$GRRR
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Research status
Evidence awaiting review · 43 pending evidence leads
- Financial accounts through
- 2026-06-30
- Authored update
- 2026-09-20
- Source scan
- Full model review
- Not recorded
- Latest event review
- Not recorded
- Oldest pending lead
Open evidence leads
- 6-K filed 2026-10-08
- GRRR’s New Deal Comes With A $2B Revenue Potential – Third Data Center Infra Deal In A Month Gets Retail Eyeing $100 Mark For The Stock - Stocktwits
- GRRR Stock Tanks On Pricing $125M Note Offering – Retail Sees A Buying Opportunity Amid The Sell-Off - Stocktwits
- Gorilla Technology Group Inc. (GRRR) Wins Taiwan AI Contract Worth Tens of Millions - TradingView
- GRRR Stock Slides Premarket Despite A $2B AI Deal With Supermicro — Here's Why - Stocktwits
Leads require verification; they are not established material changes.
Business
Gorilla sells security, network and smart-city systems and is deploying AI compute infrastructure in Asia. Customer acceptance drives project revenue; commissioned capacity and workload utilization drive compute services. Collections and project financing determine how reported growth converts into usable cash.
Three drivers
- Accepted project work and compute commissioning
- Utilization, service mix and execution margin
- Contract-asset collections and hardware funding
Thesis
Our view
The revenue target is achievable only if installed equipment becomes accepted and utilized capacity. Revenue growth alone does not establish self-funded expansion.
What changes it
Track commissioning, contract assets, collections, equipment cash and financing terms against the revenue ramp.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 20.11 | 33.9†2 | 18.33 | 21.1†4 | 26.51 | 35.6†2 | 28.23 | 50.1†4 |
| Gross profit ($M) | 9.51 | 10.1†2 | 6.43 | 7.0†4 | 9.91 | 10.5†2 | 6.03 | -2.1†4 |
| Operating income ($M) | -6.01 | -62.7†2 | -4.23 | -4.9†4 | 0.41 | -5.0†2 | -41.13 | -6.1†4 |
| Net income ($M) | -7.81 | -58.6†2 | -4.63 | -3.9†4 | -0.01 | -2.7†2 | -37.03 | -9.9†4 |
| EPS, diluted ($) | — | — | — | — | — | — | — | — |
| Diluted shares (M) | — | — | — | — | — | — | — | — |
| Cash ($M) | — | — | — | — | — | — | 98.45 | 179.45 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | — | — | -10.73 | -1.9†4 | — | — | 6.63 | -11.0†4 |
| Capex ($M) | — | — | — | — | — | — | — | — |
| Free cash flow ($M) | — | — | — | — | — | — | — | — |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 49.0 | — | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 78.0 | — | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 95.0 | — | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 111.2 | — | 2026-09-20 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Accepted projects, commissioned compute and the funding gap
Separate accepted project work from available compute-service revenue. Apply an explicit commissioning/utilization share to potential compute sales; signed GPU programs are not immediate recognized revenue. Carry separate project and service margins, overhead, SBC, cash interest, collections and capital deployment. Base FY2026 clears the $200M company floor; FY2027 $475M matches the midpoint of the August target but remains a deployment scenario.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| Reported revenue | H1 2026 | 78.36 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-24 |
| Reported gross profit | H1 2026 | 3.84 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-24 |
| Reported operating income | H1 2026 | -47.18 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-24 |
| Reported cfo | H1 2026 | -4.34 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-24 |
| Reported project spend | H1 2026 | 14.10 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-24 |
| H1 cash after disclosed deployment | H1 2026 | -18.44 | derived. Rounded equipment and project deployment, not net investing cash flow. |
| cash | June 2026 | 179.36 | reported. USD millions; June bond is face principal, not its discounted carrying amount. Source · 2026-08-24 |
| receivables contract assets | June 2026 | 145.30 | reported. USD millions; June bond is face principal, not its discounted carrying amount. Source · 2026-08-24 |
| derivative liability | June 2026 | 48.20 | reported. USD millions; June bond is face principal, not its discounted carrying amount. Source · 2026-08-24 |
| june bond principal | June 2026 | 107.00 | reported. USD millions; June bond is face principal, not its discounted carrying amount. Source · 2026-06-02 |
| July convertible face principal | July 2026 | 125.00 | reported. New financing for Batam; gross principal, not cash added again to June balance. Source · 2026-07-17 |
| Quarterly coupon on $232M face principal | Quarter run rate | 4.35 | derived. Excludes other borrowing costs, discount accretion and future financing. |
| Q3 planning range midpoint | 2026Q3 | 49.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 revenue floor | FY2026 | 200.00 | management guidance. At least $200M, not a closed range. Source · 2026-08-24 |
| FY2027 revenue target midpoint | FY2027 | 475.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
Downside scenario
| Period | Operating cash flow proxy ($M) | Revenue ($M) | Gross profit proxy ($M) | Equipment and project cash deployment ($M) | Operating income before future FX/marks ($M) | Cash after project deployment ($M) |
|---|---|---|---|---|---|---|
| 2026Q3 | -27.85 | 43.50 | 5.56 | 66.00 | -14.00 | -93.85 |
| 2026Q4 | -33.32 | 59.60 | 9.83 | 110.00 | -14.27 | -143.32 |
| 2027Q1 | -38.13 | 75.00 | 14.76 | 132.00 | -13.88 | -170.13 |
| 2027Q2 | -44.05 | 89.00 | 18.58 | 110.00 | -14.60 | -154.05 |
| FY2026 | -65.51 | 181.46 | 19.24 | 190.10 | -75.45 | -255.61 |
| FY2027 | -188.14 | 383.00 | 81.86 | 412.50 | -59.94 | -600.64 |
Base scenario
| Period | Operating cash flow proxy ($M) | Revenue ($M) | Gross profit proxy ($M) | Equipment and project cash deployment ($M) | Operating income before future FX/marks ($M) | Cash after project deployment ($M) |
|---|---|---|---|---|---|---|
| 2026Q3 | -18.67 | 49.00 | 10.18 | 60.00 | -7.82 | -78.67 |
| 2026Q4 | -16.57 | 78.00 | 20.28 | 100.00 | -2.02 | -116.57 |
| 2027Q1 | -17.95 | 95.00 | 26.90 | 120.00 | 0.30 | -137.95 |
| 2027Q2 | -20.43 | 111.25 | 32.42 | 100.00 | 1.52 | -120.43 |
| FY2026 | -39.58 | 205.36 | 34.30 | 174.10 | -57.02 | -213.68 |
| FY2027 | -87.70 | 475.00 | 139.70 | 375.00 | 7.50 | -462.70 |
Upside scenario
| Period | Operating cash flow proxy ($M) | Revenue ($M) | Gross profit proxy ($M) | Equipment and project cash deployment ($M) | Operating income before future FX/marks ($M) | Cash after project deployment ($M) |
|---|---|---|---|---|---|---|
| 2026Q3 | -13.39 | 53.90 | 14.11 | 69.00 | -4.54 | -82.39 |
| 2026Q4 | -6.65 | 87.40 | 27.95 | 115.00 | 4.90 | -121.65 |
| 2027Q1 | -2.14 | 114.50 | 39.56 | 138.00 | 12.11 | -140.14 |
| 2027Q2 | -0.08 | 136.50 | 48.72 | 115.00 | 16.87 | -115.08 |
| FY2026 | -24.38 | 219.66 | 45.91 | 198.10 | -46.82 | -222.48 |
| FY2027 | 3.80 | 590.00 | 213.20 | 431.25 | 77.00 | -427.45 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| Reported revenue h1_revenue | H1 2026 / shared | 78.36 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-24 |
| Reported gross profit h1_gross_profit | H1 2026 / shared | 3.84 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-24 |
| Reported operating income h1_operating_income | H1 2026 / shared | -47.18 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-24 |
| Reported cfo h1_cfo | H1 2026 / shared | -4.34 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-24 |
| Reported project spend h1_project_spend | H1 2026 / shared | 14.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-24 |
| H1 cash after disclosed deployment h1_cash_after_deployment | H1 2026 / shared | -18.44 USD_millions | derived: Rounded equipment and project deployment, not net investing cash flow. Formula: subtract(h1_cfo, h1_project_spend). |
| cash cash | June 2026 / shared | 179.36 USD_millions | reported: USD millions; June bond is face principal, not its discounted carrying amount. Primary source · 2026-08-24 |
| receivables contract assets receivables_contract_assets | June 2026 / shared | 145.30 USD_millions | reported: USD millions; June bond is face principal, not its discounted carrying amount. Primary source · 2026-08-24 |
| payables payables | June 2026 / shared | 91.71 USD_millions | reported: USD millions; June bond is face principal, not its discounted carrying amount. Primary source · 2026-08-24 |
| derivative liability derivative_liability | June 2026 / shared | 48.20 USD_millions | reported: USD millions; June bond is face principal, not its discounted carrying amount. Primary source · 2026-08-24 |
| june bond principal june_bond_principal | June 2026 / shared | 107.00 USD_millions | reported: USD millions; June bond is face principal, not its discounted carrying amount. Primary source · 2026-06-02 |
| July convertible face principal july_bond_principal | July 2026 / shared | 125.00 USD_millions | reported: New financing for Batam; gross principal, not cash added again to June balance. Primary source · 2026-07-17 |
| Convertible annual cash coupon bond_coupon | 2026 onward / shared | 7.5% ratio | reported: Contractual coupon on June and July notes. Primary source · 2026-07-17 |
| Quarter fraction quarter | Model / shared | 25.0% ratio | assumption: Time conversion. |
| June and July face principal bond_principal | July 2026 / shared | 232.00 USD_millions | derived: Principal includes both series. Formula: sum(june_bond_principal, july_bond_principal). |
| Quarterly coupon on $232M face principal bond_cash_interest | Quarter run rate / shared | 4.35 USD_millions | derived: Excludes other borrowing costs, discount accretion and future financing. Formula: multiply(bond_principal, bond_coupon, quarter). |
| Q3 planning range low q3_revenue_guide_low | 2026Q3 / shared | 48.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-24 |
| Q3 planning range high q3_revenue_guide_high | 2026Q3 / shared | 50.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-24 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q3 planning range endpoint sum q3_revenue_guide_sum | 2026Q3 / shared | 98.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high). |
| Q3 planning range midpoint q3_revenue_guide | 2026Q3 / shared | 49.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two). |
| FY2026 revenue floor fy26_floor | FY2026 / shared | 200.00 USD_millions | management guidance: At least $200M, not a closed range. Primary source · 2026-08-24 |
| FY2027 revenue target low fy27_revenue_target_low | FY2027 / shared | 450.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-24 |
| FY2027 revenue target high fy27_revenue_target_high | FY2027 / shared | 500.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-24 |
| FY2027 revenue target endpoint sum fy27_revenue_target_sum | FY2027 / shared | 950.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_revenue_target_low, fy27_revenue_target_high). |
| FY2027 revenue target midpoint fy27_revenue_target | FY2027 / shared | 475.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_revenue_target_sum, two). |
| Project work available for acceptance downside_2026q3_project_reference | 2026Q3 / downside | 38.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion downside_2026q3_acceptance | 2026Q3 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue downside_2026q3_projects | 2026Q3 / downside | 38.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_project_reference, downside_2026q3_acceptance). |
| Potential quarterly service sales downside_2026q3_service_potential | 2026Q3 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share downside_2026q3_commissioned_utilization | 2026Q3 / downside | 55.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services downside_2026q3_services | 2026Q3 / downside | 5.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_service_potential, downside_2026q3_commissioned_utilization). |
| Revenue downside_2026q3_revenue | 2026Q3 / downside | 43.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_projects, downside_2026q3_services). |
| Project gross margin downside_2026q3_project_margin | 2026Q3 / downside | 10.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit downside_2026q3_project_gross | 2026Q3 / downside | 3.80 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_projects, downside_2026q3_project_margin). |
| Compute-service gross margin downside_2026q3_service_margin | 2026Q3 / downside | 32.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit downside_2026q3_service_gross | 2026Q3 / downside | 1.76 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_services, downside_2026q3_service_margin). |
| Gross profit downside_2026q3_gross_profit | 2026Q3 / downside | 5.56 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_project_gross, downside_2026q3_service_gross). |
| Cash overhead and execution costs downside_2026q3_cash_opex | 2026Q3 / downside | 14.56 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation downside_2026q3_sbc | 2026Q3 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization downside_2026q3_da | 2026Q3 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation downside_2026q3_operating_costs | 2026Q3 / downside | 19.56 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_cash_opex, downside_2026q3_sbc, downside_2026q3_da). |
| Operating income before future FX and marks downside_2026q3_operating_income | 2026Q3 / downside | -14.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_gross_profit, downside_2026q3_operating_costs). |
| Operating profit plus noncash costs downside_2026q3_pre_wc | 2026Q3 / downside | -9.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da). |
| Other borrowing interest downside_2026q3_other_interest | 2026Q3 / downside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2026q3_tax | 2026Q3 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables downside_2026q3_wc | 2026Q3 / downside | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use downside_2026q3_cash_claims | 2026Q3 / downside | 18.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, downside_2026q3_other_interest, downside_2026q3_tax, downside_2026q3_wc). |
| Operating cash flow proxy downside_2026q3_cfo | 2026Q3 / downside | -27.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_pre_wc, downside_2026q3_cash_claims). |
| Equipment and project cash deployment downside_2026q3_project_spend | 2026Q3 / downside | 66.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment downside_2026q3_cash_after_deployment | 2026Q3 / downside | -93.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_cfo, downside_2026q3_project_spend). |
| Project work available for acceptance downside_2026q4_project_reference | 2026Q4 / downside | 42.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion downside_2026q4_acceptance | 2026Q4 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue downside_2026q4_projects | 2026Q4 / downside | 42.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_project_reference, downside_2026q4_acceptance). |
| Potential quarterly service sales downside_2026q4_service_potential | 2026Q4 / downside | 32.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share downside_2026q4_commissioned_utilization | 2026Q4 / downside | 55.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services downside_2026q4_services | 2026Q4 / downside | 17.60 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_service_potential, downside_2026q4_commissioned_utilization). |
| Revenue downside_2026q4_revenue | 2026Q4 / downside | 59.60 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_projects, downside_2026q4_services). |
| Project gross margin downside_2026q4_project_margin | 2026Q4 / downside | 10.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit downside_2026q4_project_gross | 2026Q4 / downside | 4.20 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_projects, downside_2026q4_project_margin). |
| Compute-service gross margin downside_2026q4_service_margin | 2026Q4 / downside | 32.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit downside_2026q4_service_gross | 2026Q4 / downside | 5.63 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_services, downside_2026q4_service_margin). |
| Gross profit downside_2026q4_gross_profit | 2026Q4 / downside | 9.83 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_project_gross, downside_2026q4_service_gross). |
| Cash overhead and execution costs downside_2026q4_cash_opex | 2026Q4 / downside | 16.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation downside_2026q4_sbc | 2026Q4 / downside | 3.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization downside_2026q4_da | 2026Q4 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation downside_2026q4_operating_costs | 2026Q4 / downside | 24.10 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_cash_opex, downside_2026q4_sbc, downside_2026q4_da). |
| Operating income before future FX and marks downside_2026q4_operating_income | 2026Q4 / downside | -14.27 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_gross_profit, downside_2026q4_operating_costs). |
| Operating profit plus noncash costs downside_2026q4_pre_wc | 2026Q4 / downside | -6.97 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da). |
| Other borrowing interest downside_2026q4_other_interest | 2026Q4 / downside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2026q4_tax | 2026Q4 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables downside_2026q4_wc | 2026Q4 / downside | 19.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use downside_2026q4_cash_claims | 2026Q4 / downside | 26.35 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, downside_2026q4_other_interest, downside_2026q4_tax, downside_2026q4_wc). |
| Operating cash flow proxy downside_2026q4_cfo | 2026Q4 / downside | -33.32 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_pre_wc, downside_2026q4_cash_claims). |
| Equipment and project cash deployment downside_2026q4_project_spend | 2026Q4 / downside | 110.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment downside_2026q4_cash_after_deployment | 2026Q4 / downside | -143.32 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_cfo, downside_2026q4_project_spend). |
| Project work available for acceptance downside_2027q1_project_reference | 2027Q1 / downside | 42.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion downside_2027q1_acceptance | 2027Q1 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue downside_2027q1_projects | 2027Q1 / downside | 42.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_project_reference, downside_2027q1_acceptance). |
| Potential quarterly service sales downside_2027q1_service_potential | 2027Q1 / downside | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share downside_2027q1_commissioned_utilization | 2027Q1 / downside | 55.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services downside_2027q1_services | 2027Q1 / downside | 33.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_service_potential, downside_2027q1_commissioned_utilization). |
| Revenue downside_2027q1_revenue | 2027Q1 / downside | 75.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_projects, downside_2027q1_services). |
| Project gross margin downside_2027q1_project_margin | 2027Q1 / downside | 10.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit downside_2027q1_project_gross | 2027Q1 / downside | 4.20 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_projects, downside_2027q1_project_margin). |
| Compute-service gross margin downside_2027q1_service_margin | 2027Q1 / downside | 32.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit downside_2027q1_service_gross | 2027Q1 / downside | 10.56 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_services, downside_2027q1_service_margin). |
| Gross profit downside_2027q1_gross_profit | 2027Q1 / downside | 14.76 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_project_gross, downside_2027q1_service_gross). |
| Cash overhead and execution costs downside_2027q1_cash_opex | 2027Q1 / downside | 19.04 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation downside_2027q1_sbc | 2027Q1 / downside | 3.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization downside_2027q1_da | 2027Q1 / downside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation downside_2027q1_operating_costs | 2027Q1 / downside | 28.64 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_cash_opex, downside_2027q1_sbc, downside_2027q1_da). |
| Operating income before future FX and marks downside_2027q1_operating_income | 2027Q1 / downside | -13.88 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_operating_costs). |
| Operating profit plus noncash costs downside_2027q1_pre_wc | 2027Q1 / downside | -4.28 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da). |
| Other borrowing interest downside_2027q1_other_interest | 2027Q1 / downside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2027q1_tax | 2027Q1 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables downside_2027q1_wc | 2027Q1 / downside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use downside_2027q1_cash_claims | 2027Q1 / downside | 33.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, downside_2027q1_other_interest, downside_2027q1_tax, downside_2027q1_wc). |
| Operating cash flow proxy downside_2027q1_cfo | 2027Q1 / downside | -38.13 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_pre_wc, downside_2027q1_cash_claims). |
| Equipment and project cash deployment downside_2027q1_project_spend | 2027Q1 / downside | 132.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment downside_2027q1_cash_after_deployment | 2027Q1 / downside | -170.13 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cfo, downside_2027q1_project_spend). |
| Project work available for acceptance downside_2027q2_project_reference | 2027Q2 / downside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion downside_2027q2_acceptance | 2027Q2 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue downside_2027q2_projects | 2027Q2 / downside | 45.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_project_reference, downside_2027q2_acceptance). |
| Potential quarterly service sales downside_2027q2_service_potential | 2027Q2 / downside | 80.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share downside_2027q2_commissioned_utilization | 2027Q2 / downside | 55.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services downside_2027q2_services | 2027Q2 / downside | 44.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_service_potential, downside_2027q2_commissioned_utilization). |
| Revenue downside_2027q2_revenue | 2027Q2 / downside | 89.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_projects, downside_2027q2_services). |
| Project gross margin downside_2027q2_project_margin | 2027Q2 / downside | 10.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit downside_2027q2_project_gross | 2027Q2 / downside | 4.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_projects, downside_2027q2_project_margin). |
| Compute-service gross margin downside_2027q2_service_margin | 2027Q2 / downside | 32.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit downside_2027q2_service_gross | 2027Q2 / downside | 14.08 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_services, downside_2027q2_service_margin). |
| Gross profit downside_2027q2_gross_profit | 2027Q2 / downside | 18.58 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_project_gross, downside_2027q2_service_gross). |
| Cash overhead and execution costs downside_2027q2_cash_opex | 2027Q2 / downside | 21.28 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation downside_2027q2_sbc | 2027Q2 / downside | 3.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization downside_2027q2_da | 2027Q2 / downside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation downside_2027q2_operating_costs | 2027Q2 / downside | 33.18 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_cash_opex, downside_2027q2_sbc, downside_2027q2_da). |
| Operating income before future FX and marks downside_2027q2_operating_income | 2027Q2 / downside | -14.60 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_operating_costs). |
| Operating profit plus noncash costs downside_2027q2_pre_wc | 2027Q2 / downside | -2.70 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da). |
| Other borrowing interest downside_2027q2_other_interest | 2027Q2 / downside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2027q2_tax | 2027Q2 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables downside_2027q2_wc | 2027Q2 / downside | 32.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use downside_2027q2_cash_claims | 2027Q2 / downside | 41.35 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, downside_2027q2_other_interest, downside_2027q2_tax, downside_2027q2_wc). |
| Operating cash flow proxy downside_2027q2_cfo | 2027Q2 / downside | -44.05 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_pre_wc, downside_2027q2_cash_claims). |
| Equipment and project cash deployment downside_2027q2_project_spend | 2027Q2 / downside | 110.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment downside_2027q2_cash_after_deployment | 2027Q2 / downside | -154.05 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cfo, downside_2027q2_project_spend). |
| Project work available for acceptance downside_2027q3_project_reference | 2027Q3 / downside | 48.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion downside_2027q3_acceptance | 2027Q3 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue downside_2027q3_projects | 2027Q3 / downside | 48.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_project_reference, downside_2027q3_acceptance). |
| Potential quarterly service sales downside_2027q3_service_potential | 2027Q3 / downside | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share downside_2027q3_commissioned_utilization | 2027Q3 / downside | 55.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services downside_2027q3_services | 2027Q3 / downside | 55.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_service_potential, downside_2027q3_commissioned_utilization). |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 103.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_projects, downside_2027q3_services). |
| Project gross margin downside_2027q3_project_margin | 2027Q3 / downside | 10.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit downside_2027q3_project_gross | 2027Q3 / downside | 4.80 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_projects, downside_2027q3_project_margin). |
| Compute-service gross margin downside_2027q3_service_margin | 2027Q3 / downside | 32.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit downside_2027q3_service_gross | 2027Q3 / downside | 17.60 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_services, downside_2027q3_service_margin). |
| Gross profit downside_2027q3_gross_profit | 2027Q3 / downside | 22.40 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_project_gross, downside_2027q3_service_gross). |
| Cash overhead and execution costs downside_2027q3_cash_opex | 2027Q3 / downside | 23.52 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation downside_2027q3_sbc | 2027Q3 / downside | 4.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation downside_2027q3_operating_costs | 2027Q3 / downside | 37.72 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_cash_opex, downside_2027q3_sbc, downside_2027q3_da). |
| Operating income before future FX and marks downside_2027q3_operating_income | 2027Q3 / downside | -15.32 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_operating_costs). |
| Operating profit plus noncash costs downside_2027q3_pre_wc | 2027Q3 / downside | -1.12 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da). |
| Other borrowing interest downside_2027q3_other_interest | 2027Q3 / downside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2027q3_tax | 2027Q3 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables downside_2027q3_wc | 2027Q3 / downside | 39.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use downside_2027q3_cash_claims | 2027Q3 / downside | 48.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, downside_2027q3_other_interest, downside_2027q3_tax, downside_2027q3_wc). |
| Operating cash flow proxy downside_2027q3_cfo | 2027Q3 / downside | -49.97 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_pre_wc, downside_2027q3_cash_claims). |
| Equipment and project cash deployment downside_2027q3_project_spend | 2027Q3 / downside | 93.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment downside_2027q3_cash_after_deployment | 2027Q3 / downside | -143.47 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_project_spend). |
| Project work available for acceptance downside_2027q4_project_reference | 2027Q4 / downside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion downside_2027q4_acceptance | 2027Q4 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue downside_2027q4_projects | 2027Q4 / downside | 50.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_project_reference, downside_2027q4_acceptance). |
| Potential quarterly service sales downside_2027q4_service_potential | 2027Q4 / downside | 120.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share downside_2027q4_commissioned_utilization | 2027Q4 / downside | 55.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services downside_2027q4_services | 2027Q4 / downside | 66.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_service_potential, downside_2027q4_commissioned_utilization). |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 116.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_projects, downside_2027q4_services). |
| Project gross margin downside_2027q4_project_margin | 2027Q4 / downside | 10.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit downside_2027q4_project_gross | 2027Q4 / downside | 5.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_projects, downside_2027q4_project_margin). |
| Compute-service gross margin downside_2027q4_service_margin | 2027Q4 / downside | 32.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit downside_2027q4_service_gross | 2027Q4 / downside | 21.12 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_services, downside_2027q4_service_margin). |
| Gross profit downside_2027q4_gross_profit | 2027Q4 / downside | 26.12 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_project_gross, downside_2027q4_service_gross). |
| Cash overhead and execution costs downside_2027q4_cash_opex | 2027Q4 / downside | 25.76 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation downside_2027q4_sbc | 2027Q4 / downside | 4.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation downside_2027q4_operating_costs | 2027Q4 / downside | 42.26 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_cash_opex, downside_2027q4_sbc, downside_2027q4_da). |
| Operating income before future FX and marks downside_2027q4_operating_income | 2027Q4 / downside | -16.14 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_operating_costs). |
| Operating profit plus noncash costs downside_2027q4_pre_wc | 2027Q4 / downside | 0.36 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da). |
| Other borrowing interest downside_2027q4_other_interest | 2027Q4 / downside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2027q4_tax | 2027Q4 / downside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables downside_2027q4_wc | 2027Q4 / downside | 45.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use downside_2027q4_cash_claims | 2027Q4 / downside | 56.35 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, downside_2027q4_other_interest, downside_2027q4_tax, downside_2027q4_wc). |
| Operating cash flow proxy downside_2027q4_cfo | 2027Q4 / downside | -55.99 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_pre_wc, downside_2027q4_cash_claims). |
| Equipment and project cash deployment downside_2027q4_project_spend | 2027Q4 / downside | 77.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment downside_2027q4_cash_after_deployment | 2027Q4 / downside | -132.99 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_project_spend). |
| Revenue ($M) downside_fy2026_revenue | FY2026 / downside | 181.46 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| Gross profit proxy ($M) downside_fy2026_gross_profit | FY2026 / downside | 19.24 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit). |
| Operating income before future FX/marks ($M) downside_fy2026_operating_income | FY2026 / downside | -75.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2026_cfo | FY2026 / downside | -65.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Equipment and project cash deployment ($M) downside_fy2026_project_spend | FY2026 / downside | 190.10 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_project_spend, downside_2026q3_project_spend, downside_2026q4_project_spend). |
| Cash after project deployment ($M) downside_fy2026_cash_after_deployment | FY2026 / downside | -255.61 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_deployment, downside_2026q3_cash_after_deployment, downside_2026q4_cash_after_deployment). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 383.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 81.86 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Operating income before future FX/marks ($M) downside_fy2027_operating_income | FY2027 / downside | -59.94 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2027_cfo | FY2027 / downside | -188.14 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Equipment and project cash deployment ($M) downside_fy2027_project_spend | FY2027 / downside | 412.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_project_spend, downside_2027q2_project_spend, downside_2027q3_project_spend, downside_2027q4_project_spend). |
| Cash after project deployment ($M) downside_fy2027_cash_after_deployment | FY2027 / downside | -600.64 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_deployment, downside_2027q2_cash_after_deployment, downside_2027q3_cash_after_deployment, downside_2027q4_cash_after_deployment). |
| Project work available for acceptance base_2026q3_project_reference | 2026Q3 / base | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion base_2026q3_acceptance | 2026Q3 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue base_2026q3_projects | 2026Q3 / base | 40.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_project_reference, base_2026q3_acceptance). |
| Potential quarterly service sales base_2026q3_service_potential | 2026Q3 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share base_2026q3_commissioned_utilization | 2026Q3 / base | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services base_2026q3_services | 2026Q3 / base | 9.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_service_potential, base_2026q3_commissioned_utilization). |
| Revenue base_2026q3_revenue | 2026Q3 / base | 49.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_projects, base_2026q3_services). |
| Project gross margin base_2026q3_project_margin | 2026Q3 / base | 16.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit base_2026q3_project_gross | 2026Q3 / base | 6.40 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_projects, base_2026q3_project_margin). |
| Compute-service gross margin base_2026q3_service_margin | 2026Q3 / base | 42.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit base_2026q3_service_gross | 2026Q3 / base | 3.78 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_services, base_2026q3_service_margin). |
| Gross profit base_2026q3_gross_profit | 2026Q3 / base | 10.18 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_project_gross, base_2026q3_service_gross). |
| Cash overhead and execution costs base_2026q3_cash_opex | 2026Q3 / base | 13.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation base_2026q3_sbc | 2026Q3 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization base_2026q3_da | 2026Q3 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation base_2026q3_operating_costs | 2026Q3 / base | 18.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_cash_opex, base_2026q3_sbc, base_2026q3_da). |
| Operating income before future FX and marks base_2026q3_operating_income | 2026Q3 / base | -7.82 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_gross_profit, base_2026q3_operating_costs). |
| Operating profit plus noncash costs base_2026q3_pre_wc | 2026Q3 / base | -2.82 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da). |
| Other borrowing interest base_2026q3_other_interest | 2026Q3 / base | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2026q3_tax | 2026Q3 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables base_2026q3_wc | 2026Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use base_2026q3_cash_claims | 2026Q3 / base | 15.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, base_2026q3_other_interest, base_2026q3_tax, base_2026q3_wc). |
| Operating cash flow proxy base_2026q3_cfo | 2026Q3 / base | -18.67 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_pre_wc, base_2026q3_cash_claims). |
| Equipment and project cash deployment base_2026q3_project_spend | 2026Q3 / base | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment base_2026q3_cash_after_deployment | 2026Q3 / base | -78.67 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_cfo, base_2026q3_project_spend). |
| Project work available for acceptance base_2026q4_project_reference | 2026Q4 / base | 48.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion base_2026q4_acceptance | 2026Q4 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue base_2026q4_projects | 2026Q4 / base | 48.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_project_reference, base_2026q4_acceptance). |
| Potential quarterly service sales base_2026q4_service_potential | 2026Q4 / base | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share base_2026q4_commissioned_utilization | 2026Q4 / base | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services base_2026q4_services | 2026Q4 / base | 30.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_service_potential, base_2026q4_commissioned_utilization). |
| Revenue base_2026q4_revenue | 2026Q4 / base | 78.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_projects, base_2026q4_services). |
| Project gross margin base_2026q4_project_margin | 2026Q4 / base | 16.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit base_2026q4_project_gross | 2026Q4 / base | 7.68 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_projects, base_2026q4_project_margin). |
| Compute-service gross margin base_2026q4_service_margin | 2026Q4 / base | 42.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit base_2026q4_service_gross | 2026Q4 / base | 12.60 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_services, base_2026q4_service_margin). |
| Gross profit base_2026q4_gross_profit | 2026Q4 / base | 20.28 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_project_gross, base_2026q4_service_gross). |
| Cash overhead and execution costs base_2026q4_cash_opex | 2026Q4 / base | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation base_2026q4_sbc | 2026Q4 / base | 3.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization base_2026q4_da | 2026Q4 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation base_2026q4_operating_costs | 2026Q4 / base | 22.30 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_cash_opex, base_2026q4_sbc, base_2026q4_da). |
| Operating income before future FX and marks base_2026q4_operating_income | 2026Q4 / base | -2.02 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_gross_profit, base_2026q4_operating_costs). |
| Operating profit plus noncash costs base_2026q4_pre_wc | 2026Q4 / base | 5.28 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da). |
| Other borrowing interest base_2026q4_other_interest | 2026Q4 / base | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2026q4_tax | 2026Q4 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables base_2026q4_wc | 2026Q4 / base | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use base_2026q4_cash_claims | 2026Q4 / base | 21.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, base_2026q4_other_interest, base_2026q4_tax, base_2026q4_wc). |
| Operating cash flow proxy base_2026q4_cfo | 2026Q4 / base | -16.57 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_pre_wc, base_2026q4_cash_claims). |
| Equipment and project cash deployment base_2026q4_project_spend | 2026Q4 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment base_2026q4_cash_after_deployment | 2026Q4 / base | -116.57 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_cfo, base_2026q4_project_spend). |
| Project work available for acceptance base_2027q1_project_reference | 2027Q1 / base | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion base_2027q1_acceptance | 2027Q1 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue base_2027q1_projects | 2027Q1 / base | 50.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_project_reference, base_2027q1_acceptance). |
| Potential quarterly service sales base_2027q1_service_potential | 2027Q1 / base | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share base_2027q1_commissioned_utilization | 2027Q1 / base | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services base_2027q1_services | 2027Q1 / base | 45.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_service_potential, base_2027q1_commissioned_utilization). |
| Revenue base_2027q1_revenue | 2027Q1 / base | 95.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_projects, base_2027q1_services). |
| Project gross margin base_2027q1_project_margin | 2027Q1 / base | 16.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit base_2027q1_project_gross | 2027Q1 / base | 8.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_projects, base_2027q1_project_margin). |
| Compute-service gross margin base_2027q1_service_margin | 2027Q1 / base | 42.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit base_2027q1_service_gross | 2027Q1 / base | 18.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_services, base_2027q1_service_margin). |
| Gross profit base_2027q1_gross_profit | 2027Q1 / base | 26.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_project_gross, base_2027q1_service_gross). |
| Cash overhead and execution costs base_2027q1_cash_opex | 2027Q1 / base | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation base_2027q1_sbc | 2027Q1 / base | 3.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization base_2027q1_da | 2027Q1 / base | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation base_2027q1_operating_costs | 2027Q1 / base | 26.60 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_cash_opex, base_2027q1_sbc, base_2027q1_da). |
| Operating income before future FX and marks base_2027q1_operating_income | 2027Q1 / base | 0.30 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_gross_profit, base_2027q1_operating_costs). |
| Operating profit plus noncash costs base_2027q1_pre_wc | 2027Q1 / base | 9.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da). |
| Other borrowing interest base_2027q1_other_interest | 2027Q1 / base | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2027q1_tax | 2027Q1 / base | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables base_2027q1_wc | 2027Q1 / base | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use base_2027q1_cash_claims | 2027Q1 / base | 27.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, base_2027q1_other_interest, base_2027q1_tax, base_2027q1_wc). |
| Operating cash flow proxy base_2027q1_cfo | 2027Q1 / base | -17.95 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_pre_wc, base_2027q1_cash_claims). |
| Equipment and project cash deployment base_2027q1_project_spend | 2027Q1 / base | 120.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment base_2027q1_cash_after_deployment | 2027Q1 / base | -137.95 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cfo, base_2027q1_project_spend). |
| Project work available for acceptance base_2027q2_project_reference | 2027Q2 / base | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion base_2027q2_acceptance | 2027Q2 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue base_2027q2_projects | 2027Q2 / base | 55.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_project_reference, base_2027q2_acceptance). |
| Potential quarterly service sales base_2027q2_service_potential | 2027Q2 / base | 75.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share base_2027q2_commissioned_utilization | 2027Q2 / base | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services base_2027q2_services | 2027Q2 / base | 56.25 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_service_potential, base_2027q2_commissioned_utilization). |
| Revenue base_2027q2_revenue | 2027Q2 / base | 111.25 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_projects, base_2027q2_services). |
| Project gross margin base_2027q2_project_margin | 2027Q2 / base | 16.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit base_2027q2_project_gross | 2027Q2 / base | 8.80 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_projects, base_2027q2_project_margin). |
| Compute-service gross margin base_2027q2_service_margin | 2027Q2 / base | 42.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit base_2027q2_service_gross | 2027Q2 / base | 23.62 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_services, base_2027q2_service_margin). |
| Gross profit base_2027q2_gross_profit | 2027Q2 / base | 32.42 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_project_gross, base_2027q2_service_gross). |
| Cash overhead and execution costs base_2027q2_cash_opex | 2027Q2 / base | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation base_2027q2_sbc | 2027Q2 / base | 3.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization base_2027q2_da | 2027Q2 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation base_2027q2_operating_costs | 2027Q2 / base | 30.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_cash_opex, base_2027q2_sbc, base_2027q2_da). |
| Operating income before future FX and marks base_2027q2_operating_income | 2027Q2 / base | 1.52 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_gross_profit, base_2027q2_operating_costs). |
| Operating profit plus noncash costs base_2027q2_pre_wc | 2027Q2 / base | 13.42 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da). |
| Other borrowing interest base_2027q2_other_interest | 2027Q2 / base | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2027q2_tax | 2027Q2 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables base_2027q2_wc | 2027Q2 / base | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use base_2027q2_cash_claims | 2027Q2 / base | 33.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, base_2027q2_other_interest, base_2027q2_tax, base_2027q2_wc). |
| Operating cash flow proxy base_2027q2_cfo | 2027Q2 / base | -20.43 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_pre_wc, base_2027q2_cash_claims). |
| Equipment and project cash deployment base_2027q2_project_spend | 2027Q2 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment base_2027q2_cash_after_deployment | 2027Q2 / base | -120.43 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cfo, base_2027q2_project_spend). |
| Project work available for acceptance base_2027q3_project_reference | 2027Q3 / base | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion base_2027q3_acceptance | 2027Q3 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue base_2027q3_projects | 2027Q3 / base | 60.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_project_reference, base_2027q3_acceptance). |
| Potential quarterly service sales base_2027q3_service_potential | 2027Q3 / base | 90.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share base_2027q3_commissioned_utilization | 2027Q3 / base | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services base_2027q3_services | 2027Q3 / base | 67.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_service_potential, base_2027q3_commissioned_utilization). |
| Revenue base_2027q3_revenue | 2027Q3 / base | 127.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_projects, base_2027q3_services). |
| Project gross margin base_2027q3_project_margin | 2027Q3 / base | 16.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit base_2027q3_project_gross | 2027Q3 / base | 9.60 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_projects, base_2027q3_project_margin). |
| Compute-service gross margin base_2027q3_service_margin | 2027Q3 / base | 42.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit base_2027q3_service_gross | 2027Q3 / base | 28.35 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_services, base_2027q3_service_margin). |
| Gross profit base_2027q3_gross_profit | 2027Q3 / base | 37.95 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_project_gross, base_2027q3_service_gross). |
| Cash overhead and execution costs base_2027q3_cash_opex | 2027Q3 / base | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation base_2027q3_sbc | 2027Q3 / base | 4.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization base_2027q3_da | 2027Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation base_2027q3_operating_costs | 2027Q3 / base | 35.20 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_cash_opex, base_2027q3_sbc, base_2027q3_da). |
| Operating income before future FX and marks base_2027q3_operating_income | 2027Q3 / base | 2.75 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_gross_profit, base_2027q3_operating_costs). |
| Operating profit plus noncash costs base_2027q3_pre_wc | 2027Q3 / base | 16.95 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da). |
| Other borrowing interest base_2027q3_other_interest | 2027Q3 / base | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2027q3_tax | 2027Q3 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables base_2027q3_wc | 2027Q3 / base | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use base_2027q3_cash_claims | 2027Q3 / base | 39.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, base_2027q3_other_interest, base_2027q3_tax, base_2027q3_wc). |
| Operating cash flow proxy base_2027q3_cfo | 2027Q3 / base | -22.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_pre_wc, base_2027q3_cash_claims). |
| Equipment and project cash deployment base_2027q3_project_spend | 2027Q3 / base | 85.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment base_2027q3_cash_after_deployment | 2027Q3 / base | -107.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cfo, base_2027q3_project_spend). |
| Project work available for acceptance base_2027q4_project_reference | 2027Q4 / base | 65.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion base_2027q4_acceptance | 2027Q4 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue base_2027q4_projects | 2027Q4 / base | 65.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_project_reference, base_2027q4_acceptance). |
| Potential quarterly service sales base_2027q4_service_potential | 2027Q4 / base | 101.67 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share base_2027q4_commissioned_utilization | 2027Q4 / base | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services base_2027q4_services | 2027Q4 / base | 76.25 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_service_potential, base_2027q4_commissioned_utilization). |
| Revenue base_2027q4_revenue | 2027Q4 / base | 141.25 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_projects, base_2027q4_services). |
| Project gross margin base_2027q4_project_margin | 2027Q4 / base | 16.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit base_2027q4_project_gross | 2027Q4 / base | 10.40 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_projects, base_2027q4_project_margin). |
| Compute-service gross margin base_2027q4_service_margin | 2027Q4 / base | 42.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit base_2027q4_service_gross | 2027Q4 / base | 32.03 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_services, base_2027q4_service_margin). |
| Gross profit base_2027q4_gross_profit | 2027Q4 / base | 42.43 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_project_gross, base_2027q4_service_gross). |
| Cash overhead and execution costs base_2027q4_cash_opex | 2027Q4 / base | 23.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation base_2027q4_sbc | 2027Q4 / base | 4.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization base_2027q4_da | 2027Q4 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation base_2027q4_operating_costs | 2027Q4 / base | 39.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_cash_opex, base_2027q4_sbc, base_2027q4_da). |
| Operating income before future FX and marks base_2027q4_operating_income | 2027Q4 / base | 2.93 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_gross_profit, base_2027q4_operating_costs). |
| Operating profit plus noncash costs base_2027q4_pre_wc | 2027Q4 / base | 19.43 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da). |
| Other borrowing interest base_2027q4_other_interest | 2027Q4 / base | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2027q4_tax | 2027Q4 / base | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables base_2027q4_wc | 2027Q4 / base | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use base_2027q4_cash_claims | 2027Q4 / base | 45.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, base_2027q4_other_interest, base_2027q4_tax, base_2027q4_wc). |
| Operating cash flow proxy base_2027q4_cfo | 2027Q4 / base | -26.42 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_pre_wc, base_2027q4_cash_claims). |
| Equipment and project cash deployment base_2027q4_project_spend | 2027Q4 / base | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment base_2027q4_cash_after_deployment | 2027Q4 / base | -96.42 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cfo, base_2027q4_project_spend). |
| Revenue ($M) base_fy2026_revenue | FY2026 / base | 205.36 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| Gross profit proxy ($M) base_fy2026_gross_profit | FY2026 / base | 34.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit). |
| Operating income before future FX/marks ($M) base_fy2026_operating_income | FY2026 / base | -57.02 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2026_cfo | FY2026 / base | -39.58 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Equipment and project cash deployment ($M) base_fy2026_project_spend | FY2026 / base | 174.10 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_project_spend, base_2026q3_project_spend, base_2026q4_project_spend). |
| Cash after project deployment ($M) base_fy2026_cash_after_deployment | FY2026 / base | -213.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_deployment, base_2026q3_cash_after_deployment, base_2026q4_cash_after_deployment). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 475.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 139.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Operating income before future FX/marks ($M) base_fy2027_operating_income | FY2027 / base | 7.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2027_cfo | FY2027 / base | -87.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Equipment and project cash deployment ($M) base_fy2027_project_spend | FY2027 / base | 375.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_project_spend, base_2027q2_project_spend, base_2027q3_project_spend, base_2027q4_project_spend). |
| Cash after project deployment ($M) base_fy2027_cash_after_deployment | FY2027 / base | -462.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_deployment, base_2027q2_cash_after_deployment, base_2027q3_cash_after_deployment, base_2027q4_cash_after_deployment). |
| Project work available for acceptance upside_2026q3_project_reference | 2026Q3 / upside | 42.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion upside_2026q3_acceptance | 2026Q3 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue upside_2026q3_projects | 2026Q3 / upside | 42.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_project_reference, upside_2026q3_acceptance). |
| Potential quarterly service sales upside_2026q3_service_potential | 2026Q3 / upside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share upside_2026q3_commissioned_utilization | 2026Q3 / upside | 85.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services upside_2026q3_services | 2026Q3 / upside | 11.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_service_potential, upside_2026q3_commissioned_utilization). |
| Revenue upside_2026q3_revenue | 2026Q3 / upside | 53.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_projects, upside_2026q3_services). |
| Project gross margin upside_2026q3_project_margin | 2026Q3 / upside | 20.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit upside_2026q3_project_gross | 2026Q3 / upside | 8.40 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_projects, upside_2026q3_project_margin). |
| Compute-service gross margin upside_2026q3_service_margin | 2026Q3 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit upside_2026q3_service_gross | 2026Q3 / upside | 5.71 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_services, upside_2026q3_service_margin). |
| Gross profit upside_2026q3_gross_profit | 2026Q3 / upside | 14.11 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_project_gross, upside_2026q3_service_gross). |
| Cash overhead and execution costs upside_2026q3_cash_opex | 2026Q3 / upside | 13.65 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation upside_2026q3_sbc | 2026Q3 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization upside_2026q3_da | 2026Q3 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation upside_2026q3_operating_costs | 2026Q3 / upside | 18.65 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_cash_opex, upside_2026q3_sbc, upside_2026q3_da). |
| Operating income before future FX and marks upside_2026q3_operating_income | 2026Q3 / upside | -4.54 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_gross_profit, upside_2026q3_operating_costs). |
| Operating profit plus noncash costs upside_2026q3_pre_wc | 2026Q3 / upside | 0.46 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da). |
| Other borrowing interest upside_2026q3_other_interest | 2026Q3 / upside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2026q3_tax | 2026Q3 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables upside_2026q3_wc | 2026Q3 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use upside_2026q3_cash_claims | 2026Q3 / upside | 13.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, upside_2026q3_other_interest, upside_2026q3_tax, upside_2026q3_wc). |
| Operating cash flow proxy upside_2026q3_cfo | 2026Q3 / upside | -13.39 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_pre_wc, upside_2026q3_cash_claims). |
| Equipment and project cash deployment upside_2026q3_project_spend | 2026Q3 / upside | 69.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment upside_2026q3_cash_after_deployment | 2026Q3 / upside | -82.39 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_cfo, upside_2026q3_project_spend). |
| Project work available for acceptance upside_2026q4_project_reference | 2026Q4 / upside | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion upside_2026q4_acceptance | 2026Q4 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue upside_2026q4_projects | 2026Q4 / upside | 50.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_project_reference, upside_2026q4_acceptance). |
| Potential quarterly service sales upside_2026q4_service_potential | 2026Q4 / upside | 44.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share upside_2026q4_commissioned_utilization | 2026Q4 / upside | 85.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services upside_2026q4_services | 2026Q4 / upside | 37.40 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_service_potential, upside_2026q4_commissioned_utilization). |
| Revenue upside_2026q4_revenue | 2026Q4 / upside | 87.40 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_projects, upside_2026q4_services). |
| Project gross margin upside_2026q4_project_margin | 2026Q4 / upside | 20.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit upside_2026q4_project_gross | 2026Q4 / upside | 10.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_projects, upside_2026q4_project_margin). |
| Compute-service gross margin upside_2026q4_service_margin | 2026Q4 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit upside_2026q4_service_gross | 2026Q4 / upside | 17.95 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_services, upside_2026q4_service_margin). |
| Gross profit upside_2026q4_gross_profit | 2026Q4 / upside | 27.95 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_project_gross, upside_2026q4_service_gross). |
| Cash overhead and execution costs upside_2026q4_cash_opex | 2026Q4 / upside | 15.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation upside_2026q4_sbc | 2026Q4 / upside | 3.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization upside_2026q4_da | 2026Q4 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation upside_2026q4_operating_costs | 2026Q4 / upside | 23.05 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_cash_opex, upside_2026q4_sbc, upside_2026q4_da). |
| Operating income before future FX and marks upside_2026q4_operating_income | 2026Q4 / upside | 4.90 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_gross_profit, upside_2026q4_operating_costs). |
| Operating profit plus noncash costs upside_2026q4_pre_wc | 2026Q4 / upside | 12.20 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da). |
| Other borrowing interest upside_2026q4_other_interest | 2026Q4 / upside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2026q4_tax | 2026Q4 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables upside_2026q4_wc | 2026Q4 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use upside_2026q4_cash_claims | 2026Q4 / upside | 18.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, upside_2026q4_other_interest, upside_2026q4_tax, upside_2026q4_wc). |
| Operating cash flow proxy upside_2026q4_cfo | 2026Q4 / upside | -6.65 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_pre_wc, upside_2026q4_cash_claims). |
| Equipment and project cash deployment upside_2026q4_project_spend | 2026Q4 / upside | 115.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment upside_2026q4_cash_after_deployment | 2026Q4 / upside | -121.65 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_cfo, upside_2026q4_project_spend). |
| Project work available for acceptance upside_2027q1_project_reference | 2027Q1 / upside | 55.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion upside_2027q1_acceptance | 2027Q1 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue upside_2027q1_projects | 2027Q1 / upside | 55.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_project_reference, upside_2027q1_acceptance). |
| Potential quarterly service sales upside_2027q1_service_potential | 2027Q1 / upside | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share upside_2027q1_commissioned_utilization | 2027Q1 / upside | 85.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services upside_2027q1_services | 2027Q1 / upside | 59.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_service_potential, upside_2027q1_commissioned_utilization). |
| Revenue upside_2027q1_revenue | 2027Q1 / upside | 114.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_projects, upside_2027q1_services). |
| Project gross margin upside_2027q1_project_margin | 2027Q1 / upside | 20.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit upside_2027q1_project_gross | 2027Q1 / upside | 11.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_projects, upside_2027q1_project_margin). |
| Compute-service gross margin upside_2027q1_service_margin | 2027Q1 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit upside_2027q1_service_gross | 2027Q1 / upside | 28.56 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_services, upside_2027q1_service_margin). |
| Gross profit upside_2027q1_gross_profit | 2027Q1 / upside | 39.56 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_project_gross, upside_2027q1_service_gross). |
| Cash overhead and execution costs upside_2027q1_cash_opex | 2027Q1 / upside | 17.85 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation upside_2027q1_sbc | 2027Q1 / upside | 3.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization upside_2027q1_da | 2027Q1 / upside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation upside_2027q1_operating_costs | 2027Q1 / upside | 27.45 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_cash_opex, upside_2027q1_sbc, upside_2027q1_da). |
| Operating income before future FX and marks upside_2027q1_operating_income | 2027Q1 / upside | 12.11 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_operating_costs). |
| Operating profit plus noncash costs upside_2027q1_pre_wc | 2027Q1 / upside | 21.71 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da). |
| Other borrowing interest upside_2027q1_other_interest | 2027Q1 / upside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2027q1_tax | 2027Q1 / upside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables upside_2027q1_wc | 2027Q1 / upside | 16.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use upside_2027q1_cash_claims | 2027Q1 / upside | 23.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, upside_2027q1_other_interest, upside_2027q1_tax, upside_2027q1_wc). |
| Operating cash flow proxy upside_2027q1_cfo | 2027Q1 / upside | -2.14 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_pre_wc, upside_2027q1_cash_claims). |
| Equipment and project cash deployment upside_2027q1_project_spend | 2027Q1 / upside | 138.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment upside_2027q1_cash_after_deployment | 2027Q1 / upside | -140.14 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cfo, upside_2027q1_project_spend). |
| Project work available for acceptance upside_2027q2_project_reference | 2027Q2 / upside | 60.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion upside_2027q2_acceptance | 2027Q2 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue upside_2027q2_projects | 2027Q2 / upside | 60.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_project_reference, upside_2027q2_acceptance). |
| Potential quarterly service sales upside_2027q2_service_potential | 2027Q2 / upside | 90.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share upside_2027q2_commissioned_utilization | 2027Q2 / upside | 85.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services upside_2027q2_services | 2027Q2 / upside | 76.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_service_potential, upside_2027q2_commissioned_utilization). |
| Revenue upside_2027q2_revenue | 2027Q2 / upside | 136.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_projects, upside_2027q2_services). |
| Project gross margin upside_2027q2_project_margin | 2027Q2 / upside | 20.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit upside_2027q2_project_gross | 2027Q2 / upside | 12.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_projects, upside_2027q2_project_margin). |
| Compute-service gross margin upside_2027q2_service_margin | 2027Q2 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit upside_2027q2_service_gross | 2027Q2 / upside | 36.72 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_services, upside_2027q2_service_margin). |
| Gross profit upside_2027q2_gross_profit | 2027Q2 / upside | 48.72 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_project_gross, upside_2027q2_service_gross). |
| Cash overhead and execution costs upside_2027q2_cash_opex | 2027Q2 / upside | 19.95 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation upside_2027q2_sbc | 2027Q2 / upside | 3.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization upside_2027q2_da | 2027Q2 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation upside_2027q2_operating_costs | 2027Q2 / upside | 31.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_cash_opex, upside_2027q2_sbc, upside_2027q2_da). |
| Operating income before future FX and marks upside_2027q2_operating_income | 2027Q2 / upside | 16.87 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_operating_costs). |
| Operating profit plus noncash costs upside_2027q2_pre_wc | 2027Q2 / upside | 28.77 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da). |
| Other borrowing interest upside_2027q2_other_interest | 2027Q2 / upside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2027q2_tax | 2027Q2 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables upside_2027q2_wc | 2027Q2 / upside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use upside_2027q2_cash_claims | 2027Q2 / upside | 28.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, upside_2027q2_other_interest, upside_2027q2_tax, upside_2027q2_wc). |
| Operating cash flow proxy upside_2027q2_cfo | 2027Q2 / upside | -0.08 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_pre_wc, upside_2027q2_cash_claims). |
| Equipment and project cash deployment upside_2027q2_project_spend | 2027Q2 / upside | 115.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment upside_2027q2_cash_after_deployment | 2027Q2 / upside | -115.08 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cfo, upside_2027q2_project_spend). |
| Project work available for acceptance upside_2027q3_project_reference | 2027Q3 / upside | 65.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion upside_2027q3_acceptance | 2027Q3 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue upside_2027q3_projects | 2027Q3 / upside | 65.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_project_reference, upside_2027q3_acceptance). |
| Potential quarterly service sales upside_2027q3_service_potential | 2027Q3 / upside | 110.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share upside_2027q3_commissioned_utilization | 2027Q3 / upside | 85.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services upside_2027q3_services | 2027Q3 / upside | 93.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_service_potential, upside_2027q3_commissioned_utilization). |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 158.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_projects, upside_2027q3_services). |
| Project gross margin upside_2027q3_project_margin | 2027Q3 / upside | 20.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit upside_2027q3_project_gross | 2027Q3 / upside | 13.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_projects, upside_2027q3_project_margin). |
| Compute-service gross margin upside_2027q3_service_margin | 2027Q3 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit upside_2027q3_service_gross | 2027Q3 / upside | 44.88 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_services, upside_2027q3_service_margin). |
| Gross profit upside_2027q3_gross_profit | 2027Q3 / upside | 57.88 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_project_gross, upside_2027q3_service_gross). |
| Cash overhead and execution costs upside_2027q3_cash_opex | 2027Q3 / upside | 22.05 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation upside_2027q3_sbc | 2027Q3 / upside | 4.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation upside_2027q3_operating_costs | 2027Q3 / upside | 36.25 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_cash_opex, upside_2027q3_sbc, upside_2027q3_da). |
| Operating income before future FX and marks upside_2027q3_operating_income | 2027Q3 / upside | 21.63 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_operating_costs). |
| Operating profit plus noncash costs upside_2027q3_pre_wc | 2027Q3 / upside | 35.83 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da). |
| Other borrowing interest upside_2027q3_other_interest | 2027Q3 / upside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2027q3_tax | 2027Q3 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables upside_2027q3_wc | 2027Q3 / upside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use upside_2027q3_cash_claims | 2027Q3 / upside | 33.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, upside_2027q3_other_interest, upside_2027q3_tax, upside_2027q3_wc). |
| Operating cash flow proxy upside_2027q3_cfo | 2027Q3 / upside | 1.98 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_pre_wc, upside_2027q3_cash_claims). |
| Equipment and project cash deployment upside_2027q3_project_spend | 2027Q3 / upside | 97.75 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment upside_2027q3_cash_after_deployment | 2027Q3 / upside | -95.77 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_project_spend). |
| Project work available for acceptance upside_2027q4_project_reference | 2027Q4 / upside | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Accepted proportion upside_2027q4_acceptance | 2027Q4 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Accepted project revenue upside_2027q4_projects | 2027Q4 / upside | 70.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_project_reference, upside_2027q4_acceptance). |
| Potential quarterly service sales upside_2027q4_service_potential | 2027Q4 / upside | 130.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Commissioned and utilized share upside_2027q4_commissioned_utilization | 2027Q4 / upside | 85.0% ratio | assumption: Desk assumption; not company guidance. |
| Recognized compute services upside_2027q4_services | 2027Q4 / upside | 110.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_service_potential, upside_2027q4_commissioned_utilization). |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 180.50 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_projects, upside_2027q4_services). |
| Project gross margin upside_2027q4_project_margin | 2027Q4 / upside | 20.0% ratio | assumption: Desk assumption; not company guidance. |
| Project gross profit upside_2027q4_project_gross | 2027Q4 / upside | 14.00 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_projects, upside_2027q4_project_margin). |
| Compute-service gross margin upside_2027q4_service_margin | 2027Q4 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Compute-service gross profit upside_2027q4_service_gross | 2027Q4 / upside | 53.04 USD_millions | derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_services, upside_2027q4_service_margin). |
| Gross profit upside_2027q4_gross_profit | 2027Q4 / upside | 67.04 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_project_gross, upside_2027q4_service_gross). |
| Cash overhead and execution costs upside_2027q4_cash_opex | 2027Q4 / upside | 24.15 USD_millions | assumption: Desk assumption; not company guidance. |
| Share-based compensation upside_2027q4_sbc | 2027Q4 / upside | 4.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash overhead SBC and depreciation upside_2027q4_operating_costs | 2027Q4 / upside | 40.65 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_cash_opex, upside_2027q4_sbc, upside_2027q4_da). |
| Operating income before future FX and marks upside_2027q4_operating_income | 2027Q4 / upside | 26.39 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_operating_costs). |
| Operating profit plus noncash costs upside_2027q4_pre_wc | 2027Q4 / upside | 42.89 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da). |
| Other borrowing interest upside_2027q4_other_interest | 2027Q4 / upside | 0.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2027q4_tax | 2027Q4 / upside | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Receivable/inventory use net of payables upside_2027q4_wc | 2027Q4 / upside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Interest taxes and working-capital use upside_2027q4_cash_claims | 2027Q4 / upside | 38.85 USD_millions | derived: Calculated from the named operating assumptions. Formula: sum(bond_cash_interest, upside_2027q4_other_interest, upside_2027q4_tax, upside_2027q4_wc). |
| Operating cash flow proxy upside_2027q4_cfo | 2027Q4 / upside | 4.04 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_pre_wc, upside_2027q4_cash_claims). |
| Equipment and project cash deployment upside_2027q4_project_spend | 2027Q4 / upside | 80.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash after project deployment upside_2027q4_cash_after_deployment | 2027Q4 / upside | -76.46 USD_millions | derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_project_spend). |
| Revenue ($M) upside_fy2026_revenue | FY2026 / upside | 219.66 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| Gross profit proxy ($M) upside_fy2026_gross_profit | FY2026 / upside | 45.91 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit). |
| Operating income before future FX/marks ($M) upside_fy2026_operating_income | FY2026 / upside | -46.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2026_cfo | FY2026 / upside | -24.38 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Equipment and project cash deployment ($M) upside_fy2026_project_spend | FY2026 / upside | 198.10 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_project_spend, upside_2026q3_project_spend, upside_2026q4_project_spend). |
| Cash after project deployment ($M) upside_fy2026_cash_after_deployment | FY2026 / upside | -222.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_deployment, upside_2026q3_cash_after_deployment, upside_2026q4_cash_after_deployment). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 590.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 213.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Operating income before future FX/marks ($M) upside_fy2027_operating_income | FY2027 / upside | 77.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2027_cfo | FY2027 / upside | 3.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Equipment and project cash deployment ($M) upside_fy2027_project_spend | FY2027 / upside | 431.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_project_spend, upside_2027q2_project_spend, upside_2027q3_project_spend, upside_2027q4_project_spend). |
| Cash after project deployment ($M) upside_fy2027_cash_after_deployment | FY2027 / upside | -427.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_deployment, upside_2027q2_cash_after_deployment, upside_2027q3_cash_after_deployment, upside_2027q4_cash_after_deployment). |
Model boundaries
- The company does not disclose this project/service segment split. It is a transparent desk decomposition, not a reported segment history. Quarter allocations, utilization, margins and cash spending are assumptions.
- H1 2026 interim statements are unaudited and unreviewed IFRS. Large FX, SBC and derivative effects limit extrapolation. Forecast operating income excludes future FX and fair-value marks.
- September 8 equipment deliveries are confirmed; commissioning, customer workload migration and utilization are not. Additional potential 30,000 GPUs receive no automatic revenue.
- Receivables plus contract assets were $145.3M against H1 sales $78.4M. Acceptance can precede billing and cash; payables can temporarily support cash flow.
- June and July convertible principal is not the same as carrying debt or net cash received. June cash already includes June financing; no new financing is added to forecast operating cash.
- Capital deployment includes equipment, advances and project work in progress. H1 $14.1M is a rounded disclosed deployment measure, not net investing cash flow. The cash-after-deployment proxy excludes debt principal, acquisitions and buybacks.
- Eight quarterly income histories are reconstructed from direct Q1/Q3 and half-year/annual statements with paired sources. Older cash-flow and quarter EPS facts remain unknown.
- No complete project-finance waterfall, conversion dilution or parent cash balance forecast. Negative cash after deployment indicates funding need.
From equipment delivery to collected project cash
Can Gorilla turn its contracted AI buildout into margins and cash before the next funding need?
H1 revenue rose to $78.4M, but gross profit was $3.8M, IFRS operating loss $47.2M and operating cash use $4.3M. Equipment/project cash deployment was about $14.1M. June cash $179.4M was supported mainly by financing, while receivables and contract assets were $145.3M. The company raised $107M June and $125M July convertible principal at 7.5% coupons. August guidance set Q3 revenue at $48-50M, FY2026 at least $200M and a $450-500M 2027 target. September 8 confirmed Yotta equipment deliveries, not completed commissioning. Potential additional GPUs are excluded until contracted and ready.
The competing explanation
Acceptance can pull sales forward while hardware, staffing and interest absorb cash. Fixed-price work, FX, customer concentration and commissioning delays can overwhelm projected service margins.
Risks to track
- Project acceptance, power readiness and customer workload migration.
- Receivables, contract assets and customer concentration.
- Fixed-price hardware and execution costs.
- Convertible cash coupons, dilution and further funding.
- Currency and derivative marks obscure operating trends.
Next checkpoints
- Q3 acceptance and commissioning · September/October 2026 project updates (estimated). Distinguish delivered equipment from commissioned, billable service.
- Q3 results · Next company release; date unconfirmed (estimated). Test $48-50M planning range against margin and collections.
- 2027 ramp financing · Each funding or deployment announcement (estimated). Reconcile actual cash received, coupons and committed spending.
Data coverage and open work
- The company does not disclose this project/service segment split. It is a transparent desk decomposition, not a reported segment history. Quarter allocations, utilization, margins and cash spending are assumptions.
- H1 2026 interim statements are unaudited and unreviewed IFRS. Large FX, SBC and derivative effects limit extrapolation. Forecast operating income excludes future FX and fair-value marks.
- September 8 equipment deliveries are confirmed; commissioning, customer workload migration and utilization are not. Additional potential 30,000 GPUs receive no automatic revenue.
- Receivables plus contract assets were $145.3M against H1 sales $78.4M. Acceptance can precede billing and cash; payables can temporarily support cash flow.
- June and July convertible principal is not the same as carrying debt or net cash received. June cash already includes June financing; no new financing is added to forecast operating cash.
- Capital deployment includes equipment, advances and project work in progress. H1 $14.1M is a rounded disclosed deployment measure, not net investing cash flow. The cash-after-deployment proxy excludes debt principal, acquisitions and buybacks.
- Eight quarterly income histories are reconstructed from direct Q1/Q3 and half-year/annual statements with paired sources. Older cash-flow and quarter EPS facts remain unknown.
- No complete project-finance waterfall, conversion dilution or parent cash balance forecast. Negative cash after deployment indicates funding need.
What the memory says
State as of the 2026-09-25 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with overhead supply, quiet volume, closed weak, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.5 | -0.2 | +2.1 | 45% |
| 5 sessions | -6.8 | -0.3 | +6.1 | 46% |
| 10 sessions | -8.8 | -0.3 | +8.4 | 49% |
| 1 month (21 sessions) | -12.7 | -0.3 | +14.6 | 48% |
| 3 months (63 sessions) | -25.6 | -0.0 | +24.6 | 50% |
| 6 months (126 sessions) | -32.8 | +4.7 | +49.9 | 56% |
| 1 year (252 sessions) | -38.4 | +14.3 | +91.8 | 68% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side. In the D7 test (403 anchors, 2023-2025) the 1-month band held 76% of outcomes, 3-month 77%, 6-month 76%, 1-year 75%, against a nominal 80%; the analog pool under-represents names that later delisted.