ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$ENPH

Enphase Energy, Inc. · Nasdaq · SIC 3674 · CIK 1463101 · revision 4 as of 2026-09-19

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Business

Enphase sells module-level solar microinverters, batteries and related energy-management products through distributors, installers and other partners. Residential demand, channel inventory, regional pricing and battery attachment affect revenue and mix. Third-party-owner safe-harbor transactions can shift shipments and deposits ahead of final installation. Manufacturing credits, tariffs, warranties and research spending influence margins, while customer and inventory timing can disconnect quarterly profit from cash.

Three drivers

Underlying installations, channel inventory and battery attachment drive repeat product demand.
Safe-harbor shipment timing can change revenue without an equal change in installations.
Tariffs, manufacturing credits, product mix and operating costs determine margins and cash.

Thesis

Our view

The research question is whether demand outside safe-harbor transactions supports a durable operating recovery. Safe-harbor shipments can fund the business and preserve customer options, but they do not alone establish end-market growth. We track the residual revenue separately and avoid carrying the Q2 tariff refund into future margins. Product development may create additional markets; we assign no forecast sales to uncommercialized opportunities.

What changes it

Stronger non-safe-harbor shipments supported by installations, stable channel inventory and cash collection would strengthen the recurring-demand case. Deferred order conversion, deposit-driven cash followed by inventory build, or expense growth without product adoption would weaken it.

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 ($M)	380.9¹	382.7†²	356.1³	363.2⁴	410.4¹	343.3†²	282.9³	291.9⁵
Gross profit ($M)	178.2⁶	198.3†⁷	168.2⁸	170.5⁹	196.2⁶	152.0†⁷	100.4⁸	175.0¹⁰
Operating income ($M)	49.8¹¹	54.8†¹²	31.9¹³	37.0¹⁴	66.2¹¹	22.4†¹²	-29.6¹³	51.5¹⁵
Net income ($M)	45.8¹⁶	62.2†¹⁷	29.7¹⁸	37.1¹⁹	66.6¹⁶	38.7†¹⁷	-7.4¹⁸	36.1²⁰
EPS, diluted ($)	0.33²¹	—	0.22²²	0.28²³	0.50²¹	—	-0.06²²	0.27²⁴
Diluted shares (M)	139.9²⁵	—	136.2²⁶	135.2²⁷	133.0²⁵	—	131.3²⁶	135.1²⁸
Cash ($M)	256.3²⁹	369.1³⁰	350.1³¹	370.5³²	401.9³³	474.3³⁴	497.5³⁴	529.3³⁵
Long-term debt ($M)	1,200.3³⁶	1,201.1³⁷	571.2³⁸	571.5³⁹	571.9⁴⁰	572.2⁴¹	572.5⁴¹	572.8⁴²
Cash from operations ($M)	170.1†⁴³	167.3†⁴⁴	48.4⁴⁵	26.6†⁴⁶	13.9†⁴³	47.6†⁴⁴	102.9⁴⁵	40.3⁴⁷
Capex ($M)	8.5†⁴⁸	8.1†⁴⁹	14.6⁵⁰	8.3†⁵¹	8.0†⁴⁸	9.7†⁴⁹	19.9⁵⁰	14.4⁵²
Free cash flow ($M)	161.6†⁵³	159.2†⁵⁴	33.8†⁵⁵	18.4†⁵⁶	5.9†⁵³	37.8†⁵⁴	83.0†⁵⁵	25.9†⁵⁷

† 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	305.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	305.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	290.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	330.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Recurring demand, safe-harbor shipments and operating cash

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

Separate revenue associated with safe-harbor shipments from other product revenue. Q3 scenarios span the company revenue range and use GAAP gross-margin/expense assumptions consistent with that outlook. Later quarters vary the two revenue streams independently. Reported first-half GAAP results remain unchanged; the Q2 tariff refund is shown in a separate analytical bridge and never repeated in forecast margins. Cash flow adds noncash costs and explicitly changes tax and working-capital assumptions. FY2026 and FY2027 totals are sums of actual/forecast periods.

Reported anchors and guidance

Measure	Period	Value	Basis
Q2 Revenue	2026Q2	291.85	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-28
Safe-harbor revenue	2026Q2	84.30	reported. Rounded disclosed safe-harbor revenue; residual inherits the rounding. Source · 2026-07-28
Revenue excluding safe-harbor shipments	2026Q2	207.55	derived. Analytical residual, not a reported segment.
Tariff-refund gross-profit benefit	2026Q2	45.40	reported. Full reduction of cost of revenues recognized in Q2; differs from the prior-period amount removed in company non-GAAP. Source · 2026-07-28
Prior-period component excluded in non-GAAP	2026Q2	43.40	reported. Subset of the $45.4M cost-of-sales refund; do not subtract both amounts. Source · 2026-07-28
Q2 GAAP margin excluding full refund	2026Q2	44.4%	derived. No claim that this is company non-GAAP margin.
Q2 Operating cash flow	2026Q2	40.32	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-28
Q3 revenue guidance midpoint	2026Q3	305.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 approximate safe-harbor shipments	2026Q3	75.00	management guidance. Company outlook; recognition timing matters. Source · 2026-07-28
Q3 GAAP operating-expense guidance midpoint	2026Q3	122.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Cash and marketable securities	2026Q2	937.71	reported. Cash $529.344M plus securities $408.364M; not cash alone. Source · 2026-07-28
Noncurrent debt carrying amount	2026Q2	572.84	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-28

Downside scenario

Period	Operating cash flow ($M)	Operating cash flow less capex ($M)	Cash capex ($M)	Revenue ($M)	GAAP gross profit ($M)	GAAP operating income ($M)
2026Q3	-8.20	-25.20	17.00	290.00	121.80	-2.20
2026Q4	-3.00	-20.00	17.00	240.00	96.00	-28.00
2027Q1	-16.00	-33.00	17.00	200.00	78.00	-48.00
2027Q2	-1.00	-18.00	17.00	220.00	88.00	-38.00
FY2026	131.99	63.70	68.29	1,104.75	493.21	-8.32
FY2027	12.45	-55.55	68.00	895.00	358.45	-145.55

Base scenario

Period	Operating cash flow ($M)	Operating cash flow less capex ($M)	Cash capex ($M)	Revenue ($M)	GAAP gross profit ($M)	GAAP operating income ($M)
2026Q3	27.68	12.68	15.00	305.00	132.68	10.68
2026Q4	47.68	32.68	15.00	305.00	132.68	10.68
2027Q1	40.60	25.60	15.00	290.00	127.60	2.60
2027Q2	63.20	48.20	15.00	330.00	145.20	20.20
FY2026	218.54	154.25	64.29	1,184.75	540.76	43.23
FY2027	266.00	206.00	60.00	1,350.00	594.00	94.00

Upside scenario

Period	Operating cash flow ($M)	Operating cash flow less capex ($M)	Cash capex ($M)	Revenue ($M)	GAAP gross profit ($M)	GAAP operating income ($M)
2026Q3	59.00	45.00	14.00	320.00	144.00	24.00
2026Q4	91.60	76.60	15.00	360.00	165.60	43.60
2027Q1	91.90	75.90	16.00	365.00	167.90	41.90
2027Q2	117.70	101.70	16.00	410.00	192.70	64.70
FY2026	293.79	230.50	63.29	1,254.75	585.01	89.48
FY2027	495.00	431.00	64.00	1,685.00	793.00	277.00

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 2026 Revenue h1_revenue	2026H1 / shared	574.75 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
H1 2026 GAAP gross profit h1_gross_profit	2026H1 / shared	275.41 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
H1 2026 GAAP operating income h1_operating_income	2026H1 / shared	21.88 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
H1 2026 Operating cash flow h1_cfo	2026H1 / shared	143.19 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
H1 2026 Cash capex h1_capex	2026H1 / shared	34.29 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
Q2 Revenue q2_revenue	2026Q2 / shared	291.85 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
Q2 GAAP gross profit q2_gross_profit	2026Q2 / shared	175.01 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
Q2 GAAP operating income q2_operating_income	2026Q2 / shared	51.52 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
Q2 Operating cash flow q2_cfo	2026Q2 / shared	40.32 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
Q2 Cash capex q2_capex	2026Q2 / shared	14.39 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
Safe-harbor revenue q2_safe	2026Q2 / shared	84.30 USD_millions	reported: Rounded disclosed safe-harbor revenue; residual inherits the rounding. Primary source · 2026-07-28
Revenue excluding safe-harbor shipments q2_core	2026Q2 / shared	207.55 USD_millions	derived: Analytical residual, not a reported segment. Formula: subtract(q2_revenue, q2_safe).
Tariff-refund gross-profit benefit q2_refund	2026Q2 / shared	45.40 USD_millions	reported: Full reduction of cost of revenues recognized in Q2; differs from the prior-period amount removed in company non-GAAP. Primary source · 2026-07-28
Prior-period component excluded in non-GAAP q2_prior_refund	2026Q2 / shared	43.40 USD_millions	reported: Subset of the $45.4M cost-of-sales refund; do not subtract both amounts. Primary source · 2026-07-28
Q2 GAAP gross profit excluding full refund q2_gross_no_refund	2026Q2 / shared	129.61 USD_millions	derived: Analytical comparison retains other GAAP costs; not non-GAAP gross profit. Formula: subtract(q2_gross_profit, q2_refund).
Q2 GAAP margin excluding full refund q2_margin_no_refund	2026Q2 / shared	44.4% ratio	derived: No claim that this is company non-GAAP margin. Formula: divide(q2_gross_no_refund, q2_revenue).
Cash and marketable securities q2_liquidity	2026Q2 / shared	937.71 USD_millions	reported: Cash $529.344M plus securities $408.364M; not cash alone. Primary source · 2026-07-28
Noncurrent debt carrying amount q2_debt	2026Q2 / shared	572.84 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-28
Q3 revenue guidance low q3_revenue_guide_low	2026Q3 / shared	290.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-28
Q3 revenue guidance high q3_revenue_guide_high	2026Q3 / shared	320.00 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.
Q3 revenue guidance endpoint sum q3_revenue_guide_sum	2026Q3 / shared	610.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high).
Q3 revenue guidance midpoint q3_revenue_guide	2026Q3 / shared	305.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two).
Q3 approximate safe-harbor shipments q3_safe_guide	2026Q3 / shared	75.00 USD_millions	management guidance: Company outlook; recognition timing matters. Primary source · 2026-07-28
Q3 GAAP margin guidance low q3_gaap_margin_low	2026Q3 / shared	42.0% ratio	management guidance: Company GAAP gross-margin outlook, including estimated tariff impact. Primary source · 2026-07-28
Q3 GAAP margin guidance high q3_gaap_margin_high	2026Q3 / shared	45.0% ratio	management guidance: Company GAAP gross-margin outlook; not non-GAAP margin. Primary source · 2026-07-28
Q3 GAAP operating-expense guidance low q3_opex_guide_low	2026Q3 / shared	120.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-28
Q3 GAAP operating-expense guidance high q3_opex_guide_high	2026Q3 / shared	124.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-28
Q3 GAAP operating-expense guidance endpoint sum q3_opex_guide_sum	2026Q3 / shared	244.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_opex_guide_low, q3_opex_guide_high).
Q3 GAAP operating-expense guidance midpoint q3_opex_guide	2026Q3 / shared	122.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_opex_guide_sum, two).
Product revenue excluding safe-harbor shipments downside_2026q3_core	2026Q3 / downside	215.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue downside_2026q3_safe	2026Q3 / downside	75.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses downside_2026q3_opex	2026Q3 / downside	124.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge downside_2026q3_sbc	2026Q3 / downside	44.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization downside_2026q3_da	2026Q3 / downside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes downside_2026q3_cash_tax	2026Q3 / downside	4.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment downside_2026q3_wc	2026Q3 / downside	-65.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex downside_2026q3_capex	2026Q3 / downside	17.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin downside_2026q3_margin	2026Q3 / downside	42.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue downside_2026q3_revenue	2026Q3 / downside	290.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(downside_2026q3_core, downside_2026q3_safe).
GAAP gross profit downside_2026q3_gross_profit	2026Q3 / downside	121.80 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(downside_2026q3_revenue, downside_2026q3_margin).
GAAP operating income downside_2026q3_operating_income	2026Q3 / downside	-2.20 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(downside_2026q3_gross_profit, downside_2026q3_opex).
Operating cash before cash tax downside_2026q3_cash_before_tax	2026Q3 / downside	-4.20 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_wc).
Operating cash flow downside_2026q3_cfo	2026Q3 / downside	-8.20 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(downside_2026q3_cash_before_tax, downside_2026q3_cash_tax).
Operating cash flow less capex downside_2026q3_fcf	2026Q3 / downside	-25.20 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Product revenue excluding safe-harbor shipments downside_2026q4_core	2026Q4 / downside	200.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue downside_2026q4_safe	2026Q4 / downside	40.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses downside_2026q4_opex	2026Q4 / downside	124.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge downside_2026q4_sbc	2026Q4 / downside	44.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes downside_2026q4_cash_tax	2026Q4 / downside	3.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment downside_2026q4_wc	2026Q4 / downside	-35.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex downside_2026q4_capex	2026Q4 / downside	17.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin downside_2026q4_margin	2026Q4 / downside	40.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue downside_2026q4_revenue	2026Q4 / downside	240.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(downside_2026q4_core, downside_2026q4_safe).
GAAP gross profit downside_2026q4_gross_profit	2026Q4 / downside	96.00 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(downside_2026q4_revenue, downside_2026q4_margin).
GAAP operating income downside_2026q4_operating_income	2026Q4 / downside	-28.00 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(downside_2026q4_gross_profit, downside_2026q4_opex).
Operating cash before cash tax downside_2026q4_cash_before_tax	2026Q4 / downside	0.00 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_wc).
Operating cash flow downside_2026q4_cfo	2026Q4 / downside	-3.00 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(downside_2026q4_cash_before_tax, downside_2026q4_cash_tax).
Operating cash flow less capex downside_2026q4_fcf	2026Q4 / downside	-20.00 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Product revenue excluding safe-harbor shipments downside_2027q1_core	2027Q1 / downside	180.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue downside_2027q1_safe	2027Q1 / downside	20.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses downside_2027q1_opex	2027Q1 / downside	126.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge downside_2027q1_sbc	2027Q1 / downside	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes downside_2027q1_cash_tax	2027Q1 / downside	2.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment downside_2027q1_wc	2027Q1 / downside	-30.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex downside_2027q1_capex	2027Q1 / downside	17.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin downside_2027q1_margin	2027Q1 / downside	39.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue downside_2027q1_revenue	2027Q1 / downside	200.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(downside_2027q1_core, downside_2027q1_safe).
GAAP gross profit downside_2027q1_gross_profit	2027Q1 / downside	78.00 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(downside_2027q1_revenue, downside_2027q1_margin).
GAAP operating income downside_2027q1_operating_income	2027Q1 / downside	-48.00 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_opex).
Operating cash before cash tax downside_2027q1_cash_before_tax	2027Q1 / downside	-14.00 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_wc).
Operating cash flow downside_2027q1_cfo	2027Q1 / downside	-16.00 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(downside_2027q1_cash_before_tax, downside_2027q1_cash_tax).
Operating cash flow less capex downside_2027q1_fcf	2027Q1 / downside	-33.00 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Product revenue excluding safe-harbor shipments downside_2027q2_core	2027Q2 / downside	195.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue downside_2027q2_safe	2027Q2 / downside	25.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses downside_2027q2_opex	2027Q2 / downside	126.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge downside_2027q2_sbc	2027Q2 / downside	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes downside_2027q2_cash_tax	2027Q2 / downside	2.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment downside_2027q2_wc	2027Q2 / downside	-25.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex downside_2027q2_capex	2027Q2 / downside	17.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin downside_2027q2_margin	2027Q2 / downside	40.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue downside_2027q2_revenue	2027Q2 / downside	220.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(downside_2027q2_core, downside_2027q2_safe).
GAAP gross profit downside_2027q2_gross_profit	2027Q2 / downside	88.00 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(downside_2027q2_revenue, downside_2027q2_margin).
GAAP operating income downside_2027q2_operating_income	2027Q2 / downside	-38.00 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_opex).
Operating cash before cash tax downside_2027q2_cash_before_tax	2027Q2 / downside	1.00 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_wc).
Operating cash flow downside_2027q2_cfo	2027Q2 / downside	-1.00 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(downside_2027q2_cash_before_tax, downside_2027q2_cash_tax).
Operating cash flow less capex downside_2027q2_fcf	2027Q2 / downside	-18.00 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Product revenue excluding safe-harbor shipments downside_2027q3_core	2027Q3 / downside	200.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue downside_2027q3_safe	2027Q3 / downside	30.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses downside_2027q3_opex	2027Q3 / downside	126.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge downside_2027q3_sbc	2027Q3 / downside	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes downside_2027q3_cash_tax	2027Q3 / downside	2.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment downside_2027q3_wc	2027Q3 / downside	-20.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex downside_2027q3_capex	2027Q3 / downside	17.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin downside_2027q3_margin	2027Q3 / downside	40.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue downside_2027q3_revenue	2027Q3 / downside	230.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(downside_2027q3_core, downside_2027q3_safe).
GAAP gross profit downside_2027q3_gross_profit	2027Q3 / downside	92.00 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(downside_2027q3_revenue, downside_2027q3_margin).
GAAP operating income downside_2027q3_operating_income	2027Q3 / downside	-34.00 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_opex).
Operating cash before cash tax downside_2027q3_cash_before_tax	2027Q3 / downside	10.00 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_wc).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	8.00 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(downside_2027q3_cash_before_tax, downside_2027q3_cash_tax).
Operating cash flow less capex downside_2027q3_fcf	2027Q3 / downside	-9.00 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Product revenue excluding safe-harbor shipments downside_2027q4_core	2027Q4 / downside	215.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue downside_2027q4_safe	2027Q4 / downside	30.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses downside_2027q4_opex	2027Q4 / downside	126.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge downside_2027q4_sbc	2027Q4 / downside	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes downside_2027q4_cash_tax	2027Q4 / downside	2.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment downside_2027q4_wc	2027Q4 / downside	-15.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex downside_2027q4_capex	2027Q4 / downside	17.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin downside_2027q4_margin	2027Q4 / downside	41.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue downside_2027q4_revenue	2027Q4 / downside	245.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(downside_2027q4_core, downside_2027q4_safe).
GAAP gross profit downside_2027q4_gross_profit	2027Q4 / downside	100.45 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(downside_2027q4_revenue, downside_2027q4_margin).
GAAP operating income downside_2027q4_operating_income	2027Q4 / downside	-25.55 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_opex).
Operating cash before cash tax downside_2027q4_cash_before_tax	2027Q4 / downside	23.45 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_wc).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	21.45 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(downside_2027q4_cash_before_tax, downside_2027q4_cash_tax).
Operating cash flow less capex downside_2027q4_fcf	2027Q4 / downside	4.45 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
FY2026 revenue downside_fy2026_revenue	FY2026 / downside	1,104.75 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
FY2026 gross_profit downside_fy2026_gross_profit	FY2026 / downside	493.21 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
FY2026 operating_income downside_fy2026_operating_income	FY2026 / downside	-8.32 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
FY2026 cfo downside_fy2026_cfo	FY2026 / downside	131.99 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
FY2026 capex downside_fy2026_capex	FY2026 / downside	68.29 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Operating cash flow less capex downside_fy2026_fcf	FY2026 / downside	63.70 USD_millions	derived: Annual cash flow less annual cash capex. Formula: subtract(downside_fy2026_cfo, downside_fy2026_capex).
FY2027 revenue downside_fy2027_revenue	FY2027 / downside	895.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
FY2027 gross_profit downside_fy2027_gross_profit	FY2027 / downside	358.45 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
FY2027 operating_income downside_fy2027_operating_income	FY2027 / downside	-145.55 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
FY2027 cfo downside_fy2027_cfo	FY2027 / downside	12.45 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
FY2027 capex downside_fy2027_capex	FY2027 / downside	68.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Operating cash flow less capex downside_fy2027_fcf	FY2027 / downside	-55.55 USD_millions	derived: Annual cash flow less annual cash capex. Formula: subtract(downside_fy2027_cfo, downside_fy2027_capex).
Product revenue excluding safe-harbor shipments base_2026q3_core	2026Q3 / base	230.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue base_2026q3_safe	2026Q3 / base	75.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses base_2026q3_opex	2026Q3 / base	122.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge base_2026q3_sbc	2026Q3 / base	44.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization base_2026q3_da	2026Q3 / base	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes base_2026q3_cash_tax	2026Q3 / base	6.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment base_2026q3_wc	2026Q3 / base	-40.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex base_2026q3_capex	2026Q3 / base	15.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin base_2026q3_margin	2026Q3 / base	43.5% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue base_2026q3_revenue	2026Q3 / base	305.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(base_2026q3_core, base_2026q3_safe).
GAAP gross profit base_2026q3_gross_profit	2026Q3 / base	132.68 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(base_2026q3_revenue, base_2026q3_margin).
GAAP operating income base_2026q3_operating_income	2026Q3 / base	10.68 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(base_2026q3_gross_profit, base_2026q3_opex).
Operating cash before cash tax base_2026q3_cash_before_tax	2026Q3 / base	33.68 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_wc).
Operating cash flow base_2026q3_cfo	2026Q3 / base	27.68 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(base_2026q3_cash_before_tax, base_2026q3_cash_tax).
Operating cash flow less capex base_2026q3_fcf	2026Q3 / base	12.68 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Product revenue excluding safe-harbor shipments base_2026q4_core	2026Q4 / base	240.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue base_2026q4_safe	2026Q4 / base	65.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses base_2026q4_opex	2026Q4 / base	122.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge base_2026q4_sbc	2026Q4 / base	44.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization base_2026q4_da	2026Q4 / base	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes base_2026q4_cash_tax	2026Q4 / base	6.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment base_2026q4_wc	2026Q4 / base	-20.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex base_2026q4_capex	2026Q4 / base	15.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin base_2026q4_margin	2026Q4 / base	43.5% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue base_2026q4_revenue	2026Q4 / base	305.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(base_2026q4_core, base_2026q4_safe).
GAAP gross profit base_2026q4_gross_profit	2026Q4 / base	132.68 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(base_2026q4_revenue, base_2026q4_margin).
GAAP operating income base_2026q4_operating_income	2026Q4 / base	10.68 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(base_2026q4_gross_profit, base_2026q4_opex).
Operating cash before cash tax base_2026q4_cash_before_tax	2026Q4 / base	53.68 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_wc).
Operating cash flow base_2026q4_cfo	2026Q4 / base	47.68 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(base_2026q4_cash_before_tax, base_2026q4_cash_tax).
Operating cash flow less capex base_2026q4_fcf	2026Q4 / base	32.68 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Product revenue excluding safe-harbor shipments base_2027q1_core	2027Q1 / base	240.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue base_2027q1_safe	2027Q1 / base	50.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses base_2027q1_opex	2027Q1 / base	125.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge base_2027q1_sbc	2027Q1 / base	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization base_2027q1_da	2027Q1 / base	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes base_2027q1_cash_tax	2027Q1 / base	6.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment base_2027q1_wc	2027Q1 / base	-20.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex base_2027q1_capex	2027Q1 / base	15.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin base_2027q1_margin	2027Q1 / base	44.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue base_2027q1_revenue	2027Q1 / base	290.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(base_2027q1_core, base_2027q1_safe).
GAAP gross profit base_2027q1_gross_profit	2027Q1 / base	127.60 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(base_2027q1_revenue, base_2027q1_margin).
GAAP operating income base_2027q1_operating_income	2027Q1 / base	2.60 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(base_2027q1_gross_profit, base_2027q1_opex).
Operating cash before cash tax base_2027q1_cash_before_tax	2027Q1 / base	46.60 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_wc).
Operating cash flow base_2027q1_cfo	2027Q1 / base	40.60 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(base_2027q1_cash_before_tax, base_2027q1_cash_tax).
Operating cash flow less capex base_2027q1_fcf	2027Q1 / base	25.60 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Product revenue excluding safe-harbor shipments base_2027q2_core	2027Q2 / base	270.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue base_2027q2_safe	2027Q2 / base	60.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses base_2027q2_opex	2027Q2 / base	125.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge base_2027q2_sbc	2027Q2 / base	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization base_2027q2_da	2027Q2 / base	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes base_2027q2_cash_tax	2027Q2 / base	6.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment base_2027q2_wc	2027Q2 / base	-15.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex base_2027q2_capex	2027Q2 / base	15.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin base_2027q2_margin	2027Q2 / base	44.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue base_2027q2_revenue	2027Q2 / base	330.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(base_2027q2_core, base_2027q2_safe).
GAAP gross profit base_2027q2_gross_profit	2027Q2 / base	145.20 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(base_2027q2_revenue, base_2027q2_margin).
GAAP operating income base_2027q2_operating_income	2027Q2 / base	20.20 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(base_2027q2_gross_profit, base_2027q2_opex).
Operating cash before cash tax base_2027q2_cash_before_tax	2027Q2 / base	69.20 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_wc).
Operating cash flow base_2027q2_cfo	2027Q2 / base	63.20 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(base_2027q2_cash_before_tax, base_2027q2_cash_tax).
Operating cash flow less capex base_2027q2_fcf	2027Q2 / base	48.20 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Product revenue excluding safe-harbor shipments base_2027q3_core	2027Q3 / base	290.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue base_2027q3_safe	2027Q3 / base	65.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses base_2027q3_opex	2027Q3 / base	125.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge base_2027q3_sbc	2027Q3 / base	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization base_2027q3_da	2027Q3 / base	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes base_2027q3_cash_tax	2027Q3 / base	6.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment base_2027q3_wc	2027Q3 / base	-15.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex base_2027q3_capex	2027Q3 / base	15.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin base_2027q3_margin	2027Q3 / base	44.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue base_2027q3_revenue	2027Q3 / base	355.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(base_2027q3_core, base_2027q3_safe).
GAAP gross profit base_2027q3_gross_profit	2027Q3 / base	156.20 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(base_2027q3_revenue, base_2027q3_margin).
GAAP operating income base_2027q3_operating_income	2027Q3 / base	31.20 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(base_2027q3_gross_profit, base_2027q3_opex).
Operating cash before cash tax base_2027q3_cash_before_tax	2027Q3 / base	80.20 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_wc).
Operating cash flow base_2027q3_cfo	2027Q3 / base	74.20 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(base_2027q3_cash_before_tax, base_2027q3_cash_tax).
Operating cash flow less capex base_2027q3_fcf	2027Q3 / base	59.20 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Product revenue excluding safe-harbor shipments base_2027q4_core	2027Q4 / base	310.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue base_2027q4_safe	2027Q4 / base	65.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses base_2027q4_opex	2027Q4 / base	125.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge base_2027q4_sbc	2027Q4 / base	45.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization base_2027q4_da	2027Q4 / base	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes base_2027q4_cash_tax	2027Q4 / base	6.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment base_2027q4_wc	2027Q4 / base	-10.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex base_2027q4_capex	2027Q4 / base	15.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin base_2027q4_margin	2027Q4 / base	44.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue base_2027q4_revenue	2027Q4 / base	375.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(base_2027q4_core, base_2027q4_safe).
GAAP gross profit base_2027q4_gross_profit	2027Q4 / base	165.00 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(base_2027q4_revenue, base_2027q4_margin).
GAAP operating income base_2027q4_operating_income	2027Q4 / base	40.00 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(base_2027q4_gross_profit, base_2027q4_opex).
Operating cash before cash tax base_2027q4_cash_before_tax	2027Q4 / base	94.00 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_wc).
Operating cash flow base_2027q4_cfo	2027Q4 / base	88.00 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(base_2027q4_cash_before_tax, base_2027q4_cash_tax).
Operating cash flow less capex base_2027q4_fcf	2027Q4 / base	73.00 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
FY2026 revenue base_fy2026_revenue	FY2026 / base	1,184.75 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
FY2026 gross_profit base_fy2026_gross_profit	FY2026 / base	540.76 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
FY2026 operating_income base_fy2026_operating_income	FY2026 / base	43.23 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
FY2026 cfo base_fy2026_cfo	FY2026 / base	218.54 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
FY2026 capex base_fy2026_capex	FY2026 / base	64.29 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Operating cash flow less capex base_fy2026_fcf	FY2026 / base	154.25 USD_millions	derived: Annual cash flow less annual cash capex. Formula: subtract(base_fy2026_cfo, base_fy2026_capex).
FY2027 revenue base_fy2027_revenue	FY2027 / base	1,350.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
FY2027 gross_profit base_fy2027_gross_profit	FY2027 / base	594.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
FY2027 operating_income base_fy2027_operating_income	FY2027 / base	94.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
FY2027 cfo base_fy2027_cfo	FY2027 / base	266.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
FY2027 capex base_fy2027_capex	FY2027 / base	60.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Operating cash flow less capex base_fy2027_fcf	FY2027 / base	206.00 USD_millions	derived: Annual cash flow less annual cash capex. Formula: subtract(base_fy2027_cfo, base_fy2027_capex).
Product revenue excluding safe-harbor shipments upside_2026q3_core	2026Q3 / upside	245.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue upside_2026q3_safe	2026Q3 / upside	75.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses upside_2026q3_opex	2026Q3 / upside	120.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge upside_2026q3_sbc	2026Q3 / upside	44.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization upside_2026q3_da	2026Q3 / upside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes upside_2026q3_cash_tax	2026Q3 / upside	8.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment upside_2026q3_wc	2026Q3 / upside	-20.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex upside_2026q3_capex	2026Q3 / upside	14.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin upside_2026q3_margin	2026Q3 / upside	45.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue upside_2026q3_revenue	2026Q3 / upside	320.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(upside_2026q3_core, upside_2026q3_safe).
GAAP gross profit upside_2026q3_gross_profit	2026Q3 / upside	144.00 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(upside_2026q3_revenue, upside_2026q3_margin).
GAAP operating income upside_2026q3_operating_income	2026Q3 / upside	24.00 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(upside_2026q3_gross_profit, upside_2026q3_opex).
Operating cash before cash tax upside_2026q3_cash_before_tax	2026Q3 / upside	67.00 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_wc).
Operating cash flow upside_2026q3_cfo	2026Q3 / upside	59.00 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(upside_2026q3_cash_before_tax, upside_2026q3_cash_tax).
Operating cash flow less capex upside_2026q3_fcf	2026Q3 / upside	45.00 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Product revenue excluding safe-harbor shipments upside_2026q4_core	2026Q4 / upside	270.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue upside_2026q4_safe	2026Q4 / upside	90.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses upside_2026q4_opex	2026Q4 / upside	122.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge upside_2026q4_sbc	2026Q4 / upside	44.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes upside_2026q4_cash_tax	2026Q4 / upside	10.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment upside_2026q4_wc	2026Q4 / upside	-5.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex upside_2026q4_capex	2026Q4 / upside	15.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin upside_2026q4_margin	2026Q4 / upside	46.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue upside_2026q4_revenue	2026Q4 / upside	360.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(upside_2026q4_core, upside_2026q4_safe).
GAAP gross profit upside_2026q4_gross_profit	2026Q4 / upside	165.60 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(upside_2026q4_revenue, upside_2026q4_margin).
GAAP operating income upside_2026q4_operating_income	2026Q4 / upside	43.60 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(upside_2026q4_gross_profit, upside_2026q4_opex).
Operating cash before cash tax upside_2026q4_cash_before_tax	2026Q4 / upside	101.60 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_wc).
Operating cash flow upside_2026q4_cfo	2026Q4 / upside	91.60 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(upside_2026q4_cash_before_tax, upside_2026q4_cash_tax).
Operating cash flow less capex upside_2026q4_fcf	2026Q4 / upside	76.60 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Product revenue excluding safe-harbor shipments upside_2027q1_core	2027Q1 / upside	290.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue upside_2027q1_safe	2027Q1 / upside	75.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses upside_2027q1_opex	2027Q1 / upside	126.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge upside_2027q1_sbc	2027Q1 / upside	46.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes upside_2027q1_cash_tax	2027Q1 / upside	10.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment upside_2027q1_wc	2027Q1 / upside	-5.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex upside_2027q1_capex	2027Q1 / upside	16.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin upside_2027q1_margin	2027Q1 / upside	46.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue upside_2027q1_revenue	2027Q1 / upside	365.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(upside_2027q1_core, upside_2027q1_safe).
GAAP gross profit upside_2027q1_gross_profit	2027Q1 / upside	167.90 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(upside_2027q1_revenue, upside_2027q1_margin).
GAAP operating income upside_2027q1_operating_income	2027Q1 / upside	41.90 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_opex).
Operating cash before cash tax upside_2027q1_cash_before_tax	2027Q1 / upside	101.90 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_wc).
Operating cash flow upside_2027q1_cfo	2027Q1 / upside	91.90 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(upside_2027q1_cash_before_tax, upside_2027q1_cash_tax).
Operating cash flow less capex upside_2027q1_fcf	2027Q1 / upside	75.90 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Product revenue excluding safe-harbor shipments upside_2027q2_core	2027Q2 / upside	320.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue upside_2027q2_safe	2027Q2 / upside	90.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses upside_2027q2_opex	2027Q2 / upside	128.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge upside_2027q2_sbc	2027Q2 / upside	46.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes upside_2027q2_cash_tax	2027Q2 / upside	12.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment upside_2027q2_wc	2027Q2 / upside	0.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex upside_2027q2_capex	2027Q2 / upside	16.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin upside_2027q2_margin	2027Q2 / upside	47.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue upside_2027q2_revenue	2027Q2 / upside	410.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(upside_2027q2_core, upside_2027q2_safe).
GAAP gross profit upside_2027q2_gross_profit	2027Q2 / upside	192.70 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(upside_2027q2_revenue, upside_2027q2_margin).
GAAP operating income upside_2027q2_operating_income	2027Q2 / upside	64.70 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_opex).
Operating cash before cash tax upside_2027q2_cash_before_tax	2027Q2 / upside	129.70 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_wc).
Operating cash flow upside_2027q2_cfo	2027Q2 / upside	117.70 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(upside_2027q2_cash_before_tax, upside_2027q2_cash_tax).
Operating cash flow less capex upside_2027q2_fcf	2027Q2 / upside	101.70 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Product revenue excluding safe-harbor shipments upside_2027q3_core	2027Q3 / upside	350.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue upside_2027q3_safe	2027Q3 / upside	90.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses upside_2027q3_opex	2027Q3 / upside	130.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge upside_2027q3_sbc	2027Q3 / upside	46.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes upside_2027q3_cash_tax	2027Q3 / upside	14.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment upside_2027q3_wc	2027Q3 / upside	5.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex upside_2027q3_capex	2027Q3 / upside	16.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin upside_2027q3_margin	2027Q3 / upside	47.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue upside_2027q3_revenue	2027Q3 / upside	440.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(upside_2027q3_core, upside_2027q3_safe).
GAAP gross profit upside_2027q3_gross_profit	2027Q3 / upside	206.80 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(upside_2027q3_revenue, upside_2027q3_margin).
GAAP operating income upside_2027q3_operating_income	2027Q3 / upside	76.80 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_opex).
Operating cash before cash tax upside_2027q3_cash_before_tax	2027Q3 / upside	146.80 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_wc).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	132.80 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(upside_2027q3_cash_before_tax, upside_2027q3_cash_tax).
Operating cash flow less capex upside_2027q3_fcf	2027Q3 / upside	116.80 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Product revenue excluding safe-harbor shipments upside_2027q4_core	2027Q4 / upside	380.00 USD_millions	assumption: Desk assumption for non-safe-harbor product shipments, pricing and geographic mix. Q3 is the company revenue range less the $75M safe-harbor outlook.
Safe-harbor revenue upside_2027q4_safe	2027Q4 / upside	90.00 USD_millions	assumption: Desk recognition assumption. Q3 uses the approximately $75M company outlook; later periods are deliberately separate timing sensitivities.
GAAP operating expenses upside_2027q4_opex	2027Q4 / upside	132.00 USD_millions	assumption: Desk expense budget including equity compensation. Q3 spans the GAAP company range; later quarters are desk assumptions.
Equity compensation in cash bridge upside_2027q4_sbc	2027Q4 / upside	46.00 USD_millions	assumption: Desk noncash expense assumption, not the full company non-GAAP adjustment. Dilution remains an economic cost.
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	19.00 USD_millions	assumption: Desk noncash expense assumption; recent quarterly D&A was about $20M.
Cash taxes upside_2027q4_cash_tax	2027Q4 / upside	16.00 USD_millions	assumption: Desk cash-tax allowance; differs from reported GAAP tax expense.
Working capital and other operating cash adjustment upside_2027q4_wc	2027Q4 / upside	10.00 USD_millions	assumption: Signed desk cash adjustment for receivables, inventory, deposits and other items including net interest. Negative values use cash; no repeat tariff refund is presumed.
Cash capex upside_2027q4_capex	2027Q4 / upside	16.00 USD_millions	assumption: Desk PP&E investment assumption; excludes customer loans and other investing flows.
GAAP gross margin upside_2027q4_margin	2027Q4 / upside	48.0% ratio	assumption: Desk product/market mix and tariff assumption. Forecast margins exclude an assumed repeat of the Q2 refund; Q3 spans company GAAP guidance.
Revenue upside_2027q4_revenue	2027Q4 / upside	470.00 USD_millions	derived: Two separately estimated revenue streams; no double-counting the full agreement value. Formula: sum(upside_2027q4_core, upside_2027q4_safe).
GAAP gross profit upside_2027q4_gross_profit	2027Q4 / upside	225.60 USD_millions	derived: Forecast GAAP margin times revenue, with no added refund. Formula: multiply(upside_2027q4_revenue, upside_2027q4_margin).
GAAP operating income upside_2027q4_operating_income	2027Q4 / upside	93.60 USD_millions	derived: Gross profit less operating expenses including equity compensation. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_opex).
Operating cash before cash tax upside_2027q4_cash_before_tax	2027Q4 / upside	168.60 USD_millions	derived: Adds explicit noncash expenses and signed operating cash adjustment. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_wc).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	152.60 USD_millions	derived: Cash bridge; excludes investing and financing. Formula: subtract(upside_2027q4_cash_before_tax, upside_2027q4_cash_tax).
Operating cash flow less capex upside_2027q4_fcf	2027Q4 / upside	136.60 USD_millions	derived: Cash flow after PP&E spending, before other investment and financing. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
FY2026 revenue upside_fy2026_revenue	FY2026 / upside	1,254.75 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
FY2026 gross_profit upside_fy2026_gross_profit	FY2026 / upside	585.01 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
FY2026 operating_income upside_fy2026_operating_income	FY2026 / upside	89.48 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
FY2026 cfo upside_fy2026_cfo	FY2026 / upside	293.79 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
FY2026 capex upside_fy2026_capex	FY2026 / upside	63.29 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Operating cash flow less capex upside_fy2026_fcf	FY2026 / upside	230.50 USD_millions	derived: Annual cash flow less annual cash capex. Formula: subtract(upside_fy2026_cfo, upside_fy2026_capex).
FY2027 revenue upside_fy2027_revenue	FY2027 / upside	1,685.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
FY2027 gross_profit upside_fy2027_gross_profit	FY2027 / upside	793.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
FY2027 operating_income upside_fy2027_operating_income	FY2027 / upside	277.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
FY2027 cfo upside_fy2027_cfo	FY2027 / upside	495.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
FY2027 capex upside_fy2027_capex	FY2027 / upside	64.00 USD_millions	derived: FY2026 retains reported H1, including recognized refunds; FY2027 sums four independent desk quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Operating cash flow less capex upside_fy2027_fcf	FY2027 / upside	431.00 USD_millions	derived: Annual cash flow less annual cash capex. Formula: subtract(upside_fy2027_cfo, upside_fy2027_capex).

Model boundaries

Initial operating sensitivities, not a complete product-volume, balance-sheet, EPS or equity-valuation model. Beyond Q3, every forecast is a desk assumption.
The reviewed June quarterly statements supplement the delayed SEC companyfacts feed. The historical table now includes June with source-level provenance; future filings supersede older manual amounts.
Safe-harbor agreements are not all immediately recognized revenue. The remaining core revenue is an analytical residual that includes different products and markets, not a reported segment or pure consumer sell-through.
Removing the full $45.4M gross-profit refund produces an analytical GAAP comparison, not company non-GAAP gross margin. Company non-GAAP excludes $43.4M of prior-period tariff costs plus other adjustments.
Cash conversion includes a bundled working-capital adjustment and customer deposit timing. Operating cash flow less capex excludes lending/investing and financing uses. Equity-compensation add-backs do not eliminate dilution.
No revenue is assigned to prospective solid-state-transformer opportunities without disclosed commercial sales. Cash-plus-securities differs from cash alone; debt remains outstanding.

Separate recurring product demand from shipment timing and refunds

Research reviewed 2026-09-19

Can product demand outside safe-harbor transactions cover the operating cost base without relying on a repeat refund?

Q2 revenue was $291.9M, including $84.3M of safe-harbor revenue. The $45.4M cost-of-sales refund materially lifted GAAP gross profit. Removing that benefit produces an analytical gross margin near 44.4%; it is not the company non-GAAP margin. The Q3 outlook provides a useful independent check: $290M-$320M sales, approximately $75M safe-harbor shipments and a 42%-45% GAAP gross margin. The model keeps future shipment assumptions, operating expenses and cash timing separate. The September 8 solid-state-transformer update targets November demonstrations and 2027 pilots; the forecast assigns no undisclosed commercial revenue to that development program.

The competing explanation

Storage adoption, commercial products and geographic recovery could improve revenue and mix faster than the base case. Safe-harbor activity may lead to enduring customer relationships. The competing concern is that accelerated shipments and deposits bring future demand forward while a high engineering and sales cost base remains.

Risks to track

Installer economics, consumer financing and channel inventory can keep shipments below capacity.
Safe-harbor recognition and physical installations occur on different schedules; agreements are not all current revenue.
Trade policy, manufacturing credits and refunds can distort comparisons between quarters.
Warranty exposure, equity compensation and new-product development can absorb operating returns.

Next checkpoints

Next quarterly results · Late October 2026; issuer date not verified (estimated). Compare safe-harbor and remaining revenue, GAAP margins without new refunds, operating expenses and cash/deposit movements against Q3 guidance.
Product commercialization and channel updates · As company disclosures appear (event driven). Look for actual customer shipments and recognized revenue, inventory normalization and battery attachment. Do not convert prospective SST opportunities into forecast sales.
IQ SST demonstrations and pilots · November 2026 system demos; customer pilots planned for 2027 (estimated). Track validation and actual commercial contracts. The September 8 development update is not current sales guidance.

Data coverage and open work

The generic companyfacts feed lagged the June filing. Reviewed Q2 facts now supplement the historical table with dated provenance and reconcile to the model H1 actuals.
No verified product-level ASP, unit-margin series, full receivables/deposit schedule or diluted-share forecast is supplied.
Forecasts beyond Q3 are desk sensitivities, with no price target or probability attached.

This review: First sourced operating scenarios; adds the missing June history, separates safe-harbor shipments and the Q2 tariff refund, and includes the September SST development checkpoint without inventing sales.

What the memory says

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

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.2	+0.0	+2.9	50%
5 sessions	-6.3	+0.2	+7.1	52%
10 sessions	-8.5	+0.3	+11.3	52%

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-10-26 (source: estimated from 10-Q filed 2026-07-28 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[5] reported: Q2 reported revenue; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[6] reported: GrossProfit, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[7] derived: GrossProfit, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[8] reported: GrossProfit, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[9] reported: GrossProfit, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[10] reported: Q2 reported gross_profit; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[11] reported: OperatingIncomeLoss, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[12] derived: OperatingIncomeLoss, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[13] reported: OperatingIncomeLoss, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[14] reported: OperatingIncomeLoss, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[15] reported: Q2 reported operating_income; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[16] reported: NetIncomeLoss, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[17] derived: NetIncomeLoss, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[18] reported: NetIncomeLoss, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[19] reported: NetIncomeLoss, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[20] reported: Q2 reported net_income; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[21] reported: EarningsPerShareDiluted, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[22] reported: EarningsPerShareDiluted, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[23] reported: EarningsPerShareDiluted, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[24] reported: Q2 reported eps_diluted; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[25] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[26] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[27] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[28] reported: Q2 reported shares_diluted; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001463101-24-000141, 10-Q filed 2024-10-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[30] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[31] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001463101-25-000056, 10-Q filed 2025-04-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[32] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[33] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[34] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[35] reported: Q2 reported cash; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[36] reported: LongTermDebtNoncurrent, accession 0001463101-24-000141, 10-Q filed 2024-10-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[37] reported: LongTermDebtNoncurrent, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[38] reported: LongTermDebtNoncurrent, accession 0001463101-25-000056, 10-Q filed 2025-04-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[39] reported: LongTermDebtNoncurrent, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[40] reported: LongTermDebtNoncurrent, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[41] reported: LongTermDebtNoncurrent, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[42] reported: Q2 reported debt_long_term; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[43] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[44] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[45] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[46] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[47] reported: Q2 reported cfo; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[48] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[49] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[50] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[51] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[52] reported: Q2 reported capex; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm
[53] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2025-10-28] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2025-10-28], accession 0001463101-25-000112, 10-Q filed 2025-10-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[54] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2026-02-17] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2026-02-17], accession 0001463101-26-000013, 10-K filed 2026-02-17; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[55] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2026-04-28] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2026-04-28], accession 0001463101-26-000047, 10-Q filed 2026-04-28; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[56] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2025-07-22] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json; filed 2025-07-22], accession 0001463101-25-000101, 10-Q filed 2025-07-22; retrieved 2026-09-19T19:06:32+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001463101.json
[57] derived: CFO - capex; Q2 reported cfo [https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm; filed 2026-07-28] ; Q2 reported capex [https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm; filed 2026-07-28]; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1463101/000146310126000080/a2026q2exx991pressrelease.htm

What the author read

July 28 Q2 results and Q3 guidance · retrieved 2026-09-19
July 28 Q2 Form 10-Q; refunds, cash and debt · retrieved 2026-09-19
August 10 governance update; no new financial guidance · retrieved 2026-09-19
September 8 IQ SST development update: demos and pilots, not sales guidance · retrieved 2026-09-19

Compiled 2026-09-19T19:06:32.530416+00:00 · authored 2731082a6683 · generated 8b743f5e0c98 · JSON

Daily notes · Scorecard