ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$BE

Bloom Energy Corp · NYSE · SIC 3620 · CIK 1664703 · revision 4 as of 2026-09-19

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Business

Bloom Energy sells on-site power systems using solid-oxide fuel cells, installs them and provides long-term service. Product shipments and acceptance drive most revenue; installation, service and electricity contribute different margins. Data-center demand expands the addressable market, but factory capacity, customer concentration, warranty performance and contract cash timing determine how much revenue becomes durable cash.

Three drivers

Power-system deliveries and customer acceptance
Product warranty costs and service profitability
Manufacturing investment and net customer deposits

Thesis

Our view

Q2 showed a material increase in product revenue and operating profit. The research question is how much of that growth persists after delivery timing, warranty provisions and customer funding normalize. H1 CFO of $300.0M included $301.2M from net deferred revenue and customer deposits. That funding can be valuable, but it does not independently establish recurring cash generation. Product and service margins, GAAP expenses and deposit cash flows remain separate in the model.

What changes it

Track delivery timing against the $3.9B-$4.2B revenue range, product and service gross profit, warranty reserve usage and cash before net customer funding. Lower deposits without matching underlying cash conversion would weaken the funding picture.

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	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	330.4¹	572.4†²	326.0³	401.2⁴	519.0¹	777.7†²	751.1³	1,065.4⁵
Gross profit ($M)	78.7⁶	219.3†⁷	88.7⁸	107.1⁹	151.7⁶	239.9†⁷	225.5⁸	355.6¹⁰
Operating income ($M)	-9.7¹¹	104.7†¹²	-19.1¹³	-3.5¹⁴	7.8¹¹	87.5†¹²	72.2¹³	182.2¹⁵
Net income ($M)	—	—	—	—	—	—	—	198.9¹⁶
EPS, diluted ($)	-60.00¹⁷	—	-0.10¹⁸	-0.18¹⁹	-100.00¹⁷	—	0.23¹⁸	0.62²⁰
Diluted shares (M)	228.0²¹	—	230.2²²	232.5²³	234.9²¹	—	319.7²²	323.3²⁴
Cash ($M)	495.7²⁵	802.9²⁶	794.8²⁷	574.8²⁸	595.1²⁹	2,454.1³⁰	2,491.4³⁰	2,666.9³¹
Long-term debt ($M)	1,013.3³²	1,014.4³³	1,016.2³⁴	1,129.2³⁵	1,130.9³⁶	2,613.7³⁷	2,598.7³⁷	2,470.7³⁸
Cash from operations ($M)	-69.5†³⁹	484.2†⁴⁰	-110.7⁴¹	-213.1†⁴²	19.7†³⁹	418.1†⁴⁰	73.6⁴¹	226.4⁴³
Capex ($M)	14.3†⁴⁴	11.1†⁴⁵	14.3⁴⁶	7.2†⁴⁷	12.3†⁴⁴	23.0†⁴⁵	26.2⁴⁶	51.6⁴⁸
Free cash flow ($M)	-83.8†⁴⁹	473.1†⁵⁰	-124.9†⁵¹	-220.4†⁵²	7.4†⁴⁹	395.1†⁵⁰	47.4†⁵¹	174.8†⁵³

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	1,027.4	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2026Q4	1,206.1	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q1	1,324.3	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q2	1,444.7	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.

Product delivery, service margins and customer deposits

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Anchor FY2026 revenue to the midpoint of the company range and vary delivery. Allocate remaining H2 revenue across product, installation, service and electricity; each has its own GAAP gross margin. FY2027 extends the H2 segment run rate with separate product and service growth assumptions. GAAP operating expense, noncash addbacks, cash taxes/interest and working capital bridge operating income to cash before net customer funding. Add deposits/deferred-revenue movements only to cash flow. FY2026 includes reported H1.

Reported anchors and guidance

Measure	Period	Value	Basis
Revenue guidance midpoint	FY2026	4,050.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Non-GAAP operating income guidance midpoint	FY2026	850.00	derived. Calculated midpoint of the company range; not an additional company forecast.
June unrestricted cash	2026Q2	2,666.86	reported. Company disclosed amount; warranty reserve is not free cash. Source · 2026-07-28
June long-term recourse debt	2026Q2	2,470.70	reported. Long-term recourse debt excludes current debt and finance obligations. Source · 2026-07-28
H1 CFO before net customer funding	H1 2026	-1.19	derived. Removes net deposits and deferred-revenue funding, not all customer receipts.
Q2 CFO before customer funding	2026Q2	14.74	derived. Quarterly cash before the net deferred-revenue and customer-deposit contribution.
Specific assurance warranty reserve	2026Q2	58.30	reported. Company disclosed amount; warranty reserve is not free cash. Source · 2026-07-28
H1 related-party revenue	H1 2026	376.08	reported. Company disclosed amount; warranty reserve is not free cash. Source · 2026-07-28

Downside scenario

Period	Operating cash flow ($M)	CFO less capex ($M)	Cash capex ($M)	Revenue ($M)	GAAP gross profit ($M)	Net customer funding ($M)	GAAP operating income ($M)	CFO before net customer funding ($M)
2026Q3	26.57	-48.43	75.00	841.15	242.50	50.00	57.50	-23.43
2026Q4	-31.81	-121.81	90.00	987.43	284.68	-25.00	92.68	-6.81
2027Q1	-32.15	-132.15	100.00	889.46	255.58	0.00	56.58	-32.15
2027Q2	-26.62	-126.62	100.00	970.32	278.82	0.00	72.82	-26.62
FY2026	294.79	51.97	242.82	3,645.00	1,108.30	326.23	404.61	-31.44
FY2027	-45.43	-465.43	420.00	4,042.99	1,161.73	50.00	323.73	-95.43

Base scenario

Period	Operating cash flow ($M)	CFO less capex ($M)	Cash capex ($M)	Revenue ($M)	GAAP gross profit ($M)	Net customer funding ($M)	GAAP operating income ($M)	CFO before net customer funding ($M)
2026Q3	193.78	128.78	65.00	1,027.45	348.25	100.00	163.25	93.78
2026Q4	230.27	150.27	80.00	1,206.13	408.82	100.00	216.82	130.27
2027Q1	202.12	127.12	75.00	1,324.29	449.31	50.00	250.31	152.12
2027Q2	224.14	149.14	75.00	1,444.68	490.16	50.00	284.16	174.14
FY2026	724.09	501.27	222.82	4,050.00	1,338.19	501.23	634.50	222.86
FY2027	990.56	660.56	330.00	6,019.50	2,042.32	250.00	1,204.32	740.56

Upside scenario

Period	Operating cash flow ($M)	CFO less capex ($M)	Cash capex ($M)	Revenue ($M)	GAAP gross profit ($M)	Net customer funding ($M)	GAAP operating income ($M)	CFO before net customer funding ($M)
2026Q3	323.08	263.08	60.00	1,139.23	422.82	150.00	232.82	173.08
2026Q4	373.74	298.74	75.00	1,337.35	496.36	150.00	298.36	223.74
2027Q1	435.87	365.87	70.00	1,730.16	644.98	100.00	438.98	335.87
2027Q2	474.49	404.49	70.00	1,887.45	703.61	100.00	489.61	374.49
FY2026	996.86	784.04	212.82	4,293.00	1,500.30	601.23	785.61	395.63
FY2027	2,025.22	1,725.22	300.00	7,864.38	2,931.73	450.00	2,059.73	1,575.22

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	1,816.42 USD_millions	reported: 10-Q consolidated H1 amount converted from thousands to millions. Primary source · 2026-07-28
H1 GAAP gross profit h1_gross_profit	H1 2026 / shared	581.12 USD_millions	reported: 10-Q consolidated H1 amount converted from thousands to millions. Primary source · 2026-07-28
H1 GAAP operating income h1_operating_income	H1 2026 / shared	254.43 USD_millions	reported: 10-Q consolidated H1 amount converted from thousands to millions. Primary source · 2026-07-28
H1 net deferred revenue and customer deposits h1_customer_funding	H1 2026 / shared	301.23 USD_millions	reported: 10-Q consolidated H1 amount converted from thousands to millions. Primary source · 2026-07-28
H1 GAAP operating cash flow h1_cfo	H1 2026 / shared	300.04 USD_millions	reported: 10-Q consolidated H1 amount converted from thousands to millions. Primary source · 2026-07-28
H1 cash PP&E purchases h1_capex	H1 2026 / shared	77.82 USD_millions	reported: 10-Q consolidated H1 amount converted from thousands to millions. Primary source · 2026-07-28
H1 depreciation and amortization h1_da	H1 2026 / shared	27.02 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
H1 stock-based compensation h1_sbc	H1 2026 / shared	100.43 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
H1 depreciation and stock compensation h1_noncash	H1 2026 / shared	127.46 USD_millions	derived: Two separately reported noncash expense lines. Formula: sum(h1_da, h1_sbc).
H1 CFO before net customer funding h1_cfo_before_customer_funding	H1 2026 / shared	-1.19 USD_millions	derived: Removes net deposits and deferred-revenue funding, not all customer receipts. Formula: subtract(h1_cfo, h1_customer_funding).
H1 CFO less capex h1_fcf	H1 2026 / shared	222.22 USD_millions	derived: Cash flow from operations less purchases of PP&E. Formula: subtract(h1_cfo, h1_capex).
June unrestricted cash cash	2026Q2 / shared	2,666.86 USD_millions	reported: Company disclosed amount; warranty reserve is not free cash. Primary source · 2026-07-28
June restricted cash restricted	2026Q2 / shared	21.65 USD_millions	reported: Company disclosed amount; warranty reserve is not free cash. Primary source · 2026-07-28
June long-term recourse debt debt_long	2026Q2 / shared	2,470.70 USD_millions	reported: Long-term recourse debt excludes current debt and finance obligations. Primary source · 2026-07-28
Q2 net customer funding q2_customer_funding	2026Q2 / shared	211.69 USD_millions	reported: Company disclosed amount; warranty reserve is not free cash. Primary source · 2026-07-28
Q2 GAAP CFO q2_cfo	2026Q2 / shared	226.43 USD_millions	reported: Company disclosed amount; warranty reserve is not free cash. Primary source · 2026-07-28
Specific assurance warranty reserve warranty	2026Q2 / shared	58.30 USD_millions	reported: Company disclosed amount; warranty reserve is not free cash. Primary source · 2026-07-28
H1 related-party revenue related_h1	H1 2026 / shared	376.08 USD_millions	reported: Company disclosed amount; warranty reserve is not free cash. Primary source · 2026-07-28
Q2 related-party revenue related_q2	2026Q2 / shared	2.82 USD_millions	reported: Company disclosed amount; warranty reserve is not free cash. Primary source · 2026-07-28
Q2 CFO before customer funding q2_cfo_ex_funding	2026Q2 / shared	14.74 USD_millions	derived: Quarterly cash before the net deferred-revenue and customer-deposit contribution. Formula: subtract(q2_cfo, q2_customer_funding).
Revenue guidance low revenue_guide_low	FY2026 / shared	3,900.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-28
Revenue guidance high revenue_guide_high	FY2026 / shared	4,200.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-28
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
Revenue guidance endpoint sum revenue_guide_sum	FY2026 / shared	8,100.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(revenue_guide_low, revenue_guide_high).
Revenue guidance midpoint revenue_guide	FY2026 / shared	4,050.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(revenue_guide_sum, two).
Non-GAAP operating income guidance low non_gaap_op_guide_low	FY2026 / shared	800.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-28
Non-GAAP operating income guidance high non_gaap_op_guide_high	FY2026 / shared	900.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-28
Non-GAAP operating income guidance endpoint sum non_gaap_op_guide_sum	FY2026 / shared	1,700.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(non_gaap_op_guide_low, non_gaap_op_guide_high).
Non-GAAP operating income guidance midpoint non_gaap_op_guide	FY2026 / shared	850.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(non_gaap_op_guide_sum, two).
Non-GAAP gross margin guidance non_gaap_gm_guide	FY2026 / shared	34.0% ratio	management guidance: Company approximately 34% adjusted gross margin; not a GAAP margin forecast. Primary source · 2026-07-28
H2 to full-year multiplier two_runrate	Model / shared	200.0% ratio	assumption: Two half-years; annualizes modeled H2, not a company forecast.
FY2026 revenue versus guidance midpoint downside_delivery	FY2026 / downside	90.0% ratio	assumption: Desk delivery sensitivity; downside and upside can lie outside the company range.
FY2026 revenue scenario downside_annual_revenue_reference	FY2026 / downside	3,645.00 USD_millions	derived: Company guidance midpoint times desk realization. Formula: multiply(revenue_guide, downside_delivery).
H2 revenue scenario downside_h2_revenue	H2 2026 / downside	1,828.58 USD_millions	derived: Full-year scenario less reported H1. Formula: subtract(downside_annual_revenue_reference, h1_revenue).
H2 product revenue mix downside_product_mix	H2 2026 / downside	88.0% ratio	assumption: Desk segment mix; four components sum to one.
product revenue downside_h2_product	H2 2026 / downside	1,609.15 USD_millions	derived: H2 total times segment share. Formula: multiply(downside_h2_revenue, downside_product_mix).
product annualized H2 run rate downside_product_runrate	FY2027 / downside	3,218.30 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(downside_h2_product, two_runrate).
product growth versus annualized H2 downside_product_growth	FY2027 / downside	110.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
product annual revenue scenario downside_fy27_product	FY2027 / downside	3,540.13 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(downside_product_runrate, downside_product_growth).
H2 installation revenue mix downside_installation_mix	H2 2026 / downside	4.5% ratio	assumption: Desk segment mix; four components sum to one.
installation revenue downside_h2_installation	H2 2026 / downside	82.29 USD_millions	derived: H2 total times segment share. Formula: multiply(downside_h2_revenue, downside_installation_mix).
installation annualized H2 run rate downside_installation_runrate	FY2027 / downside	164.57 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(downside_h2_installation, two_runrate).
installation growth versus annualized H2 downside_installation_growth	FY2027 / downside	110.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
installation annual revenue scenario downside_fy27_installation	FY2027 / downside	181.03 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(downside_installation_runrate, downside_installation_growth).
H2 service revenue mix downside_service_mix	H2 2026 / downside	6.5% ratio	assumption: Desk segment mix; four components sum to one.
service revenue downside_h2_service	H2 2026 / downside	118.86 USD_millions	derived: H2 total times segment share. Formula: multiply(downside_h2_revenue, downside_service_mix).
service annualized H2 run rate downside_service_runrate	FY2027 / downside	237.72 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(downside_h2_service, two_runrate).
service growth versus annualized H2 downside_service_growth	FY2027 / downside	120.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
service annual revenue scenario downside_fy27_service	FY2027 / downside	285.26 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(downside_service_runrate, downside_service_growth).
H2 electricity revenue mix downside_electricity_mix	H2 2026 / downside	1.0% ratio	assumption: Desk segment mix; four components sum to one.
electricity revenue downside_h2_electricity	H2 2026 / downside	18.29 USD_millions	derived: H2 total times segment share. Formula: multiply(downside_h2_revenue, downside_electricity_mix).
electricity annualized H2 run rate downside_electricity_runrate	FY2027 / downside	36.57 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(downside_h2_electricity, two_runrate).
electricity growth versus annualized H2 downside_electricity_growth	FY2027 / downside	100.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
electricity annual revenue scenario downside_fy27_electricity	FY2027 / downside	36.57 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(downside_electricity_runrate, downside_electricity_growth).
Share of H2 or FY2027 segment revenue downside_2026q3_weight	2026Q3 / downside	46.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue downside_2026q3_product_revenue	2026Q3 / downside	740.21 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_product, downside_2026q3_weight).
product GAAP gross margin downside_2026q3_product_margin	2026Q3 / downside	32.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit downside_2026q3_product_gross_profit	2026Q3 / downside	236.87 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q3_product_revenue, downside_2026q3_product_margin).
installation revenue downside_2026q3_installation_revenue	2026Q3 / downside	37.85 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_installation, downside_2026q3_weight).
installation GAAP gross margin downside_2026q3_installation_margin	2026Q3 / downside	-8.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit downside_2026q3_installation_gross_profit	2026Q3 / downside	-3.03 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q3_installation_revenue, downside_2026q3_installation_margin).
service revenue downside_2026q3_service_revenue	2026Q3 / downside	54.67 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_service, downside_2026q3_weight).
service GAAP gross margin downside_2026q3_service_margin	2026Q3 / downside	12.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit downside_2026q3_service_gross_profit	2026Q3 / downside	6.56 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q3_service_revenue, downside_2026q3_service_margin).
electricity revenue downside_2026q3_electricity_revenue	2026Q3 / downside	8.41 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_electricity, downside_2026q3_weight).
electricity GAAP gross margin downside_2026q3_electricity_margin	2026Q3 / downside	25.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit downside_2026q3_electricity_gross_profit	2026Q3 / downside	2.10 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q3_electricity_revenue, downside_2026q3_electricity_margin).
Consolidated revenue downside_2026q3_revenue	2026Q3 / downside	841.15 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(downside_2026q3_product_revenue, downside_2026q3_installation_revenue, downside_2026q3_service_revenue, downside_2026q3_electricity_revenue).
GAAP gross profit downside_2026q3_gross_profit	2026Q3 / downside	242.50 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(downside_2026q3_product_gross_profit, downside_2026q3_installation_gross_profit, downside_2026q3_service_gross_profit, downside_2026q3_electricity_gross_profit).
GAAP operating expenses downside_2026q3_opex	2026Q3 / downside	185.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income downside_2026q3_operating_income	2026Q3 / downside	57.50 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(downside_2026q3_gross_profit, downside_2026q3_opex).
Noncash depreciation and stock compensation downside_2026q3_noncash	2026Q3 / downside	65.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue downside_2026q3_wc_ratio	2026Q3 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding downside_2026q3_other_wc	2026Q3 / downside	100.94 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(downside_2026q3_revenue, downside_2026q3_wc_ratio).
Net cash tax, interest and other uses downside_2026q3_other	2026Q3 / downside	45.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges downside_2026q3_cash_uses	2026Q3 / downside	145.94 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(downside_2026q3_other_wc, downside_2026q3_other).
Operating income plus noncash addbacks downside_2026q3_cash_start	2026Q3 / downside	122.50 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(downside_2026q3_operating_income, downside_2026q3_noncash).
CFO before net customer funding downside_2026q3_cfo_before_customer_funding	2026Q3 / downside	-23.43 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(downside_2026q3_cash_start, downside_2026q3_cash_uses).
Net customer deposits and deferred revenue downside_2026q3_customer_funding	2026Q3 / downside	50.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow downside_2026q3_cfo	2026Q3 / downside	26.57 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(downside_2026q3_cfo_before_customer_funding, downside_2026q3_customer_funding).
Cash purchases of PP&E downside_2026q3_capex	2026Q3 / downside	75.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex downside_2026q3_fcf	2026Q3 / downside	-48.43 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Share of H2 or FY2027 segment revenue downside_2026q4_weight	2026Q4 / downside	54.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue downside_2026q4_product_revenue	2026Q4 / downside	868.94 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_product, downside_2026q4_weight).
product GAAP gross margin downside_2026q4_product_margin	2026Q4 / downside	32.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit downside_2026q4_product_gross_profit	2026Q4 / downside	278.06 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q4_product_revenue, downside_2026q4_product_margin).
installation revenue downside_2026q4_installation_revenue	2026Q4 / downside	44.43 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_installation, downside_2026q4_weight).
installation GAAP gross margin downside_2026q4_installation_margin	2026Q4 / downside	-8.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit downside_2026q4_installation_gross_profit	2026Q4 / downside	-3.55 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q4_installation_revenue, downside_2026q4_installation_margin).
service revenue downside_2026q4_service_revenue	2026Q4 / downside	64.18 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_service, downside_2026q4_weight).
service GAAP gross margin downside_2026q4_service_margin	2026Q4 / downside	12.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit downside_2026q4_service_gross_profit	2026Q4 / downside	7.70 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q4_service_revenue, downside_2026q4_service_margin).
electricity revenue downside_2026q4_electricity_revenue	2026Q4 / downside	9.87 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_h2_electricity, downside_2026q4_weight).
electricity GAAP gross margin downside_2026q4_electricity_margin	2026Q4 / downside	25.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit downside_2026q4_electricity_gross_profit	2026Q4 / downside	2.47 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2026q4_electricity_revenue, downside_2026q4_electricity_margin).
Consolidated revenue downside_2026q4_revenue	2026Q4 / downside	987.43 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(downside_2026q4_product_revenue, downside_2026q4_installation_revenue, downside_2026q4_service_revenue, downside_2026q4_electricity_revenue).
GAAP gross profit downside_2026q4_gross_profit	2026Q4 / downside	284.68 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(downside_2026q4_product_gross_profit, downside_2026q4_installation_gross_profit, downside_2026q4_service_gross_profit, downside_2026q4_electricity_gross_profit).
GAAP operating expenses downside_2026q4_opex	2026Q4 / downside	192.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income downside_2026q4_operating_income	2026Q4 / downside	92.68 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(downside_2026q4_gross_profit, downside_2026q4_opex).
Noncash depreciation and stock compensation downside_2026q4_noncash	2026Q4 / downside	67.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue downside_2026q4_wc_ratio	2026Q4 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding downside_2026q4_other_wc	2026Q4 / downside	118.49 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(downside_2026q4_revenue, downside_2026q4_wc_ratio).
Net cash tax, interest and other uses downside_2026q4_other	2026Q4 / downside	48.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges downside_2026q4_cash_uses	2026Q4 / downside	166.49 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(downside_2026q4_other_wc, downside_2026q4_other).
Operating income plus noncash addbacks downside_2026q4_cash_start	2026Q4 / downside	159.68 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(downside_2026q4_operating_income, downside_2026q4_noncash).
CFO before net customer funding downside_2026q4_cfo_before_customer_funding	2026Q4 / downside	-6.81 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(downside_2026q4_cash_start, downside_2026q4_cash_uses).
Net customer deposits and deferred revenue downside_2026q4_customer_funding	2026Q4 / downside	-25.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow downside_2026q4_cfo	2026Q4 / downside	-31.81 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(downside_2026q4_cfo_before_customer_funding, downside_2026q4_customer_funding).
Cash purchases of PP&E downside_2026q4_capex	2026Q4 / downside	90.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex downside_2026q4_fcf	2026Q4 / downside	-121.81 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Share of H2 or FY2027 segment revenue downside_2027q1_weight	2027Q1 / downside	22.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue downside_2027q1_product_revenue	2027Q1 / downside	778.83 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_product, downside_2027q1_weight).
product GAAP gross margin downside_2027q1_product_margin	2027Q1 / downside	32.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit downside_2027q1_product_gross_profit	2027Q1 / downside	249.23 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q1_product_revenue, downside_2027q1_product_margin).
installation revenue downside_2027q1_installation_revenue	2027Q1 / downside	39.83 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_installation, downside_2027q1_weight).
installation GAAP gross margin downside_2027q1_installation_margin	2027Q1 / downside	-8.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit downside_2027q1_installation_gross_profit	2027Q1 / downside	-3.19 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q1_installation_revenue, downside_2027q1_installation_margin).
service revenue downside_2027q1_service_revenue	2027Q1 / downside	62.76 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_service, downside_2027q1_weight).
service GAAP gross margin downside_2027q1_service_margin	2027Q1 / downside	12.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit downside_2027q1_service_gross_profit	2027Q1 / downside	7.53 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q1_service_revenue, downside_2027q1_service_margin).
electricity revenue downside_2027q1_electricity_revenue	2027Q1 / downside	8.05 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_electricity, downside_2027q1_weight).
electricity GAAP gross margin downside_2027q1_electricity_margin	2027Q1 / downside	25.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit downside_2027q1_electricity_gross_profit	2027Q1 / downside	2.01 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q1_electricity_revenue, downside_2027q1_electricity_margin).
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	889.46 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(downside_2027q1_product_revenue, downside_2027q1_installation_revenue, downside_2027q1_service_revenue, downside_2027q1_electricity_revenue).
GAAP gross profit downside_2027q1_gross_profit	2027Q1 / downside	255.58 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(downside_2027q1_product_gross_profit, downside_2027q1_installation_gross_profit, downside_2027q1_service_gross_profit, downside_2027q1_electricity_gross_profit).
GAAP operating expenses downside_2027q1_opex	2027Q1 / downside	199.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income downside_2027q1_operating_income	2027Q1 / downside	56.58 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_opex).
Noncash depreciation and stock compensation downside_2027q1_noncash	2027Q1 / downside	69.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue downside_2027q1_wc_ratio	2027Q1 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding downside_2027q1_other_wc	2027Q1 / downside	106.74 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(downside_2027q1_revenue, downside_2027q1_wc_ratio).
Net cash tax, interest and other uses downside_2027q1_other	2027Q1 / downside	51.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges downside_2027q1_cash_uses	2027Q1 / downside	157.74 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(downside_2027q1_other_wc, downside_2027q1_other).
Operating income plus noncash addbacks downside_2027q1_cash_start	2027Q1 / downside	125.58 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(downside_2027q1_operating_income, downside_2027q1_noncash).
CFO before net customer funding downside_2027q1_cfo_before_customer_funding	2027Q1 / downside	-32.15 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(downside_2027q1_cash_start, downside_2027q1_cash_uses).
Net customer deposits and deferred revenue downside_2027q1_customer_funding	2027Q1 / downside	0.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow downside_2027q1_cfo	2027Q1 / downside	-32.15 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(downside_2027q1_cfo_before_customer_funding, downside_2027q1_customer_funding).
Cash purchases of PP&E downside_2027q1_capex	2027Q1 / downside	100.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex downside_2027q1_fcf	2027Q1 / downside	-132.15 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Share of H2 or FY2027 segment revenue downside_2027q2_weight	2027Q2 / downside	24.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue downside_2027q2_product_revenue	2027Q2 / downside	849.63 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_product, downside_2027q2_weight).
product GAAP gross margin downside_2027q2_product_margin	2027Q2 / downside	32.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit downside_2027q2_product_gross_profit	2027Q2 / downside	271.88 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q2_product_revenue, downside_2027q2_product_margin).
installation revenue downside_2027q2_installation_revenue	2027Q2 / downside	43.45 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_installation, downside_2027q2_weight).
installation GAAP gross margin downside_2027q2_installation_margin	2027Q2 / downside	-8.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit downside_2027q2_installation_gross_profit	2027Q2 / downside	-3.48 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q2_installation_revenue, downside_2027q2_installation_margin).
service revenue downside_2027q2_service_revenue	2027Q2 / downside	68.46 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_service, downside_2027q2_weight).
service GAAP gross margin downside_2027q2_service_margin	2027Q2 / downside	12.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit downside_2027q2_service_gross_profit	2027Q2 / downside	8.22 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q2_service_revenue, downside_2027q2_service_margin).
electricity revenue downside_2027q2_electricity_revenue	2027Q2 / downside	8.78 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_electricity, downside_2027q2_weight).
electricity GAAP gross margin downside_2027q2_electricity_margin	2027Q2 / downside	25.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit downside_2027q2_electricity_gross_profit	2027Q2 / downside	2.19 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q2_electricity_revenue, downside_2027q2_electricity_margin).
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	970.32 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(downside_2027q2_product_revenue, downside_2027q2_installation_revenue, downside_2027q2_service_revenue, downside_2027q2_electricity_revenue).
GAAP gross profit downside_2027q2_gross_profit	2027Q2 / downside	278.82 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(downside_2027q2_product_gross_profit, downside_2027q2_installation_gross_profit, downside_2027q2_service_gross_profit, downside_2027q2_electricity_gross_profit).
GAAP operating expenses downside_2027q2_opex	2027Q2 / downside	206.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income downside_2027q2_operating_income	2027Q2 / downside	72.82 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_opex).
Noncash depreciation and stock compensation downside_2027q2_noncash	2027Q2 / downside	71.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue downside_2027q2_wc_ratio	2027Q2 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding downside_2027q2_other_wc	2027Q2 / downside	116.44 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(downside_2027q2_revenue, downside_2027q2_wc_ratio).
Net cash tax, interest and other uses downside_2027q2_other	2027Q2 / downside	54.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges downside_2027q2_cash_uses	2027Q2 / downside	170.44 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(downside_2027q2_other_wc, downside_2027q2_other).
Operating income plus noncash addbacks downside_2027q2_cash_start	2027Q2 / downside	143.82 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(downside_2027q2_operating_income, downside_2027q2_noncash).
CFO before net customer funding downside_2027q2_cfo_before_customer_funding	2027Q2 / downside	-26.62 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(downside_2027q2_cash_start, downside_2027q2_cash_uses).
Net customer deposits and deferred revenue downside_2027q2_customer_funding	2027Q2 / downside	0.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow downside_2027q2_cfo	2027Q2 / downside	-26.62 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(downside_2027q2_cfo_before_customer_funding, downside_2027q2_customer_funding).
Cash purchases of PP&E downside_2027q2_capex	2027Q2 / downside	100.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex downside_2027q2_fcf	2027Q2 / downside	-126.62 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Share of H2 or FY2027 segment revenue downside_2027q3_weight	2027Q3 / downside	26.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue downside_2027q3_product_revenue	2027Q3 / downside	920.43 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_product, downside_2027q3_weight).
product GAAP gross margin downside_2027q3_product_margin	2027Q3 / downside	32.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit downside_2027q3_product_gross_profit	2027Q3 / downside	294.54 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q3_product_revenue, downside_2027q3_product_margin).
installation revenue downside_2027q3_installation_revenue	2027Q3 / downside	47.07 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_installation, downside_2027q3_weight).
installation GAAP gross margin downside_2027q3_installation_margin	2027Q3 / downside	-8.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit downside_2027q3_installation_gross_profit	2027Q3 / downside	-3.77 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q3_installation_revenue, downside_2027q3_installation_margin).
service revenue downside_2027q3_service_revenue	2027Q3 / downside	74.17 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_service, downside_2027q3_weight).
service GAAP gross margin downside_2027q3_service_margin	2027Q3 / downside	12.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit downside_2027q3_service_gross_profit	2027Q3 / downside	8.90 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q3_service_revenue, downside_2027q3_service_margin).
electricity revenue downside_2027q3_electricity_revenue	2027Q3 / downside	9.51 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_electricity, downside_2027q3_weight).
electricity GAAP gross margin downside_2027q3_electricity_margin	2027Q3 / downside	25.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit downside_2027q3_electricity_gross_profit	2027Q3 / downside	2.38 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q3_electricity_revenue, downside_2027q3_electricity_margin).
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	1,051.18 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(downside_2027q3_product_revenue, downside_2027q3_installation_revenue, downside_2027q3_service_revenue, downside_2027q3_electricity_revenue).
GAAP gross profit downside_2027q3_gross_profit	2027Q3 / downside	302.05 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(downside_2027q3_product_gross_profit, downside_2027q3_installation_gross_profit, downside_2027q3_service_gross_profit, downside_2027q3_electricity_gross_profit).
GAAP operating expenses downside_2027q3_opex	2027Q3 / downside	213.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income downside_2027q3_operating_income	2027Q3 / downside	89.05 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_opex).
Noncash depreciation and stock compensation downside_2027q3_noncash	2027Q3 / downside	73.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue downside_2027q3_wc_ratio	2027Q3 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding downside_2027q3_other_wc	2027Q3 / downside	126.14 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(downside_2027q3_revenue, downside_2027q3_wc_ratio).
Net cash tax, interest and other uses downside_2027q3_other	2027Q3 / downside	57.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges downside_2027q3_cash_uses	2027Q3 / downside	183.14 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(downside_2027q3_other_wc, downside_2027q3_other).
Operating income plus noncash addbacks downside_2027q3_cash_start	2027Q3 / downside	162.05 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(downside_2027q3_operating_income, downside_2027q3_noncash).
CFO before net customer funding downside_2027q3_cfo_before_customer_funding	2027Q3 / downside	-21.09 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(downside_2027q3_cash_start, downside_2027q3_cash_uses).
Net customer deposits and deferred revenue downside_2027q3_customer_funding	2027Q3 / downside	25.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	3.91 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(downside_2027q3_cfo_before_customer_funding, downside_2027q3_customer_funding).
Cash purchases of PP&E downside_2027q3_capex	2027Q3 / downside	110.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex downside_2027q3_fcf	2027Q3 / downside	-106.09 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Share of H2 or FY2027 segment revenue downside_2027q4_weight	2027Q4 / downside	28.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue downside_2027q4_product_revenue	2027Q4 / downside	991.24 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_product, downside_2027q4_weight).
product GAAP gross margin downside_2027q4_product_margin	2027Q4 / downside	32.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit downside_2027q4_product_gross_profit	2027Q4 / downside	317.20 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q4_product_revenue, downside_2027q4_product_margin).
installation revenue downside_2027q4_installation_revenue	2027Q4 / downside	50.69 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_installation, downside_2027q4_weight).
installation GAAP gross margin downside_2027q4_installation_margin	2027Q4 / downside	-8.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit downside_2027q4_installation_gross_profit	2027Q4 / downside	-4.06 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q4_installation_revenue, downside_2027q4_installation_margin).
service revenue downside_2027q4_service_revenue	2027Q4 / downside	79.87 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_service, downside_2027q4_weight).
service GAAP gross margin downside_2027q4_service_margin	2027Q4 / downside	12.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit downside_2027q4_service_gross_profit	2027Q4 / downside	9.58 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q4_service_revenue, downside_2027q4_service_margin).
electricity revenue downside_2027q4_electricity_revenue	2027Q4 / downside	10.24 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(downside_fy27_electricity, downside_2027q4_weight).
electricity GAAP gross margin downside_2027q4_electricity_margin	2027Q4 / downside	25.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit downside_2027q4_electricity_gross_profit	2027Q4 / downside	2.56 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(downside_2027q4_electricity_revenue, downside_2027q4_electricity_margin).
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	1,132.04 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(downside_2027q4_product_revenue, downside_2027q4_installation_revenue, downside_2027q4_service_revenue, downside_2027q4_electricity_revenue).
GAAP gross profit downside_2027q4_gross_profit	2027Q4 / downside	325.29 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(downside_2027q4_product_gross_profit, downside_2027q4_installation_gross_profit, downside_2027q4_service_gross_profit, downside_2027q4_electricity_gross_profit).
GAAP operating expenses downside_2027q4_opex	2027Q4 / downside	220.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income downside_2027q4_operating_income	2027Q4 / downside	105.29 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_opex).
Noncash depreciation and stock compensation downside_2027q4_noncash	2027Q4 / downside	75.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue downside_2027q4_wc_ratio	2027Q4 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding downside_2027q4_other_wc	2027Q4 / downside	135.84 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(downside_2027q4_revenue, downside_2027q4_wc_ratio).
Net cash tax, interest and other uses downside_2027q4_other	2027Q4 / downside	60.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges downside_2027q4_cash_uses	2027Q4 / downside	195.84 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(downside_2027q4_other_wc, downside_2027q4_other).
Operating income plus noncash addbacks downside_2027q4_cash_start	2027Q4 / downside	180.29 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(downside_2027q4_operating_income, downside_2027q4_noncash).
CFO before net customer funding downside_2027q4_cfo_before_customer_funding	2027Q4 / downside	-15.56 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(downside_2027q4_cash_start, downside_2027q4_cash_uses).
Net customer deposits and deferred revenue downside_2027q4_customer_funding	2027Q4 / downside	25.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	9.44 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(downside_2027q4_cfo_before_customer_funding, downside_2027q4_customer_funding).
Cash purchases of PP&E downside_2027q4_capex	2027Q4 / downside	110.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex downside_2027q4_fcf	2027Q4 / downside	-100.56 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Revenue ($M) downside_fy2026_revenue	FY2026 / downside	3,645.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
GAAP gross profit ($M) downside_fy2026_gross_profit	FY2026 / downside	1,108.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
GAAP operating income ($M) downside_fy2026_operating_income	FY2026 / downside	404.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
CFO before net customer funding ($M) downside_fy2026_cfo_before_customer_funding	FY2026 / downside	-31.44 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo_before_customer_funding, downside_2026q3_cfo_before_customer_funding, downside_2026q4_cfo_before_customer_funding).
Net customer funding ($M) downside_fy2026_customer_funding	FY2026 / downside	326.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_customer_funding, downside_2026q3_customer_funding, downside_2026q4_customer_funding).
Operating cash flow ($M) downside_fy2026_cfo	FY2026 / downside	294.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash capex ($M) downside_fy2026_capex	FY2026 / downside	242.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less capex ($M) downside_fy2026_fcf	FY2026 / downside	51.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Revenue ($M) downside_fy2027_revenue	FY2027 / downside	4,042.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
GAAP gross profit ($M) downside_fy2027_gross_profit	FY2027 / downside	1,161.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
GAAP operating income ($M) downside_fy2027_operating_income	FY2027 / downside	323.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
CFO before net customer funding ($M) downside_fy2027_cfo_before_customer_funding	FY2027 / downside	-95.43 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo_before_customer_funding, downside_2027q2_cfo_before_customer_funding, downside_2027q3_cfo_before_customer_funding, downside_2027q4_cfo_before_customer_funding).
Net customer funding ($M) downside_fy2027_customer_funding	FY2027 / downside	50.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_customer_funding, downside_2027q2_customer_funding, downside_2027q3_customer_funding, downside_2027q4_customer_funding).
Operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	-45.43 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash capex ($M) downside_fy2027_capex	FY2027 / downside	420.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less capex ($M) downside_fy2027_fcf	FY2027 / downside	-465.43 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
FY2026 revenue versus guidance midpoint base_delivery	FY2026 / base	100.0% ratio	assumption: Desk delivery sensitivity; downside and upside can lie outside the company range.
FY2026 revenue scenario base_annual_revenue_reference	FY2026 / base	4,050.00 USD_millions	derived: Company guidance midpoint times desk realization. Formula: multiply(revenue_guide, base_delivery).
H2 revenue scenario base_h2_revenue	H2 2026 / base	2,233.58 USD_millions	derived: Full-year scenario less reported H1. Formula: subtract(base_annual_revenue_reference, h1_revenue).
H2 product revenue mix base_product_mix	H2 2026 / base	88.0% ratio	assumption: Desk segment mix; four components sum to one.
product revenue base_h2_product	H2 2026 / base	1,965.55 USD_millions	derived: H2 total times segment share. Formula: multiply(base_h2_revenue, base_product_mix).
product annualized H2 run rate base_product_runrate	FY2027 / base	3,931.10 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(base_h2_product, two_runrate).
product growth versus annualized H2 base_product_growth	FY2027 / base	135.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
product annual revenue scenario base_fy27_product	FY2027 / base	5,306.99 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(base_product_runrate, base_product_growth).
H2 installation revenue mix base_installation_mix	H2 2026 / base	4.5% ratio	assumption: Desk segment mix; four components sum to one.
installation revenue base_h2_installation	H2 2026 / base	100.51 USD_millions	derived: H2 total times segment share. Formula: multiply(base_h2_revenue, base_installation_mix).
installation annualized H2 run rate base_installation_runrate	FY2027 / base	201.02 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(base_h2_installation, two_runrate).
installation growth versus annualized H2 base_installation_growth	FY2027 / base	130.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
installation annual revenue scenario base_fy27_installation	FY2027 / base	261.33 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(base_installation_runrate, base_installation_growth).
H2 service revenue mix base_service_mix	H2 2026 / base	6.5% ratio	assumption: Desk segment mix; four components sum to one.
service revenue base_h2_service	H2 2026 / base	145.18 USD_millions	derived: H2 total times segment share. Formula: multiply(base_h2_revenue, base_service_mix).
service annualized H2 run rate base_service_runrate	FY2027 / base	290.37 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(base_h2_service, two_runrate).
service growth versus annualized H2 base_service_growth	FY2027 / base	140.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
service annual revenue scenario base_fy27_service	FY2027 / base	406.51 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(base_service_runrate, base_service_growth).
H2 electricity revenue mix base_electricity_mix	H2 2026 / base	1.0% ratio	assumption: Desk segment mix; four components sum to one.
electricity revenue base_h2_electricity	H2 2026 / base	22.34 USD_millions	derived: H2 total times segment share. Formula: multiply(base_h2_revenue, base_electricity_mix).
electricity annualized H2 run rate base_electricity_runrate	FY2027 / base	44.67 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(base_h2_electricity, two_runrate).
electricity growth versus annualized H2 base_electricity_growth	FY2027 / base	100.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
electricity annual revenue scenario base_fy27_electricity	FY2027 / base	44.67 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(base_electricity_runrate, base_electricity_growth).
Share of H2 or FY2027 segment revenue base_2026q3_weight	2026Q3 / base	46.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue base_2026q3_product_revenue	2026Q3 / base	904.15 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_product, base_2026q3_weight).
product GAAP gross margin base_2026q3_product_margin	2026Q3 / base	37.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit base_2026q3_product_gross_profit	2026Q3 / base	334.54 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q3_product_revenue, base_2026q3_product_margin).
installation revenue base_2026q3_installation_revenue	2026Q3 / base	46.24 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_installation, base_2026q3_weight).
installation GAAP gross margin base_2026q3_installation_margin	2026Q3 / base	-3.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit base_2026q3_installation_gross_profit	2026Q3 / base	-1.39 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q3_installation_revenue, base_2026q3_installation_margin).
service revenue base_2026q3_service_revenue	2026Q3 / base	66.78 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_service, base_2026q3_weight).
service GAAP gross margin base_2026q3_service_margin	2026Q3 / base	18.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit base_2026q3_service_gross_profit	2026Q3 / base	12.02 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q3_service_revenue, base_2026q3_service_margin).
electricity revenue base_2026q3_electricity_revenue	2026Q3 / base	10.27 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_electricity, base_2026q3_weight).
electricity GAAP gross margin base_2026q3_electricity_margin	2026Q3 / base	30.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit base_2026q3_electricity_gross_profit	2026Q3 / base	3.08 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q3_electricity_revenue, base_2026q3_electricity_margin).
Consolidated revenue base_2026q3_revenue	2026Q3 / base	1,027.45 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(base_2026q3_product_revenue, base_2026q3_installation_revenue, base_2026q3_service_revenue, base_2026q3_electricity_revenue).
GAAP gross profit base_2026q3_gross_profit	2026Q3 / base	348.25 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(base_2026q3_product_gross_profit, base_2026q3_installation_gross_profit, base_2026q3_service_gross_profit, base_2026q3_electricity_gross_profit).
GAAP operating expenses base_2026q3_opex	2026Q3 / base	185.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income base_2026q3_operating_income	2026Q3 / base	163.25 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(base_2026q3_gross_profit, base_2026q3_opex).
Noncash depreciation and stock compensation base_2026q3_noncash	2026Q3 / base	68.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue base_2026q3_wc_ratio	2026Q3 / base	9.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding base_2026q3_other_wc	2026Q3 / base	92.47 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(base_2026q3_revenue, base_2026q3_wc_ratio).
Net cash tax, interest and other uses base_2026q3_other	2026Q3 / base	45.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges base_2026q3_cash_uses	2026Q3 / base	137.47 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(base_2026q3_other_wc, base_2026q3_other).
Operating income plus noncash addbacks base_2026q3_cash_start	2026Q3 / base	231.25 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(base_2026q3_operating_income, base_2026q3_noncash).
CFO before net customer funding base_2026q3_cfo_before_customer_funding	2026Q3 / base	93.78 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(base_2026q3_cash_start, base_2026q3_cash_uses).
Net customer deposits and deferred revenue base_2026q3_customer_funding	2026Q3 / base	100.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow base_2026q3_cfo	2026Q3 / base	193.78 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(base_2026q3_cfo_before_customer_funding, base_2026q3_customer_funding).
Cash purchases of PP&E base_2026q3_capex	2026Q3 / base	65.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex base_2026q3_fcf	2026Q3 / base	128.78 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Share of H2 or FY2027 segment revenue base_2026q4_weight	2026Q4 / base	54.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue base_2026q4_product_revenue	2026Q4 / base	1,061.40 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_product, base_2026q4_weight).
product GAAP gross margin base_2026q4_product_margin	2026Q4 / base	37.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit base_2026q4_product_gross_profit	2026Q4 / base	392.72 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q4_product_revenue, base_2026q4_product_margin).
installation revenue base_2026q4_installation_revenue	2026Q4 / base	54.28 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_installation, base_2026q4_weight).
installation GAAP gross margin base_2026q4_installation_margin	2026Q4 / base	-3.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit base_2026q4_installation_gross_profit	2026Q4 / base	-1.63 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q4_installation_revenue, base_2026q4_installation_margin).
service revenue base_2026q4_service_revenue	2026Q4 / base	78.40 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_service, base_2026q4_weight).
service GAAP gross margin base_2026q4_service_margin	2026Q4 / base	18.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit base_2026q4_service_gross_profit	2026Q4 / base	14.11 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q4_service_revenue, base_2026q4_service_margin).
electricity revenue base_2026q4_electricity_revenue	2026Q4 / base	12.06 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_h2_electricity, base_2026q4_weight).
electricity GAAP gross margin base_2026q4_electricity_margin	2026Q4 / base	30.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit base_2026q4_electricity_gross_profit	2026Q4 / base	3.62 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2026q4_electricity_revenue, base_2026q4_electricity_margin).
Consolidated revenue base_2026q4_revenue	2026Q4 / base	1,206.13 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(base_2026q4_product_revenue, base_2026q4_installation_revenue, base_2026q4_service_revenue, base_2026q4_electricity_revenue).
GAAP gross profit base_2026q4_gross_profit	2026Q4 / base	408.82 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(base_2026q4_product_gross_profit, base_2026q4_installation_gross_profit, base_2026q4_service_gross_profit, base_2026q4_electricity_gross_profit).
GAAP operating expenses base_2026q4_opex	2026Q4 / base	192.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income base_2026q4_operating_income	2026Q4 / base	216.82 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(base_2026q4_gross_profit, base_2026q4_opex).
Noncash depreciation and stock compensation base_2026q4_noncash	2026Q4 / base	70.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue base_2026q4_wc_ratio	2026Q4 / base	9.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding base_2026q4_other_wc	2026Q4 / base	108.55 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(base_2026q4_revenue, base_2026q4_wc_ratio).
Net cash tax, interest and other uses base_2026q4_other	2026Q4 / base	48.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges base_2026q4_cash_uses	2026Q4 / base	156.55 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(base_2026q4_other_wc, base_2026q4_other).
Operating income plus noncash addbacks base_2026q4_cash_start	2026Q4 / base	286.82 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(base_2026q4_operating_income, base_2026q4_noncash).
CFO before net customer funding base_2026q4_cfo_before_customer_funding	2026Q4 / base	130.27 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(base_2026q4_cash_start, base_2026q4_cash_uses).
Net customer deposits and deferred revenue base_2026q4_customer_funding	2026Q4 / base	100.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow base_2026q4_cfo	2026Q4 / base	230.27 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(base_2026q4_cfo_before_customer_funding, base_2026q4_customer_funding).
Cash purchases of PP&E base_2026q4_capex	2026Q4 / base	80.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex base_2026q4_fcf	2026Q4 / base	150.27 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Share of H2 or FY2027 segment revenue base_2027q1_weight	2027Q1 / base	22.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue base_2027q1_product_revenue	2027Q1 / base	1,167.54 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_product, base_2027q1_weight).
product GAAP gross margin base_2027q1_product_margin	2027Q1 / base	37.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit base_2027q1_product_gross_profit	2027Q1 / base	431.99 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q1_product_revenue, base_2027q1_product_margin).
installation revenue base_2027q1_installation_revenue	2027Q1 / base	57.49 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_installation, base_2027q1_weight).
installation GAAP gross margin base_2027q1_installation_margin	2027Q1 / base	-3.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit base_2027q1_installation_gross_profit	2027Q1 / base	-1.72 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q1_installation_revenue, base_2027q1_installation_margin).
service revenue base_2027q1_service_revenue	2027Q1 / base	89.43 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_service, base_2027q1_weight).
service GAAP gross margin base_2027q1_service_margin	2027Q1 / base	18.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit base_2027q1_service_gross_profit	2027Q1 / base	16.10 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q1_service_revenue, base_2027q1_service_margin).
electricity revenue base_2027q1_electricity_revenue	2027Q1 / base	9.83 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_electricity, base_2027q1_weight).
electricity GAAP gross margin base_2027q1_electricity_margin	2027Q1 / base	30.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit base_2027q1_electricity_gross_profit	2027Q1 / base	2.95 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q1_electricity_revenue, base_2027q1_electricity_margin).
Consolidated revenue base_2027q1_revenue	2027Q1 / base	1,324.29 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(base_2027q1_product_revenue, base_2027q1_installation_revenue, base_2027q1_service_revenue, base_2027q1_electricity_revenue).
GAAP gross profit base_2027q1_gross_profit	2027Q1 / base	449.31 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(base_2027q1_product_gross_profit, base_2027q1_installation_gross_profit, base_2027q1_service_gross_profit, base_2027q1_electricity_gross_profit).
GAAP operating expenses base_2027q1_opex	2027Q1 / base	199.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income base_2027q1_operating_income	2027Q1 / base	250.31 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(base_2027q1_gross_profit, base_2027q1_opex).
Noncash depreciation and stock compensation base_2027q1_noncash	2027Q1 / base	72.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue base_2027q1_wc_ratio	2027Q1 / base	9.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding base_2027q1_other_wc	2027Q1 / base	119.19 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(base_2027q1_revenue, base_2027q1_wc_ratio).
Net cash tax, interest and other uses base_2027q1_other	2027Q1 / base	51.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges base_2027q1_cash_uses	2027Q1 / base	170.19 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(base_2027q1_other_wc, base_2027q1_other).
Operating income plus noncash addbacks base_2027q1_cash_start	2027Q1 / base	322.31 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(base_2027q1_operating_income, base_2027q1_noncash).
CFO before net customer funding base_2027q1_cfo_before_customer_funding	2027Q1 / base	152.12 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(base_2027q1_cash_start, base_2027q1_cash_uses).
Net customer deposits and deferred revenue base_2027q1_customer_funding	2027Q1 / base	50.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow base_2027q1_cfo	2027Q1 / base	202.12 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(base_2027q1_cfo_before_customer_funding, base_2027q1_customer_funding).
Cash purchases of PP&E base_2027q1_capex	2027Q1 / base	75.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex base_2027q1_fcf	2027Q1 / base	127.12 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Share of H2 or FY2027 segment revenue base_2027q2_weight	2027Q2 / base	24.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue base_2027q2_product_revenue	2027Q2 / base	1,273.68 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_product, base_2027q2_weight).
product GAAP gross margin base_2027q2_product_margin	2027Q2 / base	37.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit base_2027q2_product_gross_profit	2027Q2 / base	471.26 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q2_product_revenue, base_2027q2_product_margin).
installation revenue base_2027q2_installation_revenue	2027Q2 / base	62.72 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_installation, base_2027q2_weight).
installation GAAP gross margin base_2027q2_installation_margin	2027Q2 / base	-3.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit base_2027q2_installation_gross_profit	2027Q2 / base	-1.88 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q2_installation_revenue, base_2027q2_installation_margin).
service revenue base_2027q2_service_revenue	2027Q2 / base	97.56 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_service, base_2027q2_weight).
service GAAP gross margin base_2027q2_service_margin	2027Q2 / base	18.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit base_2027q2_service_gross_profit	2027Q2 / base	17.56 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q2_service_revenue, base_2027q2_service_margin).
electricity revenue base_2027q2_electricity_revenue	2027Q2 / base	10.72 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_electricity, base_2027q2_weight).
electricity GAAP gross margin base_2027q2_electricity_margin	2027Q2 / base	30.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit base_2027q2_electricity_gross_profit	2027Q2 / base	3.22 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q2_electricity_revenue, base_2027q2_electricity_margin).
Consolidated revenue base_2027q2_revenue	2027Q2 / base	1,444.68 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(base_2027q2_product_revenue, base_2027q2_installation_revenue, base_2027q2_service_revenue, base_2027q2_electricity_revenue).
GAAP gross profit base_2027q2_gross_profit	2027Q2 / base	490.16 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(base_2027q2_product_gross_profit, base_2027q2_installation_gross_profit, base_2027q2_service_gross_profit, base_2027q2_electricity_gross_profit).
GAAP operating expenses base_2027q2_opex	2027Q2 / base	206.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income base_2027q2_operating_income	2027Q2 / base	284.16 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(base_2027q2_gross_profit, base_2027q2_opex).
Noncash depreciation and stock compensation base_2027q2_noncash	2027Q2 / base	74.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue base_2027q2_wc_ratio	2027Q2 / base	9.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding base_2027q2_other_wc	2027Q2 / base	130.02 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(base_2027q2_revenue, base_2027q2_wc_ratio).
Net cash tax, interest and other uses base_2027q2_other	2027Q2 / base	54.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges base_2027q2_cash_uses	2027Q2 / base	184.02 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(base_2027q2_other_wc, base_2027q2_other).
Operating income plus noncash addbacks base_2027q2_cash_start	2027Q2 / base	358.16 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(base_2027q2_operating_income, base_2027q2_noncash).
CFO before net customer funding base_2027q2_cfo_before_customer_funding	2027Q2 / base	174.14 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(base_2027q2_cash_start, base_2027q2_cash_uses).
Net customer deposits and deferred revenue base_2027q2_customer_funding	2027Q2 / base	50.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow base_2027q2_cfo	2027Q2 / base	224.14 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(base_2027q2_cfo_before_customer_funding, base_2027q2_customer_funding).
Cash purchases of PP&E base_2027q2_capex	2027Q2 / base	75.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex base_2027q2_fcf	2027Q2 / base	149.14 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Share of H2 or FY2027 segment revenue base_2027q3_weight	2027Q3 / base	26.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue base_2027q3_product_revenue	2027Q3 / base	1,379.82 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_product, base_2027q3_weight).
product GAAP gross margin base_2027q3_product_margin	2027Q3 / base	37.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit base_2027q3_product_gross_profit	2027Q3 / base	510.53 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q3_product_revenue, base_2027q3_product_margin).
installation revenue base_2027q3_installation_revenue	2027Q3 / base	67.95 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_installation, base_2027q3_weight).
installation GAAP gross margin base_2027q3_installation_margin	2027Q3 / base	-3.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit base_2027q3_installation_gross_profit	2027Q3 / base	-2.04 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q3_installation_revenue, base_2027q3_installation_margin).
service revenue base_2027q3_service_revenue	2027Q3 / base	105.69 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_service, base_2027q3_weight).
service GAAP gross margin base_2027q3_service_margin	2027Q3 / base	18.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit base_2027q3_service_gross_profit	2027Q3 / base	19.02 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q3_service_revenue, base_2027q3_service_margin).
electricity revenue base_2027q3_electricity_revenue	2027Q3 / base	11.61 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_electricity, base_2027q3_weight).
electricity GAAP gross margin base_2027q3_electricity_margin	2027Q3 / base	30.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit base_2027q3_electricity_gross_profit	2027Q3 / base	3.48 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q3_electricity_revenue, base_2027q3_electricity_margin).
Consolidated revenue base_2027q3_revenue	2027Q3 / base	1,565.07 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(base_2027q3_product_revenue, base_2027q3_installation_revenue, base_2027q3_service_revenue, base_2027q3_electricity_revenue).
GAAP gross profit base_2027q3_gross_profit	2027Q3 / base	531.00 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(base_2027q3_product_gross_profit, base_2027q3_installation_gross_profit, base_2027q3_service_gross_profit, base_2027q3_electricity_gross_profit).
GAAP operating expenses base_2027q3_opex	2027Q3 / base	213.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income base_2027q3_operating_income	2027Q3 / base	318.00 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(base_2027q3_gross_profit, base_2027q3_opex).
Noncash depreciation and stock compensation base_2027q3_noncash	2027Q3 / base	76.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue base_2027q3_wc_ratio	2027Q3 / base	9.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding base_2027q3_other_wc	2027Q3 / base	140.86 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(base_2027q3_revenue, base_2027q3_wc_ratio).
Net cash tax, interest and other uses base_2027q3_other	2027Q3 / base	57.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges base_2027q3_cash_uses	2027Q3 / base	197.86 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(base_2027q3_other_wc, base_2027q3_other).
Operating income plus noncash addbacks base_2027q3_cash_start	2027Q3 / base	394.00 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(base_2027q3_operating_income, base_2027q3_noncash).
CFO before net customer funding base_2027q3_cfo_before_customer_funding	2027Q3 / base	196.15 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(base_2027q3_cash_start, base_2027q3_cash_uses).
Net customer deposits and deferred revenue base_2027q3_customer_funding	2027Q3 / base	75.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow base_2027q3_cfo	2027Q3 / base	271.15 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(base_2027q3_cfo_before_customer_funding, base_2027q3_customer_funding).
Cash purchases of PP&E base_2027q3_capex	2027Q3 / base	90.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex base_2027q3_fcf	2027Q3 / base	181.15 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Share of H2 or FY2027 segment revenue base_2027q4_weight	2027Q4 / base	28.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue base_2027q4_product_revenue	2027Q4 / base	1,485.96 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_product, base_2027q4_weight).
product GAAP gross margin base_2027q4_product_margin	2027Q4 / base	37.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit base_2027q4_product_gross_profit	2027Q4 / base	549.80 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q4_product_revenue, base_2027q4_product_margin).
installation revenue base_2027q4_installation_revenue	2027Q4 / base	73.17 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_installation, base_2027q4_weight).
installation GAAP gross margin base_2027q4_installation_margin	2027Q4 / base	-3.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit base_2027q4_installation_gross_profit	2027Q4 / base	-2.20 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q4_installation_revenue, base_2027q4_installation_margin).
service revenue base_2027q4_service_revenue	2027Q4 / base	113.82 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_service, base_2027q4_weight).
service GAAP gross margin base_2027q4_service_margin	2027Q4 / base	18.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit base_2027q4_service_gross_profit	2027Q4 / base	20.49 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q4_service_revenue, base_2027q4_service_margin).
electricity revenue base_2027q4_electricity_revenue	2027Q4 / base	12.51 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(base_fy27_electricity, base_2027q4_weight).
electricity GAAP gross margin base_2027q4_electricity_margin	2027Q4 / base	30.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit base_2027q4_electricity_gross_profit	2027Q4 / base	3.75 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(base_2027q4_electricity_revenue, base_2027q4_electricity_margin).
Consolidated revenue base_2027q4_revenue	2027Q4 / base	1,685.46 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(base_2027q4_product_revenue, base_2027q4_installation_revenue, base_2027q4_service_revenue, base_2027q4_electricity_revenue).
GAAP gross profit base_2027q4_gross_profit	2027Q4 / base	571.85 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(base_2027q4_product_gross_profit, base_2027q4_installation_gross_profit, base_2027q4_service_gross_profit, base_2027q4_electricity_gross_profit).
GAAP operating expenses base_2027q4_opex	2027Q4 / base	220.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income base_2027q4_operating_income	2027Q4 / base	351.85 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(base_2027q4_gross_profit, base_2027q4_opex).
Noncash depreciation and stock compensation base_2027q4_noncash	2027Q4 / base	78.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue base_2027q4_wc_ratio	2027Q4 / base	9.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding base_2027q4_other_wc	2027Q4 / base	151.69 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(base_2027q4_revenue, base_2027q4_wc_ratio).
Net cash tax, interest and other uses base_2027q4_other	2027Q4 / base	60.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges base_2027q4_cash_uses	2027Q4 / base	211.69 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(base_2027q4_other_wc, base_2027q4_other).
Operating income plus noncash addbacks base_2027q4_cash_start	2027Q4 / base	429.85 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(base_2027q4_operating_income, base_2027q4_noncash).
CFO before net customer funding base_2027q4_cfo_before_customer_funding	2027Q4 / base	218.16 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(base_2027q4_cash_start, base_2027q4_cash_uses).
Net customer deposits and deferred revenue base_2027q4_customer_funding	2027Q4 / base	75.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow base_2027q4_cfo	2027Q4 / base	293.16 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(base_2027q4_cfo_before_customer_funding, base_2027q4_customer_funding).
Cash purchases of PP&E base_2027q4_capex	2027Q4 / base	90.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex base_2027q4_fcf	2027Q4 / base	203.16 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Revenue ($M) base_fy2026_revenue	FY2026 / base	4,050.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
GAAP gross profit ($M) base_fy2026_gross_profit	FY2026 / base	1,338.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
GAAP operating income ($M) base_fy2026_operating_income	FY2026 / base	634.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
CFO before net customer funding ($M) base_fy2026_cfo_before_customer_funding	FY2026 / base	222.86 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo_before_customer_funding, base_2026q3_cfo_before_customer_funding, base_2026q4_cfo_before_customer_funding).
Net customer funding ($M) base_fy2026_customer_funding	FY2026 / base	501.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_customer_funding, base_2026q3_customer_funding, base_2026q4_customer_funding).
Operating cash flow ($M) base_fy2026_cfo	FY2026 / base	724.09 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash capex ($M) base_fy2026_capex	FY2026 / base	222.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less capex ($M) base_fy2026_fcf	FY2026 / base	501.27 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Revenue ($M) base_fy2027_revenue	FY2027 / base	6,019.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
GAAP gross profit ($M) base_fy2027_gross_profit	FY2027 / base	2,042.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
GAAP operating income ($M) base_fy2027_operating_income	FY2027 / base	1,204.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
CFO before net customer funding ($M) base_fy2027_cfo_before_customer_funding	FY2027 / base	740.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo_before_customer_funding, base_2027q2_cfo_before_customer_funding, base_2027q3_cfo_before_customer_funding, base_2027q4_cfo_before_customer_funding).
Net customer funding ($M) base_fy2027_customer_funding	FY2027 / base	250.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_customer_funding, base_2027q2_customer_funding, base_2027q3_customer_funding, base_2027q4_customer_funding).
Operating cash flow ($M) base_fy2027_cfo	FY2027 / base	990.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash capex ($M) base_fy2027_capex	FY2027 / base	330.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less capex ($M) base_fy2027_fcf	FY2027 / base	660.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
FY2026 revenue versus guidance midpoint upside_delivery	FY2026 / upside	106.0% ratio	assumption: Desk delivery sensitivity; downside and upside can lie outside the company range.
FY2026 revenue scenario upside_annual_revenue_reference	FY2026 / upside	4,293.00 USD_millions	derived: Company guidance midpoint times desk realization. Formula: multiply(revenue_guide, upside_delivery).
H2 revenue scenario upside_h2_revenue	H2 2026 / upside	2,476.58 USD_millions	derived: Full-year scenario less reported H1. Formula: subtract(upside_annual_revenue_reference, h1_revenue).
H2 product revenue mix upside_product_mix	H2 2026 / upside	88.0% ratio	assumption: Desk segment mix; four components sum to one.
product revenue upside_h2_product	H2 2026 / upside	2,179.39 USD_millions	derived: H2 total times segment share. Formula: multiply(upside_h2_revenue, upside_product_mix).
product annualized H2 run rate upside_product_runrate	FY2027 / upside	4,358.78 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(upside_h2_product, two_runrate).
product growth versus annualized H2 upside_product_growth	FY2027 / upside	160.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
product annual revenue scenario upside_fy27_product	FY2027 / upside	6,974.05 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(upside_product_runrate, upside_product_growth).
H2 installation revenue mix upside_installation_mix	H2 2026 / upside	4.5% ratio	assumption: Desk segment mix; four components sum to one.
installation revenue upside_h2_installation	H2 2026 / upside	111.45 USD_millions	derived: H2 total times segment share. Formula: multiply(upside_h2_revenue, upside_installation_mix).
installation annualized H2 run rate upside_installation_runrate	FY2027 / upside	222.89 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(upside_h2_installation, two_runrate).
installation growth versus annualized H2 upside_installation_growth	FY2027 / upside	145.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
installation annual revenue scenario upside_fy27_installation	FY2027 / upside	323.19 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(upside_installation_runrate, upside_installation_growth).
H2 service revenue mix upside_service_mix	H2 2026 / upside	6.5% ratio	assumption: Desk segment mix; four components sum to one.
service revenue upside_h2_service	H2 2026 / upside	160.98 USD_millions	derived: H2 total times segment share. Formula: multiply(upside_h2_revenue, upside_service_mix).
service annualized H2 run rate upside_service_runrate	FY2027 / upside	321.96 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(upside_h2_service, two_runrate).
service growth versus annualized H2 upside_service_growth	FY2027 / upside	160.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
service annual revenue scenario upside_fy27_service	FY2027 / upside	515.13 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(upside_service_runrate, upside_service_growth).
H2 electricity revenue mix upside_electricity_mix	H2 2026 / upside	1.0% ratio	assumption: Desk segment mix; four components sum to one.
electricity revenue upside_h2_electricity	H2 2026 / upside	24.77 USD_millions	derived: H2 total times segment share. Formula: multiply(upside_h2_revenue, upside_electricity_mix).
electricity annualized H2 run rate upside_electricity_runrate	FY2027 / upside	49.53 USD_millions	derived: Annualizes modeled H2, including its revenue-recognition mix. Formula: multiply(upside_h2_electricity, two_runrate).
electricity growth versus annualized H2 upside_electricity_growth	FY2027 / upside	105.0% ratio	assumption: Desk growth multiplier; not company guidance or disclosed backlog.
electricity annual revenue scenario upside_fy27_electricity	FY2027 / upside	52.01 USD_millions	derived: Separate segment growth applied to modeled H2 annual run rate. Formula: multiply(upside_electricity_runrate, upside_electricity_growth).
Share of H2 or FY2027 segment revenue upside_2026q3_weight	2026Q3 / upside	46.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue upside_2026q3_product_revenue	2026Q3 / upside	1,002.52 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_product, upside_2026q3_weight).
product GAAP gross margin upside_2026q3_product_margin	2026Q3 / upside	40.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit upside_2026q3_product_gross_profit	2026Q3 / upside	401.01 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q3_product_revenue, upside_2026q3_product_margin).
installation revenue upside_2026q3_installation_revenue	2026Q3 / upside	51.27 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_installation, upside_2026q3_weight).
installation GAAP gross margin upside_2026q3_installation_margin	2026Q3 / upside	2.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit upside_2026q3_installation_gross_profit	2026Q3 / upside	1.03 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q3_installation_revenue, upside_2026q3_installation_margin).
service revenue upside_2026q3_service_revenue	2026Q3 / upside	74.05 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_service, upside_2026q3_weight).
service GAAP gross margin upside_2026q3_service_margin	2026Q3 / upside	23.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit upside_2026q3_service_gross_profit	2026Q3 / upside	17.03 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q3_service_revenue, upside_2026q3_service_margin).
electricity revenue upside_2026q3_electricity_revenue	2026Q3 / upside	11.39 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_electricity, upside_2026q3_weight).
electricity GAAP gross margin upside_2026q3_electricity_margin	2026Q3 / upside	33.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit upside_2026q3_electricity_gross_profit	2026Q3 / upside	3.76 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q3_electricity_revenue, upside_2026q3_electricity_margin).
Consolidated revenue upside_2026q3_revenue	2026Q3 / upside	1,139.23 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(upside_2026q3_product_revenue, upside_2026q3_installation_revenue, upside_2026q3_service_revenue, upside_2026q3_electricity_revenue).
GAAP gross profit upside_2026q3_gross_profit	2026Q3 / upside	422.82 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(upside_2026q3_product_gross_profit, upside_2026q3_installation_gross_profit, upside_2026q3_service_gross_profit, upside_2026q3_electricity_gross_profit).
GAAP operating expenses upside_2026q3_opex	2026Q3 / upside	190.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income upside_2026q3_operating_income	2026Q3 / upside	232.82 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(upside_2026q3_gross_profit, upside_2026q3_opex).
Noncash depreciation and stock compensation upside_2026q3_noncash	2026Q3 / upside	70.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue upside_2026q3_wc_ratio	2026Q3 / upside	7.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding upside_2026q3_other_wc	2026Q3 / upside	79.75 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(upside_2026q3_revenue, upside_2026q3_wc_ratio).
Net cash tax, interest and other uses upside_2026q3_other	2026Q3 / upside	50.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges upside_2026q3_cash_uses	2026Q3 / upside	129.75 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(upside_2026q3_other_wc, upside_2026q3_other).
Operating income plus noncash addbacks upside_2026q3_cash_start	2026Q3 / upside	302.82 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(upside_2026q3_operating_income, upside_2026q3_noncash).
CFO before net customer funding upside_2026q3_cfo_before_customer_funding	2026Q3 / upside	173.08 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(upside_2026q3_cash_start, upside_2026q3_cash_uses).
Net customer deposits and deferred revenue upside_2026q3_customer_funding	2026Q3 / upside	150.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow upside_2026q3_cfo	2026Q3 / upside	323.08 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(upside_2026q3_cfo_before_customer_funding, upside_2026q3_customer_funding).
Cash purchases of PP&E upside_2026q3_capex	2026Q3 / upside	60.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex upside_2026q3_fcf	2026Q3 / upside	263.08 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Share of H2 or FY2027 segment revenue upside_2026q4_weight	2026Q4 / upside	54.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue upside_2026q4_product_revenue	2026Q4 / upside	1,176.87 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_product, upside_2026q4_weight).
product GAAP gross margin upside_2026q4_product_margin	2026Q4 / upside	40.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit upside_2026q4_product_gross_profit	2026Q4 / upside	470.75 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q4_product_revenue, upside_2026q4_product_margin).
installation revenue upside_2026q4_installation_revenue	2026Q4 / upside	60.18 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_installation, upside_2026q4_weight).
installation GAAP gross margin upside_2026q4_installation_margin	2026Q4 / upside	2.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit upside_2026q4_installation_gross_profit	2026Q4 / upside	1.20 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q4_installation_revenue, upside_2026q4_installation_margin).
service revenue upside_2026q4_service_revenue	2026Q4 / upside	86.93 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_service, upside_2026q4_weight).
service GAAP gross margin upside_2026q4_service_margin	2026Q4 / upside	23.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit upside_2026q4_service_gross_profit	2026Q4 / upside	19.99 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q4_service_revenue, upside_2026q4_service_margin).
electricity revenue upside_2026q4_electricity_revenue	2026Q4 / upside	13.37 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_h2_electricity, upside_2026q4_weight).
electricity GAAP gross margin upside_2026q4_electricity_margin	2026Q4 / upside	33.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit upside_2026q4_electricity_gross_profit	2026Q4 / upside	4.41 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2026q4_electricity_revenue, upside_2026q4_electricity_margin).
Consolidated revenue upside_2026q4_revenue	2026Q4 / upside	1,337.35 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(upside_2026q4_product_revenue, upside_2026q4_installation_revenue, upside_2026q4_service_revenue, upside_2026q4_electricity_revenue).
GAAP gross profit upside_2026q4_gross_profit	2026Q4 / upside	496.36 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(upside_2026q4_product_gross_profit, upside_2026q4_installation_gross_profit, upside_2026q4_service_gross_profit, upside_2026q4_electricity_gross_profit).
GAAP operating expenses upside_2026q4_opex	2026Q4 / upside	198.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income upside_2026q4_operating_income	2026Q4 / upside	298.36 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(upside_2026q4_gross_profit, upside_2026q4_opex).
Noncash depreciation and stock compensation upside_2026q4_noncash	2026Q4 / upside	72.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue upside_2026q4_wc_ratio	2026Q4 / upside	7.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding upside_2026q4_other_wc	2026Q4 / upside	93.61 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(upside_2026q4_revenue, upside_2026q4_wc_ratio).
Net cash tax, interest and other uses upside_2026q4_other	2026Q4 / upside	53.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges upside_2026q4_cash_uses	2026Q4 / upside	146.61 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(upside_2026q4_other_wc, upside_2026q4_other).
Operating income plus noncash addbacks upside_2026q4_cash_start	2026Q4 / upside	370.36 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(upside_2026q4_operating_income, upside_2026q4_noncash).
CFO before net customer funding upside_2026q4_cfo_before_customer_funding	2026Q4 / upside	223.74 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(upside_2026q4_cash_start, upside_2026q4_cash_uses).
Net customer deposits and deferred revenue upside_2026q4_customer_funding	2026Q4 / upside	150.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow upside_2026q4_cfo	2026Q4 / upside	373.74 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(upside_2026q4_cfo_before_customer_funding, upside_2026q4_customer_funding).
Cash purchases of PP&E upside_2026q4_capex	2026Q4 / upside	75.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex upside_2026q4_fcf	2026Q4 / upside	298.74 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Share of H2 or FY2027 segment revenue upside_2027q1_weight	2027Q1 / upside	22.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue upside_2027q1_product_revenue	2027Q1 / upside	1,534.29 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_product, upside_2027q1_weight).
product GAAP gross margin upside_2027q1_product_margin	2027Q1 / upside	40.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit upside_2027q1_product_gross_profit	2027Q1 / upside	613.72 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q1_product_revenue, upside_2027q1_product_margin).
installation revenue upside_2027q1_installation_revenue	2027Q1 / upside	71.10 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_installation, upside_2027q1_weight).
installation GAAP gross margin upside_2027q1_installation_margin	2027Q1 / upside	2.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit upside_2027q1_installation_gross_profit	2027Q1 / upside	1.42 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q1_installation_revenue, upside_2027q1_installation_margin).
service revenue upside_2027q1_service_revenue	2027Q1 / upside	113.33 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_service, upside_2027q1_weight).
service GAAP gross margin upside_2027q1_service_margin	2027Q1 / upside	23.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit upside_2027q1_service_gross_profit	2027Q1 / upside	26.07 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q1_service_revenue, upside_2027q1_service_margin).
electricity revenue upside_2027q1_electricity_revenue	2027Q1 / upside	11.44 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_electricity, upside_2027q1_weight).
electricity GAAP gross margin upside_2027q1_electricity_margin	2027Q1 / upside	33.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit upside_2027q1_electricity_gross_profit	2027Q1 / upside	3.78 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q1_electricity_revenue, upside_2027q1_electricity_margin).
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	1,730.16 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(upside_2027q1_product_revenue, upside_2027q1_installation_revenue, upside_2027q1_service_revenue, upside_2027q1_electricity_revenue).
GAAP gross profit upside_2027q1_gross_profit	2027Q1 / upside	644.98 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(upside_2027q1_product_gross_profit, upside_2027q1_installation_gross_profit, upside_2027q1_service_gross_profit, upside_2027q1_electricity_gross_profit).
GAAP operating expenses upside_2027q1_opex	2027Q1 / upside	206.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income upside_2027q1_operating_income	2027Q1 / upside	438.98 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_opex).
Noncash depreciation and stock compensation upside_2027q1_noncash	2027Q1 / upside	74.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue upside_2027q1_wc_ratio	2027Q1 / upside	7.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding upside_2027q1_other_wc	2027Q1 / upside	121.11 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(upside_2027q1_revenue, upside_2027q1_wc_ratio).
Net cash tax, interest and other uses upside_2027q1_other	2027Q1 / upside	56.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges upside_2027q1_cash_uses	2027Q1 / upside	177.11 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(upside_2027q1_other_wc, upside_2027q1_other).
Operating income plus noncash addbacks upside_2027q1_cash_start	2027Q1 / upside	512.98 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(upside_2027q1_operating_income, upside_2027q1_noncash).
CFO before net customer funding upside_2027q1_cfo_before_customer_funding	2027Q1 / upside	335.87 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(upside_2027q1_cash_start, upside_2027q1_cash_uses).
Net customer deposits and deferred revenue upside_2027q1_customer_funding	2027Q1 / upside	100.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow upside_2027q1_cfo	2027Q1 / upside	435.87 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(upside_2027q1_cfo_before_customer_funding, upside_2027q1_customer_funding).
Cash purchases of PP&E upside_2027q1_capex	2027Q1 / upside	70.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex upside_2027q1_fcf	2027Q1 / upside	365.87 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Share of H2 or FY2027 segment revenue upside_2027q2_weight	2027Q2 / upside	24.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue upside_2027q2_product_revenue	2027Q2 / upside	1,673.77 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_product, upside_2027q2_weight).
product GAAP gross margin upside_2027q2_product_margin	2027Q2 / upside	40.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit upside_2027q2_product_gross_profit	2027Q2 / upside	669.51 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q2_product_revenue, upside_2027q2_product_margin).
installation revenue upside_2027q2_installation_revenue	2027Q2 / upside	77.57 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_installation, upside_2027q2_weight).
installation GAAP gross margin upside_2027q2_installation_margin	2027Q2 / upside	2.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit upside_2027q2_installation_gross_profit	2027Q2 / upside	1.55 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q2_installation_revenue, upside_2027q2_installation_margin).
service revenue upside_2027q2_service_revenue	2027Q2 / upside	123.63 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_service, upside_2027q2_weight).
service GAAP gross margin upside_2027q2_service_margin	2027Q2 / upside	23.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit upside_2027q2_service_gross_profit	2027Q2 / upside	28.44 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q2_service_revenue, upside_2027q2_service_margin).
electricity revenue upside_2027q2_electricity_revenue	2027Q2 / upside	12.48 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_electricity, upside_2027q2_weight).
electricity GAAP gross margin upside_2027q2_electricity_margin	2027Q2 / upside	33.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit upside_2027q2_electricity_gross_profit	2027Q2 / upside	4.12 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q2_electricity_revenue, upside_2027q2_electricity_margin).
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	1,887.45 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(upside_2027q2_product_revenue, upside_2027q2_installation_revenue, upside_2027q2_service_revenue, upside_2027q2_electricity_revenue).
GAAP gross profit upside_2027q2_gross_profit	2027Q2 / upside	703.61 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(upside_2027q2_product_gross_profit, upside_2027q2_installation_gross_profit, upside_2027q2_service_gross_profit, upside_2027q2_electricity_gross_profit).
GAAP operating expenses upside_2027q2_opex	2027Q2 / upside	214.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income upside_2027q2_operating_income	2027Q2 / upside	489.61 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_opex).
Noncash depreciation and stock compensation upside_2027q2_noncash	2027Q2 / upside	76.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue upside_2027q2_wc_ratio	2027Q2 / upside	7.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding upside_2027q2_other_wc	2027Q2 / upside	132.12 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(upside_2027q2_revenue, upside_2027q2_wc_ratio).
Net cash tax, interest and other uses upside_2027q2_other	2027Q2 / upside	59.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges upside_2027q2_cash_uses	2027Q2 / upside	191.12 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(upside_2027q2_other_wc, upside_2027q2_other).
Operating income plus noncash addbacks upside_2027q2_cash_start	2027Q2 / upside	565.61 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(upside_2027q2_operating_income, upside_2027q2_noncash).
CFO before net customer funding upside_2027q2_cfo_before_customer_funding	2027Q2 / upside	374.49 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(upside_2027q2_cash_start, upside_2027q2_cash_uses).
Net customer deposits and deferred revenue upside_2027q2_customer_funding	2027Q2 / upside	100.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow upside_2027q2_cfo	2027Q2 / upside	474.49 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(upside_2027q2_cfo_before_customer_funding, upside_2027q2_customer_funding).
Cash purchases of PP&E upside_2027q2_capex	2027Q2 / upside	70.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex upside_2027q2_fcf	2027Q2 / upside	404.49 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Share of H2 or FY2027 segment revenue upside_2027q3_weight	2027Q3 / upside	26.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue upside_2027q3_product_revenue	2027Q3 / upside	1,813.25 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_product, upside_2027q3_weight).
product GAAP gross margin upside_2027q3_product_margin	2027Q3 / upside	40.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit upside_2027q3_product_gross_profit	2027Q3 / upside	725.30 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q3_product_revenue, upside_2027q3_product_margin).
installation revenue upside_2027q3_installation_revenue	2027Q3 / upside	84.03 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_installation, upside_2027q3_weight).
installation GAAP gross margin upside_2027q3_installation_margin	2027Q3 / upside	2.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit upside_2027q3_installation_gross_profit	2027Q3 / upside	1.68 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q3_installation_revenue, upside_2027q3_installation_margin).
service revenue upside_2027q3_service_revenue	2027Q3 / upside	133.93 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_service, upside_2027q3_weight).
service GAAP gross margin upside_2027q3_service_margin	2027Q3 / upside	23.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit upside_2027q3_service_gross_profit	2027Q3 / upside	30.80 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q3_service_revenue, upside_2027q3_service_margin).
electricity revenue upside_2027q3_electricity_revenue	2027Q3 / upside	13.52 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_electricity, upside_2027q3_weight).
electricity GAAP gross margin upside_2027q3_electricity_margin	2027Q3 / upside	33.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit upside_2027q3_electricity_gross_profit	2027Q3 / upside	4.46 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q3_electricity_revenue, upside_2027q3_electricity_margin).
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	2,044.74 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(upside_2027q3_product_revenue, upside_2027q3_installation_revenue, upside_2027q3_service_revenue, upside_2027q3_electricity_revenue).
GAAP gross profit upside_2027q3_gross_profit	2027Q3 / upside	762.25 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(upside_2027q3_product_gross_profit, upside_2027q3_installation_gross_profit, upside_2027q3_service_gross_profit, upside_2027q3_electricity_gross_profit).
GAAP operating expenses upside_2027q3_opex	2027Q3 / upside	222.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income upside_2027q3_operating_income	2027Q3 / upside	540.25 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_opex).
Noncash depreciation and stock compensation upside_2027q3_noncash	2027Q3 / upside	78.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue upside_2027q3_wc_ratio	2027Q3 / upside	7.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding upside_2027q3_other_wc	2027Q3 / upside	143.13 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(upside_2027q3_revenue, upside_2027q3_wc_ratio).
Net cash tax, interest and other uses upside_2027q3_other	2027Q3 / upside	62.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges upside_2027q3_cash_uses	2027Q3 / upside	205.13 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(upside_2027q3_other_wc, upside_2027q3_other).
Operating income plus noncash addbacks upside_2027q3_cash_start	2027Q3 / upside	618.25 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(upside_2027q3_operating_income, upside_2027q3_noncash).
CFO before net customer funding upside_2027q3_cfo_before_customer_funding	2027Q3 / upside	413.12 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(upside_2027q3_cash_start, upside_2027q3_cash_uses).
Net customer deposits and deferred revenue upside_2027q3_customer_funding	2027Q3 / upside	125.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	538.12 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(upside_2027q3_cfo_before_customer_funding, upside_2027q3_customer_funding).
Cash purchases of PP&E upside_2027q3_capex	2027Q3 / upside	80.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex upside_2027q3_fcf	2027Q3 / upside	458.12 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Share of H2 or FY2027 segment revenue upside_2027q4_weight	2027Q4 / upside	28.0% ratio	assumption: Desk phasing; H2 shares and four FY2027 shares each sum to one.
product revenue upside_2027q4_product_revenue	2027Q4 / upside	1,952.73 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_product, upside_2027q4_weight).
product GAAP gross margin upside_2027q4_product_margin	2027Q4 / upside	40.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
product GAAP gross profit upside_2027q4_product_gross_profit	2027Q4 / upside	781.09 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q4_product_revenue, upside_2027q4_product_margin).
installation revenue upside_2027q4_installation_revenue	2027Q4 / upside	90.49 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_installation, upside_2027q4_weight).
installation GAAP gross margin upside_2027q4_installation_margin	2027Q4 / upside	2.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
installation GAAP gross profit upside_2027q4_installation_gross_profit	2027Q4 / upside	1.81 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q4_installation_revenue, upside_2027q4_installation_margin).
service revenue upside_2027q4_service_revenue	2027Q4 / upside	144.24 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_service, upside_2027q4_weight).
service GAAP gross margin upside_2027q4_service_margin	2027Q4 / upside	23.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
service GAAP gross profit upside_2027q4_service_gross_profit	2027Q4 / upside	33.17 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q4_service_revenue, upside_2027q4_service_margin).
electricity revenue upside_2027q4_electricity_revenue	2027Q4 / upside	14.56 USD_millions	derived: Segment period reference times quarter allocation. Formula: multiply(upside_fy27_electricity, upside_2027q4_weight).
electricity GAAP gross margin upside_2027q4_electricity_margin	2027Q4 / upside	33.0% ratio	assumption: Includes expected warranty/product costs; no reserve reversal or stock-compensation exclusion.
electricity GAAP gross profit upside_2027q4_electricity_gross_profit	2027Q4 / upside	4.81 USD_millions	derived: Revenue times segment GAAP gross margin. Formula: multiply(upside_2027q4_electricity_revenue, upside_2027q4_electricity_margin).
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	2,202.03 USD_millions	derived: Four revenue categories, including installation and service. Formula: sum(upside_2027q4_product_revenue, upside_2027q4_installation_revenue, upside_2027q4_service_revenue, upside_2027q4_electricity_revenue).
GAAP gross profit upside_2027q4_gross_profit	2027Q4 / upside	820.88 USD_millions	derived: Sum of segment gross profits, retaining installation losses. Formula: sum(upside_2027q4_product_gross_profit, upside_2027q4_installation_gross_profit, upside_2027q4_service_gross_profit, upside_2027q4_electricity_gross_profit).
GAAP operating expenses upside_2027q4_opex	2027Q4 / upside	230.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP operating income upside_2027q4_operating_income	2027Q4 / upside	590.88 USD_millions	derived: Includes stock compensation in GAAP expense; not adjusted guidance. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_opex).
Noncash depreciation and stock compensation upside_2027q4_noncash	2027Q4 / upside	80.00 USD_millions	assumption: Desk noncash addback informed by $127.457M H1 combined D&A and SBC. Not economic owner earnings.
Other working-capital cash use / revenue upside_2027q4_wc_ratio	2027Q4 / upside	7.0% ratio	assumption: Desk assumption, not company guidance.
Working-capital cash use excluding funding upside_2027q4_other_wc	2027Q4 / upside	154.14 USD_millions	derived: Inventory, receivables, payables and warranty settlement allowance; deposits are separate. Formula: multiply(upside_2027q4_revenue, upside_2027q4_wc_ratio).
Net cash tax, interest and other uses upside_2027q4_other	2027Q4 / upside	65.00 USD_millions	assumption: Net cash allowance after interest income; nonoperating valuation gains are not extrapolated.
Other working capital and cash charges upside_2027q4_cash_uses	2027Q4 / upside	219.14 USD_millions	derived: Excludes separately modeled customer funding. Formula: sum(upside_2027q4_other_wc, upside_2027q4_other).
Operating income plus noncash addbacks upside_2027q4_cash_start	2027Q4 / upside	670.88 USD_millions	derived: Starting cash bridge, not EBITDA guidance. Formula: sum(upside_2027q4_operating_income, upside_2027q4_noncash).
CFO before net customer funding upside_2027q4_cfo_before_customer_funding	2027Q4 / upside	451.74 USD_millions	derived: Removes modeled net deposits and deferred revenue from CFO. Formula: subtract(upside_2027q4_cash_start, upside_2027q4_cash_uses).
Net customer deposits and deferred revenue upside_2027q4_customer_funding	2027Q4 / upside	125.00 USD_millions	assumption: Cash timing only; negative means net release. Not incremental revenue or profit.
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	576.74 USD_millions	derived: Cash before customer funding plus net funding contribution. Formula: sum(upside_2027q4_cfo_before_customer_funding, upside_2027q4_customer_funding).
Cash purchases of PP&E upside_2027q4_capex	2027Q4 / upside	80.00 USD_millions	assumption: Manufacturing expansion and maintenance cash spending assumption; no acquisition cash.
CFO less capex upside_2027q4_fcf	2027Q4 / upside	496.74 USD_millions	derived: Includes net customer funding; compare the separately visible unfunded operating cash measure. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Revenue ($M) upside_fy2026_revenue	FY2026 / upside	4,293.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
GAAP gross profit ($M) upside_fy2026_gross_profit	FY2026 / upside	1,500.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
GAAP operating income ($M) upside_fy2026_operating_income	FY2026 / upside	785.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
CFO before net customer funding ($M) upside_fy2026_cfo_before_customer_funding	FY2026 / upside	395.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo_before_customer_funding, upside_2026q3_cfo_before_customer_funding, upside_2026q4_cfo_before_customer_funding).
Net customer funding ($M) upside_fy2026_customer_funding	FY2026 / upside	601.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_customer_funding, upside_2026q3_customer_funding, upside_2026q4_customer_funding).
Operating cash flow ($M) upside_fy2026_cfo	FY2026 / upside	996.86 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash capex ($M) upside_fy2026_capex	FY2026 / upside	212.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less capex ($M) upside_fy2026_fcf	FY2026 / upside	784.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Revenue ($M) upside_fy2027_revenue	FY2027 / upside	7,864.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
GAAP gross profit ($M) upside_fy2027_gross_profit	FY2027 / upside	2,931.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
GAAP operating income ($M) upside_fy2027_operating_income	FY2027 / upside	2,059.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
CFO before net customer funding ($M) upside_fy2027_cfo_before_customer_funding	FY2027 / upside	1,575.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo_before_customer_funding, upside_2027q2_cfo_before_customer_funding, upside_2027q3_cfo_before_customer_funding, upside_2027q4_cfo_before_customer_funding).
Net customer funding ($M) upside_fy2027_customer_funding	FY2027 / upside	450.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_customer_funding, upside_2027q2_customer_funding, upside_2027q3_customer_funding, upside_2027q4_customer_funding).
Operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	2,025.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash capex ($M) upside_fy2027_capex	FY2027 / upside	300.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less capex ($M) upside_fy2027_fcf	FY2027 / upside	1,725.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).

Model boundaries

Desk scenarios are not company guidance, paid consensus, a complete balance sheet or an equity valuation. Forecast EPS is omitted because converts, dilution and noncontrolling interests require a separate ownership model.
The company margin, operating-income and EPS guidance is non-GAAP. The modeled gross profit and operating income are GAAP scenarios and are not forced to equal those adjusted targets.
Cash before customer funding removes the net deferred-revenue/customer-deposit cash-flow line, not all customer receipts. Other working capital and warranty cash spending remain separate assumptions.
Product gross margins include warranty economics; no automatic reserve reversal or non-GAAP addback is assumed. Related-party revenue and deferred JV profit can alter recognition and cash timing.
FY2027 segment growth and capex are desk assumptions. Marketing comparisons of future power-system cost do not become contracted orders or modeled revenue.

From fuel-cell deliveries to cash without deposit support

Research reviewed 2026-09-19

Can rising power-system shipments produce durable cash after warranty, manufacturing and working-capital needs?

H1 revenue reached $1,816.4M and GAAP operating income $254.4M. Q2 product revenue was $935.4M, while service generated $12.9M gross profit and installation remained slightly loss-making. The company raised FY2026 revenue guidance to $3.9B-$4.2B; its approximately 34% margin and $800M-$900M operating-income targets are non-GAAP. H1 CFO before the $301.2M net customer-funding contribution was negative $1.2M. Q2 alone generated $14.7M before that line. A specific $58.3M assurance warranty reserve and related-party revenue concentration require attention: H1 related-party revenue was $376.1M, but only $2.8M occurred in Q2. June unrestricted cash was $2,666.9M against $2,470.7M long-term recourse debt, with additional current debt and finance obligations.

The competing explanation

Power scarcity can support strong demand while delivery or warranty execution disappoints. Deposits can reverse, high product growth can require inventory and factory spending, and related-party arrangements can complicate the relationship between recognized revenue and cash.

Risks to track

Large deployments create customer and delivery concentration.
Warranty performance can consume future cash even after a reserve is recorded.
Deposits and deferred revenue are temporary funding, not incremental profit.
Service profitability depends on fleet reliability and contract pricing.
Related-party and joint-venture arrangements can defer profit or change cash timing.
Convertible debt and equity compensation can dilute per-share outcomes.

Next checkpoints

Next results · Q3 2026; release date unconfirmed (estimated). Check product acceptance, service gross profit and GAAP versus adjusted expenses.
Customer-funding bridge · Each quarterly cash-flow release (estimated). Separate deposit/deferred revenue changes from other operating cash.
Manufacturing and warranty execution · FY2026-27 expansion period (estimated). Compare capacity spending, product costs and actual reserve payments with revenue growth.

Data coverage and open work

Desk scenarios are not company guidance, paid consensus, a complete balance sheet or an equity valuation. Forecast EPS is omitted because converts, dilution and noncontrolling interests require a separate ownership model.
The company margin, operating-income and EPS guidance is non-GAAP. The modeled gross profit and operating income are GAAP scenarios and are not forced to equal those adjusted targets.
Cash before customer funding removes the net deferred-revenue/customer-deposit cash-flow line, not all customer receipts. Other working capital and warranty cash spending remain separate assumptions.
Product gross margins include warranty economics; no automatic reserve reversal or non-GAAP addback is assumed. Related-party revenue and deferred JV profit can alter recognition and cash timing.
FY2027 segment growth and capex are desk assumptions. Marketing comparisons of future power-system cost do not become contracted orders or modeled revenue.

This review: First sourced segment and cash model. Adds the June financial quarter absent from the generic feed and explicitly separates non-GAAP company guidance from GAAP desk scenarios.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with overhead supply, heavy volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-5.1	+0.0	+3.8	51%
5 sessions	-7.6	+0.0	+9.9	50%
10 sessions	-10.3	-0.3	+14.0	46%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

Bloom Energy: the power opportunity is real. What is already expected? · 2026-09-13

Scorecard: 1 note scored; 1 inside the 5-session band (100% coverage)

Next report date: not dated. Undated in the latest note (https://chartlibrary.io/research/views/be-power-growth-expectations-powl-20260913): Revisit after Monday's completed session, then following the September 15-16 FOMC meeting and Friday's close

Provenance

[1] reported: Revenues, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[2] derived: Revenues, accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[3] reported: Revenues, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[4] reported: Revenues, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[5] reported: Q2 reported revenue; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[6] reported: GrossProfit, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[7] derived: GrossProfit, accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[8] reported: GrossProfit, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[9] reported: GrossProfit, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[10] reported: Q2 reported gross_profit; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[11] reported: OperatingIncomeLoss, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[12] derived: OperatingIncomeLoss, accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[13] reported: OperatingIncomeLoss, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[14] reported: OperatingIncomeLoss, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[15] reported: Q2 reported operating_income; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[16] reported: Q2 reported net_income; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[17] reported: EarningsPerShareDiluted, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[18] reported: EarningsPerShareDiluted, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[19] reported: EarningsPerShareDiluted, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[20] reported: Q2 reported eps_diluted; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[23] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[24] reported: Q2 reported shares_diluted; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-24-046411, 10-Q filed 2024-11-07; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-25-021160, 10-Q filed 2025-04-30; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[30] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[31] reported: Q2 reported cash; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[32] reported: LongTermDebtNoncurrent, accession 0001628280-24-046411, 10-Q filed 2024-11-07; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[33] reported: LongTermDebtNoncurrent, accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[34] reported: LongTermDebtNoncurrent, accession 0001628280-25-021160, 10-Q filed 2025-04-30; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[35] reported: LongTermDebtNoncurrent, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[36] reported: LongTermDebtNoncurrent, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[37] reported: LongTermDebtNoncurrent, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[38] reported: Q2 reported debt_long_term; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[39] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[40] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[41] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[42] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[43] reported: Q2 reported cfo; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[44] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[45] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[46] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[47] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[48] reported: Q2 reported capex; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx
[49] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2025-10-28] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2025-10-28], accession 0001628280-25-046844, 10-Q filed 2025-10-28; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[50] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2026-02-09] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2026-02-09], accession 0001628280-26-006516, 10-K filed 2026-02-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[51] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2026-04-29] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2026-04-29], accession 0001628280-26-028021, 10-Q filed 2026-04-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[52] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2025-07-31] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json; filed 2025-07-31], accession 0001628280-25-037074, 10-Q filed 2025-07-31; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001664703.json
[53] derived: CFO - capex; Q2 reported cfo [https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx; filed 2026-07-28] ; Q2 reported capex [https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx; filed 2026-07-28]; retrieved 2026-09-19T18:30:00+00:00 from https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx

What the author read

July 28 Q2 results and raised annual guidance · retrieved 2026-09-19
July 28 Form 10-Q: warranty, related parties and customer funding · retrieved 2026-09-19

Compiled 2026-09-19T18:38:35.975755+00:00 · authored 64f657e421ba · generated 58b90e84e06c · JSON

Daily notes · Scorecard