$AMBA
Business
Ambarella designs low-power processors for cameras, vehicles and other physical AI systems. It earns chip revenue when customers ship products; engineering programs, design wins and a large addressable market create opportunities but do not themselves produce sales. Foundry, packaging, memory constraints and product mix affect margins. Its expanding edge-computing portfolio includes the newly announced X7 accelerator.
Three drivers
- Customer production ramps and shipment seasonality
- Chip mix, supply costs and engineering expense
- Inventory, supplier settlements and cash IP investment
Thesis
Our view
Ambarella can turn edge-AI adoption into operating leverage if higher chip revenue grows faster than engineering expense. The cash test is stricter: H1 consumed cash despite positive adjusted operating income, and financed IP payments sit outside conventional investing capex. X7 and channel partnerships support a longer-term opportunity whose revenue timing remains unproven.
What changes it
Raise confidence when production shipments, gross margin and inventory cash conversion improve together. Reduce it if design wins fail to ship, memory constraints delay customers, or IP and R&D cash outgrow revenue.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q3 2024-10-31 | 2025Q4 2025-01-31 | 2025Q1 2025-04-30 | 2026Q2 2025-07-31 | 2026Q3 2025-10-31 | 2026Q4 2026-01-31 | 2027Q1 2026-04-30 | 2027Q2 2026-07-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 82.71 | 84.0†2 | 85.93 | 95.54 | 108.51 | 100.9†2 | 100.43 | 108.14 |
| Gross profit ($M) | 50.05 | 50.4†6 | 51.57 | 56.28 | 64.65 | 58.9†6 | 58.67 | 62.48 |
| Operating income ($M) | -25.59 | -25.4†10 | -25.911 | -22.012 | -16.29 | -18.4†10 | -19.411 | -8.112 |
| Net income ($M) | -24.113 | -20.2†14 | -24.315 | -20.015 | -15.113 | -16.4†14 | -18.115 | -6.715 |
| EPS, diluted ($) | -0.5816 | — | -0.5817 | -0.4718 | -0.3516 | — | -0.4117 | -0.1518 |
| Diluted shares (M) | 41.519 | — | 42.220 | 42.521 | 42.919 | — | 43.620 | 44.021 |
| Cash ($M) | 127.122 | 144.623 | 141.324 | 142.723 | 174.122 | 191.023 | 114.424 | 101.823 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 6.6†25 | 25.4†26 | 14.827 | 5.5†28 | 34.3†25 | 18.9†26 | -25.627 | -0.3†28 |
| Capex ($M) | 2.5†29 | 4.2†30 | 4.631 | 4.1†32 | 2.9†33 | 3.9†34 | 4.035 | 6.8†36 |
| Free cash flow ($M) | 4.1†37 | 21.2†38 | 10.2†39 | 1.4†40 | 31.4†41 | 15.0†42 | -29.6†43 | -7.1†44 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q3 | 119.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 113.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 123.1 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q2 | 136.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Edge-AI shipments must earn cash after engineering and IP investment
Use the Q3 FY2027 revenue midpoint as a reference, then separate shipment/seasonality and price/mix indices. These are sensitivities, not disclosed units or ASPs. Extend six quarters through FY2028, preserving H1 actuals. Translate non-GAAP gross margin and operating expense into GAAP proxies with separately stated stock compensation and acquisition amortization. Bridge profits to inventory, receivables, supplier payments and cash taxes, then deduct both investing-classified asset purchases and financing-classified IP payments.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| Q3 revenue outlook midpoint | 2027Q3 | 119.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 non-GAAP operating expense midpoint | 2027Q3 | 58.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 non-GAAP gross margin gm_low | 2027Q3 | 59.0% | management guidance. Company guidance. Source · 2026-09-03 |
| Q3 non-GAAP gross margin gm_high | 2027Q3 | 60.0% | management guidance. Company guidance. Source · 2026-09-03 |
| H1 non-GAAP operating income | H1 FY2027 | 10.46 | derived. Remove the one-time $9M reduction of R&D expense from adjusted earnings. |
| H1 termination credit | H1 FY2027 | 9.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-04 |
| project refund | July 2026 | 4.50 | reported. July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Source · 2026-09-04 |
| H1 cfo | H1 FY2027 | -25.89 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-04 |
| H1 capex | H1 FY2027 | 10.78 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-04 |
| H1 ip financing | H1 FY2027 | 5.82 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-04 |
| H1 cash after all asset payments | H1 FY2027 | -42.49 | derived. Also deduct financing-classified intangible payments; not employee withholding. |
| H1 inventory use | H1 FY2027 | 24.56 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-04 |
| H1 payables use | H1 FY2027 | 26.40 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-04 |
| inventory | July 2026 | 76.92 | reported. July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Source · 2026-09-04 |
| Cash and marketable securities | July 2026 | 272.33 | derived. Excludes restricted cash. |
| buyback authorized | July 2026 | 50.00 | reported. July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Source · 2026-09-04 |
Downside scenario
| Period | Operating cash flow ($M) | CFO less investing asset purchases ($M) | Tangible and intangible investing cash ($M) | Revenue ($M) | Non-GAAP operating income ($M) | GAAP gross profit proxy ($M) | Financed IP cash payments ($M) | Cash after all modeled asset payments ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | -5.43 | -12.43 | 7.00 | 108.91 | 2.08 | 60.43 | 3.20 | -15.63 | -22.13 |
| 2027Q4 | -5.91 | -13.21 | 7.30 | 100.71 | -4.09 | 55.76 | 3.20 | -16.41 | -28.65 |
| 2028Q1 | -8.11 | -15.71 | 7.60 | 95.81 | -8.20 | 53.15 | 3.20 | -18.91 | -33.10 |
| 2028Q2 | -8.18 | -16.08 | 7.90 | 105.12 | -4.16 | 58.69 | 3.20 | -19.28 | -29.41 |
| FY2027 | -37.22 | -62.30 | 25.08 | 418.11 | 8.45 | 237.19 | 12.22 | -74.53 | -78.34 |
| FY2028 | -23.85 | -56.05 | 32.20 | 433.62 | -11.60 | 242.80 | 12.80 | -68.85 | -113.28 |
Base scenario
| Period | Operating cash flow ($M) | CFO less investing asset purchases ($M) | Tangible and intangible investing cash ($M) | Revenue ($M) | Non-GAAP operating income ($M) | GAAP gross profit proxy ($M) | Financed IP cash payments ($M) | Cash after all modeled asset payments ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 13.59 | 7.09 | 6.50 | 119.50 | 13.10 | 69.45 | 3.00 | 4.09 | -11.11 |
| 2027Q4 | 13.28 | 6.48 | 6.80 | 113.52 | 8.10 | 65.90 | 3.00 | 3.48 | -16.46 |
| 2028Q1 | 14.68 | 7.58 | 7.10 | 123.11 | 12.60 | 71.85 | 3.00 | 4.58 | -12.31 |
| 2028Q2 | 19.41 | 12.01 | 7.40 | 136.52 | 19.42 | 80.12 | 3.00 | 9.01 | -5.82 |
| FY2027 | 0.99 | -23.09 | 24.08 | 441.51 | 31.66 | 256.35 | 11.82 | -34.92 | -55.13 |
| FY2028 | 86.37 | 56.17 | 30.20 | 561.39 | 84.63 | 330.33 | 12.00 | 44.17 | -17.06 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less investing asset purchases ($M) | Tangible and intangible investing cash ($M) | Revenue ($M) | Non-GAAP operating income ($M) | GAAP gross profit proxy ($M) | Financed IP cash payments ($M) | Cash after all modeled asset payments ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 22.95 | 15.95 | 7.00 | 126.77 | 19.46 | 76.31 | 3.00 | 12.95 | -5.75 |
| 2027Q4 | 26.19 | 18.89 | 7.30 | 126.77 | 18.00 | 76.31 | 3.00 | 15.89 | -7.57 |
| 2028Q1 | 30.01 | 22.41 | 7.60 | 141.58 | 25.93 | 85.70 | 3.00 | 19.41 | -0.01 |
| 2028Q2 | 38.15 | 30.25 | 7.90 | 161.63 | 37.16 | 98.40 | 3.00 | 27.25 | 10.87 |
| FY2027 | 23.25 | -1.83 | 25.08 | 462.01 | 47.92 | 273.63 | 11.82 | -13.66 | -40.89 |
| FY2028 | 168.57 | 136.37 | 32.20 | 672.82 | 162.82 | 410.70 | 12.00 | 124.37 | 56.93 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 FY2027 / shared | 208.48 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 gross profit h1_gross_profit | H1 FY2027 / shared | 121.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 operating income h1_operating_income | H1 FY2027 / shared | -27.56 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 cfo h1_cfo | H1 FY2027 / shared | -25.89 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 capex h1_capex | H1 FY2027 / shared | 10.78 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 ip financing h1_ip_financing | H1 FY2027 / shared | 5.82 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 sbc h1_sbc | H1 FY2027 / shared | 44.59 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 amort h1_amort | H1 FY2027 / shared | 2.43 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-03 |
| H1 termination credit h1_termination_credit | H1 FY2027 / shared | 9.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 da h1_da | H1 FY2027 / shared | 12.84 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 inventory use h1_inventory_use | H1 FY2027 / shared | 24.56 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 payables use h1_payables_use | H1 FY2027 / shared | 26.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-04 |
| H1 operating income before excluded credit adjustment h1_pre_credit_op | H1 FY2027 / shared | 19.46 USD_millions | derived: GAAP operating income plus excluded ordinary expenses. Formula: sum(h1_operating_income, h1_sbc, h1_amort). |
| H1 non-GAAP operating income h1_non_gaap_op | H1 FY2027 / shared | 10.46 USD_millions | derived: Remove the one-time $9M reduction of R&D expense from adjusted earnings. Formula: subtract(h1_pre_credit_op, h1_termination_credit). |
| H1 cash after investing asset purchases h1_fcf | H1 FY2027 / shared | -36.66 USD_millions | derived: Includes investing-classified tangible and intangible assets. Formula: subtract(h1_cfo, h1_capex). |
| H1 cash after all asset payments h1_cash_after_ip | H1 FY2027 / shared | -42.49 USD_millions | derived: Also deduct financing-classified intangible payments; not employee withholding. Formula: subtract(h1_fcf, h1_ip_financing). |
| cash cash | July 2026 / shared | 101.85 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| marketable marketable | July 2026 / shared | 170.48 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| restricted restricted | July 2026 / shared | 0.44 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| inventory inventory | July 2026 / shared | 76.92 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| receivables receivables | July 2026 / shared | 37.44 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| payables payables | July 2026 / shared | 26.48 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| buyback authorized buyback_authorized | July 2026 / shared | 50.00 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| project refund project_refund | July 2026 / shared | 4.50 USD_millions | reported: July 31 balance, except new buyback authorization from July 1 through June 30, 2027 and May customer-project refund. Authorization is not spending. Primary source · 2026-09-04 |
| Cash and marketable securities liquidity | July 2026 / shared | 272.33 USD_millions | derived: Excludes restricted cash. Formula: sum(cash, marketable). |
| Q3 revenue outlook low q3_revenue_guide_low | 2027Q3 / shared | 115.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-03 |
| Q3 revenue outlook high q3_revenue_guide_high | 2027Q3 / shared | 124.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-03 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q3 revenue outlook endpoint sum q3_revenue_guide_sum | 2027Q3 / shared | 239.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high). |
| Q3 revenue outlook midpoint q3_revenue_guide | 2027Q3 / shared | 119.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two). |
| Q3 non-GAAP operating expense low q3_opex_guide_low | 2027Q3 / shared | 56.50 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-03 |
| Q3 non-GAAP operating expense high q3_opex_guide_high | 2027Q3 / shared | 59.50 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-03 |
| Q3 non-GAAP operating expense endpoint sum q3_opex_guide_sum | 2027Q3 / shared | 116.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_opex_guide_low, q3_opex_guide_high). |
| Q3 non-GAAP operating expense midpoint q3_opex_guide | 2027Q3 / shared | 58.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_opex_guide_sum, two). |
| Q3 non-GAAP gross margin gm_low gm_low | 2027Q3 / shared | 59.0% ratio | management guidance: Company guidance. Primary source · 2026-09-03 |
| Q3 non-GAAP gross margin gm_high gm_high | 2027Q3 / shared | 60.0% ratio | management guidance: Company guidance. Primary source · 2026-09-03 |
| Shipment and seasonal index downside_2027q3_volume_index | 2027Q3 / downside | 93.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price downside_2027q3_shipment_revenue | 2027Q3 / downside | 111.14 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, downside_2027q3_volume_index). |
| Price and product-mix index downside_2027q3_price_mix | 2027Q3 / downside | 98.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 108.91 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(downside_2027q3_shipment_revenue, downside_2027q3_price_mix). |
| Non-GAAP gross margin downside_2027q3_non_gaap_gm | 2027Q3 / downside | 57.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2027q3_non_gaap_gp | 2027Q3 / downside | 62.08 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(downside_2027q3_revenue, downside_2027q3_non_gaap_gm). |
| Non-GAAP operating expense downside_2027q3_non_gaap_opex | 2027Q3 / downside | 60.00 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income downside_2027q3_non_gaap_op | 2027Q3 / downside | 2.08 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(downside_2027q3_non_gaap_gp, downside_2027q3_non_gaap_opex). |
| Stock compensation downside_2027q3_sbc | 2027Q3 / downside | 23.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization downside_2027q3_acquired_amort | 2027Q3 / downside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization downside_2027q3_cogs_adjustment | 2027Q3 / downside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy downside_2027q3_gross_profit | 2027Q3 / downside | 60.43 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(downside_2027q3_non_gaap_gp, downside_2027q3_cogs_adjustment). |
| Total excluded operating costs downside_2027q3_op_adjustments | 2027Q3 / downside | 24.21 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(downside_2027q3_sbc, downside_2027q3_acquired_amort). |
| GAAP operating income proxy downside_2027q3_operating_income | 2027Q3 / downside | -22.13 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(downside_2027q3_non_gaap_op, downside_2027q3_op_adjustments). |
| Total depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash downside_2027q3_interest_cash | 2027Q3 / downside | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital downside_2027q3_cash_before_wc | 2027Q3 / downside | 9.27 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_interest_cash). |
| Net working capital cash use downside_2027q3_working_capital_use | 2027Q3 / downside | 14.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes downside_2027q3_cash_tax | 2027Q3 / downside | 0.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes downside_2027q3_cash_uses | 2027Q3 / downside | 14.70 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(downside_2027q3_working_capital_use, downside_2027q3_cash_tax). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | -5.43 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(downside_2027q3_cash_before_wc, downside_2027q3_cash_uses). |
| Tangible and intangible investing cash downside_2027q3_capex | 2027Q3 / downside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases downside_2027q3_fcf | 2027Q3 / downside | -12.43 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Financed intangible cash payments downside_2027q3_ip_financing | 2027Q3 / downside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments downside_2027q3_cash_after_ip | 2027Q3 / downside | -15.63 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(downside_2027q3_fcf, downside_2027q3_ip_financing). |
| Shipment and seasonal index downside_2027q4_volume_index | 2027Q4 / downside | 86.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price downside_2027q4_shipment_revenue | 2027Q4 / downside | 102.77 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, downside_2027q4_volume_index). |
| Price and product-mix index downside_2027q4_price_mix | 2027Q4 / downside | 98.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 100.71 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(downside_2027q4_shipment_revenue, downside_2027q4_price_mix). |
| Non-GAAP gross margin downside_2027q4_non_gaap_gm | 2027Q4 / downside | 57.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2027q4_non_gaap_gp | 2027Q4 / downside | 57.41 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(downside_2027q4_revenue, downside_2027q4_non_gaap_gm). |
| Non-GAAP operating expense downside_2027q4_non_gaap_opex | 2027Q4 / downside | 61.50 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income downside_2027q4_non_gaap_op | 2027Q4 / downside | -4.09 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(downside_2027q4_non_gaap_gp, downside_2027q4_non_gaap_opex). |
| Stock compensation downside_2027q4_sbc | 2027Q4 / downside | 23.34 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization downside_2027q4_acquired_amort | 2027Q4 / downside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization downside_2027q4_cogs_adjustment | 2027Q4 / downside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy downside_2027q4_gross_profit | 2027Q4 / downside | 55.76 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(downside_2027q4_non_gaap_gp, downside_2027q4_cogs_adjustment). |
| Total excluded operating costs downside_2027q4_op_adjustments | 2027Q4 / downside | 24.56 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(downside_2027q4_sbc, downside_2027q4_acquired_amort). |
| GAAP operating income proxy downside_2027q4_operating_income | 2027Q4 / downside | -28.65 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(downside_2027q4_non_gaap_op, downside_2027q4_op_adjustments). |
| Total depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash downside_2027q4_interest_cash | 2027Q4 / downside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital downside_2027q4_cash_before_wc | 2027Q4 / downside | 2.89 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_interest_cash). |
| Net working capital cash use downside_2027q4_working_capital_use | 2027Q4 / downside | 8.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes downside_2027q4_cash_tax | 2027Q4 / downside | 0.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes downside_2027q4_cash_uses | 2027Q4 / downside | 8.80 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(downside_2027q4_working_capital_use, downside_2027q4_cash_tax). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | -5.91 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(downside_2027q4_cash_before_wc, downside_2027q4_cash_uses). |
| Tangible and intangible investing cash downside_2027q4_capex | 2027Q4 / downside | 7.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases downside_2027q4_fcf | 2027Q4 / downside | -13.21 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Financed intangible cash payments downside_2027q4_ip_financing | 2027Q4 / downside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments downside_2027q4_cash_after_ip | 2027Q4 / downside | -16.41 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(downside_2027q4_fcf, downside_2027q4_ip_financing). |
| Shipment and seasonal index downside_2028q1_volume_index | 2028Q1 / downside | 81.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price downside_2028q1_shipment_revenue | 2028Q1 / downside | 96.80 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, downside_2028q1_volume_index). |
| Price and product-mix index downside_2028q1_price_mix | 2028Q1 / downside | 99.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue downside_2028q1_revenue | 2028Q1 / downside | 95.81 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(downside_2028q1_shipment_revenue, downside_2028q1_price_mix). |
| Non-GAAP gross margin downside_2028q1_non_gaap_gm | 2028Q1 / downside | 57.2% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q1_non_gaap_gp | 2028Q1 / downside | 54.80 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(downside_2028q1_revenue, downside_2028q1_non_gaap_gm). |
| Non-GAAP operating expense downside_2028q1_non_gaap_opex | 2028Q1 / downside | 63.00 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income downside_2028q1_non_gaap_op | 2028Q1 / downside | -8.20 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(downside_2028q1_non_gaap_gp, downside_2028q1_non_gaap_opex). |
| Stock compensation downside_2028q1_sbc | 2028Q1 / downside | 23.69 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization downside_2028q1_acquired_amort | 2028Q1 / downside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization downside_2028q1_cogs_adjustment | 2028Q1 / downside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy downside_2028q1_gross_profit | 2028Q1 / downside | 53.15 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(downside_2028q1_non_gaap_gp, downside_2028q1_cogs_adjustment). |
| Total excluded operating costs downside_2028q1_op_adjustments | 2028Q1 / downside | 24.90 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(downside_2028q1_sbc, downside_2028q1_acquired_amort). |
| GAAP operating income proxy downside_2028q1_operating_income | 2028Q1 / downside | -33.10 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(downside_2028q1_non_gaap_op, downside_2028q1_op_adjustments). |
| Total depreciation and amortization downside_2028q1_da | 2028Q1 / downside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash downside_2028q1_interest_cash | 2028Q1 / downside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital downside_2028q1_cash_before_wc | 2028Q1 / downside | -1.21 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(downside_2028q1_operating_income, downside_2028q1_sbc, downside_2028q1_da, downside_2028q1_interest_cash). |
| Net working capital cash use downside_2028q1_working_capital_use | 2028Q1 / downside | 6.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes downside_2028q1_cash_tax | 2028Q1 / downside | 0.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes downside_2028q1_cash_uses | 2028Q1 / downside | 6.90 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(downside_2028q1_working_capital_use, downside_2028q1_cash_tax). |
| Operating cash flow downside_2028q1_cfo | 2028Q1 / downside | -8.11 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(downside_2028q1_cash_before_wc, downside_2028q1_cash_uses). |
| Tangible and intangible investing cash downside_2028q1_capex | 2028Q1 / downside | 7.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases downside_2028q1_fcf | 2028Q1 / downside | -15.71 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex). |
| Financed intangible cash payments downside_2028q1_ip_financing | 2028Q1 / downside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments downside_2028q1_cash_after_ip | 2028Q1 / downside | -18.91 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(downside_2028q1_fcf, downside_2028q1_ip_financing). |
| Shipment and seasonal index downside_2028q2_volume_index | 2028Q2 / downside | 88.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price downside_2028q2_shipment_revenue | 2028Q2 / downside | 105.16 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, downside_2028q2_volume_index). |
| Price and product-mix index downside_2028q2_price_mix | 2028Q2 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue downside_2028q2_revenue | 2028Q2 / downside | 105.12 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(downside_2028q2_shipment_revenue, downside_2028q2_price_mix). |
| Non-GAAP gross margin downside_2028q2_non_gaap_gm | 2028Q2 / downside | 57.4% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q2_non_gaap_gp | 2028Q2 / downside | 60.34 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(downside_2028q2_revenue, downside_2028q2_non_gaap_gm). |
| Non-GAAP operating expense downside_2028q2_non_gaap_opex | 2028Q2 / downside | 64.50 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income downside_2028q2_non_gaap_op | 2028Q2 / downside | -4.16 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(downside_2028q2_non_gaap_gp, downside_2028q2_non_gaap_opex). |
| Stock compensation downside_2028q2_sbc | 2028Q2 / downside | 24.03 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization downside_2028q2_acquired_amort | 2028Q2 / downside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization downside_2028q2_cogs_adjustment | 2028Q2 / downside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy downside_2028q2_gross_profit | 2028Q2 / downside | 58.69 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(downside_2028q2_non_gaap_gp, downside_2028q2_cogs_adjustment). |
| Total excluded operating costs downside_2028q2_op_adjustments | 2028Q2 / downside | 25.25 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(downside_2028q2_sbc, downside_2028q2_acquired_amort). |
| GAAP operating income proxy downside_2028q2_operating_income | 2028Q2 / downside | -29.41 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(downside_2028q2_non_gaap_op, downside_2028q2_op_adjustments). |
| Total depreciation and amortization downside_2028q2_da | 2028Q2 / downside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash downside_2028q2_interest_cash | 2028Q2 / downside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital downside_2028q2_cash_before_wc | 2028Q2 / downside | 2.82 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(downside_2028q2_operating_income, downside_2028q2_sbc, downside_2028q2_da, downside_2028q2_interest_cash). |
| Net working capital cash use downside_2028q2_working_capital_use | 2028Q2 / downside | 10.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes downside_2028q2_cash_tax | 2028Q2 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes downside_2028q2_cash_uses | 2028Q2 / downside | 11.00 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(downside_2028q2_working_capital_use, downside_2028q2_cash_tax). |
| Operating cash flow downside_2028q2_cfo | 2028Q2 / downside | -8.18 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(downside_2028q2_cash_before_wc, downside_2028q2_cash_uses). |
| Tangible and intangible investing cash downside_2028q2_capex | 2028Q2 / downside | 7.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases downside_2028q2_fcf | 2028Q2 / downside | -16.08 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex). |
| Financed intangible cash payments downside_2028q2_ip_financing | 2028Q2 / downside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments downside_2028q2_cash_after_ip | 2028Q2 / downside | -19.28 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(downside_2028q2_fcf, downside_2028q2_ip_financing). |
| Shipment and seasonal index downside_2028q3_volume_index | 2028Q3 / downside | 98.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price downside_2028q3_shipment_revenue | 2028Q3 / downside | 117.11 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, downside_2028q3_volume_index). |
| Price and product-mix index downside_2028q3_price_mix | 2028Q3 / downside | 100.9% ratio | assumption: Desk assumption; not company guidance. |
| Revenue downside_2028q3_revenue | 2028Q3 / downside | 118.21 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(downside_2028q3_shipment_revenue, downside_2028q3_price_mix). |
| Non-GAAP gross margin downside_2028q3_non_gaap_gm | 2028Q3 / downside | 57.6% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q3_non_gaap_gp | 2028Q3 / downside | 68.09 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(downside_2028q3_revenue, downside_2028q3_non_gaap_gm). |
| Non-GAAP operating expense downside_2028q3_non_gaap_opex | 2028Q3 / downside | 66.00 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income downside_2028q3_non_gaap_op | 2028Q3 / downside | 2.09 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(downside_2028q3_non_gaap_gp, downside_2028q3_non_gaap_opex). |
| Stock compensation downside_2028q3_sbc | 2028Q3 / downside | 24.38 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization downside_2028q3_acquired_amort | 2028Q3 / downside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization downside_2028q3_cogs_adjustment | 2028Q3 / downside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy downside_2028q3_gross_profit | 2028Q3 / downside | 66.44 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(downside_2028q3_non_gaap_gp, downside_2028q3_cogs_adjustment). |
| Total excluded operating costs downside_2028q3_op_adjustments | 2028Q3 / downside | 25.59 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(downside_2028q3_sbc, downside_2028q3_acquired_amort). |
| GAAP operating income proxy downside_2028q3_operating_income | 2028Q3 / downside | -23.50 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(downside_2028q3_non_gaap_op, downside_2028q3_op_adjustments). |
| Total depreciation and amortization downside_2028q3_da | 2028Q3 / downside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash downside_2028q3_interest_cash | 2028Q3 / downside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital downside_2028q3_cash_before_wc | 2028Q3 / downside | 9.08 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(downside_2028q3_operating_income, downside_2028q3_sbc, downside_2028q3_da, downside_2028q3_interest_cash). |
| Net working capital cash use downside_2028q3_working_capital_use | 2028Q3 / downside | 12.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes downside_2028q3_cash_tax | 2028Q3 / downside | 1.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes downside_2028q3_cash_uses | 2028Q3 / downside | 13.10 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(downside_2028q3_working_capital_use, downside_2028q3_cash_tax). |
| Operating cash flow downside_2028q3_cfo | 2028Q3 / downside | -4.02 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(downside_2028q3_cash_before_wc, downside_2028q3_cash_uses). |
| Tangible and intangible investing cash downside_2028q3_capex | 2028Q3 / downside | 8.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases downside_2028q3_fcf | 2028Q3 / downside | -12.22 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex). |
| Financed intangible cash payments downside_2028q3_ip_financing | 2028Q3 / downside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments downside_2028q3_cash_after_ip | 2028Q3 / downside | -15.42 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(downside_2028q3_fcf, downside_2028q3_ip_financing). |
| Shipment and seasonal index downside_2028q4_volume_index | 2028Q4 / downside | 94.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price downside_2028q4_shipment_revenue | 2028Q4 / downside | 112.33 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, downside_2028q4_volume_index). |
| Price and product-mix index downside_2028q4_price_mix | 2028Q4 / downside | 101.9% ratio | assumption: Desk assumption; not company guidance. |
| Revenue downside_2028q4_revenue | 2028Q4 / downside | 114.49 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(downside_2028q4_shipment_revenue, downside_2028q4_price_mix). |
| Non-GAAP gross margin downside_2028q4_non_gaap_gm | 2028Q4 / downside | 57.8% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q4_non_gaap_gp | 2028Q4 / downside | 66.17 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(downside_2028q4_revenue, downside_2028q4_non_gaap_gm). |
| Non-GAAP operating expense downside_2028q4_non_gaap_opex | 2028Q4 / downside | 67.50 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income downside_2028q4_non_gaap_op | 2028Q4 / downside | -1.33 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(downside_2028q4_non_gaap_gp, downside_2028q4_non_gaap_opex). |
| Stock compensation downside_2028q4_sbc | 2028Q4 / downside | 24.72 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization downside_2028q4_acquired_amort | 2028Q4 / downside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization downside_2028q4_cogs_adjustment | 2028Q4 / downside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy downside_2028q4_gross_profit | 2028Q4 / downside | 64.52 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(downside_2028q4_non_gaap_gp, downside_2028q4_cogs_adjustment). |
| Total excluded operating costs downside_2028q4_op_adjustments | 2028Q4 / downside | 25.94 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(downside_2028q4_sbc, downside_2028q4_acquired_amort). |
| GAAP operating income proxy downside_2028q4_operating_income | 2028Q4 / downside | -27.26 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(downside_2028q4_non_gaap_op, downside_2028q4_op_adjustments). |
| Total depreciation and amortization downside_2028q4_da | 2028Q4 / downside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash downside_2028q4_interest_cash | 2028Q4 / downside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital downside_2028q4_cash_before_wc | 2028Q4 / downside | 5.66 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(downside_2028q4_operating_income, downside_2028q4_sbc, downside_2028q4_da, downside_2028q4_interest_cash). |
| Net working capital cash use downside_2028q4_working_capital_use | 2028Q4 / downside | 8.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes downside_2028q4_cash_tax | 2028Q4 / downside | 1.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes downside_2028q4_cash_uses | 2028Q4 / downside | 9.20 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(downside_2028q4_working_capital_use, downside_2028q4_cash_tax). |
| Operating cash flow downside_2028q4_cfo | 2028Q4 / downside | -3.54 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(downside_2028q4_cash_before_wc, downside_2028q4_cash_uses). |
| Tangible and intangible investing cash downside_2028q4_capex | 2028Q4 / downside | 8.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases downside_2028q4_fcf | 2028Q4 / downside | -12.04 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex). |
| Financed intangible cash payments downside_2028q4_ip_financing | 2028Q4 / downside | 3.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments downside_2028q4_cash_after_ip | 2028Q4 / downside | -15.24 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(downside_2028q4_fcf, downside_2028q4_ip_financing). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 418.11 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| GAAP gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 237.19 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Non-GAAP operating income ($M) downside_fy2027_non_gaap_op | FY2027 / downside | 8.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, downside_2027q3_non_gaap_op, downside_2027q4_non_gaap_op). |
| GAAP operating income proxy ($M) downside_fy2027_operating_income | FY2027 / downside | -78.34 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | -37.22 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Tangible and intangible investing cash ($M) downside_fy2027_capex | FY2027 / downside | 25.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2027q3_capex, downside_2027q4_capex). |
| CFO less investing asset purchases ($M) downside_fy2027_fcf | FY2027 / downside | -62.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Financed IP cash payments ($M) downside_fy2027_ip_financing | FY2027 / downside | 12.22 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ip_financing, downside_2027q3_ip_financing, downside_2027q4_ip_financing). |
| Cash after all modeled asset payments ($M) downside_fy2027_cash_after_ip | FY2027 / downside | -74.53 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_ip, downside_2027q3_cash_after_ip, downside_2027q4_cash_after_ip). |
| Revenue ($M) downside_fy2028_revenue | FY2028 / downside | 433.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue). |
| GAAP gross profit proxy ($M) downside_fy2028_gross_profit | FY2028 / downside | 242.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit). |
| Non-GAAP operating income ($M) downside_fy2028_non_gaap_op | FY2028 / downside | -11.60 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_non_gaap_op, downside_2028q2_non_gaap_op, downside_2028q3_non_gaap_op, downside_2028q4_non_gaap_op). |
| GAAP operating income proxy ($M) downside_fy2028_operating_income | FY2028 / downside | -113.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income). |
| Operating cash flow ($M) downside_fy2028_cfo | FY2028 / downside | -23.85 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo). |
| Tangible and intangible investing cash ($M) downside_fy2028_capex | FY2028 / downside | 32.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex). |
| CFO less investing asset purchases ($M) downside_fy2028_fcf | FY2028 / downside | -56.05 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf). |
| Financed IP cash payments ($M) downside_fy2028_ip_financing | FY2028 / downside | 12.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_ip_financing, downside_2028q2_ip_financing, downside_2028q3_ip_financing, downside_2028q4_ip_financing). |
| Cash after all modeled asset payments ($M) downside_fy2028_cash_after_ip | FY2028 / downside | -68.85 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_ip, downside_2028q2_cash_after_ip, downside_2028q3_cash_after_ip, downside_2028q4_cash_after_ip). |
| Shipment and seasonal index base_2027q3_volume_index | 2027Q3 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price base_2027q3_shipment_revenue | 2027Q3 / base | 119.50 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, base_2027q3_volume_index). |
| Price and product-mix index base_2027q3_price_mix | 2027Q3 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue base_2027q3_revenue | 2027Q3 / base | 119.50 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(base_2027q3_shipment_revenue, base_2027q3_price_mix). |
| Non-GAAP gross margin base_2027q3_non_gaap_gm | 2027Q3 / base | 59.5% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2027q3_non_gaap_gp | 2027Q3 / base | 71.10 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(base_2027q3_revenue, base_2027q3_non_gaap_gm). |
| Non-GAAP operating expense base_2027q3_non_gaap_opex | 2027Q3 / base | 58.00 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income base_2027q3_non_gaap_op | 2027Q3 / base | 13.10 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(base_2027q3_non_gaap_gp, base_2027q3_non_gaap_opex). |
| Stock compensation base_2027q3_sbc | 2027Q3 / base | 23.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization base_2027q3_acquired_amort | 2027Q3 / base | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization base_2027q3_cogs_adjustment | 2027Q3 / base | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy base_2027q3_gross_profit | 2027Q3 / base | 69.45 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(base_2027q3_non_gaap_gp, base_2027q3_cogs_adjustment). |
| Total excluded operating costs base_2027q3_op_adjustments | 2027Q3 / base | 24.21 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(base_2027q3_sbc, base_2027q3_acquired_amort). |
| GAAP operating income proxy base_2027q3_operating_income | 2027Q3 / base | -11.11 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(base_2027q3_non_gaap_op, base_2027q3_op_adjustments). |
| Total depreciation and amortization base_2027q3_da | 2027Q3 / base | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash base_2027q3_interest_cash | 2027Q3 / base | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital base_2027q3_cash_before_wc | 2027Q3 / base | 20.29 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_interest_cash). |
| Net working capital cash use base_2027q3_working_capital_use | 2027Q3 / base | 6.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes base_2027q3_cash_tax | 2027Q3 / base | 0.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes base_2027q3_cash_uses | 2027Q3 / base | 6.70 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(base_2027q3_working_capital_use, base_2027q3_cash_tax). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 13.59 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(base_2027q3_cash_before_wc, base_2027q3_cash_uses). |
| Tangible and intangible investing cash base_2027q3_capex | 2027Q3 / base | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases base_2027q3_fcf | 2027Q3 / base | 7.09 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Financed intangible cash payments base_2027q3_ip_financing | 2027Q3 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments base_2027q3_cash_after_ip | 2027Q3 / base | 4.09 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(base_2027q3_fcf, base_2027q3_ip_financing). |
| Shipment and seasonal index base_2027q4_volume_index | 2027Q4 / base | 95.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price base_2027q4_shipment_revenue | 2027Q4 / base | 113.52 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, base_2027q4_volume_index). |
| Price and product-mix index base_2027q4_price_mix | 2027Q4 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue base_2027q4_revenue | 2027Q4 / base | 113.52 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(base_2027q4_shipment_revenue, base_2027q4_price_mix). |
| Non-GAAP gross margin base_2027q4_non_gaap_gm | 2027Q4 / base | 59.5% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2027q4_non_gaap_gp | 2027Q4 / base | 67.55 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(base_2027q4_revenue, base_2027q4_non_gaap_gm). |
| Non-GAAP operating expense base_2027q4_non_gaap_opex | 2027Q4 / base | 59.45 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income base_2027q4_non_gaap_op | 2027Q4 / base | 8.10 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(base_2027q4_non_gaap_gp, base_2027q4_non_gaap_opex). |
| Stock compensation base_2027q4_sbc | 2027Q4 / base | 23.34 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization base_2027q4_acquired_amort | 2027Q4 / base | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization base_2027q4_cogs_adjustment | 2027Q4 / base | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy base_2027q4_gross_profit | 2027Q4 / base | 65.90 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(base_2027q4_non_gaap_gp, base_2027q4_cogs_adjustment). |
| Total excluded operating costs base_2027q4_op_adjustments | 2027Q4 / base | 24.56 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(base_2027q4_sbc, base_2027q4_acquired_amort). |
| GAAP operating income proxy base_2027q4_operating_income | 2027Q4 / base | -16.46 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(base_2027q4_non_gaap_op, base_2027q4_op_adjustments). |
| Total depreciation and amortization base_2027q4_da | 2027Q4 / base | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash base_2027q4_interest_cash | 2027Q4 / base | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital base_2027q4_cash_before_wc | 2027Q4 / base | 15.08 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_interest_cash). |
| Net working capital cash use base_2027q4_working_capital_use | 2027Q4 / base | 1.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes base_2027q4_cash_tax | 2027Q4 / base | 0.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes base_2027q4_cash_uses | 2027Q4 / base | 1.80 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(base_2027q4_working_capital_use, base_2027q4_cash_tax). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 13.28 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(base_2027q4_cash_before_wc, base_2027q4_cash_uses). |
| Tangible and intangible investing cash base_2027q4_capex | 2027Q4 / base | 6.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases base_2027q4_fcf | 2027Q4 / base | 6.48 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Financed intangible cash payments base_2027q4_ip_financing | 2027Q4 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments base_2027q4_cash_after_ip | 2027Q4 / base | 3.48 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(base_2027q4_fcf, base_2027q4_ip_financing). |
| Shipment and seasonal index base_2028q1_volume_index | 2028Q1 / base | 102.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price base_2028q1_shipment_revenue | 2028Q1 / base | 121.89 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, base_2028q1_volume_index). |
| Price and product-mix index base_2028q1_price_mix | 2028Q1 / base | 101.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue base_2028q1_revenue | 2028Q1 / base | 123.11 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(base_2028q1_shipment_revenue, base_2028q1_price_mix). |
| Non-GAAP gross margin base_2028q1_non_gaap_gm | 2028Q1 / base | 59.7% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q1_non_gaap_gp | 2028Q1 / base | 73.50 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(base_2028q1_revenue, base_2028q1_non_gaap_gm). |
| Non-GAAP operating expense base_2028q1_non_gaap_opex | 2028Q1 / base | 60.90 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income base_2028q1_non_gaap_op | 2028Q1 / base | 12.60 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(base_2028q1_non_gaap_gp, base_2028q1_non_gaap_opex). |
| Stock compensation base_2028q1_sbc | 2028Q1 / base | 23.69 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization base_2028q1_acquired_amort | 2028Q1 / base | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization base_2028q1_cogs_adjustment | 2028Q1 / base | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy base_2028q1_gross_profit | 2028Q1 / base | 71.85 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(base_2028q1_non_gaap_gp, base_2028q1_cogs_adjustment). |
| Total excluded operating costs base_2028q1_op_adjustments | 2028Q1 / base | 24.90 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(base_2028q1_sbc, base_2028q1_acquired_amort). |
| GAAP operating income proxy base_2028q1_operating_income | 2028Q1 / base | -12.31 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(base_2028q1_non_gaap_op, base_2028q1_op_adjustments). |
| Total depreciation and amortization base_2028q1_da | 2028Q1 / base | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash base_2028q1_interest_cash | 2028Q1 / base | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital base_2028q1_cash_before_wc | 2028Q1 / base | 19.58 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(base_2028q1_operating_income, base_2028q1_sbc, base_2028q1_da, base_2028q1_interest_cash). |
| Net working capital cash use base_2028q1_working_capital_use | 2028Q1 / base | 4.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes base_2028q1_cash_tax | 2028Q1 / base | 0.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes base_2028q1_cash_uses | 2028Q1 / base | 4.90 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(base_2028q1_working_capital_use, base_2028q1_cash_tax). |
| Operating cash flow base_2028q1_cfo | 2028Q1 / base | 14.68 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(base_2028q1_cash_before_wc, base_2028q1_cash_uses). |
| Tangible and intangible investing cash base_2028q1_capex | 2028Q1 / base | 7.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases base_2028q1_fcf | 2028Q1 / base | 7.58 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(base_2028q1_cfo, base_2028q1_capex). |
| Financed intangible cash payments base_2028q1_ip_financing | 2028Q1 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments base_2028q1_cash_after_ip | 2028Q1 / base | 4.58 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(base_2028q1_fcf, base_2028q1_ip_financing). |
| Shipment and seasonal index base_2028q2_volume_index | 2028Q2 / base | 112.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price base_2028q2_shipment_revenue | 2028Q2 / base | 133.84 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, base_2028q2_volume_index). |
| Price and product-mix index base_2028q2_price_mix | 2028Q2 / base | 102.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue base_2028q2_revenue | 2028Q2 / base | 136.52 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(base_2028q2_shipment_revenue, base_2028q2_price_mix). |
| Non-GAAP gross margin base_2028q2_non_gaap_gm | 2028Q2 / base | 59.9% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q2_non_gaap_gp | 2028Q2 / base | 81.77 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(base_2028q2_revenue, base_2028q2_non_gaap_gm). |
| Non-GAAP operating expense base_2028q2_non_gaap_opex | 2028Q2 / base | 62.35 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income base_2028q2_non_gaap_op | 2028Q2 / base | 19.42 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(base_2028q2_non_gaap_gp, base_2028q2_non_gaap_opex). |
| Stock compensation base_2028q2_sbc | 2028Q2 / base | 24.03 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization base_2028q2_acquired_amort | 2028Q2 / base | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization base_2028q2_cogs_adjustment | 2028Q2 / base | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy base_2028q2_gross_profit | 2028Q2 / base | 80.12 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(base_2028q2_non_gaap_gp, base_2028q2_cogs_adjustment). |
| Total excluded operating costs base_2028q2_op_adjustments | 2028Q2 / base | 25.25 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(base_2028q2_sbc, base_2028q2_acquired_amort). |
| GAAP operating income proxy base_2028q2_operating_income | 2028Q2 / base | -5.82 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(base_2028q2_non_gaap_op, base_2028q2_op_adjustments). |
| Total depreciation and amortization base_2028q2_da | 2028Q2 / base | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash base_2028q2_interest_cash | 2028Q2 / base | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital base_2028q2_cash_before_wc | 2028Q2 / base | 26.41 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(base_2028q2_operating_income, base_2028q2_sbc, base_2028q2_da, base_2028q2_interest_cash). |
| Net working capital cash use base_2028q2_working_capital_use | 2028Q2 / base | 6.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes base_2028q2_cash_tax | 2028Q2 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes base_2028q2_cash_uses | 2028Q2 / base | 7.00 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(base_2028q2_working_capital_use, base_2028q2_cash_tax). |
| Operating cash flow base_2028q2_cfo | 2028Q2 / base | 19.41 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(base_2028q2_cash_before_wc, base_2028q2_cash_uses). |
| Tangible and intangible investing cash base_2028q2_capex | 2028Q2 / base | 7.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases base_2028q2_fcf | 2028Q2 / base | 12.01 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(base_2028q2_cfo, base_2028q2_capex). |
| Financed intangible cash payments base_2028q2_ip_financing | 2028Q2 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments base_2028q2_cash_after_ip | 2028Q2 / base | 9.01 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(base_2028q2_fcf, base_2028q2_ip_financing). |
| Shipment and seasonal index base_2028q3_volume_index | 2028Q3 / base | 124.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price base_2028q3_shipment_revenue | 2028Q3 / base | 148.18 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, base_2028q3_volume_index). |
| Price and product-mix index base_2028q3_price_mix | 2028Q3 / base | 103.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue base_2028q3_revenue | 2028Q3 / base | 152.63 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(base_2028q3_shipment_revenue, base_2028q3_price_mix). |
| Non-GAAP gross margin base_2028q3_non_gaap_gm | 2028Q3 / base | 60.1% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q3_non_gaap_gp | 2028Q3 / base | 91.73 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(base_2028q3_revenue, base_2028q3_non_gaap_gm). |
| Non-GAAP operating expense base_2028q3_non_gaap_opex | 2028Q3 / base | 63.80 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income base_2028q3_non_gaap_op | 2028Q3 / base | 27.93 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(base_2028q3_non_gaap_gp, base_2028q3_non_gaap_opex). |
| Stock compensation base_2028q3_sbc | 2028Q3 / base | 24.38 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization base_2028q3_acquired_amort | 2028Q3 / base | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization base_2028q3_cogs_adjustment | 2028Q3 / base | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy base_2028q3_gross_profit | 2028Q3 / base | 90.08 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(base_2028q3_non_gaap_gp, base_2028q3_cogs_adjustment). |
| Total excluded operating costs base_2028q3_op_adjustments | 2028Q3 / base | 25.59 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(base_2028q3_sbc, base_2028q3_acquired_amort). |
| GAAP operating income proxy base_2028q3_operating_income | 2028Q3 / base | 2.33 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(base_2028q3_non_gaap_op, base_2028q3_op_adjustments). |
| Total depreciation and amortization base_2028q3_da | 2028Q3 / base | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash base_2028q3_interest_cash | 2028Q3 / base | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital base_2028q3_cash_before_wc | 2028Q3 / base | 34.91 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(base_2028q3_operating_income, base_2028q3_sbc, base_2028q3_da, base_2028q3_interest_cash). |
| Net working capital cash use base_2028q3_working_capital_use | 2028Q3 / base | 8.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes base_2028q3_cash_tax | 2028Q3 / base | 1.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes base_2028q3_cash_uses | 2028Q3 / base | 9.10 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(base_2028q3_working_capital_use, base_2028q3_cash_tax). |
| Operating cash flow base_2028q3_cfo | 2028Q3 / base | 25.81 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(base_2028q3_cash_before_wc, base_2028q3_cash_uses). |
| Tangible and intangible investing cash base_2028q3_capex | 2028Q3 / base | 7.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases base_2028q3_fcf | 2028Q3 / base | 18.11 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(base_2028q3_cfo, base_2028q3_capex). |
| Financed intangible cash payments base_2028q3_ip_financing | 2028Q3 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments base_2028q3_cash_after_ip | 2028Q3 / base | 15.11 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(base_2028q3_fcf, base_2028q3_ip_financing). |
| Shipment and seasonal index base_2028q4_volume_index | 2028Q4 / base | 120.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price base_2028q4_shipment_revenue | 2028Q4 / base | 143.40 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, base_2028q4_volume_index). |
| Price and product-mix index base_2028q4_price_mix | 2028Q4 / base | 104.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue base_2028q4_revenue | 2028Q4 / base | 149.14 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(base_2028q4_shipment_revenue, base_2028q4_price_mix). |
| Non-GAAP gross margin base_2028q4_non_gaap_gm | 2028Q4 / base | 60.3% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q4_non_gaap_gp | 2028Q4 / base | 89.93 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(base_2028q4_revenue, base_2028q4_non_gaap_gm). |
| Non-GAAP operating expense base_2028q4_non_gaap_opex | 2028Q4 / base | 65.25 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income base_2028q4_non_gaap_op | 2028Q4 / base | 24.68 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(base_2028q4_non_gaap_gp, base_2028q4_non_gaap_opex). |
| Stock compensation base_2028q4_sbc | 2028Q4 / base | 24.72 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization base_2028q4_acquired_amort | 2028Q4 / base | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization base_2028q4_cogs_adjustment | 2028Q4 / base | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy base_2028q4_gross_profit | 2028Q4 / base | 88.28 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(base_2028q4_non_gaap_gp, base_2028q4_cogs_adjustment). |
| Total excluded operating costs base_2028q4_op_adjustments | 2028Q4 / base | 25.94 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(base_2028q4_sbc, base_2028q4_acquired_amort). |
| GAAP operating income proxy base_2028q4_operating_income | 2028Q4 / base | -1.26 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(base_2028q4_non_gaap_op, base_2028q4_op_adjustments). |
| Total depreciation and amortization base_2028q4_da | 2028Q4 / base | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash base_2028q4_interest_cash | 2028Q4 / base | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital base_2028q4_cash_before_wc | 2028Q4 / base | 31.67 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(base_2028q4_operating_income, base_2028q4_sbc, base_2028q4_da, base_2028q4_interest_cash). |
| Net working capital cash use base_2028q4_working_capital_use | 2028Q4 / base | 4.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes base_2028q4_cash_tax | 2028Q4 / base | 1.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes base_2028q4_cash_uses | 2028Q4 / base | 5.20 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(base_2028q4_working_capital_use, base_2028q4_cash_tax). |
| Operating cash flow base_2028q4_cfo | 2028Q4 / base | 26.47 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(base_2028q4_cash_before_wc, base_2028q4_cash_uses). |
| Tangible and intangible investing cash base_2028q4_capex | 2028Q4 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases base_2028q4_fcf | 2028Q4 / base | 18.47 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(base_2028q4_cfo, base_2028q4_capex). |
| Financed intangible cash payments base_2028q4_ip_financing | 2028Q4 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments base_2028q4_cash_after_ip | 2028Q4 / base | 15.47 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(base_2028q4_fcf, base_2028q4_ip_financing). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 441.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| GAAP gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 256.35 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Non-GAAP operating income ($M) base_fy2027_non_gaap_op | FY2027 / base | 31.66 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, base_2027q3_non_gaap_op, base_2027q4_non_gaap_op). |
| GAAP operating income proxy ($M) base_fy2027_operating_income | FY2027 / base | -55.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 0.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Tangible and intangible investing cash ($M) base_fy2027_capex | FY2027 / base | 24.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2027q3_capex, base_2027q4_capex). |
| CFO less investing asset purchases ($M) base_fy2027_fcf | FY2027 / base | -23.09 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Financed IP cash payments ($M) base_fy2027_ip_financing | FY2027 / base | 11.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ip_financing, base_2027q3_ip_financing, base_2027q4_ip_financing). |
| Cash after all modeled asset payments ($M) base_fy2027_cash_after_ip | FY2027 / base | -34.92 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_ip, base_2027q3_cash_after_ip, base_2027q4_cash_after_ip). |
| Revenue ($M) base_fy2028_revenue | FY2028 / base | 561.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue). |
| GAAP gross profit proxy ($M) base_fy2028_gross_profit | FY2028 / base | 330.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit). |
| Non-GAAP operating income ($M) base_fy2028_non_gaap_op | FY2028 / base | 84.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_non_gaap_op, base_2028q2_non_gaap_op, base_2028q3_non_gaap_op, base_2028q4_non_gaap_op). |
| GAAP operating income proxy ($M) base_fy2028_operating_income | FY2028 / base | -17.06 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income). |
| Operating cash flow ($M) base_fy2028_cfo | FY2028 / base | 86.37 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo). |
| Tangible and intangible investing cash ($M) base_fy2028_capex | FY2028 / base | 30.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex). |
| CFO less investing asset purchases ($M) base_fy2028_fcf | FY2028 / base | 56.17 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf). |
| Financed IP cash payments ($M) base_fy2028_ip_financing | FY2028 / base | 12.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_ip_financing, base_2028q2_ip_financing, base_2028q3_ip_financing, base_2028q4_ip_financing). |
| Cash after all modeled asset payments ($M) base_fy2028_cash_after_ip | FY2028 / base | 44.17 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_ip, base_2028q2_cash_after_ip, base_2028q3_cash_after_ip, base_2028q4_cash_after_ip). |
| Shipment and seasonal index upside_2027q3_volume_index | 2027Q3 / upside | 104.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price upside_2027q3_shipment_revenue | 2027Q3 / upside | 124.28 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, upside_2027q3_volume_index). |
| Price and product-mix index upside_2027q3_price_mix | 2027Q3 / upside | 102.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 126.77 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(upside_2027q3_shipment_revenue, upside_2027q3_price_mix). |
| Non-GAAP gross margin upside_2027q3_non_gaap_gm | 2027Q3 / upside | 61.5% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2027q3_non_gaap_gp | 2027Q3 / upside | 77.96 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(upside_2027q3_revenue, upside_2027q3_non_gaap_gm). |
| Non-GAAP operating expense upside_2027q3_non_gaap_opex | 2027Q3 / upside | 58.50 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income upside_2027q3_non_gaap_op | 2027Q3 / upside | 19.46 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(upside_2027q3_non_gaap_gp, upside_2027q3_non_gaap_opex). |
| Stock compensation upside_2027q3_sbc | 2027Q3 / upside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization upside_2027q3_acquired_amort | 2027Q3 / upside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization upside_2027q3_cogs_adjustment | 2027Q3 / upside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy upside_2027q3_gross_profit | 2027Q3 / upside | 76.31 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(upside_2027q3_non_gaap_gp, upside_2027q3_cogs_adjustment). |
| Total excluded operating costs upside_2027q3_op_adjustments | 2027Q3 / upside | 25.21 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(upside_2027q3_sbc, upside_2027q3_acquired_amort). |
| GAAP operating income proxy upside_2027q3_operating_income | 2027Q3 / upside | -5.75 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(upside_2027q3_non_gaap_op, upside_2027q3_op_adjustments). |
| Total depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash upside_2027q3_interest_cash | 2027Q3 / upside | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital upside_2027q3_cash_before_wc | 2027Q3 / upside | 26.65 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_interest_cash). |
| Net working capital cash use upside_2027q3_working_capital_use | 2027Q3 / upside | 3.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes upside_2027q3_cash_tax | 2027Q3 / upside | 0.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes upside_2027q3_cash_uses | 2027Q3 / upside | 3.70 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(upside_2027q3_working_capital_use, upside_2027q3_cash_tax). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 22.95 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(upside_2027q3_cash_before_wc, upside_2027q3_cash_uses). |
| Tangible and intangible investing cash upside_2027q3_capex | 2027Q3 / upside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases upside_2027q3_fcf | 2027Q3 / upside | 15.95 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Financed intangible cash payments upside_2027q3_ip_financing | 2027Q3 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments upside_2027q3_cash_after_ip | 2027Q3 / upside | 12.95 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(upside_2027q3_fcf, upside_2027q3_ip_financing). |
| Shipment and seasonal index upside_2027q4_volume_index | 2027Q4 / upside | 104.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price upside_2027q4_shipment_revenue | 2027Q4 / upside | 124.28 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, upside_2027q4_volume_index). |
| Price and product-mix index upside_2027q4_price_mix | 2027Q4 / upside | 102.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 126.77 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(upside_2027q4_shipment_revenue, upside_2027q4_price_mix). |
| Non-GAAP gross margin upside_2027q4_non_gaap_gm | 2027Q4 / upside | 61.5% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2027q4_non_gaap_gp | 2027Q4 / upside | 77.96 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(upside_2027q4_revenue, upside_2027q4_non_gaap_gm). |
| Non-GAAP operating expense upside_2027q4_non_gaap_opex | 2027Q4 / upside | 59.96 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income upside_2027q4_non_gaap_op | 2027Q4 / upside | 18.00 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(upside_2027q4_non_gaap_gp, upside_2027q4_non_gaap_opex). |
| Stock compensation upside_2027q4_sbc | 2027Q4 / upside | 24.36 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization upside_2027q4_acquired_amort | 2027Q4 / upside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization upside_2027q4_cogs_adjustment | 2027Q4 / upside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy upside_2027q4_gross_profit | 2027Q4 / upside | 76.31 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(upside_2027q4_non_gaap_gp, upside_2027q4_cogs_adjustment). |
| Total excluded operating costs upside_2027q4_op_adjustments | 2027Q4 / upside | 25.57 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(upside_2027q4_sbc, upside_2027q4_acquired_amort). |
| GAAP operating income proxy upside_2027q4_operating_income | 2027Q4 / upside | -7.57 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(upside_2027q4_non_gaap_op, upside_2027q4_op_adjustments). |
| Total depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash upside_2027q4_interest_cash | 2027Q4 / upside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital upside_2027q4_cash_before_wc | 2027Q4 / upside | 24.99 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_interest_cash). |
| Net working capital cash use upside_2027q4_working_capital_use | 2027Q4 / upside | -2.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes upside_2027q4_cash_tax | 2027Q4 / upside | 0.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes upside_2027q4_cash_uses | 2027Q4 / upside | -1.20 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(upside_2027q4_working_capital_use, upside_2027q4_cash_tax). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 26.19 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(upside_2027q4_cash_before_wc, upside_2027q4_cash_uses). |
| Tangible and intangible investing cash upside_2027q4_capex | 2027Q4 / upside | 7.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases upside_2027q4_fcf | 2027Q4 / upside | 18.89 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Financed intangible cash payments upside_2027q4_ip_financing | 2027Q4 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments upside_2027q4_cash_after_ip | 2027Q4 / upside | 15.89 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(upside_2027q4_fcf, upside_2027q4_ip_financing). |
| Shipment and seasonal index upside_2028q1_volume_index | 2028Q1 / upside | 115.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price upside_2028q1_shipment_revenue | 2028Q1 / upside | 137.42 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, upside_2028q1_volume_index). |
| Price and product-mix index upside_2028q1_price_mix | 2028Q1 / upside | 103.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue upside_2028q1_revenue | 2028Q1 / upside | 141.58 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(upside_2028q1_shipment_revenue, upside_2028q1_price_mix). |
| Non-GAAP gross margin upside_2028q1_non_gaap_gm | 2028Q1 / upside | 61.7% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q1_non_gaap_gp | 2028Q1 / upside | 87.35 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(upside_2028q1_revenue, upside_2028q1_non_gaap_gm). |
| Non-GAAP operating expense upside_2028q1_non_gaap_opex | 2028Q1 / upside | 61.43 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income upside_2028q1_non_gaap_op | 2028Q1 / upside | 25.93 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(upside_2028q1_non_gaap_gp, upside_2028q1_non_gaap_opex). |
| Stock compensation upside_2028q1_sbc | 2028Q1 / upside | 24.72 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization upside_2028q1_acquired_amort | 2028Q1 / upside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization upside_2028q1_cogs_adjustment | 2028Q1 / upside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy upside_2028q1_gross_profit | 2028Q1 / upside | 85.70 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(upside_2028q1_non_gaap_gp, upside_2028q1_cogs_adjustment). |
| Total excluded operating costs upside_2028q1_op_adjustments | 2028Q1 / upside | 25.93 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(upside_2028q1_sbc, upside_2028q1_acquired_amort). |
| GAAP operating income proxy upside_2028q1_operating_income | 2028Q1 / upside | -0.01 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(upside_2028q1_non_gaap_op, upside_2028q1_op_adjustments). |
| Total depreciation and amortization upside_2028q1_da | 2028Q1 / upside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash upside_2028q1_interest_cash | 2028Q1 / upside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital upside_2028q1_cash_before_wc | 2028Q1 / upside | 32.91 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(upside_2028q1_operating_income, upside_2028q1_sbc, upside_2028q1_da, upside_2028q1_interest_cash). |
| Net working capital cash use upside_2028q1_working_capital_use | 2028Q1 / upside | 2.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes upside_2028q1_cash_tax | 2028Q1 / upside | 0.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes upside_2028q1_cash_uses | 2028Q1 / upside | 2.90 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(upside_2028q1_working_capital_use, upside_2028q1_cash_tax). |
| Operating cash flow upside_2028q1_cfo | 2028Q1 / upside | 30.01 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(upside_2028q1_cash_before_wc, upside_2028q1_cash_uses). |
| Tangible and intangible investing cash upside_2028q1_capex | 2028Q1 / upside | 7.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases upside_2028q1_fcf | 2028Q1 / upside | 22.41 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex). |
| Financed intangible cash payments upside_2028q1_ip_financing | 2028Q1 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments upside_2028q1_cash_after_ip | 2028Q1 / upside | 19.41 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(upside_2028q1_fcf, upside_2028q1_ip_financing). |
| Shipment and seasonal index upside_2028q2_volume_index | 2028Q2 / upside | 130.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price upside_2028q2_shipment_revenue | 2028Q2 / upside | 155.35 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, upside_2028q2_volume_index). |
| Price and product-mix index upside_2028q2_price_mix | 2028Q2 / upside | 104.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue upside_2028q2_revenue | 2028Q2 / upside | 161.63 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(upside_2028q2_shipment_revenue, upside_2028q2_price_mix). |
| Non-GAAP gross margin upside_2028q2_non_gaap_gm | 2028Q2 / upside | 61.9% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q2_non_gaap_gp | 2028Q2 / upside | 100.05 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(upside_2028q2_revenue, upside_2028q2_non_gaap_gm). |
| Non-GAAP operating expense upside_2028q2_non_gaap_opex | 2028Q2 / upside | 62.89 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income upside_2028q2_non_gaap_op | 2028Q2 / upside | 37.16 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(upside_2028q2_non_gaap_gp, upside_2028q2_non_gaap_opex). |
| Stock compensation upside_2028q2_sbc | 2028Q2 / upside | 25.08 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization upside_2028q2_acquired_amort | 2028Q2 / upside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization upside_2028q2_cogs_adjustment | 2028Q2 / upside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy upside_2028q2_gross_profit | 2028Q2 / upside | 98.40 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(upside_2028q2_non_gaap_gp, upside_2028q2_cogs_adjustment). |
| Total excluded operating costs upside_2028q2_op_adjustments | 2028Q2 / upside | 26.29 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(upside_2028q2_sbc, upside_2028q2_acquired_amort). |
| GAAP operating income proxy upside_2028q2_operating_income | 2028Q2 / upside | 10.87 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(upside_2028q2_non_gaap_op, upside_2028q2_op_adjustments). |
| Total depreciation and amortization upside_2028q2_da | 2028Q2 / upside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash upside_2028q2_interest_cash | 2028Q2 / upside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital upside_2028q2_cash_before_wc | 2028Q2 / upside | 44.15 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(upside_2028q2_operating_income, upside_2028q2_sbc, upside_2028q2_da, upside_2028q2_interest_cash). |
| Net working capital cash use upside_2028q2_working_capital_use | 2028Q2 / upside | 5.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes upside_2028q2_cash_tax | 2028Q2 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes upside_2028q2_cash_uses | 2028Q2 / upside | 6.00 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(upside_2028q2_working_capital_use, upside_2028q2_cash_tax). |
| Operating cash flow upside_2028q2_cfo | 2028Q2 / upside | 38.15 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(upside_2028q2_cash_before_wc, upside_2028q2_cash_uses). |
| Tangible and intangible investing cash upside_2028q2_capex | 2028Q2 / upside | 7.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases upside_2028q2_fcf | 2028Q2 / upside | 30.25 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex). |
| Financed intangible cash payments upside_2028q2_ip_financing | 2028Q2 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments upside_2028q2_cash_after_ip | 2028Q2 / upside | 27.25 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(upside_2028q2_fcf, upside_2028q2_ip_financing). |
| Shipment and seasonal index upside_2028q3_volume_index | 2028Q3 / upside | 148.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price upside_2028q3_shipment_revenue | 2028Q3 / upside | 176.86 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, upside_2028q3_volume_index). |
| Price and product-mix index upside_2028q3_price_mix | 2028Q3 / upside | 105.1% ratio | assumption: Desk assumption; not company guidance. |
| Revenue upside_2028q3_revenue | 2028Q3 / upside | 185.81 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(upside_2028q3_shipment_revenue, upside_2028q3_price_mix). |
| Non-GAAP gross margin upside_2028q3_non_gaap_gm | 2028Q3 / upside | 62.1% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q3_non_gaap_gp | 2028Q3 / upside | 115.39 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(upside_2028q3_revenue, upside_2028q3_non_gaap_gm). |
| Non-GAAP operating expense upside_2028q3_non_gaap_opex | 2028Q3 / upside | 64.35 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income upside_2028q3_non_gaap_op | 2028Q3 / upside | 51.04 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(upside_2028q3_non_gaap_gp, upside_2028q3_non_gaap_opex). |
| Stock compensation upside_2028q3_sbc | 2028Q3 / upside | 25.44 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization upside_2028q3_acquired_amort | 2028Q3 / upside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization upside_2028q3_cogs_adjustment | 2028Q3 / upside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy upside_2028q3_gross_profit | 2028Q3 / upside | 113.74 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(upside_2028q3_non_gaap_gp, upside_2028q3_cogs_adjustment). |
| Total excluded operating costs upside_2028q3_op_adjustments | 2028Q3 / upside | 26.65 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(upside_2028q3_sbc, upside_2028q3_acquired_amort). |
| GAAP operating income proxy upside_2028q3_operating_income | 2028Q3 / upside | 24.38 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(upside_2028q3_non_gaap_op, upside_2028q3_op_adjustments). |
| Total depreciation and amortization upside_2028q3_da | 2028Q3 / upside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash upside_2028q3_interest_cash | 2028Q3 / upside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital upside_2028q3_cash_before_wc | 2028Q3 / upside | 58.02 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(upside_2028q3_operating_income, upside_2028q3_sbc, upside_2028q3_da, upside_2028q3_interest_cash). |
| Net working capital cash use upside_2028q3_working_capital_use | 2028Q3 / upside | 8.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes upside_2028q3_cash_tax | 2028Q3 / upside | 1.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes upside_2028q3_cash_uses | 2028Q3 / upside | 9.10 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(upside_2028q3_working_capital_use, upside_2028q3_cash_tax). |
| Operating cash flow upside_2028q3_cfo | 2028Q3 / upside | 48.92 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(upside_2028q3_cash_before_wc, upside_2028q3_cash_uses). |
| Tangible and intangible investing cash upside_2028q3_capex | 2028Q3 / upside | 8.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases upside_2028q3_fcf | 2028Q3 / upside | 40.72 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex). |
| Financed intangible cash payments upside_2028q3_ip_financing | 2028Q3 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments upside_2028q3_cash_after_ip | 2028Q3 / upside | 37.72 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(upside_2028q3_fcf, upside_2028q3_ip_financing). |
| Shipment and seasonal index upside_2028q4_volume_index | 2028Q4 / upside | 145.0% ratio | assumption: Desk assumption; not company guidance. |
| Revenue at reference price upside_2028q4_shipment_revenue | 2028Q4 / upside | 173.28 USD_millions | derived: Reference revenue times normalized shipment index; not a reported unit count. Formula: multiply(q3_revenue_guide, upside_2028q4_volume_index). |
| Price and product-mix index upside_2028q4_price_mix | 2028Q4 / upside | 106.1% ratio | assumption: Desk assumption; not company guidance. |
| Revenue upside_2028q4_revenue | 2028Q4 / upside | 183.81 USD_millions | derived: Price/mix sensitivity separate from volume; no automatic market-size capture. Formula: multiply(upside_2028q4_shipment_revenue, upside_2028q4_price_mix). |
| Non-GAAP gross margin upside_2028q4_non_gaap_gm | 2028Q4 / upside | 62.3% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q4_non_gaap_gp | 2028Q4 / upside | 114.51 USD_millions | derived: Q3 base uses 59.5% guidance midpoint; later periods are desk mix/cost scenarios. Formula: multiply(upside_2028q4_revenue, upside_2028q4_non_gaap_gm). |
| Non-GAAP operating expense upside_2028q4_non_gaap_opex | 2028Q4 / upside | 65.81 USD_millions | assumption: Q3 base matches $58M midpoint; later spending rises with engineering and channel support. |
| Non-GAAP operating income upside_2028q4_non_gaap_op | 2028Q4 / upside | 48.70 USD_millions | derived: Adjusted gross profit less adjusted operating expense; includes ordinary cash R&D. Formula: subtract(upside_2028q4_non_gaap_gp, upside_2028q4_non_gaap_opex). |
| Stock compensation upside_2028q4_sbc | 2028Q4 / upside | 25.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired amortization upside_2028q4_acquired_amort | 2028Q4 / upside | 1.21 USD_millions | assumption: Desk assumption; not company guidance. |
| COGS stock compensation and acquisition amortization upside_2028q4_cogs_adjustment | 2028Q4 / upside | 1.65 USD_millions | assumption: Desk assumption; not company guidance. |
| GAAP gross profit proxy upside_2028q4_gross_profit | 2028Q4 / upside | 112.86 USD_millions | derived: Only the COGS portion of excluded costs is deducted here; total costs are deducted once in operating income. Formula: subtract(upside_2028q4_non_gaap_gp, upside_2028q4_cogs_adjustment). |
| Total excluded operating costs upside_2028q4_op_adjustments | 2028Q4 / upside | 27.01 USD_millions | derived: Ordinary SBC and acquisition amortization; no repeat termination credit. Formula: sum(upside_2028q4_sbc, upside_2028q4_acquired_amort). |
| GAAP operating income proxy upside_2028q4_operating_income | 2028Q4 / upside | 21.69 USD_millions | derived: Adjusted operating earnings less all modeled GAAP exclusions. Formula: subtract(upside_2028q4_non_gaap_op, upside_2028q4_op_adjustments). |
| Total depreciation and amortization upside_2028q4_da | 2028Q4 / upside | 6.50 USD_millions | assumption: Includes the $1.213M acquisition amortization already expensed above; do not add it separately again. |
| Net interest cash upside_2028q4_interest_cash | 2028Q4 / upside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash before working capital upside_2028q4_cash_before_wc | 2028Q4 / upside | 55.69 USD_millions | derived: Adds back noncash expenses once, with cash interest income; no securities liquidation proceeds. Formula: sum(upside_2028q4_operating_income, upside_2028q4_sbc, upside_2028q4_da, upside_2028q4_interest_cash). |
| Net working capital cash use upside_2028q4_working_capital_use | 2028Q4 / upside | 3.00 USD_millions | assumption: Inventory, receivables and supplier settlements, net of ordinary operating liabilities; negative means release. |
| Cash taxes upside_2028q4_cash_tax | 2028Q4 / upside | 1.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Working capital and cash taxes upside_2028q4_cash_uses | 2028Q4 / upside | 4.20 USD_millions | derived: No repeat development termination refund or tax windfall assumed. Formula: sum(upside_2028q4_working_capital_use, upside_2028q4_cash_tax). |
| Operating cash flow upside_2028q4_cfo | 2028Q4 / upside | 51.49 USD_millions | derived: Cash profit less net operating cash uses. Formula: subtract(upside_2028q4_cash_before_wc, upside_2028q4_cash_uses). |
| Tangible and intangible investing cash upside_2028q4_capex | 2028Q4 / upside | 8.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after investing asset purchases upside_2028q4_fcf | 2028Q4 / upside | 42.99 USD_millions | derived: Matches combined investing asset-purchase scope. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex). |
| Financed intangible cash payments upside_2028q4_ip_financing | 2028Q4 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after all asset payments upside_2028q4_cash_after_ip | 2028Q4 / upside | 39.99 USD_millions | derived: Financing-classified IP payments are real investment costs below operating cash. Formula: subtract(upside_2028q4_fcf, upside_2028q4_ip_financing). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 462.01 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| GAAP gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 273.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Non-GAAP operating income ($M) upside_fy2027_non_gaap_op | FY2027 / upside | 47.92 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, upside_2027q3_non_gaap_op, upside_2027q4_non_gaap_op). |
| GAAP operating income proxy ($M) upside_fy2027_operating_income | FY2027 / upside | -40.89 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 23.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Tangible and intangible investing cash ($M) upside_fy2027_capex | FY2027 / upside | 25.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2027q3_capex, upside_2027q4_capex). |
| CFO less investing asset purchases ($M) upside_fy2027_fcf | FY2027 / upside | -1.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Financed IP cash payments ($M) upside_fy2027_ip_financing | FY2027 / upside | 11.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ip_financing, upside_2027q3_ip_financing, upside_2027q4_ip_financing). |
| Cash after all modeled asset payments ($M) upside_fy2027_cash_after_ip | FY2027 / upside | -13.66 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_ip, upside_2027q3_cash_after_ip, upside_2027q4_cash_after_ip). |
| Revenue ($M) upside_fy2028_revenue | FY2028 / upside | 672.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue). |
| GAAP gross profit proxy ($M) upside_fy2028_gross_profit | FY2028 / upside | 410.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit). |
| Non-GAAP operating income ($M) upside_fy2028_non_gaap_op | FY2028 / upside | 162.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_non_gaap_op, upside_2028q2_non_gaap_op, upside_2028q3_non_gaap_op, upside_2028q4_non_gaap_op). |
| GAAP operating income proxy ($M) upside_fy2028_operating_income | FY2028 / upside | 56.93 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income). |
| Operating cash flow ($M) upside_fy2028_cfo | FY2028 / upside | 168.57 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo). |
| Tangible and intangible investing cash ($M) upside_fy2028_capex | FY2028 / upside | 32.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex). |
| CFO less investing asset purchases ($M) upside_fy2028_fcf | FY2028 / upside | 136.37 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf). |
| Financed IP cash payments ($M) upside_fy2028_ip_financing | FY2028 / upside | 12.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_ip_financing, upside_2028q2_ip_financing, upside_2028q3_ip_financing, upside_2028q4_ip_financing). |
| Cash after all modeled asset payments ($M) upside_fy2028_cash_after_ip | FY2028 / upside | 124.37 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_ip, upside_2028q2_cash_after_ip, upside_2028q3_cash_after_ip, upside_2028q4_cash_after_ip). |
Model boundaries
- No reported end-market dollar split, unit shipments or product ASP is invented. Volume and price/mix are normalized desk indices; changes can interact in practice.
- The $9M Q2 development-project termination credit is included in historical GAAP operating income and removed from the historical non-GAAP bridge. It is not recurring revenue or new cash collected in Q2.
- Guidance covers Q3 only. FY2027 and FY2028 annual forecasts and all working-capital assumptions are desk scenarios.
- X7 was sampling as of September 15. Design activity, addressable markets and seven-year channel agreements are not purchase orders. No separately quantified X7 or channel revenue is added to the forecast.
- Capital purchases include tangible and intangible investing cash. A separate financing-classified IP payment is also deducted, without subtracting amortization twice.
- Cash figures are operating and capital-allocation proxies, not forecast cash balances. No complete debt, dilution, withholding or tax-benefit rollforward; EPS is omitted.
From edge-AI design wins to cash after engineering and IP
Can shipment growth fund the full cost of product development and intellectual property?
H1 FY2027 revenue was $208.482M, GAAP operating loss $27.559M and calculated non-GAAP operating income $10.460M. The adjusted bridge adds $44.593M SBC and $2.426M acquisition cost, then removes a $9M one-time development-project credit. CFO was negative $25.886M as inventory used $24.557M and payables $26.404M. Investing purchases of tangible and intangible assets consumed $10.779M, and financing-classified IP payments another $5.824M: cash after both was negative $42.489M. July cash and marketable securities were $272.332M, excluding restricted cash. Q3 guidance is $115M-$124M revenue, 59%-60% non-GAAP margin and $56.5M-$59.5M non-GAAP expense. X7 is sampling; channel agreements do not establish near-term order volumes.
The competing explanation
An attractive design portfolio can coexist with slow customer launches, rising supply costs and persistent GAAP losses. The $9M credit flatters reported Q2 R&D but does not improve recurring economics. Adjusted earnings can grow while working capital and IP spending absorb the cash.
Risks to track
- Customer memory shortages and production delays can defer chip demand.
- Supply-chain price increases may not be fully passed through.
- Logistics-partner concentration differs from end-customer concentration.
- Large SBC and engineering expense limit GAAP profitability.
- Inventory and financing-classified IP payments can weaken cash conversion.
- New accelerator and channel programs may take years to contribute material revenue.
Next checkpoints
- Q3 delivery · Quarter ending October 31, 2026 (estimated). Compare shipments and 59%-60% non-GAAP margin with the revenue guide.
- Cash conversion · Each quarterly filing (estimated). Reconcile inventory, supplier payments and both investing and financing IP cash.
- New products · Design wins and production launches (estimated). Distinguish sampling and evaluation from committed shipment revenue.
Data coverage and open work
- No end-market revenue or ASP disclosure is fabricated.
- Annual growth and cash forecasts are desk assumptions, not consensus.
- No equity valuation or complete diluted EPS model.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.3 | -0.0 | +2.4 | 49% |
| 5 sessions | -5.6 | -0.0 | +5.1 | 50% |
| 10 sessions | -7.2 | -0.2 | +8.4 | 47% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.