/meta/as_of	2026-09-19	2026-09-21
/meta/research_reviewed_at	2026-09-19	2026-09-21
/meta/revision	5	6
/operating_model/cells/base_2026q3_cash_after_investments:base/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/base_2026q3_cash_after_investments:base/case	None	base
/operating_model/cells/base_2026q3_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_2026q3_cash_after_investments:base/formula/refs/0	None	base_2026q3_cash_after_acquisition
/operating_model/cells/base_2026q3_cash_after_investments:base/formula/refs/1	None	base_2026q3_magnachip_cash
/operating_model/cells/base_2026q3_cash_after_investments:base/id	None	base_2026q3_cash_after_investments
/operating_model/cells/base_2026q3_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_2026q3_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_2026q3_cash_after_investments:base/period	None	2026Q3
/operating_model/cells/base_2026q3_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_2026q3_cash_after_investments:base/value	None	-15.490499999999999
/operating_model/cells/base_2026q3_magnachip_cash:base/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/base_2026q3_magnachip_cash:base/case	None	base
/operating_model/cells/base_2026q3_magnachip_cash:base/formula/op	None	multiply
/operating_model/cells/base_2026q3_magnachip_cash:base/formula/refs/0	None	magnachip_commitment
/operating_model/cells/base_2026q3_magnachip_cash:base/formula/refs/1	None	base_2026q3_magnachip_closing_fraction
/operating_model/cells/base_2026q3_magnachip_cash:base/id	None	base_2026q3_magnachip_cash
/operating_model/cells/base_2026q3_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_2026q3_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_2026q3_magnachip_cash:base/period	None	2026Q3
/operating_model/cells/base_2026q3_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_2026q3_magnachip_cash:base/value	None	5.0
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/case	None	base
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/id	None	base_2026q3_magnachip_closing_fraction
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/kind	None	assumption
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/label	None	Magnachip closing fraction
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/period	None	2026Q3
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/unit	None	ratio
/operating_model/cells/base_2026q3_magnachip_closing_fraction:base/value	None	1.0
/operating_model/cells/base_2026q4_cash_after_investments:base/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/base_2026q4_cash_after_investments:base/case	None	base
/operating_model/cells/base_2026q4_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_2026q4_cash_after_investments:base/formula/refs/0	None	base_2026q4_cash_after_acquisition
/operating_model/cells/base_2026q4_cash_after_investments:base/formula/refs/1	None	base_2026q4_magnachip_cash
/operating_model/cells/base_2026q4_cash_after_investments:base/id	None	base_2026q4_cash_after_investments
/operating_model/cells/base_2026q4_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_2026q4_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_2026q4_cash_after_investments:base/period	None	2026Q4
/operating_model/cells/base_2026q4_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_2026q4_cash_after_investments:base/value	None	-138.7537408
/operating_model/cells/base_2026q4_magnachip_cash:base/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/base_2026q4_magnachip_cash:base/case	None	base
/operating_model/cells/base_2026q4_magnachip_cash:base/formula/op	None	multiply
/operating_model/cells/base_2026q4_magnachip_cash:base/formula/refs/0	None	magnachip_commitment
/operating_model/cells/base_2026q4_magnachip_cash:base/formula/refs/1	None	base_2026q4_magnachip_closing_fraction
/operating_model/cells/base_2026q4_magnachip_cash:base/id	None	base_2026q4_magnachip_cash
/operating_model/cells/base_2026q4_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_2026q4_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_2026q4_magnachip_cash:base/period	None	2026Q4
/operating_model/cells/base_2026q4_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_2026q4_magnachip_cash:base/value	None	0.0
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/case	None	base
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/id	None	base_2026q4_magnachip_closing_fraction
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/kind	None	assumption
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/label	None	Magnachip closing fraction
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/period	None	2026Q4
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/unit	None	ratio
/operating_model/cells/base_2026q4_magnachip_closing_fraction:base/value	None	0.0
/operating_model/cells/base_2027q1_cash_after_investments:base/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/base_2027q1_cash_after_investments:base/case	None	base
/operating_model/cells/base_2027q1_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_2027q1_cash_after_investments:base/formula/refs/0	None	base_2027q1_cash_after_acquisition
/operating_model/cells/base_2027q1_cash_after_investments:base/formula/refs/1	None	base_2027q1_magnachip_cash
/operating_model/cells/base_2027q1_cash_after_investments:base/id	None	base_2027q1_cash_after_investments
/operating_model/cells/base_2027q1_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_2027q1_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_2027q1_cash_after_investments:base/period	None	2027Q1
/operating_model/cells/base_2027q1_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_2027q1_cash_after_investments:base/value	None	-11.738776096
/operating_model/cells/base_2027q1_magnachip_cash:base/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/base_2027q1_magnachip_cash:base/case	None	base
/operating_model/cells/base_2027q1_magnachip_cash:base/formula/op	None	multiply
/operating_model/cells/base_2027q1_magnachip_cash:base/formula/refs/0	None	magnachip_commitment
/operating_model/cells/base_2027q1_magnachip_cash:base/formula/refs/1	None	base_2027q1_magnachip_closing_fraction
/operating_model/cells/base_2027q1_magnachip_cash:base/id	None	base_2027q1_magnachip_cash
/operating_model/cells/base_2027q1_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_2027q1_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_2027q1_magnachip_cash:base/period	None	2027Q1
/operating_model/cells/base_2027q1_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_2027q1_magnachip_cash:base/value	None	0.0
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/case	None	base
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/id	None	base_2027q1_magnachip_closing_fraction
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/kind	None	assumption
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/label	None	Magnachip closing fraction
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/period	None	2027Q1
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/unit	None	ratio
/operating_model/cells/base_2027q1_magnachip_closing_fraction:base/value	None	0.0
/operating_model/cells/base_2027q2_cash_after_investments:base/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/base_2027q2_cash_after_investments:base/case	None	base
/operating_model/cells/base_2027q2_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_2027q2_cash_after_investments:base/formula/refs/0	None	base_2027q2_cash_after_acquisition
/operating_model/cells/base_2027q2_cash_after_investments:base/formula/refs/1	None	base_2027q2_magnachip_cash
/operating_model/cells/base_2027q2_cash_after_investments:base/id	None	base_2027q2_cash_after_investments
/operating_model/cells/base_2027q2_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_2027q2_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_2027q2_cash_after_investments:base/period	None	2027Q2
/operating_model/cells/base_2027q2_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_2027q2_cash_after_investments:base/value	None	-10.975802115199997
/operating_model/cells/base_2027q2_magnachip_cash:base/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/base_2027q2_magnachip_cash:base/case	None	base
/operating_model/cells/base_2027q2_magnachip_cash:base/formula/op	None	multiply
/operating_model/cells/base_2027q2_magnachip_cash:base/formula/refs/0	None	magnachip_commitment
/operating_model/cells/base_2027q2_magnachip_cash:base/formula/refs/1	None	base_2027q2_magnachip_closing_fraction
/operating_model/cells/base_2027q2_magnachip_cash:base/id	None	base_2027q2_magnachip_cash
/operating_model/cells/base_2027q2_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_2027q2_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_2027q2_magnachip_cash:base/period	None	2027Q2
/operating_model/cells/base_2027q2_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_2027q2_magnachip_cash:base/value	None	0.0
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/case	None	base
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/id	None	base_2027q2_magnachip_closing_fraction
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/kind	None	assumption
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/label	None	Magnachip closing fraction
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/period	None	2027Q2
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/unit	None	ratio
/operating_model/cells/base_2027q2_magnachip_closing_fraction:base/value	None	0.0
/operating_model/cells/base_2027q3_cash_after_investments:base/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/base_2027q3_cash_after_investments:base/case	None	base
/operating_model/cells/base_2027q3_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_2027q3_cash_after_investments:base/formula/refs/0	None	base_2027q3_cash_after_acquisition
/operating_model/cells/base_2027q3_cash_after_investments:base/formula/refs/1	None	base_2027q3_magnachip_cash
/operating_model/cells/base_2027q3_cash_after_investments:base/id	None	base_2027q3_cash_after_investments
/operating_model/cells/base_2027q3_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_2027q3_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_2027q3_cash_after_investments:base/period	None	2027Q3
/operating_model/cells/base_2027q3_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_2027q3_cash_after_investments:base/value	None	-10.164230639999996
/operating_model/cells/base_2027q3_magnachip_cash:base/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/base_2027q3_magnachip_cash:base/case	None	base
/operating_model/cells/base_2027q3_magnachip_cash:base/formula/op	None	multiply
/operating_model/cells/base_2027q3_magnachip_cash:base/formula/refs/0	None	magnachip_commitment
/operating_model/cells/base_2027q3_magnachip_cash:base/formula/refs/1	None	base_2027q3_magnachip_closing_fraction
/operating_model/cells/base_2027q3_magnachip_cash:base/id	None	base_2027q3_magnachip_cash
/operating_model/cells/base_2027q3_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_2027q3_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_2027q3_magnachip_cash:base/period	None	2027Q3
/operating_model/cells/base_2027q3_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_2027q3_magnachip_cash:base/value	None	0.0
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/case	None	base
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/id	None	base_2027q3_magnachip_closing_fraction
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/kind	None	assumption
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/label	None	Magnachip closing fraction
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/period	None	2027Q3
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/unit	None	ratio
/operating_model/cells/base_2027q3_magnachip_closing_fraction:base/value	None	0.0
/operating_model/cells/base_2027q4_cash_after_investments:base/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/base_2027q4_cash_after_investments:base/case	None	base
/operating_model/cells/base_2027q4_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_2027q4_cash_after_investments:base/formula/refs/0	None	base_2027q4_cash_after_acquisition
/operating_model/cells/base_2027q4_cash_after_investments:base/formula/refs/1	None	base_2027q4_magnachip_cash
/operating_model/cells/base_2027q4_cash_after_investments:base/id	None	base_2027q4_cash_after_investments
/operating_model/cells/base_2027q4_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_2027q4_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_2027q4_cash_after_investments:base/period	None	2027Q4
/operating_model/cells/base_2027q4_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_2027q4_cash_after_investments:base/value	None	-8.304341785599998
/operating_model/cells/base_2027q4_magnachip_cash:base/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/base_2027q4_magnachip_cash:base/case	None	base
/operating_model/cells/base_2027q4_magnachip_cash:base/formula/op	None	multiply
/operating_model/cells/base_2027q4_magnachip_cash:base/formula/refs/0	None	magnachip_commitment
/operating_model/cells/base_2027q4_magnachip_cash:base/formula/refs/1	None	base_2027q4_magnachip_closing_fraction
/operating_model/cells/base_2027q4_magnachip_cash:base/id	None	base_2027q4_magnachip_cash
/operating_model/cells/base_2027q4_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_2027q4_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_2027q4_magnachip_cash:base/period	None	2027Q4
/operating_model/cells/base_2027q4_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_2027q4_magnachip_cash:base/value	None	0.0
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/case	None	base
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/id	None	base_2027q4_magnachip_closing_fraction
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/kind	None	assumption
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/label	None	Magnachip closing fraction
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/period	None	2027Q4
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/unit	None	ratio
/operating_model/cells/base_2027q4_magnachip_closing_fraction:base/value	None	0.0
/operating_model/cells/base_fy2026_cash_after_investments:base/basis	None	Annual existing operating/acquisition flow less modeled minority investment, without counting the purchase as an expense or as revenue.
/operating_model/cells/base_fy2026_cash_after_investments:base/case	None	base
/operating_model/cells/base_fy2026_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_fy2026_cash_after_investments:base/formula/refs/0	None	base_fy2026_cash_after_acquisition
/operating_model/cells/base_fy2026_cash_after_investments:base/formula/refs/1	None	base_fy2026_magnachip_cash
/operating_model/cells/base_fy2026_cash_after_investments:base/id	None	base_fy2026_cash_after_investments
/operating_model/cells/base_fy2026_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_fy2026_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_fy2026_cash_after_investments:base/period	None	FY2026
/operating_model/cells/base_fy2026_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_fy2026_cash_after_investments:base/value	None	-203.2072408
/operating_model/cells/base_fy2026_magnachip_cash:base/basis	None	Sum modeled purchase cash once. This September agreement adds no purchase to historical H1 2026.
/operating_model/cells/base_fy2026_magnachip_cash:base/case	None	base
/operating_model/cells/base_fy2026_magnachip_cash:base/formula/op	None	sum
/operating_model/cells/base_fy2026_magnachip_cash:base/formula/refs/0	None	base_2026q3_magnachip_cash
/operating_model/cells/base_fy2026_magnachip_cash:base/formula/refs/1	None	base_2026q4_magnachip_cash
/operating_model/cells/base_fy2026_magnachip_cash:base/id	None	base_fy2026_magnachip_cash
/operating_model/cells/base_fy2026_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_fy2026_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_fy2026_magnachip_cash:base/period	None	FY2026
/operating_model/cells/base_fy2026_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_fy2026_magnachip_cash:base/value	None	5.0
/operating_model/cells/base_fy2027_cash_after_investments:base/basis	None	Annual existing operating/acquisition flow less modeled minority investment, without counting the purchase as an expense or as revenue.
/operating_model/cells/base_fy2027_cash_after_investments:base/case	None	base
/operating_model/cells/base_fy2027_cash_after_investments:base/formula/op	None	subtract
/operating_model/cells/base_fy2027_cash_after_investments:base/formula/refs/0	None	base_fy2027_cash_after_acquisition
/operating_model/cells/base_fy2027_cash_after_investments:base/formula/refs/1	None	base_fy2027_magnachip_cash
/operating_model/cells/base_fy2027_cash_after_investments:base/id	None	base_fy2027_cash_after_investments
/operating_model/cells/base_fy2027_cash_after_investments:base/kind	None	derived
/operating_model/cells/base_fy2027_cash_after_investments:base/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/base_fy2027_cash_after_investments:base/period	None	FY2027
/operating_model/cells/base_fy2027_cash_after_investments:base/unit	None	USD_millions
/operating_model/cells/base_fy2027_cash_after_investments:base/value	None	-41.18315063679999
/operating_model/cells/base_fy2027_magnachip_cash:base/basis	None	Sum modeled purchase cash once. This September agreement adds no purchase to historical H1 2026.
/operating_model/cells/base_fy2027_magnachip_cash:base/case	None	base
/operating_model/cells/base_fy2027_magnachip_cash:base/formula/op	None	sum
/operating_model/cells/base_fy2027_magnachip_cash:base/formula/refs/0	None	base_2027q1_magnachip_cash
/operating_model/cells/base_fy2027_magnachip_cash:base/formula/refs/1	None	base_2027q2_magnachip_cash
/operating_model/cells/base_fy2027_magnachip_cash:base/formula/refs/2	None	base_2027q3_magnachip_cash
/operating_model/cells/base_fy2027_magnachip_cash:base/formula/refs/3	None	base_2027q4_magnachip_cash
/operating_model/cells/base_fy2027_magnachip_cash:base/id	None	base_fy2027_magnachip_cash
/operating_model/cells/base_fy2027_magnachip_cash:base/kind	None	derived
/operating_model/cells/base_fy2027_magnachip_cash:base/label	None	Conditional Magnachip investment cash
/operating_model/cells/base_fy2027_magnachip_cash:base/period	None	FY2027
/operating_model/cells/base_fy2027_magnachip_cash:base/unit	None	USD_millions
/operating_model/cells/base_fy2027_magnachip_cash:base/value	None	0.0
/operating_model/cells/downside_2026q3_cash_after_investments:downside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/downside_2026q3_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_2026q3_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_2026q3_cash_after_investments:downside/formula/refs/0	None	downside_2026q3_cash_after_acquisition
/operating_model/cells/downside_2026q3_cash_after_investments:downside/formula/refs/1	None	downside_2026q3_magnachip_cash
/operating_model/cells/downside_2026q3_cash_after_investments:downside/id	None	downside_2026q3_cash_after_investments
/operating_model/cells/downside_2026q3_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_2026q3_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_2026q3_cash_after_investments:downside/period	None	2026Q3
/operating_model/cells/downside_2026q3_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_2026q3_cash_after_investments:downside/value	None	-13.1
/operating_model/cells/downside_2026q3_magnachip_cash:downside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/downside_2026q3_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_2026q3_magnachip_cash:downside/formula/op	None	multiply
/operating_model/cells/downside_2026q3_magnachip_cash:downside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/downside_2026q3_magnachip_cash:downside/formula/refs/1	None	downside_2026q3_magnachip_closing_fraction
/operating_model/cells/downside_2026q3_magnachip_cash:downside/id	None	downside_2026q3_magnachip_cash
/operating_model/cells/downside_2026q3_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_2026q3_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_2026q3_magnachip_cash:downside/period	None	2026Q3
/operating_model/cells/downside_2026q3_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_2026q3_magnachip_cash:downside/value	None	0.0
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/case	None	downside
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/id	None	downside_2026q3_magnachip_closing_fraction
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/kind	None	assumption
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/label	None	Magnachip closing fraction
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/period	None	2026Q3
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/unit	None	ratio
/operating_model/cells/downside_2026q3_magnachip_closing_fraction:downside/value	None	0.0
/operating_model/cells/downside_2026q4_cash_after_investments:downside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/downside_2026q4_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_2026q4_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_2026q4_cash_after_investments:downside/formula/refs/0	None	downside_2026q4_cash_after_acquisition
/operating_model/cells/downside_2026q4_cash_after_investments:downside/formula/refs/1	None	downside_2026q4_magnachip_cash
/operating_model/cells/downside_2026q4_cash_after_investments:downside/id	None	downside_2026q4_cash_after_investments
/operating_model/cells/downside_2026q4_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_2026q4_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_2026q4_cash_after_investments:downside/period	None	2026Q4
/operating_model/cells/downside_2026q4_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_2026q4_cash_after_investments:downside/value	None	-18.274649000000004
/operating_model/cells/downside_2026q4_magnachip_cash:downside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/downside_2026q4_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_2026q4_magnachip_cash:downside/formula/op	None	multiply
/operating_model/cells/downside_2026q4_magnachip_cash:downside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/downside_2026q4_magnachip_cash:downside/formula/refs/1	None	downside_2026q4_magnachip_closing_fraction
/operating_model/cells/downside_2026q4_magnachip_cash:downside/id	None	downside_2026q4_magnachip_cash
/operating_model/cells/downside_2026q4_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_2026q4_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_2026q4_magnachip_cash:downside/period	None	2026Q4
/operating_model/cells/downside_2026q4_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_2026q4_magnachip_cash:downside/value	None	5.0
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/case	None	downside
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/id	None	downside_2026q4_magnachip_closing_fraction
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/kind	None	assumption
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/label	None	Magnachip closing fraction
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/period	None	2026Q4
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/unit	None	ratio
/operating_model/cells/downside_2026q4_magnachip_closing_fraction:downside/value	None	1.0
/operating_model/cells/downside_2027q1_cash_after_investments:downside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/downside_2027q1_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_2027q1_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_2027q1_cash_after_investments:downside/formula/refs/0	None	downside_2027q1_cash_after_acquisition
/operating_model/cells/downside_2027q1_cash_after_investments:downside/formula/refs/1	None	downside_2027q1_magnachip_cash
/operating_model/cells/downside_2027q1_cash_after_investments:downside/id	None	downside_2027q1_cash_after_investments
/operating_model/cells/downside_2027q1_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_2027q1_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_2027q1_cash_after_investments:downside/period	None	2027Q1
/operating_model/cells/downside_2027q1_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q1_cash_after_investments:downside/value	None	-141.9764
/operating_model/cells/downside_2027q1_magnachip_cash:downside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/downside_2027q1_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_2027q1_magnachip_cash:downside/formula/op	None	multiply
/operating_model/cells/downside_2027q1_magnachip_cash:downside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/downside_2027q1_magnachip_cash:downside/formula/refs/1	None	downside_2027q1_magnachip_closing_fraction
/operating_model/cells/downside_2027q1_magnachip_cash:downside/id	None	downside_2027q1_magnachip_cash
/operating_model/cells/downside_2027q1_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_2027q1_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_2027q1_magnachip_cash:downside/period	None	2027Q1
/operating_model/cells/downside_2027q1_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q1_magnachip_cash:downside/value	None	0.0
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/case	None	downside
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/id	None	downside_2027q1_magnachip_closing_fraction
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/kind	None	assumption
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/label	None	Magnachip closing fraction
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/period	None	2027Q1
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/unit	None	ratio
/operating_model/cells/downside_2027q1_magnachip_closing_fraction:downside/value	None	0.0
/operating_model/cells/downside_2027q2_cash_after_investments:downside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/downside_2027q2_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_2027q2_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_2027q2_cash_after_investments:downside/formula/refs/0	None	downside_2027q2_cash_after_acquisition
/operating_model/cells/downside_2027q2_cash_after_investments:downside/formula/refs/1	None	downside_2027q2_magnachip_cash
/operating_model/cells/downside_2027q2_cash_after_investments:downside/id	None	downside_2027q2_cash_after_investments
/operating_model/cells/downside_2027q2_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_2027q2_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_2027q2_cash_after_investments:downside/period	None	2027Q2
/operating_model/cells/downside_2027q2_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q2_cash_after_investments:downside/value	None	-17.45944
/operating_model/cells/downside_2027q2_magnachip_cash:downside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/downside_2027q2_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_2027q2_magnachip_cash:downside/formula/op	None	multiply
/operating_model/cells/downside_2027q2_magnachip_cash:downside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/downside_2027q2_magnachip_cash:downside/formula/refs/1	None	downside_2027q2_magnachip_closing_fraction
/operating_model/cells/downside_2027q2_magnachip_cash:downside/id	None	downside_2027q2_magnachip_cash
/operating_model/cells/downside_2027q2_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_2027q2_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_2027q2_magnachip_cash:downside/period	None	2027Q2
/operating_model/cells/downside_2027q2_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q2_magnachip_cash:downside/value	None	0.0
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/case	None	downside
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/id	None	downside_2027q2_magnachip_closing_fraction
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/kind	None	assumption
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/label	None	Magnachip closing fraction
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/period	None	2027Q2
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/unit	None	ratio
/operating_model/cells/downside_2027q2_magnachip_closing_fraction:downside/value	None	0.0
/operating_model/cells/downside_2027q3_cash_after_investments:downside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/downside_2027q3_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_2027q3_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_2027q3_cash_after_investments:downside/formula/refs/0	None	downside_2027q3_cash_after_acquisition
/operating_model/cells/downside_2027q3_cash_after_investments:downside/formula/refs/1	None	downside_2027q3_magnachip_cash
/operating_model/cells/downside_2027q3_cash_after_investments:downside/id	None	downside_2027q3_cash_after_investments
/operating_model/cells/downside_2027q3_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_2027q3_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_2027q3_cash_after_investments:downside/period	None	2027Q3
/operating_model/cells/downside_2027q3_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q3_cash_after_investments:downside/value	None	-17.312239999999992
/operating_model/cells/downside_2027q3_magnachip_cash:downside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/downside_2027q3_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_2027q3_magnachip_cash:downside/formula/op	None	multiply
/operating_model/cells/downside_2027q3_magnachip_cash:downside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/downside_2027q3_magnachip_cash:downside/formula/refs/1	None	downside_2027q3_magnachip_closing_fraction
/operating_model/cells/downside_2027q3_magnachip_cash:downside/id	None	downside_2027q3_magnachip_cash
/operating_model/cells/downside_2027q3_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_2027q3_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_2027q3_magnachip_cash:downside/period	None	2027Q3
/operating_model/cells/downside_2027q3_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q3_magnachip_cash:downside/value	None	0.0
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/case	None	downside
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/id	None	downside_2027q3_magnachip_closing_fraction
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/kind	None	assumption
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/label	None	Magnachip closing fraction
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/period	None	2027Q3
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/unit	None	ratio
/operating_model/cells/downside_2027q3_magnachip_closing_fraction:downside/value	None	0.0
/operating_model/cells/downside_2027q4_cash_after_investments:downside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/downside_2027q4_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_2027q4_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_2027q4_cash_after_investments:downside/formula/refs/0	None	downside_2027q4_cash_after_acquisition
/operating_model/cells/downside_2027q4_cash_after_investments:downside/formula/refs/1	None	downside_2027q4_magnachip_cash
/operating_model/cells/downside_2027q4_cash_after_investments:downside/id	None	downside_2027q4_cash_after_investments
/operating_model/cells/downside_2027q4_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_2027q4_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_2027q4_cash_after_investments:downside/period	None	2027Q4
/operating_model/cells/downside_2027q4_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q4_cash_after_investments:downside/value	None	-16.5372
/operating_model/cells/downside_2027q4_magnachip_cash:downside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/downside_2027q4_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_2027q4_magnachip_cash:downside/formula/op	None	multiply
/operating_model/cells/downside_2027q4_magnachip_cash:downside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/downside_2027q4_magnachip_cash:downside/formula/refs/1	None	downside_2027q4_magnachip_closing_fraction
/operating_model/cells/downside_2027q4_magnachip_cash:downside/id	None	downside_2027q4_magnachip_cash
/operating_model/cells/downside_2027q4_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_2027q4_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_2027q4_magnachip_cash:downside/period	None	2027Q4
/operating_model/cells/downside_2027q4_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_2027q4_magnachip_cash:downside/value	None	0.0
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/case	None	downside
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/id	None	downside_2027q4_magnachip_closing_fraction
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/kind	None	assumption
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/label	None	Magnachip closing fraction
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/period	None	2027Q4
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/unit	None	ratio
/operating_model/cells/downside_2027q4_magnachip_closing_fraction:downside/value	None	0.0
/operating_model/cells/downside_fy2026_cash_after_investments:downside/basis	None	Annual existing operating/acquisition flow less modeled minority investment, without counting the purchase as an expense or as revenue.
/operating_model/cells/downside_fy2026_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_fy2026_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_fy2026_cash_after_investments:downside/formula/refs/0	None	downside_fy2026_cash_after_acquisition
/operating_model/cells/downside_fy2026_cash_after_investments:downside/formula/refs/1	None	downside_fy2026_magnachip_cash
/operating_model/cells/downside_fy2026_cash_after_investments:downside/id	None	downside_fy2026_cash_after_investments
/operating_model/cells/downside_fy2026_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_fy2026_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_fy2026_cash_after_investments:downside/period	None	FY2026
/operating_model/cells/downside_fy2026_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_fy2026_cash_after_investments:downside/value	None	-80.33764900000001
/operating_model/cells/downside_fy2026_magnachip_cash:downside/basis	None	Sum modeled purchase cash once. This September agreement adds no purchase to historical H1 2026.
/operating_model/cells/downside_fy2026_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_fy2026_magnachip_cash:downside/formula/op	None	sum
/operating_model/cells/downside_fy2026_magnachip_cash:downside/formula/refs/0	None	downside_2026q3_magnachip_cash
/operating_model/cells/downside_fy2026_magnachip_cash:downside/formula/refs/1	None	downside_2026q4_magnachip_cash
/operating_model/cells/downside_fy2026_magnachip_cash:downside/id	None	downside_fy2026_magnachip_cash
/operating_model/cells/downside_fy2026_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_fy2026_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_fy2026_magnachip_cash:downside/period	None	FY2026
/operating_model/cells/downside_fy2026_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_fy2026_magnachip_cash:downside/value	None	5.0
/operating_model/cells/downside_fy2027_cash_after_investments:downside/basis	None	Annual existing operating/acquisition flow less modeled minority investment, without counting the purchase as an expense or as revenue.
/operating_model/cells/downside_fy2027_cash_after_investments:downside/case	None	downside
/operating_model/cells/downside_fy2027_cash_after_investments:downside/formula/op	None	subtract
/operating_model/cells/downside_fy2027_cash_after_investments:downside/formula/refs/0	None	downside_fy2027_cash_after_acquisition
/operating_model/cells/downside_fy2027_cash_after_investments:downside/formula/refs/1	None	downside_fy2027_magnachip_cash
/operating_model/cells/downside_fy2027_cash_after_investments:downside/id	None	downside_fy2027_cash_after_investments
/operating_model/cells/downside_fy2027_cash_after_investments:downside/kind	None	derived
/operating_model/cells/downside_fy2027_cash_after_investments:downside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/downside_fy2027_cash_after_investments:downside/period	None	FY2027
/operating_model/cells/downside_fy2027_cash_after_investments:downside/unit	None	USD_millions
/operating_model/cells/downside_fy2027_cash_after_investments:downside/value	None	-193.28528
/operating_model/cells/downside_fy2027_magnachip_cash:downside/basis	None	Sum modeled purchase cash once. This September agreement adds no purchase to historical H1 2026.
/operating_model/cells/downside_fy2027_magnachip_cash:downside/case	None	downside
/operating_model/cells/downside_fy2027_magnachip_cash:downside/formula/op	None	sum
/operating_model/cells/downside_fy2027_magnachip_cash:downside/formula/refs/0	None	downside_2027q1_magnachip_cash
/operating_model/cells/downside_fy2027_magnachip_cash:downside/formula/refs/1	None	downside_2027q2_magnachip_cash
/operating_model/cells/downside_fy2027_magnachip_cash:downside/formula/refs/2	None	downside_2027q3_magnachip_cash
/operating_model/cells/downside_fy2027_magnachip_cash:downside/formula/refs/3	None	downside_2027q4_magnachip_cash
/operating_model/cells/downside_fy2027_magnachip_cash:downside/id	None	downside_fy2027_magnachip_cash
/operating_model/cells/downside_fy2027_magnachip_cash:downside/kind	None	derived
/operating_model/cells/downside_fy2027_magnachip_cash:downside/label	None	Conditional Magnachip investment cash
/operating_model/cells/downside_fy2027_magnachip_cash:downside/period	None	FY2027
/operating_model/cells/downside_fy2027_magnachip_cash:downside/unit	None	USD_millions
/operating_model/cells/downside_fy2027_magnachip_cash:downside/value	None	0.0
/operating_model/cells/h1_cash_after_investments:shared/basis	None	Preserves reported H1 operating/PP&E bridge; neither later conditional transaction changes historical cash.
/operating_model/cells/h1_cash_after_investments:shared/case	None	shared
/operating_model/cells/h1_cash_after_investments:shared/formula/op	None	subtract
/operating_model/cells/h1_cash_after_investments:shared/formula/refs/0	None	h1_cash_after_acquisition
/operating_model/cells/h1_cash_after_investments:shared/formula/refs/1	None	h1_magnachip_cash
/operating_model/cells/h1_cash_after_investments:shared/id	None	h1_cash_after_investments
/operating_model/cells/h1_cash_after_investments:shared/kind	None	derived
/operating_model/cells/h1_cash_after_investments:shared/label	None	H1 cash after PP&E, Claros and Magnachip
/operating_model/cells/h1_cash_after_investments:shared/period	None	H1 2026
/operating_model/cells/h1_cash_after_investments:shared/unit	None	USD_millions
/operating_model/cells/h1_cash_after_investments:shared/value	None	-48.963
/operating_model/cells/h1_magnachip_cash:shared/basis	None	Period alignment: this September agreement produces no H1 cash outflow. This zero is specific to this agreement, not a claim that all historical investment spending was zero.
/operating_model/cells/h1_magnachip_cash:shared/case	None	shared
/operating_model/cells/h1_magnachip_cash:shared/id	None	h1_magnachip_cash
/operating_model/cells/h1_magnachip_cash:shared/kind	None	assumption
/operating_model/cells/h1_magnachip_cash:shared/label	None	H1 cash under September Magnachip agreement
/operating_model/cells/h1_magnachip_cash:shared/period	None	H1 2026
/operating_model/cells/h1_magnachip_cash:shared/unit	None	USD_millions
/operating_model/cells/h1_magnachip_cash:shared/value	None	0.0
/operating_model/cells/magnachip_commitment:shared/basis	None	Agreed minority equity purchase; expected September 24 closing is subject to conditions. It is a Navitas cash outflow for Magnachip shares, not Navitas revenue or new Navitas share issuance.
/operating_model/cells/magnachip_commitment:shared/case	None	shared
/operating_model/cells/magnachip_commitment:shared/id	None	magnachip_commitment
/operating_model/cells/magnachip_commitment:shared/kind	None	management_guidance
/operating_model/cells/magnachip_commitment:shared/label	None	Conditional Magnachip investment
/operating_model/cells/magnachip_commitment:shared/period	None	September 2026 agreement
/operating_model/cells/magnachip_commitment:shared/source_date	None	2026-09-21
/operating_model/cells/magnachip_commitment:shared/source_url	None	https://www.sec.gov/Archives/edgar/data/1821769/000110465926109125/tm2625807d1_8k.htm
/operating_model/cells/magnachip_commitment:shared/unit	None	USD_millions
/operating_model/cells/magnachip_commitment:shared/value	None	5.0
/operating_model/cells/upside_2026q3_cash_after_investments:upside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/upside_2026q3_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_2026q3_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_2026q3_cash_after_investments:upside/formula/refs/0	None	upside_2026q3_cash_after_acquisition
/operating_model/cells/upside_2026q3_cash_after_investments:upside/formula/refs/1	None	upside_2026q3_magnachip_cash
/operating_model/cells/upside_2026q3_cash_after_investments:upside/id	None	upside_2026q3_cash_after_investments
/operating_model/cells/upside_2026q3_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_2026q3_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_2026q3_cash_after_investments:upside/period	None	2026Q3
/operating_model/cells/upside_2026q3_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_2026q3_cash_after_investments:upside/value	None	-15.448500000000001
/operating_model/cells/upside_2026q3_magnachip_cash:upside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/upside_2026q3_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_2026q3_magnachip_cash:upside/formula/op	None	multiply
/operating_model/cells/upside_2026q3_magnachip_cash:upside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/upside_2026q3_magnachip_cash:upside/formula/refs/1	None	upside_2026q3_magnachip_closing_fraction
/operating_model/cells/upside_2026q3_magnachip_cash:upside/id	None	upside_2026q3_magnachip_cash
/operating_model/cells/upside_2026q3_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_2026q3_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_2026q3_magnachip_cash:upside/period	None	2026Q3
/operating_model/cells/upside_2026q3_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_2026q3_magnachip_cash:upside/value	None	5.0
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/case	None	upside
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/id	None	upside_2026q3_magnachip_closing_fraction
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/kind	None	assumption
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/label	None	Magnachip closing fraction
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/period	None	2026Q3
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/unit	None	ratio
/operating_model/cells/upside_2026q3_magnachip_closing_fraction:upside/value	None	1.0
/operating_model/cells/upside_2026q4_cash_after_investments:upside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/upside_2026q4_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_2026q4_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_2026q4_cash_after_investments:upside/formula/refs/0	None	upside_2026q4_cash_after_acquisition
/operating_model/cells/upside_2026q4_cash_after_investments:upside/formula/refs/1	None	upside_2026q4_magnachip_cash
/operating_model/cells/upside_2026q4_cash_after_investments:upside/id	None	upside_2026q4_cash_after_investments
/operating_model/cells/upside_2026q4_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_2026q4_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_2026q4_cash_after_investments:upside/period	None	2026Q4
/operating_model/cells/upside_2026q4_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_2026q4_cash_after_investments:upside/value	None	-138.35757800000002
/operating_model/cells/upside_2026q4_magnachip_cash:upside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/upside_2026q4_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_2026q4_magnachip_cash:upside/formula/op	None	multiply
/operating_model/cells/upside_2026q4_magnachip_cash:upside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/upside_2026q4_magnachip_cash:upside/formula/refs/1	None	upside_2026q4_magnachip_closing_fraction
/operating_model/cells/upside_2026q4_magnachip_cash:upside/id	None	upside_2026q4_magnachip_cash
/operating_model/cells/upside_2026q4_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_2026q4_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_2026q4_magnachip_cash:upside/period	None	2026Q4
/operating_model/cells/upside_2026q4_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_2026q4_magnachip_cash:upside/value	None	0.0
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/case	None	upside
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/id	None	upside_2026q4_magnachip_closing_fraction
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/kind	None	assumption
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/label	None	Magnachip closing fraction
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/period	None	2026Q4
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/unit	None	ratio
/operating_model/cells/upside_2026q4_magnachip_closing_fraction:upside/value	None	0.0
/operating_model/cells/upside_2027q1_cash_after_investments:upside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/upside_2027q1_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_2027q1_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_2027q1_cash_after_investments:upside/formula/refs/0	None	upside_2027q1_cash_after_acquisition
/operating_model/cells/upside_2027q1_cash_after_investments:upside/formula/refs/1	None	upside_2027q1_magnachip_cash
/operating_model/cells/upside_2027q1_cash_after_investments:upside/id	None	upside_2027q1_cash_after_investments
/operating_model/cells/upside_2027q1_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_2027q1_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_2027q1_cash_after_investments:upside/period	None	2027Q1
/operating_model/cells/upside_2027q1_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q1_cash_after_investments:upside/value	None	-8.008559999999996
/operating_model/cells/upside_2027q1_magnachip_cash:upside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/upside_2027q1_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_2027q1_magnachip_cash:upside/formula/op	None	multiply
/operating_model/cells/upside_2027q1_magnachip_cash:upside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/upside_2027q1_magnachip_cash:upside/formula/refs/1	None	upside_2027q1_magnachip_closing_fraction
/operating_model/cells/upside_2027q1_magnachip_cash:upside/id	None	upside_2027q1_magnachip_cash
/operating_model/cells/upside_2027q1_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_2027q1_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_2027q1_magnachip_cash:upside/period	None	2027Q1
/operating_model/cells/upside_2027q1_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q1_magnachip_cash:upside/value	None	0.0
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/case	None	upside
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/id	None	upside_2027q1_magnachip_closing_fraction
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/kind	None	assumption
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/label	None	Magnachip closing fraction
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/period	None	2027Q1
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/unit	None	ratio
/operating_model/cells/upside_2027q1_magnachip_closing_fraction:upside/value	None	0.0
/operating_model/cells/upside_2027q2_cash_after_investments:upside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/upside_2027q2_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_2027q2_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_2027q2_cash_after_investments:upside/formula/refs/0	None	upside_2027q2_cash_after_acquisition
/operating_model/cells/upside_2027q2_cash_after_investments:upside/formula/refs/1	None	upside_2027q2_magnachip_cash
/operating_model/cells/upside_2027q2_cash_after_investments:upside/id	None	upside_2027q2_cash_after_investments
/operating_model/cells/upside_2027q2_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_2027q2_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_2027q2_cash_after_investments:upside/period	None	2027Q2
/operating_model/cells/upside_2027q2_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q2_cash_after_investments:upside/value	None	-6.534591999999996
/operating_model/cells/upside_2027q2_magnachip_cash:upside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/upside_2027q2_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_2027q2_magnachip_cash:upside/formula/op	None	multiply
/operating_model/cells/upside_2027q2_magnachip_cash:upside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/upside_2027q2_magnachip_cash:upside/formula/refs/1	None	upside_2027q2_magnachip_closing_fraction
/operating_model/cells/upside_2027q2_magnachip_cash:upside/id	None	upside_2027q2_magnachip_cash
/operating_model/cells/upside_2027q2_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_2027q2_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_2027q2_magnachip_cash:upside/period	None	2027Q2
/operating_model/cells/upside_2027q2_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q2_magnachip_cash:upside/value	None	0.0
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/case	None	upside
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/id	None	upside_2027q2_magnachip_closing_fraction
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/kind	None	assumption
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/label	None	Magnachip closing fraction
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/period	None	2027Q2
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/unit	None	ratio
/operating_model/cells/upside_2027q2_magnachip_closing_fraction:upside/value	None	0.0
/operating_model/cells/upside_2027q3_cash_after_investments:upside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/upside_2027q3_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_2027q3_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_2027q3_cash_after_investments:upside/formula/refs/0	None	upside_2027q3_cash_after_acquisition
/operating_model/cells/upside_2027q3_cash_after_investments:upside/formula/refs/1	None	upside_2027q3_magnachip_cash
/operating_model/cells/upside_2027q3_cash_after_investments:upside/id	None	upside_2027q3_cash_after_investments
/operating_model/cells/upside_2027q3_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_2027q3_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_2027q3_cash_after_investments:upside/period	None	2027Q3
/operating_model/cells/upside_2027q3_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q3_cash_after_investments:upside/value	None	-4.9920799999999925
/operating_model/cells/upside_2027q3_magnachip_cash:upside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/upside_2027q3_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_2027q3_magnachip_cash:upside/formula/op	None	multiply
/operating_model/cells/upside_2027q3_magnachip_cash:upside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/upside_2027q3_magnachip_cash:upside/formula/refs/1	None	upside_2027q3_magnachip_closing_fraction
/operating_model/cells/upside_2027q3_magnachip_cash:upside/id	None	upside_2027q3_magnachip_cash
/operating_model/cells/upside_2027q3_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_2027q3_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_2027q3_magnachip_cash:upside/period	None	2027Q3
/operating_model/cells/upside_2027q3_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q3_magnachip_cash:upside/value	None	0.0
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/case	None	upside
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/id	None	upside_2027q3_magnachip_closing_fraction
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/kind	None	assumption
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/label	None	Magnachip closing fraction
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/period	None	2027Q3
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/unit	None	ratio
/operating_model/cells/upside_2027q3_magnachip_closing_fraction:upside/value	None	0.0
/operating_model/cells/upside_2027q4_cash_after_investments:upside/basis	None	Separate minority investment from Claros acquisition and PP&E. This flow excludes new financing and other unmodeled cash uses; it is not ending cash.
/operating_model/cells/upside_2027q4_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_2027q4_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_2027q4_cash_after_investments:upside/formula/refs/0	None	upside_2027q4_cash_after_acquisition
/operating_model/cells/upside_2027q4_cash_after_investments:upside/formula/refs/1	None	upside_2027q4_magnachip_cash
/operating_model/cells/upside_2027q4_cash_after_investments:upside/id	None	upside_2027q4_cash_after_investments
/operating_model/cells/upside_2027q4_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_2027q4_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_2027q4_cash_after_investments:upside/period	None	2027Q4
/operating_model/cells/upside_2027q4_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q4_cash_after_investments:upside/value	None	-1.9383359999999974
/operating_model/cells/upside_2027q4_magnachip_cash:upside/basis	None	Investment cash use only when assumed to close; no revenue or operating expense recognized from purchasing the minority stake.
/operating_model/cells/upside_2027q4_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_2027q4_magnachip_cash:upside/formula/op	None	multiply
/operating_model/cells/upside_2027q4_magnachip_cash:upside/formula/refs/0	None	magnachip_commitment
/operating_model/cells/upside_2027q4_magnachip_cash:upside/formula/refs/1	None	upside_2027q4_magnachip_closing_fraction
/operating_model/cells/upside_2027q4_magnachip_cash:upside/id	None	upside_2027q4_magnachip_cash
/operating_model/cells/upside_2027q4_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_2027q4_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_2027q4_magnachip_cash:upside/period	None	2027Q4
/operating_model/cells/upside_2027q4_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_2027q4_magnachip_cash:upside/value	None	0.0
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/basis	None	One modeled closing: base/upside follow expected September 24; downside delays to Q4. Closing remains unconfirmed; zero models no purchase in this quarter.
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/case	None	upside
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/id	None	upside_2027q4_magnachip_closing_fraction
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/kind	None	assumption
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/label	None	Magnachip closing fraction
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/period	None	2027Q4
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/unit	None	ratio
/operating_model/cells/upside_2027q4_magnachip_closing_fraction:upside/value	None	0.0
/operating_model/cells/upside_fy2026_cash_after_investments:upside/basis	None	Annual existing operating/acquisition flow less modeled minority investment, without counting the purchase as an expense or as revenue.
/operating_model/cells/upside_fy2026_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_fy2026_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_fy2026_cash_after_investments:upside/formula/refs/0	None	upside_fy2026_cash_after_acquisition
/operating_model/cells/upside_fy2026_cash_after_investments:upside/formula/refs/1	None	upside_fy2026_magnachip_cash
/operating_model/cells/upside_fy2026_cash_after_investments:upside/id	None	upside_fy2026_cash_after_investments
/operating_model/cells/upside_fy2026_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_fy2026_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_fy2026_cash_after_investments:upside/period	None	FY2026
/operating_model/cells/upside_fy2026_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_fy2026_cash_after_investments:upside/value	None	-202.76907800000004
/operating_model/cells/upside_fy2026_magnachip_cash:upside/basis	None	Sum modeled purchase cash once. This September agreement adds no purchase to historical H1 2026.
/operating_model/cells/upside_fy2026_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_fy2026_magnachip_cash:upside/formula/op	None	sum
/operating_model/cells/upside_fy2026_magnachip_cash:upside/formula/refs/0	None	upside_2026q3_magnachip_cash
/operating_model/cells/upside_fy2026_magnachip_cash:upside/formula/refs/1	None	upside_2026q4_magnachip_cash
/operating_model/cells/upside_fy2026_magnachip_cash:upside/id	None	upside_fy2026_magnachip_cash
/operating_model/cells/upside_fy2026_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_fy2026_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_fy2026_magnachip_cash:upside/period	None	FY2026
/operating_model/cells/upside_fy2026_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_fy2026_magnachip_cash:upside/value	None	5.0
/operating_model/cells/upside_fy2027_cash_after_investments:upside/basis	None	Annual existing operating/acquisition flow less modeled minority investment, without counting the purchase as an expense or as revenue.
/operating_model/cells/upside_fy2027_cash_after_investments:upside/case	None	upside
/operating_model/cells/upside_fy2027_cash_after_investments:upside/formula/op	None	subtract
/operating_model/cells/upside_fy2027_cash_after_investments:upside/formula/refs/0	None	upside_fy2027_cash_after_acquisition
/operating_model/cells/upside_fy2027_cash_after_investments:upside/formula/refs/1	None	upside_fy2027_magnachip_cash
/operating_model/cells/upside_fy2027_cash_after_investments:upside/id	None	upside_fy2027_cash_after_investments
/operating_model/cells/upside_fy2027_cash_after_investments:upside/kind	None	derived
/operating_model/cells/upside_fy2027_cash_after_investments:upside/label	None	Cash after PP&E, Claros and Magnachip
/operating_model/cells/upside_fy2027_cash_after_investments:upside/period	None	FY2027
/operating_model/cells/upside_fy2027_cash_after_investments:upside/unit	None	USD_millions
/operating_model/cells/upside_fy2027_cash_after_investments:upside/value	None	-21.473567999999982
/operating_model/cells/upside_fy2027_magnachip_cash:upside/basis	None	Sum modeled purchase cash once. This September agreement adds no purchase to historical H1 2026.
/operating_model/cells/upside_fy2027_magnachip_cash:upside/case	None	upside
/operating_model/cells/upside_fy2027_magnachip_cash:upside/formula/op	None	sum
/operating_model/cells/upside_fy2027_magnachip_cash:upside/formula/refs/0	None	upside_2027q1_magnachip_cash
/operating_model/cells/upside_fy2027_magnachip_cash:upside/formula/refs/1	None	upside_2027q2_magnachip_cash
/operating_model/cells/upside_fy2027_magnachip_cash:upside/formula/refs/2	None	upside_2027q3_magnachip_cash
/operating_model/cells/upside_fy2027_magnachip_cash:upside/formula/refs/3	None	upside_2027q4_magnachip_cash
/operating_model/cells/upside_fy2027_magnachip_cash:upside/id	None	upside_fy2027_magnachip_cash
/operating_model/cells/upside_fy2027_magnachip_cash:upside/kind	None	derived
/operating_model/cells/upside_fy2027_magnachip_cash:upside/label	None	Conditional Magnachip investment cash
/operating_model/cells/upside_fy2027_magnachip_cash:upside/period	None	FY2027
/operating_model/cells/upside_fy2027_magnachip_cash:upside/unit	None	USD_millions
/operating_model/cells/upside_fy2027_magnachip_cash:upside/value	None	0.0
/operating_model/highlights/10	h1_fcf	h1_equity_proceeds
/operating_model/highlights/11	h1_equity_proceeds	cash
/operating_model/highlights/12	cash	claros_cash
/operating_model/highlights/13	claros_cash	cash_less_claros
/operating_model/highlights/14	cash_less_claros	claros_closing_shares
/operating_model/highlights/15	claros_closing_shares	claros_earnout_max_shares
/operating_model/highlights/16	claros_earnout_max_shares	claros_psu_value
/operating_model/highlights/17	claros_psu_value	magnachip_commitment
/operating_model/highlights/8	legacy_earnout_balance	h1_cfo
/operating_model/highlights/9	h1_cfo	h1_fcf
/operating_model/limitations/0	Claros was proposed as of the September 19 review. The September S-4 registers shares; registration effectiveness is not evidence the acquisition closed. Closing dates in every scenario are assumptions.	Claros was proposed as of the September 21 review. The September S-4 registers shares; registration effectiveness is not evidence the acquisition closed. Closing dates in every scenario are assumptions.
/operating_model/limitations/6	Liquidity references exclude restricted cash. Future equity sales, acquisitions beyond Claros, full debt/lease rollforwards and EPS are omitted; no current revenue stream guarantees long-term profitability.	Liquidity references exclude restricted cash. Future equity sales, acquisitions beyond Claros, investment purchases beyond Magnachip, full debt/lease rollforwards and EPS remain omitted. The after-investment flow is not ending cash.
/operating_model/limitations/7	None	Magnachip is a proposed $5M minority equity investment, expected to close around September 24 subject to conditions. Base/upside pay in Q3 and downside in Q4; no new sales, dividends or fair-value returns are invented. Existing investment-income allowances are desk sensitivities rather than a balance-linked yield forecast. Later accounting, closing confirmation and cash statements may change the bridge.
/operating_model/method	Preserve H1 and anchor Q3 to guidance. Translate the company directional mid-single-digit annual growth comment into an explicitly assumed 5% base case; Q4 is the residual. Separate AI infrastructure, other high-power and declining mobile within each quarter. FY2027 is an adoption sensitivity. Reconcile non-GAAP gross profit/opex to GAAP with ordinary equity pay, acquired amortization and cash special costs. Add conditional Claros development cost, provisional amortization and purchase cash, with no Claros sales before the stated 2028/2029 acceleration horizon.	Preserve H1 and anchor Q3 to guidance. Translate the company directional mid-single-digit annual growth comment into an explicitly assumed 5% base case; Q4 is the residual. Separate AI infrastructure, other high-power and declining mobile within each quarter. FY2027 is an adoption sensitivity. Reconcile non-GAAP gross profit/opex to GAAP with ordinary equity pay, acquired amortization and cash special costs. Add conditional Claros development cost, provisional amortization and purchase cash, with no Claros sales before the stated 2028/2029 acceleration horizon. Separately deduct the conditional $5M Magnachip minority investment once at the assumed closing quarter; keep operating earnings, CFO and Claros consideration distinct.
/operating_model/metrics/cash_after_investments	None	Cash after PP&E, Claros and Magnachip ($M)
/operating_model/metrics/magnachip_cash	None	Conditional Magnachip investment cash ($M)
/operating_model/outputs/2026Q3:base/metrics/cash_after_investments	None	base_2026q3_cash_after_investments
/operating_model/outputs/2026Q3:base/metrics/magnachip_cash	None	base_2026q3_magnachip_cash
/operating_model/outputs/2026Q3:base/values/cash_after_investments	None	-15.490499999999999
/operating_model/outputs/2026Q3:base/values/magnachip_cash	None	5.0
/operating_model/outputs/2026Q3:downside/metrics/cash_after_investments	None	downside_2026q3_cash_after_investments
/operating_model/outputs/2026Q3:downside/metrics/magnachip_cash	None	downside_2026q3_magnachip_cash
/operating_model/outputs/2026Q3:downside/values/cash_after_investments	None	-13.1
/operating_model/outputs/2026Q3:downside/values/magnachip_cash	None	0.0
/operating_model/outputs/2026Q3:upside/metrics/cash_after_investments	None	upside_2026q3_cash_after_investments
/operating_model/outputs/2026Q3:upside/metrics/magnachip_cash	None	upside_2026q3_magnachip_cash
/operating_model/outputs/2026Q3:upside/values/cash_after_investments	None	-15.448500000000001
/operating_model/outputs/2026Q3:upside/values/magnachip_cash	None	5.0
/operating_model/outputs/2026Q4:base/metrics/cash_after_investments	None	base_2026q4_cash_after_investments
/operating_model/outputs/2026Q4:base/metrics/magnachip_cash	None	base_2026q4_magnachip_cash
/operating_model/outputs/2026Q4:base/values/cash_after_investments	None	-138.7537408
/operating_model/outputs/2026Q4:base/values/magnachip_cash	None	0.0
/operating_model/outputs/2026Q4:downside/metrics/cash_after_investments	None	downside_2026q4_cash_after_investments
/operating_model/outputs/2026Q4:downside/metrics/magnachip_cash	None	downside_2026q4_magnachip_cash
/operating_model/outputs/2026Q4:downside/values/cash_after_investments	None	-18.274649000000004
/operating_model/outputs/2026Q4:downside/values/magnachip_cash	None	5.0
/operating_model/outputs/2026Q4:upside/metrics/cash_after_investments	None	upside_2026q4_cash_after_investments
/operating_model/outputs/2026Q4:upside/metrics/magnachip_cash	None	upside_2026q4_magnachip_cash
/operating_model/outputs/2026Q4:upside/values/cash_after_investments	None	-138.35757800000002
/operating_model/outputs/2026Q4:upside/values/magnachip_cash	None	0.0
/operating_model/outputs/2027Q1:base/metrics/cash_after_investments	None	base_2027q1_cash_after_investments
/operating_model/outputs/2027Q1:base/metrics/magnachip_cash	None	base_2027q1_magnachip_cash
/operating_model/outputs/2027Q1:base/values/cash_after_investments	None	-11.738776096
/operating_model/outputs/2027Q1:base/values/magnachip_cash	None	0.0
/operating_model/outputs/2027Q1:downside/metrics/cash_after_investments	None	downside_2027q1_cash_after_investments
/operating_model/outputs/2027Q1:downside/metrics/magnachip_cash	None	downside_2027q1_magnachip_cash
/operating_model/outputs/2027Q1:downside/values/cash_after_investments	None	-141.9764
/operating_model/outputs/2027Q1:downside/values/magnachip_cash	None	0.0
/operating_model/outputs/2027Q1:upside/metrics/cash_after_investments	None	upside_2027q1_cash_after_investments
/operating_model/outputs/2027Q1:upside/metrics/magnachip_cash	None	upside_2027q1_magnachip_cash
/operating_model/outputs/2027Q1:upside/values/cash_after_investments	None	-8.008559999999996
/operating_model/outputs/2027Q1:upside/values/magnachip_cash	None	0.0
/operating_model/outputs/2027Q2:base/metrics/cash_after_investments	None	base_2027q2_cash_after_investments
/operating_model/outputs/2027Q2:base/metrics/magnachip_cash	None	base_2027q2_magnachip_cash
/operating_model/outputs/2027Q2:base/values/cash_after_investments	None	-10.975802115199997
/operating_model/outputs/2027Q2:base/values/magnachip_cash	None	0.0
/operating_model/outputs/2027Q2:downside/metrics/cash_after_investments	None	downside_2027q2_cash_after_investments
/operating_model/outputs/2027Q2:downside/metrics/magnachip_cash	None	downside_2027q2_magnachip_cash
/operating_model/outputs/2027Q2:downside/values/cash_after_investments	None	-17.45944
/operating_model/outputs/2027Q2:downside/values/magnachip_cash	None	0.0
/operating_model/outputs/2027Q2:upside/metrics/cash_after_investments	None	upside_2027q2_cash_after_investments
/operating_model/outputs/2027Q2:upside/metrics/magnachip_cash	None	upside_2027q2_magnachip_cash
/operating_model/outputs/2027Q2:upside/values/cash_after_investments	None	-6.534591999999996
/operating_model/outputs/2027Q2:upside/values/magnachip_cash	None	0.0
/operating_model/outputs/FY2026:base/metrics/cash_after_investments	None	base_fy2026_cash_after_investments
/operating_model/outputs/FY2026:base/metrics/magnachip_cash	None	base_fy2026_magnachip_cash
/operating_model/outputs/FY2026:base/values/cash_after_investments	None	-203.2072408
/operating_model/outputs/FY2026:base/values/magnachip_cash	None	5.0
/operating_model/outputs/FY2026:downside/metrics/cash_after_investments	None	downside_fy2026_cash_after_investments
/operating_model/outputs/FY2026:downside/metrics/magnachip_cash	None	downside_fy2026_magnachip_cash
/operating_model/outputs/FY2026:downside/values/cash_after_investments	None	-80.33764900000001
/operating_model/outputs/FY2026:downside/values/magnachip_cash	None	5.0
/operating_model/outputs/FY2026:upside/metrics/cash_after_investments	None	upside_fy2026_cash_after_investments
/operating_model/outputs/FY2026:upside/metrics/magnachip_cash	None	upside_fy2026_magnachip_cash
/operating_model/outputs/FY2026:upside/values/cash_after_investments	None	-202.76907800000004
/operating_model/outputs/FY2026:upside/values/magnachip_cash	None	5.0
/operating_model/outputs/FY2027:base/metrics/cash_after_investments	None	base_fy2027_cash_after_investments
/operating_model/outputs/FY2027:base/metrics/magnachip_cash	None	base_fy2027_magnachip_cash
/operating_model/outputs/FY2027:base/values/cash_after_investments	None	-41.18315063679999
/operating_model/outputs/FY2027:base/values/magnachip_cash	None	0.0
/operating_model/outputs/FY2027:downside/metrics/cash_after_investments	None	downside_fy2027_cash_after_investments
/operating_model/outputs/FY2027:downside/metrics/magnachip_cash	None	downside_fy2027_magnachip_cash
/operating_model/outputs/FY2027:downside/values/cash_after_investments	None	-193.28528
/operating_model/outputs/FY2027:downside/values/magnachip_cash	None	0.0
/operating_model/outputs/FY2027:upside/metrics/cash_after_investments	None	upside_fy2027_cash_after_investments
/operating_model/outputs/FY2027:upside/metrics/magnachip_cash	None	upside_fy2027_magnachip_cash
/operating_model/outputs/FY2027:upside/values/cash_after_investments	None	-21.473567999999982
/operating_model/outputs/FY2027:upside/values/magnachip_cash	None	0.0
/operating_model/reviewed_at	2026-09-19	2026-09-21
/research/change_note	First completed high-power and conditional acquisition model; supplements missing gross-profit history from company reconciliations.	September 21: adds the conditional $5M Magnachip minority investment, distinct from Claros purchase cash. Rebuilt all quarterly/yearly cases with one assumed investment payment and cash after both transactions. Revenue, operating profit, CFO and reported quarterly history are unchanged; no deal benefit is invented.
/research/checkpoints/3/date_status	None	estimated
/research/checkpoints/3/event	None	Magnachip minority investment closing
/research/checkpoints/3/timing	None	Around September 24, 2026 company expectation
/research/checkpoints/3/watch	None	Verify closing and actual $5M cash use. Track share resale registration within 30 days after closing and the 60/90-day effectiveness effort, with the earlier SEC-clearance provision; these are conditions and efforts, not guaranteed liquidity. Verify qualification, licensing economics and subsequent investment accounting separately.
/research/economics	H1 revenue was $19.127M, non-GAAP operating loss $23.009M and GAAP operating loss $54.957M. The $262.003M net loss includes $210.981M noncash legacy earnout remeasurement, with those legacy triggers settled in June. CFO was negative $48.348M and PP&E $0.615M. June unrestricted cash $557.409M followed $380.731M gross equity sales and $7.566M issuance costs; it is not operating cash generation. Q3 guidance is $13M-$14M sales, 39.7% plus/minus 100 basis points adjusted gross margin and $15.5M-$17.5M adjusted opex. Claros remains proposed: approximately $126.4M cash, 6.912729M closing shares, up to 1.289869M earnout shares and separate employee PSUs. Management describes added revenue acceleration from 2028/2029, outside this forecast.	H1 revenue was $19.127M, non-GAAP operating loss $23.009M and GAAP operating loss $54.957M. The $262.003M net loss includes $210.981M noncash legacy earnout remeasurement, with those legacy triggers settled in June. CFO was negative $48.348M and PP&E $0.615M. June unrestricted cash $557.409M followed $380.731M gross equity sales and $7.566M issuance costs; it is not operating cash generation. Q3 guidance is $13M-$14M sales, 39.7% plus/minus 100 basis points adjusted gross margin and $15.5M-$17.5M adjusted opex. Claros remains proposed: approximately $126.4M cash, 6.912729M closing shares, up to 1.289869M earnout shares and separate employee PSUs. Management describes added revenue acceleration from 2028/2029, outside this forecast. On September 21 Navitas disclosed a conditional $5M purchase of 1,461,988 Magnachip shares at $3.42, expected to close around September 24. This is cash invested by Navitas, not cash raised or Navitas dilution. The agreement is dated September 18; the 8-K narrative refers to entry on September 19. Neither date proves settlement. Magnachip plans technology qualification and internalization; unquantified licensing or product opportunities are not forecast sales.
/research/limitations/0	Claros was proposed as of the September 19 review. The September S-4 registers shares; registration effectiveness is not evidence the acquisition closed. Closing dates in every scenario are assumptions.	Claros was proposed as of the September 21 review. The September S-4 registers shares; registration effectiveness is not evidence the acquisition closed. Closing dates in every scenario are assumptions.
/research/limitations/6	Liquidity references exclude restricted cash. Future equity sales, acquisitions beyond Claros, full debt/lease rollforwards and EPS are omitted; no current revenue stream guarantees long-term profitability.	Liquidity references exclude restricted cash. Future equity sales, acquisitions beyond Claros, investment purchases beyond Magnachip, full debt/lease rollforwards and EPS remain omitted. The after-investment flow is not ending cash.
/research/limitations/7	None	Magnachip is a proposed $5M minority equity investment, expected to close around September 24 subject to conditions. Base/upside pay in Q3 and downside in Q4; no new sales, dividends or fair-value returns are invented. Existing investment-income allowances are desk sensitivities rather than a balance-linked yield forecast. Later accounting, closing confirmation and cash statements may change the bridge.
/research/reviewed_at	2026-09-19	2026-09-21
/research/risks/6	None	The Magnachip minority stake adds execution, resale-liquidity and investment-value risk. Resale registration obligations do not guarantee a liquid exit or a commercial return.
/sources/7/retrieved	None	2026-09-21
/sources/7/title	None	September 21 Navitas 8-K: conditional $5M Magnachip equity purchase and resale rights
/sources/7/url	None	https://www.sec.gov/Archives/edgar/data/1821769/000110465926109125/tm2625807d1_8k.htm
/sources/8/retrieved	None	2026-09-21
/sources/8/title	None	September 18 dated purchase agreement: consideration, conditions and termination
/sources/8/url	None	https://www.sec.gov/Archives/edgar/data/1821769/000110465926109125/tm2625807d1_ex10-1.htm
/sources/9/retrieved	None	2026-09-21
/sources/9/title	None	September 21 Magnachip issuer release: partnership and expected closing
/sources/9/url	None	https://www.sec.gov/Archives/edgar/data/1325702/000119312526396059/mx-ex99_1.htm
/thesis/view	The high-power transition can expand product opportunity, but current sales remain small relative to engineering spending. Available cash reflects substantial equity financing. A proposed technology acquisition can extend the roadmap while consuming cash before its expected commercial contribution; samples and market size are not contracted revenue.	The high-power transition can expand product opportunity, but current sales remain small relative to engineering spending. Available cash reflects substantial equity financing. A proposed technology acquisition can extend the roadmap while consuming cash before its expected commercial contribution; samples and market size are not contracted revenue. The proposed Magnachip stake deepens the silicon-carbide partnership while putting another $5M of cash at risk; a share purchase does not establish product orders or licensing revenue.