ALPHAFORGE RESEARCH · COMPANY FILE · TRANSPORT, INDUSTRIALS & DEFENSE

$KTOS

KRATOS DEFENSE & SECURITY SOLUTIONS, INC. · Nasdaq · SIC 3760 · CIK 1069258 · revision 5 as of 2026-09-19

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Business

Kratos supplies defense and national-security products through Government Solutions and Unmanned Systems. Its businesses span engines, rocket support, microwave electronics, communications and uncrewed platforms. Government contracts drive revenue, but internally funded development, inventory and factories can consume cash before awards or deliveries. Nomad and Orbit are already included in Government Solutions, making reported and organic growth different measures.

Three drivers

Funded contract conversion and production mix
Government Solutions scale and unmanned platform adoption
Unbilled work, inventory and internally funded capacity

Thesis

Our view

Q2 sales growth was 30.5%, with 19.1% organic growth, while operating loss was $1.6M. Demand is strong, but the company is investing ahead of it. H1 CFO was negative $38.4M and gross capex $37.1M; the $1,348.4M equity raise explains much of the large cash balance. Asset sales improve cash after investment, not the underlying operating cash result.

What changes it

Monitor funded orders, contract cost execution and collections against factory and inventory spending. Distinguish announced capacity targets and the bid pipeline from customer-funded production, and reconcile FCF definitions before comparing periods.

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 2024-09-29	2024Q4 2024-12-29	2025Q1 2025-03-30	2025Q2 2025-06-29	2025Q3 2025-09-28	2025Q4 2025-12-28	2026Q1 2026-03-29	2026Q2 2026-06-28
Revenue ($M)	275.9¹	283.1†²	302.6³	351.5⁴	347.6¹	345.1†²	371.0³	458.8⁴
Gross profit ($M)	69.2⁵	69.8†⁶	73.6⁷	73.8⁸	77.1⁵	83.4†⁶	89.6⁷	100.1⁸
Operating income ($M)	6.5⁹	3.0†¹⁰	6.6¹¹	3.7¹²	7.1⁹	8.2†¹⁰	4.7¹¹	-1.6¹²
Net income ($M)	3.2¹³	3.9†¹⁴	4.5¹⁵	2.9¹⁶	8.7¹³	5.9†¹⁴	11.9¹⁵	4.4¹⁶
EPS, diluted ($)	0.02¹⁷	—	0.03¹⁸	0.02¹⁹	0.05¹⁷	—	0.07¹⁸	0.02¹⁹
Diluted shares (M)	154.1²⁰	—	156.2²¹	157.4²²	172.9²⁰	—	179.4²¹	190.1²²
Cash ($M)	301.5²³	329.3²⁴	263.7²⁵	783.6²⁶	565.9²⁷	560.6²⁸	1,464.3²⁹	1,437.6²⁸
Long-term debt ($M)	177.0³⁰	174.6³¹	172.2³²	169.8³³	0.0³⁴	0.0³¹	—	—
Cash from operations ($M)	6.1†³⁵	45.6†³⁶	-29.2³⁷	-11.7†³⁸	-13.3†³⁵	12.1†³⁶	-27.4³⁷	-11.0†³⁸
Capex ($M)	—	—	—	—	—	—	—	—
Free cash flow ($M)	—	—	—	—	—	—	—	—

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

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	470.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	480.2	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	479.5	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	523.1	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Defense backlog conversion and the cash cost of capacity

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

Separate Government Solutions and Unmanned Systems sales, preserving H1 actuals and using August revenue/adjusted EBITDA guidance as the current-year reference. FY2027 grows segment revenue and margins separately. Reconcile ordinary SBC, depreciation, intangible/development amortization and cash acquisition costs to operating income. Bridge cash investment in unbilled work and inventory to CFO. Keep gross capex, disposals, grants, equity proceeds and acquisition/JV spending distinct.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2026 revenue midpoint	FY2026	1,780.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 adjusted EBITDA midpoint	FY2026	174.50	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 CFO midpoint	FY2026	40.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 gross capex midpoint	FY2026	130.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Company FY2026 FCF range midpoint	FY2026	-95.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 cash after gross capex	H1 2026	-75.50	derived. Excludes proceeds from asset sales and grants.
H1 after asset disposals	H1 2026	-62.00	derived. Investing disposal proceeds are not CFO.
H1 after capital uses	H1 2026	-474.80	derived. Before equity issuance and other financing movements.
Q2 company-owned aircraft disposal cash	2026Q2	9.30	reported. Used by the company in its Q2 FCF reconciliation, not revenue or CFO. Source · 2026-08-04
funded backlog	June 2026	1,572.00	reported. Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Source · 2026-08-04
unfunded backlog	June 2026	512.70	reported. Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Source · 2026-08-04
pipeline	June 2026	15,000.00	reported. Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Source · 2026-08-04
unbilled receivables	June 2026	405.40	reported. Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Source · 2026-08-04
cash	June 2026	1,437.60	reported. Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Source · 2026-08-04
H1 equity proceeds	H1 2026	1,348.40	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
revolver drawn	June 2026	0.00	reported. Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Source · 2026-08-04

Downside scenario

Period	Operating cash flow ($M)	CFO less gross capex ($M)	Government Solutions revenue ($M)	Gross capital expenditures ($M)	Revenue ($M)	Unmanned Systems revenue ($M)	GAAP gross profit proxy ($M)	Asset disposal proceeds ($M)	Adjusted EBITDA ($M)	GAAP operating income proxy ($M)	Cash after acquisitions/JV and equity settlements ($M)	Cash after capex and asset disposals ($M)
2026Q3	1.33	-51.67	368.50	53.00	446.50	78.00	99.01	0.00	36.12	-5.17	-80.17	-51.67
2026Q4	10.50	-37.40	332.70	47.90	414.70	82.00	92.05	0.00	35.30	-6.10	-65.90	-37.40
2027Q1	-2.74	-47.74	337.40	45.00	411.71	74.31	91.32	0.00	40.26	-6.74	-80.74	-47.74
2027Q2	10.92	-34.08	368.07	45.00	449.14	81.07	99.62	0.00	43.92	-4.08	-67.08	-34.08
FY2026	-26.58	-164.58	1,369.30	138.00	1,691.00	321.70	380.76	13.50	148.32	-8.18	-620.88	-151.08
FY2027	50.99	-129.01	1,533.62	180.00	1,871.40	337.79	415.09	0.00	182.99	-11.01	-261.01	-129.01

Base scenario

Period	Operating cash flow ($M)	CFO less gross capex ($M)	Government Solutions revenue ($M)	Gross capital expenditures ($M)	Revenue ($M)	Unmanned Systems revenue ($M)	GAAP gross profit proxy ($M)	Asset disposal proceeds ($M)	Adjusted EBITDA ($M)	GAAP operating income proxy ($M)	Cash after acquisitions/JV and equity settlements ($M)	Cash after capex and asset disposals ($M)
2026Q3	24.70	-25.30	387.00	50.00	470.00	83.00	113.63	0.00	42.50	1.20	-53.80	-25.30
2026Q4	53.70	10.80	393.20	42.90	480.20	87.00	116.12	0.00	55.10	13.70	-17.70	10.80
2027Q1	26.47	-11.03	391.91	37.50	479.48	87.57	115.95	0.00	54.47	7.47	-44.03	-11.03
2027Q2	41.42	3.92	427.54	37.50	523.07	95.53	126.49	0.00	59.42	11.42	-29.08	3.92
FY2026	40.00	-90.00	1,448.30	130.00	1,780.00	331.70	419.45	13.50	174.50	18.00	-546.30	-76.50
FY2027	175.60	25.60	1,781.41	150.00	2,179.45	398.04	527.05	0.00	247.60	53.60	-106.40	25.60

Upside scenario

Period	Operating cash flow ($M)	CFO less gross capex ($M)	Government Solutions revenue ($M)	Gross capital expenditures ($M)	Revenue ($M)	Unmanned Systems revenue ($M)	GAAP gross profit proxy ($M)	Asset disposal proceeds ($M)	Adjusted EBITDA ($M)	GAAP operating income proxy ($M)	Cash after acquisitions/JV and equity settlements ($M)	Cash after capex and asset disposals ($M)
2026Q3	36.10	-13.90	395.75	50.00	481.75	86.00	124.14	0.00	45.90	4.60	-42.40	-13.90
2026Q4	70.86	27.96	419.95	42.90	512.95	93.00	132.20	0.00	65.66	24.26	-0.54	27.96
2027Q1	51.30	11.30	430.90	40.00	532.08	101.19	137.20	0.00	69.30	22.30	-21.70	11.30
2027Q2	67.60	27.60	470.07	40.00	580.45	110.39	149.67	0.00	75.60	27.60	-5.40	27.60
FY2026	68.56	-61.44	1,483.80	130.00	1,824.50	340.70	446.03	13.50	188.46	31.96	-517.74	-47.94
FY2027	283.01	123.01	1,958.62	160.00	2,418.56	459.94	623.63	0.00	315.01	121.01	-8.99	123.01

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	829.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 kgs h1_kgs	H1 2026 / shared	668.10 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 unmanned h1_unmanned	H1 2026 / shared	161.70 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 gross profit h1_gross_profit	H1 2026 / shared	189.70 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 adjusted ebitda h1_adjusted_ebitda	H1 2026 / shared	76.90 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 operating income h1_operating_income	H1 2026 / shared	3.10 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 cfo h1_cfo	H1 2026 / shared	-38.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 capex h1_capex	H1 2026 / shared	37.10 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 asset proceeds h1_asset_proceeds	H1 2026 / shared	13.50 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 grant h1_grant	H1 2026 / shared	2.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 acquisitions h1_acquisitions	H1 2026 / shared	346.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 jv h1_jv	H1 2026 / shared	6.90 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 withholding h1_withholding	H1 2026 / shared	59.10 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 lease principal h1_lease_principal	H1 2026 / shared	2.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 sbc h1_sbc	H1 2026 / shared	31.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 depreciation h1_depreciation	H1 2026 / shared	23.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 amortization h1_amortization	H1 2026 / shared	20.10 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 unbilled use h1_unbilled_use	H1 2026 / shared	104.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 inventory use h1_inventory_use	H1 2026 / shared	24.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 equity proceeds h1_equity_proceeds	H1 2026 / shared	1,348.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 cash after gross capex h1_fcf	H1 2026 / shared	-75.50 USD_millions	derived: Excludes proceeds from asset sales and grants. Formula: subtract(h1_cfo, h1_capex).
H1 after asset disposals h1_cash_after_disposals	H1 2026 / shared	-62.00 USD_millions	derived: Investing disposal proceeds are not CFO. Formula: sum(h1_fcf, h1_asset_proceeds).
H1 acquisition/JV and financing cash uses h1_capital_uses	H1 2026 / shared	414.80 USD_millions	derived: No equity issuance proceeds counted as operating earnings. Formula: sum(h1_acquisitions, h1_jv, h1_withholding, h1_lease_principal).
H1 cash after capital grant h1_after_grant	H1 2026 / shared	-60.00 USD_millions	derived: Grant belongs to investing cash. Formula: sum(h1_cash_after_disposals, h1_grant).
H1 after capital uses h1_cash_after_capital	H1 2026 / shared	-474.80 USD_millions	derived: Before equity issuance and other financing movements. Formula: subtract(h1_after_grant, h1_capital_uses).
cash cash	June 2026 / shared	1,437.60 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
funded backlog funded_backlog	June 2026 / shared	1,572.00 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
unfunded backlog unfunded_backlog	June 2026 / shared	512.70 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
pipeline pipeline	June 2026 / shared	15,000.00 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
unbilled receivables unbilled_receivables	June 2026 / shared	405.40 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
inventory inventory	June 2026 / shared	235.90 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
customer billings customer_billings	June 2026 / shared	93.60 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
revolver limit revolver_limit	June 2026 / shared	300.00 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
revolver drawn revolver_drawn	June 2026 / shared	0.00 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
domestic letters credit domestic_letters_credit	June 2026 / shared	2.10 USD_millions	reported: Reported balance or rounded backlog/pipeline reference; facility limit is not cash on hand. Primary source · 2026-08-04
Q2 company-owned aircraft disposal cash q2_aircraft_cash	2026Q2 / shared	9.30 USD_millions	reported: Used by the company in its Q2 FCF reconciliation, not revenue or CFO. Primary source · 2026-08-04
Funded plus unfunded backlog backlog	June 2026 / shared	2,084.70 USD_millions	derived: Rounded components; different certainty from bid pipeline. Formula: sum(funded_backlog, unfunded_backlog).
June backlog expected in remaining 2026 backlog_conversion	FY2026 / shared	35.0% ratio	management guidance: 35% expected in fiscal 2026, another 35% in 2027; remaining thereafter. Primary source · 2026-08-04
June backlog FY2026 conversion reference backlog_2026_reference	FY2026 / shared	729.64 USD_millions	derived: Subset of remaining performance obligations, not extra revenue. Formula: multiply(backlog, backlog_conversion).
FY2026 revenue low fy26_revenue_guide_low	FY2026 / shared	1,750.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 revenue high fy26_revenue_guide_high	FY2026 / shared	1,810.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 revenue endpoint sum fy26_revenue_guide_sum	FY2026 / shared	3,560.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_revenue_guide_low, fy26_revenue_guide_high).
FY2026 revenue midpoint fy26_revenue_guide	FY2026 / shared	1,780.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_guide_sum, two).
Q3 revenue low q3_revenue_guide_low	2026Q3 / shared	460.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Q3 revenue high q3_revenue_guide_high	2026Q3 / shared	480.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Q3 revenue endpoint sum q3_revenue_guide_sum	2026Q3 / shared	940.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high).
Q3 revenue midpoint q3_revenue_guide	2026Q3 / shared	470.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two).
FY2026 adjusted EBITDA low fy26_ebitda_guide_low	FY2026 / shared	173.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 adjusted EBITDA high fy26_ebitda_guide_high	FY2026 / shared	176.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 adjusted EBITDA endpoint sum fy26_ebitda_guide_sum	FY2026 / shared	349.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_ebitda_guide_low, fy26_ebitda_guide_high).
FY2026 adjusted EBITDA midpoint fy26_ebitda_guide	FY2026 / shared	174.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_ebitda_guide_sum, two).
Q3 adjusted EBITDA low q3_ebitda_guide_low	2026Q3 / shared	40.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Q3 adjusted EBITDA high q3_ebitda_guide_high	2026Q3 / shared	45.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Q3 adjusted EBITDA endpoint sum q3_ebitda_guide_sum	2026Q3 / shared	85.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_ebitda_guide_low, q3_ebitda_guide_high).
Q3 adjusted EBITDA midpoint q3_ebitda_guide	2026Q3 / shared	42.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_ebitda_guide_sum, two).
FY2026 CFO low fy26_cfo_guide_low	FY2026 / shared	30.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 CFO high fy26_cfo_guide_high	FY2026 / shared	50.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 CFO endpoint sum fy26_cfo_guide_sum	FY2026 / shared	80.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_cfo_guide_low, fy26_cfo_guide_high).
FY2026 CFO midpoint fy26_cfo_guide	FY2026 / shared	40.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_cfo_guide_sum, two).
FY2026 gross capex low fy26_capex_guide_low	FY2026 / shared	125.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 gross capex high fy26_capex_guide_high	FY2026 / shared	135.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
FY2026 gross capex endpoint sum fy26_capex_guide_sum	FY2026 / shared	260.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_capex_guide_low, fy26_capex_guide_high).
FY2026 gross capex midpoint fy26_capex_guide	FY2026 / shared	130.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_capex_guide_sum, two).
Company FY2026 FCF range low fy26_fcf_guide_low	FY2026 / shared	-105.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Company FY2026 FCF range high fy26_fcf_guide_high	FY2026 / shared	-85.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-04
Company FY2026 FCF range endpoint sum fy26_fcf_guide_sum	FY2026 / shared	-190.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_fcf_guide_low, fy26_fcf_guide_high).
Company FY2026 FCF range midpoint fy26_fcf_guide	FY2026 / shared	-95.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_fcf_guide_sum, two).
revenue / guidance midpoint downside_revenue_factor	FY2026 / downside	95.0% ratio	assumption: Desk sensitivity.
FY2026 revenue downside_fy26_revenue_target	FY2026 / downside	1,691.00 USD_millions	derived: Annual scenario. Formula: multiply(fy26_revenue_guide, downside_revenue_factor).
H2 revenue downside_h2_revenue	H2 2026 / downside	861.20 USD_millions	derived: Preserves H1 actual. Formula: subtract(downside_fy26_revenue_target, h1_revenue).
adjusted_ebitda / guidance midpoint downside_adjusted_ebitda_factor	FY2026 / downside	85.0% ratio	assumption: Desk sensitivity.
FY2026 adjusted_ebitda downside_fy26_adjusted_ebitda_target	FY2026 / downside	148.32 USD_millions	derived: Annual scenario. Formula: multiply(fy26_ebitda_guide, downside_adjusted_ebitda_factor).
H2 adjusted_ebitda downside_h2_adjusted_ebitda	H2 2026 / downside	71.42 USD_millions	derived: Preserves H1 actual. Formula: subtract(downside_fy26_adjusted_ebitda_target, h1_adjusted_ebitda).
H2 Unmanned sales downside_unmanned_h2	H2 2026 / downside	160.00 USD_millions	assumption: Desk allocation within consolidated guidance.
FY2026 Unmanned revenue downside_fy26_unmanned	FY2026 / downside	321.70 USD_millions	derived: Actual plus forecast. Formula: sum(h1_unmanned, downside_unmanned_h2).
FY2026 KGS revenue downside_fy26_kgs	FY2026 / downside	1,369.30 USD_millions	derived: Nomad and Orbit included in the KGS perimeter. Formula: subtract(downside_fy26_revenue_target, downside_fy26_unmanned).
FY2027 kgs growth multiplier downside_kgs_growth	FY2027 / downside	112.0% ratio	assumption: Desk growth; includes acquired perimeter, no guaranteed production award assumed.
FY2027 kgs revenue downside_fy27_kgs	FY2027 / downside	1,533.62 USD_millions	derived: Independent segment growth. Formula: multiply(downside_fy26_kgs, downside_kgs_growth).
FY2027 unmanned growth multiplier downside_unmanned_growth	FY2027 / downside	105.0% ratio	assumption: Desk growth; includes acquired perimeter, no guaranteed production award assumed.
FY2027 unmanned revenue downside_fy27_unmanned	FY2027 / downside	337.79 USD_millions	derived: Independent segment growth. Formula: multiply(downside_fy26_unmanned, downside_unmanned_growth).
Revenue downside_2026q3_revenue	2026Q3 / downside	446.50 USD_millions	derived: Q3 company midpoint times sensitivity. Formula: multiply(q3_revenue_guide, downside_revenue_factor).
Unmanned revenue downside_2026q3_unmanned	2026Q3 / downside	78.00 USD_millions	assumption: Desk assumption, not company guidance.
Government Solutions revenue downside_2026q3_kgs	2026Q3 / downside	368.50 USD_millions	derived: KGS includes closed acquisitions. Formula: subtract(downside_2026q3_revenue, downside_2026q3_unmanned).
Adjusted EBITDA downside_2026q3_adjusted_ebitda	2026Q3 / downside	36.12 USD_millions	derived: Q3 earnings reference. Formula: multiply(q3_ebitda_guide, downside_adjusted_ebitda_factor).
kgs GAAP gross margin downside_2026q3_kgs_gross_margin	2026Q3 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit downside_2026q3_kgs_gross	2026Q3 / downside	81.07 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2026q3_kgs, downside_2026q3_kgs_gross_margin).
unmanned GAAP gross margin downside_2026q3_unmanned_gross_margin	2026Q3 / downside	23.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit downside_2026q3_unmanned_gross	2026Q3 / downside	17.94 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2026q3_unmanned, downside_2026q3_unmanned_gross_margin).
GAAP gross profit proxy downside_2026q3_gross_profit	2026Q3 / downside	99.01 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(downside_2026q3_kgs_gross, downside_2026q3_unmanned_gross).
Depreciation downside_2026q3_depreciation	2026Q3 / downside	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization downside_2026q3_amortization	2026Q3 / downside	12.50 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation downside_2026q3_sbc	2026Q3 / downside	16.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense downside_2026q3_cash_exclusions	2026Q3 / downside	0.80 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions downside_2026q3_exclusions	2026Q3 / downside	41.30 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(downside_2026q3_depreciation, downside_2026q3_amortization, downside_2026q3_sbc, downside_2026q3_cash_exclusions).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-5.17 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(downside_2026q3_adjusted_ebitda, downside_2026q3_exclusions).
Net cash investment income downside_2026q3_cash_interest	2026Q3 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital downside_2026q3_cash_before_uses	2026Q3 / downside	45.33 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(downside_2026q3_operating_income, downside_2026q3_depreciation, downside_2026q3_amortization, downside_2026q3_sbc, downside_2026q3_cash_interest).
Unbilled/inventory and other net operating cash use downside_2026q3_working_capital	2026Q3 / downside	40.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes downside_2026q3_cash_tax	2026Q3 / downside	4.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use downside_2026q3_cash_uses	2026Q3 / downside	44.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(downside_2026q3_working_capital, downside_2026q3_cash_tax).
Operating cash flow downside_2026q3_cfo	2026Q3 / downside	1.33 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses).
Gross capital expenditures downside_2026q3_capex	2026Q3 / downside	53.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex downside_2026q3_fcf	2026Q3 / downside	-51.67 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Cash from asset disposals downside_2026q3_asset_proceeds	2026Q3 / downside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals downside_2026q3_cash_after_disposals	2026Q3 / downside	-51.67 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(downside_2026q3_fcf, downside_2026q3_asset_proceeds).
Construction grant cash downside_2026q3_grant	2026Q3 / downside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions downside_2026q3_jv	2026Q3 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding downside_2026q3_withholding	2026Q3 / downside	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal downside_2026q3_lease_principal	2026Q3 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses downside_2026q3_capital_uses	2026Q3 / downside	28.50 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(downside_2026q3_jv, downside_2026q3_withholding, downside_2026q3_lease_principal).
Cash after capital grants downside_2026q3_after_grants	2026Q3 / downside	-51.67 USD_millions	derived: Grant cash does not change operating income. Formula: sum(downside_2026q3_cash_after_disposals, downside_2026q3_grant).
Cash after capital allocations downside_2026q3_cash_after_capital	2026Q3 / downside	-80.17 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(downside_2026q3_after_grants, downside_2026q3_capital_uses).
Revenue downside_2026q4_revenue	2026Q4 / downside	414.70 USD_millions	derived: Annual less actual H1 and forecast Q3. Formula: subtract(downside_h2_revenue, downside_2026q3_revenue).
Unmanned revenue downside_2026q4_unmanned	2026Q4 / downside	82.00 USD_millions	assumption: Desk assumption, not company guidance.
Government Solutions revenue downside_2026q4_kgs	2026Q4 / downside	332.70 USD_millions	derived: KGS includes closed acquisitions. Formula: subtract(downside_2026q4_revenue, downside_2026q4_unmanned).
Adjusted EBITDA downside_2026q4_adjusted_ebitda	2026Q4 / downside	35.30 USD_millions	derived: Annual adjusted result less H1 and Q3. Formula: subtract(downside_h2_adjusted_ebitda, downside_2026q3_adjusted_ebitda).
kgs GAAP gross margin downside_2026q4_kgs_gross_margin	2026Q4 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit downside_2026q4_kgs_gross	2026Q4 / downside	73.19 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2026q4_kgs, downside_2026q4_kgs_gross_margin).
unmanned GAAP gross margin downside_2026q4_unmanned_gross_margin	2026Q4 / downside	23.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit downside_2026q4_unmanned_gross	2026Q4 / downside	18.86 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2026q4_unmanned, downside_2026q4_unmanned_gross_margin).
GAAP gross profit proxy downside_2026q4_gross_profit	2026Q4 / downside	92.05 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(downside_2026q4_kgs_gross, downside_2026q4_unmanned_gross).
Depreciation downside_2026q4_depreciation	2026Q4 / downside	14.50 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization downside_2026q4_amortization	2026Q4 / downside	11.90 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation downside_2026q4_sbc	2026Q4 / downside	14.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense downside_2026q4_cash_exclusions	2026Q4 / downside	0.80 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions downside_2026q4_exclusions	2026Q4 / downside	41.40 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(downside_2026q4_depreciation, downside_2026q4_amortization, downside_2026q4_sbc, downside_2026q4_cash_exclusions).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-6.10 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(downside_2026q4_adjusted_ebitda, downside_2026q4_exclusions).
Net cash investment income downside_2026q4_cash_interest	2026Q4 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital downside_2026q4_cash_before_uses	2026Q4 / downside	44.50 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(downside_2026q4_operating_income, downside_2026q4_depreciation, downside_2026q4_amortization, downside_2026q4_sbc, downside_2026q4_cash_interest).
Unbilled/inventory and other net operating cash use downside_2026q4_working_capital	2026Q4 / downside	30.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes downside_2026q4_cash_tax	2026Q4 / downside	4.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use downside_2026q4_cash_uses	2026Q4 / downside	34.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(downside_2026q4_working_capital, downside_2026q4_cash_tax).
Operating cash flow downside_2026q4_cfo	2026Q4 / downside	10.50 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses).
Gross capital expenditures downside_2026q4_capex	2026Q4 / downside	47.90 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex downside_2026q4_fcf	2026Q4 / downside	-37.40 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Cash from asset disposals downside_2026q4_asset_proceeds	2026Q4 / downside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals downside_2026q4_cash_after_disposals	2026Q4 / downside	-37.40 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(downside_2026q4_fcf, downside_2026q4_asset_proceeds).
Construction grant cash downside_2026q4_grant	2026Q4 / downside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions downside_2026q4_jv	2026Q4 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding downside_2026q4_withholding	2026Q4 / downside	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal downside_2026q4_lease_principal	2026Q4 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses downside_2026q4_capital_uses	2026Q4 / downside	28.50 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(downside_2026q4_jv, downside_2026q4_withholding, downside_2026q4_lease_principal).
Cash after capital grants downside_2026q4_after_grants	2026Q4 / downside	-37.40 USD_millions	derived: Grant cash does not change operating income. Formula: sum(downside_2026q4_cash_after_disposals, downside_2026q4_grant).
Cash after capital allocations downside_2026q4_cash_after_capital	2026Q4 / downside	-65.90 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(downside_2026q4_after_grants, downside_2026q4_capital_uses).
Annual segment revenue quarter share downside_2027q1_weight	2027Q1 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue downside_2027q1_kgs	2027Q1 / downside	337.40 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_kgs, downside_2027q1_weight).
Unmanned revenue downside_2027q1_unmanned	2027Q1 / downside	74.31 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_unmanned, downside_2027q1_weight).
Revenue downside_2027q1_revenue	2027Q1 / downside	411.71 USD_millions	derived: Distinct segments. Formula: sum(downside_2027q1_kgs, downside_2027q1_unmanned).
kgs adjusted margin downside_2027q1_kgs_ebitda_margin	2027Q1 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA downside_2027q1_kgs_ebitda	2027Q1 / downside	35.43 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q1_kgs, downside_2027q1_kgs_ebitda_margin).
unmanned adjusted margin downside_2027q1_unmanned_ebitda_margin	2027Q1 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA downside_2027q1_unmanned_ebitda	2027Q1 / downside	4.83 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q1_unmanned, downside_2027q1_unmanned_ebitda_margin).
Adjusted EBITDA downside_2027q1_adjusted_ebitda	2027Q1 / downside	40.26 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(downside_2027q1_kgs_ebitda, downside_2027q1_unmanned_ebitda).
kgs GAAP gross margin downside_2027q1_kgs_gross_margin	2027Q1 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit downside_2027q1_kgs_gross	2027Q1 / downside	74.23 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q1_kgs, downside_2027q1_kgs_gross_margin).
unmanned GAAP gross margin downside_2027q1_unmanned_gross_margin	2027Q1 / downside	23.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit downside_2027q1_unmanned_gross	2027Q1 / downside	17.09 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q1_unmanned, downside_2027q1_unmanned_gross_margin).
GAAP gross profit proxy downside_2027q1_gross_profit	2027Q1 / downside	91.32 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(downside_2027q1_kgs_gross, downside_2027q1_unmanned_gross).
Depreciation downside_2027q1_depreciation	2027Q1 / downside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization downside_2027q1_amortization	2027Q1 / downside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation downside_2027q1_sbc	2027Q1 / downside	19.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense downside_2027q1_cash_exclusions	2027Q1 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions downside_2027q1_exclusions	2027Q1 / downside	47.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(downside_2027q1_depreciation, downside_2027q1_amortization, downside_2027q1_sbc, downside_2027q1_cash_exclusions).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-6.74 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(downside_2027q1_adjusted_ebitda, downside_2027q1_exclusions).
Net cash investment income downside_2027q1_cash_interest	2027Q1 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital downside_2027q1_cash_before_uses	2027Q1 / downside	48.26 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(downside_2027q1_operating_income, downside_2027q1_depreciation, downside_2027q1_amortization, downside_2027q1_sbc, downside_2027q1_cash_interest).
Unbilled/inventory and other net operating cash use downside_2027q1_working_capital	2027Q1 / downside	45.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes downside_2027q1_cash_tax	2027Q1 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use downside_2027q1_cash_uses	2027Q1 / downside	51.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(downside_2027q1_working_capital, downside_2027q1_cash_tax).
Operating cash flow downside_2027q1_cfo	2027Q1 / downside	-2.74 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses).
Gross capital expenditures downside_2027q1_capex	2027Q1 / downside	45.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex downside_2027q1_fcf	2027Q1 / downside	-47.74 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Cash from asset disposals downside_2027q1_asset_proceeds	2027Q1 / downside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals downside_2027q1_cash_after_disposals	2027Q1 / downside	-47.74 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(downside_2027q1_fcf, downside_2027q1_asset_proceeds).
Construction grant cash downside_2027q1_grant	2027Q1 / downside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions downside_2027q1_jv	2027Q1 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding downside_2027q1_withholding	2027Q1 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal downside_2027q1_lease_principal	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses downside_2027q1_capital_uses	2027Q1 / downside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(downside_2027q1_jv, downside_2027q1_withholding, downside_2027q1_lease_principal).
Cash after capital grants downside_2027q1_after_grants	2027Q1 / downside	-47.74 USD_millions	derived: Grant cash does not change operating income. Formula: sum(downside_2027q1_cash_after_disposals, downside_2027q1_grant).
Cash after capital allocations downside_2027q1_cash_after_capital	2027Q1 / downside	-80.74 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(downside_2027q1_after_grants, downside_2027q1_capital_uses).
Annual segment revenue quarter share downside_2027q2_weight	2027Q2 / downside	24.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue downside_2027q2_kgs	2027Q2 / downside	368.07 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_kgs, downside_2027q2_weight).
Unmanned revenue downside_2027q2_unmanned	2027Q2 / downside	81.07 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_unmanned, downside_2027q2_weight).
Revenue downside_2027q2_revenue	2027Q2 / downside	449.14 USD_millions	derived: Distinct segments. Formula: sum(downside_2027q2_kgs, downside_2027q2_unmanned).
kgs adjusted margin downside_2027q2_kgs_ebitda_margin	2027Q2 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA downside_2027q2_kgs_ebitda	2027Q2 / downside	38.65 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q2_kgs, downside_2027q2_kgs_ebitda_margin).
unmanned adjusted margin downside_2027q2_unmanned_ebitda_margin	2027Q2 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA downside_2027q2_unmanned_ebitda	2027Q2 / downside	5.27 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q2_unmanned, downside_2027q2_unmanned_ebitda_margin).
Adjusted EBITDA downside_2027q2_adjusted_ebitda	2027Q2 / downside	43.92 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(downside_2027q2_kgs_ebitda, downside_2027q2_unmanned_ebitda).
kgs GAAP gross margin downside_2027q2_kgs_gross_margin	2027Q2 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit downside_2027q2_kgs_gross	2027Q2 / downside	80.97 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q2_kgs, downside_2027q2_kgs_gross_margin).
unmanned GAAP gross margin downside_2027q2_unmanned_gross_margin	2027Q2 / downside	23.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit downside_2027q2_unmanned_gross	2027Q2 / downside	18.65 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q2_unmanned, downside_2027q2_unmanned_gross_margin).
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	99.62 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(downside_2027q2_kgs_gross, downside_2027q2_unmanned_gross).
Depreciation downside_2027q2_depreciation	2027Q2 / downside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization downside_2027q2_amortization	2027Q2 / downside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation downside_2027q2_sbc	2027Q2 / downside	20.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense downside_2027q2_cash_exclusions	2027Q2 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions downside_2027q2_exclusions	2027Q2 / downside	48.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(downside_2027q2_depreciation, downside_2027q2_amortization, downside_2027q2_sbc, downside_2027q2_cash_exclusions).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-4.08 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(downside_2027q2_adjusted_ebitda, downside_2027q2_exclusions).
Net cash investment income downside_2027q2_cash_interest	2027Q2 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital downside_2027q2_cash_before_uses	2027Q2 / downside	51.92 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(downside_2027q2_operating_income, downside_2027q2_depreciation, downside_2027q2_amortization, downside_2027q2_sbc, downside_2027q2_cash_interest).
Unbilled/inventory and other net operating cash use downside_2027q2_working_capital	2027Q2 / downside	35.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes downside_2027q2_cash_tax	2027Q2 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use downside_2027q2_cash_uses	2027Q2 / downside	41.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(downside_2027q2_working_capital, downside_2027q2_cash_tax).
Operating cash flow downside_2027q2_cfo	2027Q2 / downside	10.92 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses).
Gross capital expenditures downside_2027q2_capex	2027Q2 / downside	45.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex downside_2027q2_fcf	2027Q2 / downside	-34.08 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Cash from asset disposals downside_2027q2_asset_proceeds	2027Q2 / downside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals downside_2027q2_cash_after_disposals	2027Q2 / downside	-34.08 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(downside_2027q2_fcf, downside_2027q2_asset_proceeds).
Construction grant cash downside_2027q2_grant	2027Q2 / downside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions downside_2027q2_jv	2027Q2 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding downside_2027q2_withholding	2027Q2 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal downside_2027q2_lease_principal	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses downside_2027q2_capital_uses	2027Q2 / downside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(downside_2027q2_jv, downside_2027q2_withholding, downside_2027q2_lease_principal).
Cash after capital grants downside_2027q2_after_grants	2027Q2 / downside	-34.08 USD_millions	derived: Grant cash does not change operating income. Formula: sum(downside_2027q2_cash_after_disposals, downside_2027q2_grant).
Cash after capital allocations downside_2027q2_cash_after_capital	2027Q2 / downside	-67.08 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(downside_2027q2_after_grants, downside_2027q2_capital_uses).
Annual segment revenue quarter share downside_2027q3_weight	2027Q3 / downside	26.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue downside_2027q3_kgs	2027Q3 / downside	398.74 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_kgs, downside_2027q3_weight).
Unmanned revenue downside_2027q3_unmanned	2027Q3 / downside	87.82 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_unmanned, downside_2027q3_weight).
Revenue downside_2027q3_revenue	2027Q3 / downside	486.56 USD_millions	derived: Distinct segments. Formula: sum(downside_2027q3_kgs, downside_2027q3_unmanned).
kgs adjusted margin downside_2027q3_kgs_ebitda_margin	2027Q3 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA downside_2027q3_kgs_ebitda	2027Q3 / downside	41.87 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q3_kgs, downside_2027q3_kgs_ebitda_margin).
unmanned adjusted margin downside_2027q3_unmanned_ebitda_margin	2027Q3 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA downside_2027q3_unmanned_ebitda	2027Q3 / downside	5.71 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q3_unmanned, downside_2027q3_unmanned_ebitda_margin).
Adjusted EBITDA downside_2027q3_adjusted_ebitda	2027Q3 / downside	47.58 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(downside_2027q3_kgs_ebitda, downside_2027q3_unmanned_ebitda).
kgs GAAP gross margin downside_2027q3_kgs_gross_margin	2027Q3 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit downside_2027q3_kgs_gross	2027Q3 / downside	87.72 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q3_kgs, downside_2027q3_kgs_gross_margin).
unmanned GAAP gross margin downside_2027q3_unmanned_gross_margin	2027Q3 / downside	23.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit downside_2027q3_unmanned_gross	2027Q3 / downside	20.20 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q3_unmanned, downside_2027q3_unmanned_gross_margin).
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	107.92 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(downside_2027q3_kgs_gross, downside_2027q3_unmanned_gross).
Depreciation downside_2027q3_depreciation	2027Q3 / downside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization downside_2027q3_amortization	2027Q3 / downside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation downside_2027q3_sbc	2027Q3 / downside	21.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense downside_2027q3_cash_exclusions	2027Q3 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions downside_2027q3_exclusions	2027Q3 / downside	49.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(downside_2027q3_depreciation, downside_2027q3_amortization, downside_2027q3_sbc, downside_2027q3_cash_exclusions).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-1.42 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(downside_2027q3_adjusted_ebitda, downside_2027q3_exclusions).
Net cash investment income downside_2027q3_cash_interest	2027Q3 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital downside_2027q3_cash_before_uses	2027Q3 / downside	55.58 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(downside_2027q3_operating_income, downside_2027q3_depreciation, downside_2027q3_amortization, downside_2027q3_sbc, downside_2027q3_cash_interest).
Unbilled/inventory and other net operating cash use downside_2027q3_working_capital	2027Q3 / downside	35.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes downside_2027q3_cash_tax	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use downside_2027q3_cash_uses	2027Q3 / downside	41.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(downside_2027q3_working_capital, downside_2027q3_cash_tax).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	14.58 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses).
Gross capital expenditures downside_2027q3_capex	2027Q3 / downside	45.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex downside_2027q3_fcf	2027Q3 / downside	-30.42 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Cash from asset disposals downside_2027q3_asset_proceeds	2027Q3 / downside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals downside_2027q3_cash_after_disposals	2027Q3 / downside	-30.42 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(downside_2027q3_fcf, downside_2027q3_asset_proceeds).
Construction grant cash downside_2027q3_grant	2027Q3 / downside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions downside_2027q3_jv	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding downside_2027q3_withholding	2027Q3 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal downside_2027q3_lease_principal	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses downside_2027q3_capital_uses	2027Q3 / downside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(downside_2027q3_jv, downside_2027q3_withholding, downside_2027q3_lease_principal).
Cash after capital grants downside_2027q3_after_grants	2027Q3 / downside	-30.42 USD_millions	derived: Grant cash does not change operating income. Formula: sum(downside_2027q3_cash_after_disposals, downside_2027q3_grant).
Cash after capital allocations downside_2027q3_cash_after_capital	2027Q3 / downside	-63.42 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(downside_2027q3_after_grants, downside_2027q3_capital_uses).
Annual segment revenue quarter share downside_2027q4_weight	2027Q4 / downside	28.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue downside_2027q4_kgs	2027Q4 / downside	429.41 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_kgs, downside_2027q4_weight).
Unmanned revenue downside_2027q4_unmanned	2027Q4 / downside	94.58 USD_millions	derived: Desk delivery phasing. Formula: multiply(downside_fy27_unmanned, downside_2027q4_weight).
Revenue downside_2027q4_revenue	2027Q4 / downside	523.99 USD_millions	derived: Distinct segments. Formula: sum(downside_2027q4_kgs, downside_2027q4_unmanned).
kgs adjusted margin downside_2027q4_kgs_ebitda_margin	2027Q4 / downside	10.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA downside_2027q4_kgs_ebitda	2027Q4 / downside	45.09 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q4_kgs, downside_2027q4_kgs_ebitda_margin).
unmanned adjusted margin downside_2027q4_unmanned_ebitda_margin	2027Q4 / downside	6.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA downside_2027q4_unmanned_ebitda	2027Q4 / downside	6.15 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(downside_2027q4_unmanned, downside_2027q4_unmanned_ebitda_margin).
Adjusted EBITDA downside_2027q4_adjusted_ebitda	2027Q4 / downside	51.24 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(downside_2027q4_kgs_ebitda, downside_2027q4_unmanned_ebitda).
kgs GAAP gross margin downside_2027q4_kgs_gross_margin	2027Q4 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit downside_2027q4_kgs_gross	2027Q4 / downside	94.47 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q4_kgs, downside_2027q4_kgs_gross_margin).
unmanned GAAP gross margin downside_2027q4_unmanned_gross_margin	2027Q4 / downside	23.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit downside_2027q4_unmanned_gross	2027Q4 / downside	21.75 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(downside_2027q4_unmanned, downside_2027q4_unmanned_gross_margin).
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	116.22 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(downside_2027q4_kgs_gross, downside_2027q4_unmanned_gross).
Depreciation downside_2027q4_depreciation	2027Q4 / downside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization downside_2027q4_amortization	2027Q4 / downside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation downside_2027q4_sbc	2027Q4 / downside	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense downside_2027q4_cash_exclusions	2027Q4 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions downside_2027q4_exclusions	2027Q4 / downside	50.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(downside_2027q4_depreciation, downside_2027q4_amortization, downside_2027q4_sbc, downside_2027q4_cash_exclusions).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	1.24 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(downside_2027q4_adjusted_ebitda, downside_2027q4_exclusions).
Net cash investment income downside_2027q4_cash_interest	2027Q4 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital downside_2027q4_cash_before_uses	2027Q4 / downside	59.24 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(downside_2027q4_operating_income, downside_2027q4_depreciation, downside_2027q4_amortization, downside_2027q4_sbc, downside_2027q4_cash_interest).
Unbilled/inventory and other net operating cash use downside_2027q4_working_capital	2027Q4 / downside	25.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes downside_2027q4_cash_tax	2027Q4 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use downside_2027q4_cash_uses	2027Q4 / downside	31.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(downside_2027q4_working_capital, downside_2027q4_cash_tax).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	28.24 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses).
Gross capital expenditures downside_2027q4_capex	2027Q4 / downside	45.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex downside_2027q4_fcf	2027Q4 / downside	-16.76 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Cash from asset disposals downside_2027q4_asset_proceeds	2027Q4 / downside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals downside_2027q4_cash_after_disposals	2027Q4 / downside	-16.76 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(downside_2027q4_fcf, downside_2027q4_asset_proceeds).
Construction grant cash downside_2027q4_grant	2027Q4 / downside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions downside_2027q4_jv	2027Q4 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding downside_2027q4_withholding	2027Q4 / downside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal downside_2027q4_lease_principal	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses downside_2027q4_capital_uses	2027Q4 / downside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(downside_2027q4_jv, downside_2027q4_withholding, downside_2027q4_lease_principal).
Cash after capital grants downside_2027q4_after_grants	2027Q4 / downside	-16.76 USD_millions	derived: Grant cash does not change operating income. Formula: sum(downside_2027q4_cash_after_disposals, downside_2027q4_grant).
Cash after capital allocations downside_2027q4_cash_after_capital	2027Q4 / downside	-49.76 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(downside_2027q4_after_grants, downside_2027q4_capital_uses).
Revenue ($M) downside_fy2026_revenue	FY2026 / downside	1,691.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Government Solutions revenue ($M) downside_fy2026_kgs	FY2026 / downside	1,369.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_kgs, downside_2026q3_kgs, downside_2026q4_kgs).
Unmanned Systems revenue ($M) downside_fy2026_unmanned	FY2026 / downside	321.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_unmanned, downside_2026q3_unmanned, downside_2026q4_unmanned).
GAAP gross profit proxy ($M) downside_fy2026_gross_profit	FY2026 / downside	380.76 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).
Adjusted EBITDA ($M) downside_fy2026_adjusted_ebitda	FY2026 / downside	148.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, downside_2026q3_adjusted_ebitda, downside_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-8.18 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 ($M) downside_fy2026_cfo	FY2026 / downside	-26.58 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Gross capital expenditures ($M) downside_fy2026_capex	FY2026 / downside	138.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less gross capex ($M) downside_fy2026_fcf	FY2026 / downside	-164.58 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Asset disposal proceeds ($M) downside_fy2026_asset_proceeds	FY2026 / downside	13.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_proceeds, downside_2026q3_asset_proceeds, downside_2026q4_asset_proceeds).
Cash after capex and asset disposals ($M) downside_fy2026_cash_after_disposals	FY2026 / downside	-151.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_disposals, downside_2026q3_cash_after_disposals, downside_2026q4_cash_after_disposals).
Cash after acquisitions/JV and equity settlements ($M) downside_fy2026_cash_after_capital	FY2026 / downside	-620.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capital, downside_2026q3_cash_after_capital, downside_2026q4_cash_after_capital).
Revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,871.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Government Solutions revenue ($M) downside_fy2027_kgs	FY2027 / downside	1,533.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_kgs, downside_2027q2_kgs, downside_2027q3_kgs, downside_2027q4_kgs).
Unmanned Systems revenue ($M) downside_fy2027_unmanned	FY2027 / downside	337.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_unmanned, downside_2027q2_unmanned, downside_2027q3_unmanned, downside_2027q4_unmanned).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	415.09 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).
Adjusted EBITDA ($M) downside_fy2027_adjusted_ebitda	FY2027 / downside	182.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adjusted_ebitda, downside_2027q2_adjusted_ebitda, downside_2027q3_adjusted_ebitda, downside_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-11.01 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 ($M) downside_fy2027_cfo	FY2027 / downside	50.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Gross capital expenditures ($M) downside_fy2027_capex	FY2027 / downside	180.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less gross capex ($M) downside_fy2027_fcf	FY2027 / downside	-129.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Asset disposal proceeds ($M) downside_fy2027_asset_proceeds	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_asset_proceeds, downside_2027q2_asset_proceeds, downside_2027q3_asset_proceeds, downside_2027q4_asset_proceeds).
Cash after capex and asset disposals ($M) downside_fy2027_cash_after_disposals	FY2027 / downside	-129.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_disposals, downside_2027q2_cash_after_disposals, downside_2027q3_cash_after_disposals, downside_2027q4_cash_after_disposals).
Cash after acquisitions/JV and equity settlements ($M) downside_fy2027_cash_after_capital	FY2027 / downside	-261.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_capital, downside_2027q2_cash_after_capital, downside_2027q3_cash_after_capital, downside_2027q4_cash_after_capital).
revenue / guidance midpoint base_revenue_factor	FY2026 / base	100.0% ratio	assumption: Desk sensitivity.
FY2026 revenue base_fy26_revenue_target	FY2026 / base	1,780.00 USD_millions	derived: Annual scenario. Formula: multiply(fy26_revenue_guide, base_revenue_factor).
H2 revenue base_h2_revenue	H2 2026 / base	950.20 USD_millions	derived: Preserves H1 actual. Formula: subtract(base_fy26_revenue_target, h1_revenue).
adjusted_ebitda / guidance midpoint base_adjusted_ebitda_factor	FY2026 / base	100.0% ratio	assumption: Desk sensitivity.
FY2026 adjusted_ebitda base_fy26_adjusted_ebitda_target	FY2026 / base	174.50 USD_millions	derived: Annual scenario. Formula: multiply(fy26_ebitda_guide, base_adjusted_ebitda_factor).
H2 adjusted_ebitda base_h2_adjusted_ebitda	H2 2026 / base	97.60 USD_millions	derived: Preserves H1 actual. Formula: subtract(base_fy26_adjusted_ebitda_target, h1_adjusted_ebitda).
H2 Unmanned sales base_unmanned_h2	H2 2026 / base	170.00 USD_millions	assumption: Desk allocation within consolidated guidance.
FY2026 Unmanned revenue base_fy26_unmanned	FY2026 / base	331.70 USD_millions	derived: Actual plus forecast. Formula: sum(h1_unmanned, base_unmanned_h2).
FY2026 KGS revenue base_fy26_kgs	FY2026 / base	1,448.30 USD_millions	derived: Nomad and Orbit included in the KGS perimeter. Formula: subtract(base_fy26_revenue_target, base_fy26_unmanned).
FY2027 kgs growth multiplier base_kgs_growth	FY2027 / base	123.0% ratio	assumption: Desk growth; includes acquired perimeter, no guaranteed production award assumed.
FY2027 kgs revenue base_fy27_kgs	FY2027 / base	1,781.41 USD_millions	derived: Independent segment growth. Formula: multiply(base_fy26_kgs, base_kgs_growth).
FY2027 unmanned growth multiplier base_unmanned_growth	FY2027 / base	120.0% ratio	assumption: Desk growth; includes acquired perimeter, no guaranteed production award assumed.
FY2027 unmanned revenue base_fy27_unmanned	FY2027 / base	398.04 USD_millions	derived: Independent segment growth. Formula: multiply(base_fy26_unmanned, base_unmanned_growth).
Revenue base_2026q3_revenue	2026Q3 / base	470.00 USD_millions	derived: Q3 company midpoint times sensitivity. Formula: multiply(q3_revenue_guide, base_revenue_factor).
Unmanned revenue base_2026q3_unmanned	2026Q3 / base	83.00 USD_millions	assumption: Desk assumption, not company guidance.
Government Solutions revenue base_2026q3_kgs	2026Q3 / base	387.00 USD_millions	derived: KGS includes closed acquisitions. Formula: subtract(base_2026q3_revenue, base_2026q3_unmanned).
Adjusted EBITDA base_2026q3_adjusted_ebitda	2026Q3 / base	42.50 USD_millions	derived: Q3 earnings reference. Formula: multiply(q3_ebitda_guide, base_adjusted_ebitda_factor).
kgs GAAP gross margin base_2026q3_kgs_gross_margin	2026Q3 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit base_2026q3_kgs_gross	2026Q3 / base	92.88 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2026q3_kgs, base_2026q3_kgs_gross_margin).
unmanned GAAP gross margin base_2026q3_unmanned_gross_margin	2026Q3 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit base_2026q3_unmanned_gross	2026Q3 / base	20.75 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2026q3_unmanned, base_2026q3_unmanned_gross_margin).
GAAP gross profit proxy base_2026q3_gross_profit	2026Q3 / base	113.63 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(base_2026q3_kgs_gross, base_2026q3_unmanned_gross).
Depreciation base_2026q3_depreciation	2026Q3 / base	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization base_2026q3_amortization	2026Q3 / base	12.50 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation base_2026q3_sbc	2026Q3 / base	16.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense base_2026q3_cash_exclusions	2026Q3 / base	0.80 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions base_2026q3_exclusions	2026Q3 / base	41.30 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(base_2026q3_depreciation, base_2026q3_amortization, base_2026q3_sbc, base_2026q3_cash_exclusions).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	1.20 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(base_2026q3_adjusted_ebitda, base_2026q3_exclusions).
Net cash investment income base_2026q3_cash_interest	2026Q3 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital base_2026q3_cash_before_uses	2026Q3 / base	51.70 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(base_2026q3_operating_income, base_2026q3_depreciation, base_2026q3_amortization, base_2026q3_sbc, base_2026q3_cash_interest).
Unbilled/inventory and other net operating cash use base_2026q3_working_capital	2026Q3 / base	23.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes base_2026q3_cash_tax	2026Q3 / base	4.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use base_2026q3_cash_uses	2026Q3 / base	27.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(base_2026q3_working_capital, base_2026q3_cash_tax).
Operating cash flow base_2026q3_cfo	2026Q3 / base	24.70 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses).
Gross capital expenditures base_2026q3_capex	2026Q3 / base	50.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex base_2026q3_fcf	2026Q3 / base	-25.30 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Cash from asset disposals base_2026q3_asset_proceeds	2026Q3 / base	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals base_2026q3_cash_after_disposals	2026Q3 / base	-25.30 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(base_2026q3_fcf, base_2026q3_asset_proceeds).
Construction grant cash base_2026q3_grant	2026Q3 / base	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions base_2026q3_jv	2026Q3 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding base_2026q3_withholding	2026Q3 / base	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal base_2026q3_lease_principal	2026Q3 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses base_2026q3_capital_uses	2026Q3 / base	28.50 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(base_2026q3_jv, base_2026q3_withholding, base_2026q3_lease_principal).
Cash after capital grants base_2026q3_after_grants	2026Q3 / base	-25.30 USD_millions	derived: Grant cash does not change operating income. Formula: sum(base_2026q3_cash_after_disposals, base_2026q3_grant).
Cash after capital allocations base_2026q3_cash_after_capital	2026Q3 / base	-53.80 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(base_2026q3_after_grants, base_2026q3_capital_uses).
Revenue base_2026q4_revenue	2026Q4 / base	480.20 USD_millions	derived: Annual less actual H1 and forecast Q3. Formula: subtract(base_h2_revenue, base_2026q3_revenue).
Unmanned revenue base_2026q4_unmanned	2026Q4 / base	87.00 USD_millions	assumption: Desk assumption, not company guidance.
Government Solutions revenue base_2026q4_kgs	2026Q4 / base	393.20 USD_millions	derived: KGS includes closed acquisitions. Formula: subtract(base_2026q4_revenue, base_2026q4_unmanned).
Adjusted EBITDA base_2026q4_adjusted_ebitda	2026Q4 / base	55.10 USD_millions	derived: Annual adjusted result less H1 and Q3. Formula: subtract(base_h2_adjusted_ebitda, base_2026q3_adjusted_ebitda).
kgs GAAP gross margin base_2026q4_kgs_gross_margin	2026Q4 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit base_2026q4_kgs_gross	2026Q4 / base	94.37 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2026q4_kgs, base_2026q4_kgs_gross_margin).
unmanned GAAP gross margin base_2026q4_unmanned_gross_margin	2026Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit base_2026q4_unmanned_gross	2026Q4 / base	21.75 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2026q4_unmanned, base_2026q4_unmanned_gross_margin).
GAAP gross profit proxy base_2026q4_gross_profit	2026Q4 / base	116.12 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(base_2026q4_kgs_gross, base_2026q4_unmanned_gross).
Depreciation base_2026q4_depreciation	2026Q4 / base	14.50 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization base_2026q4_amortization	2026Q4 / base	11.90 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation base_2026q4_sbc	2026Q4 / base	14.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense base_2026q4_cash_exclusions	2026Q4 / base	0.80 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions base_2026q4_exclusions	2026Q4 / base	41.40 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(base_2026q4_depreciation, base_2026q4_amortization, base_2026q4_sbc, base_2026q4_cash_exclusions).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	13.70 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(base_2026q4_adjusted_ebitda, base_2026q4_exclusions).
Net cash investment income base_2026q4_cash_interest	2026Q4 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital base_2026q4_cash_before_uses	2026Q4 / base	64.30 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(base_2026q4_operating_income, base_2026q4_depreciation, base_2026q4_amortization, base_2026q4_sbc, base_2026q4_cash_interest).
Unbilled/inventory and other net operating cash use base_2026q4_working_capital	2026Q4 / base	6.60 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes base_2026q4_cash_tax	2026Q4 / base	4.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use base_2026q4_cash_uses	2026Q4 / base	10.60 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(base_2026q4_working_capital, base_2026q4_cash_tax).
Operating cash flow base_2026q4_cfo	2026Q4 / base	53.70 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses).
Gross capital expenditures base_2026q4_capex	2026Q4 / base	42.90 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex base_2026q4_fcf	2026Q4 / base	10.80 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Cash from asset disposals base_2026q4_asset_proceeds	2026Q4 / base	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals base_2026q4_cash_after_disposals	2026Q4 / base	10.80 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(base_2026q4_fcf, base_2026q4_asset_proceeds).
Construction grant cash base_2026q4_grant	2026Q4 / base	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions base_2026q4_jv	2026Q4 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding base_2026q4_withholding	2026Q4 / base	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal base_2026q4_lease_principal	2026Q4 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses base_2026q4_capital_uses	2026Q4 / base	28.50 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(base_2026q4_jv, base_2026q4_withholding, base_2026q4_lease_principal).
Cash after capital grants base_2026q4_after_grants	2026Q4 / base	10.80 USD_millions	derived: Grant cash does not change operating income. Formula: sum(base_2026q4_cash_after_disposals, base_2026q4_grant).
Cash after capital allocations base_2026q4_cash_after_capital	2026Q4 / base	-17.70 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(base_2026q4_after_grants, base_2026q4_capital_uses).
Annual segment revenue quarter share base_2027q1_weight	2027Q1 / base	22.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue base_2027q1_kgs	2027Q1 / base	391.91 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_kgs, base_2027q1_weight).
Unmanned revenue base_2027q1_unmanned	2027Q1 / base	87.57 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_unmanned, base_2027q1_weight).
Revenue base_2027q1_revenue	2027Q1 / base	479.48 USD_millions	derived: Distinct segments. Formula: sum(base_2027q1_kgs, base_2027q1_unmanned).
kgs adjusted margin base_2027q1_kgs_ebitda_margin	2027Q1 / base	12.0% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA base_2027q1_kgs_ebitda	2027Q1 / base	47.03 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q1_kgs, base_2027q1_kgs_ebitda_margin).
unmanned adjusted margin base_2027q1_unmanned_ebitda_margin	2027Q1 / base	8.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA base_2027q1_unmanned_ebitda	2027Q1 / base	7.44 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q1_unmanned, base_2027q1_unmanned_ebitda_margin).
Adjusted EBITDA base_2027q1_adjusted_ebitda	2027Q1 / base	54.47 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(base_2027q1_kgs_ebitda, base_2027q1_unmanned_ebitda).
kgs GAAP gross margin base_2027q1_kgs_gross_margin	2027Q1 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit base_2027q1_kgs_gross	2027Q1 / base	94.06 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q1_kgs, base_2027q1_kgs_gross_margin).
unmanned GAAP gross margin base_2027q1_unmanned_gross_margin	2027Q1 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit base_2027q1_unmanned_gross	2027Q1 / base	21.89 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q1_unmanned, base_2027q1_unmanned_gross_margin).
GAAP gross profit proxy base_2027q1_gross_profit	2027Q1 / base	115.95 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(base_2027q1_kgs_gross, base_2027q1_unmanned_gross).
Depreciation base_2027q1_depreciation	2027Q1 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization base_2027q1_amortization	2027Q1 / base	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation base_2027q1_sbc	2027Q1 / base	19.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense base_2027q1_cash_exclusions	2027Q1 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions base_2027q1_exclusions	2027Q1 / base	47.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(base_2027q1_depreciation, base_2027q1_amortization, base_2027q1_sbc, base_2027q1_cash_exclusions).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	7.47 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(base_2027q1_adjusted_ebitda, base_2027q1_exclusions).
Net cash investment income base_2027q1_cash_interest	2027Q1 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital base_2027q1_cash_before_uses	2027Q1 / base	62.47 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(base_2027q1_operating_income, base_2027q1_depreciation, base_2027q1_amortization, base_2027q1_sbc, base_2027q1_cash_interest).
Unbilled/inventory and other net operating cash use base_2027q1_working_capital	2027Q1 / base	30.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes base_2027q1_cash_tax	2027Q1 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use base_2027q1_cash_uses	2027Q1 / base	36.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(base_2027q1_working_capital, base_2027q1_cash_tax).
Operating cash flow base_2027q1_cfo	2027Q1 / base	26.47 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses).
Gross capital expenditures base_2027q1_capex	2027Q1 / base	37.50 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex base_2027q1_fcf	2027Q1 / base	-11.03 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Cash from asset disposals base_2027q1_asset_proceeds	2027Q1 / base	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals base_2027q1_cash_after_disposals	2027Q1 / base	-11.03 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(base_2027q1_fcf, base_2027q1_asset_proceeds).
Construction grant cash base_2027q1_grant	2027Q1 / base	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions base_2027q1_jv	2027Q1 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding base_2027q1_withholding	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal base_2027q1_lease_principal	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses base_2027q1_capital_uses	2027Q1 / base	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(base_2027q1_jv, base_2027q1_withholding, base_2027q1_lease_principal).
Cash after capital grants base_2027q1_after_grants	2027Q1 / base	-11.03 USD_millions	derived: Grant cash does not change operating income. Formula: sum(base_2027q1_cash_after_disposals, base_2027q1_grant).
Cash after capital allocations base_2027q1_cash_after_capital	2027Q1 / base	-44.03 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(base_2027q1_after_grants, base_2027q1_capital_uses).
Annual segment revenue quarter share base_2027q2_weight	2027Q2 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue base_2027q2_kgs	2027Q2 / base	427.54 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_kgs, base_2027q2_weight).
Unmanned revenue base_2027q2_unmanned	2027Q2 / base	95.53 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_unmanned, base_2027q2_weight).
Revenue base_2027q2_revenue	2027Q2 / base	523.07 USD_millions	derived: Distinct segments. Formula: sum(base_2027q2_kgs, base_2027q2_unmanned).
kgs adjusted margin base_2027q2_kgs_ebitda_margin	2027Q2 / base	12.0% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA base_2027q2_kgs_ebitda	2027Q2 / base	51.30 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q2_kgs, base_2027q2_kgs_ebitda_margin).
unmanned adjusted margin base_2027q2_unmanned_ebitda_margin	2027Q2 / base	8.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA base_2027q2_unmanned_ebitda	2027Q2 / base	8.12 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q2_unmanned, base_2027q2_unmanned_ebitda_margin).
Adjusted EBITDA base_2027q2_adjusted_ebitda	2027Q2 / base	59.42 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(base_2027q2_kgs_ebitda, base_2027q2_unmanned_ebitda).
kgs GAAP gross margin base_2027q2_kgs_gross_margin	2027Q2 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit base_2027q2_kgs_gross	2027Q2 / base	102.61 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q2_kgs, base_2027q2_kgs_gross_margin).
unmanned GAAP gross margin base_2027q2_unmanned_gross_margin	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit base_2027q2_unmanned_gross	2027Q2 / base	23.88 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q2_unmanned, base_2027q2_unmanned_gross_margin).
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	126.49 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(base_2027q2_kgs_gross, base_2027q2_unmanned_gross).
Depreciation base_2027q2_depreciation	2027Q2 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization base_2027q2_amortization	2027Q2 / base	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation base_2027q2_sbc	2027Q2 / base	20.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense base_2027q2_cash_exclusions	2027Q2 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions base_2027q2_exclusions	2027Q2 / base	48.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(base_2027q2_depreciation, base_2027q2_amortization, base_2027q2_sbc, base_2027q2_cash_exclusions).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	11.42 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(base_2027q2_adjusted_ebitda, base_2027q2_exclusions).
Net cash investment income base_2027q2_cash_interest	2027Q2 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital base_2027q2_cash_before_uses	2027Q2 / base	67.42 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(base_2027q2_operating_income, base_2027q2_depreciation, base_2027q2_amortization, base_2027q2_sbc, base_2027q2_cash_interest).
Unbilled/inventory and other net operating cash use base_2027q2_working_capital	2027Q2 / base	20.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes base_2027q2_cash_tax	2027Q2 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use base_2027q2_cash_uses	2027Q2 / base	26.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(base_2027q2_working_capital, base_2027q2_cash_tax).
Operating cash flow base_2027q2_cfo	2027Q2 / base	41.42 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses).
Gross capital expenditures base_2027q2_capex	2027Q2 / base	37.50 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex base_2027q2_fcf	2027Q2 / base	3.92 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Cash from asset disposals base_2027q2_asset_proceeds	2027Q2 / base	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals base_2027q2_cash_after_disposals	2027Q2 / base	3.92 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(base_2027q2_fcf, base_2027q2_asset_proceeds).
Construction grant cash base_2027q2_grant	2027Q2 / base	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions base_2027q2_jv	2027Q2 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding base_2027q2_withholding	2027Q2 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal base_2027q2_lease_principal	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses base_2027q2_capital_uses	2027Q2 / base	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(base_2027q2_jv, base_2027q2_withholding, base_2027q2_lease_principal).
Cash after capital grants base_2027q2_after_grants	2027Q2 / base	3.92 USD_millions	derived: Grant cash does not change operating income. Formula: sum(base_2027q2_cash_after_disposals, base_2027q2_grant).
Cash after capital allocations base_2027q2_cash_after_capital	2027Q2 / base	-29.08 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(base_2027q2_after_grants, base_2027q2_capital_uses).
Annual segment revenue quarter share base_2027q3_weight	2027Q3 / base	26.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue base_2027q3_kgs	2027Q3 / base	463.17 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_kgs, base_2027q3_weight).
Unmanned revenue base_2027q3_unmanned	2027Q3 / base	103.49 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_unmanned, base_2027q3_weight).
Revenue base_2027q3_revenue	2027Q3 / base	566.66 USD_millions	derived: Distinct segments. Formula: sum(base_2027q3_kgs, base_2027q3_unmanned).
kgs adjusted margin base_2027q3_kgs_ebitda_margin	2027Q3 / base	12.0% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA base_2027q3_kgs_ebitda	2027Q3 / base	55.58 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q3_kgs, base_2027q3_kgs_ebitda_margin).
unmanned adjusted margin base_2027q3_unmanned_ebitda_margin	2027Q3 / base	8.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA base_2027q3_unmanned_ebitda	2027Q3 / base	8.80 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q3_unmanned, base_2027q3_unmanned_ebitda_margin).
Adjusted EBITDA base_2027q3_adjusted_ebitda	2027Q3 / base	64.38 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(base_2027q3_kgs_ebitda, base_2027q3_unmanned_ebitda).
kgs GAAP gross margin base_2027q3_kgs_gross_margin	2027Q3 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit base_2027q3_kgs_gross	2027Q3 / base	111.16 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q3_kgs, base_2027q3_kgs_gross_margin).
unmanned GAAP gross margin base_2027q3_unmanned_gross_margin	2027Q3 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit base_2027q3_unmanned_gross	2027Q3 / base	25.87 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q3_unmanned, base_2027q3_unmanned_gross_margin).
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	137.03 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(base_2027q3_kgs_gross, base_2027q3_unmanned_gross).
Depreciation base_2027q3_depreciation	2027Q3 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization base_2027q3_amortization	2027Q3 / base	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation base_2027q3_sbc	2027Q3 / base	21.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense base_2027q3_cash_exclusions	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions base_2027q3_exclusions	2027Q3 / base	49.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(base_2027q3_depreciation, base_2027q3_amortization, base_2027q3_sbc, base_2027q3_cash_exclusions).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	15.38 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(base_2027q3_adjusted_ebitda, base_2027q3_exclusions).
Net cash investment income base_2027q3_cash_interest	2027Q3 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital base_2027q3_cash_before_uses	2027Q3 / base	72.38 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(base_2027q3_operating_income, base_2027q3_depreciation, base_2027q3_amortization, base_2027q3_sbc, base_2027q3_cash_interest).
Unbilled/inventory and other net operating cash use base_2027q3_working_capital	2027Q3 / base	20.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes base_2027q3_cash_tax	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use base_2027q3_cash_uses	2027Q3 / base	26.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(base_2027q3_working_capital, base_2027q3_cash_tax).
Operating cash flow base_2027q3_cfo	2027Q3 / base	46.38 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses).
Gross capital expenditures base_2027q3_capex	2027Q3 / base	37.50 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex base_2027q3_fcf	2027Q3 / base	8.88 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Cash from asset disposals base_2027q3_asset_proceeds	2027Q3 / base	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals base_2027q3_cash_after_disposals	2027Q3 / base	8.88 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(base_2027q3_fcf, base_2027q3_asset_proceeds).
Construction grant cash base_2027q3_grant	2027Q3 / base	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions base_2027q3_jv	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding base_2027q3_withholding	2027Q3 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal base_2027q3_lease_principal	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses base_2027q3_capital_uses	2027Q3 / base	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(base_2027q3_jv, base_2027q3_withholding, base_2027q3_lease_principal).
Cash after capital grants base_2027q3_after_grants	2027Q3 / base	8.88 USD_millions	derived: Grant cash does not change operating income. Formula: sum(base_2027q3_cash_after_disposals, base_2027q3_grant).
Cash after capital allocations base_2027q3_cash_after_capital	2027Q3 / base	-24.12 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(base_2027q3_after_grants, base_2027q3_capital_uses).
Annual segment revenue quarter share base_2027q4_weight	2027Q4 / base	28.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue base_2027q4_kgs	2027Q4 / base	498.79 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_kgs, base_2027q4_weight).
Unmanned revenue base_2027q4_unmanned	2027Q4 / base	111.45 USD_millions	derived: Desk delivery phasing. Formula: multiply(base_fy27_unmanned, base_2027q4_weight).
Revenue base_2027q4_revenue	2027Q4 / base	610.25 USD_millions	derived: Distinct segments. Formula: sum(base_2027q4_kgs, base_2027q4_unmanned).
kgs adjusted margin base_2027q4_kgs_ebitda_margin	2027Q4 / base	12.0% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA base_2027q4_kgs_ebitda	2027Q4 / base	59.86 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q4_kgs, base_2027q4_kgs_ebitda_margin).
unmanned adjusted margin base_2027q4_unmanned_ebitda_margin	2027Q4 / base	8.5% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA base_2027q4_unmanned_ebitda	2027Q4 / base	9.47 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(base_2027q4_unmanned, base_2027q4_unmanned_ebitda_margin).
Adjusted EBITDA base_2027q4_adjusted_ebitda	2027Q4 / base	69.33 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(base_2027q4_kgs_ebitda, base_2027q4_unmanned_ebitda).
kgs GAAP gross margin base_2027q4_kgs_gross_margin	2027Q4 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit base_2027q4_kgs_gross	2027Q4 / base	119.71 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q4_kgs, base_2027q4_kgs_gross_margin).
unmanned GAAP gross margin base_2027q4_unmanned_gross_margin	2027Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit base_2027q4_unmanned_gross	2027Q4 / base	27.86 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(base_2027q4_unmanned, base_2027q4_unmanned_gross_margin).
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	147.57 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(base_2027q4_kgs_gross, base_2027q4_unmanned_gross).
Depreciation base_2027q4_depreciation	2027Q4 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization base_2027q4_amortization	2027Q4 / base	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation base_2027q4_sbc	2027Q4 / base	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense base_2027q4_cash_exclusions	2027Q4 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions base_2027q4_exclusions	2027Q4 / base	50.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(base_2027q4_depreciation, base_2027q4_amortization, base_2027q4_sbc, base_2027q4_cash_exclusions).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	19.33 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(base_2027q4_adjusted_ebitda, base_2027q4_exclusions).
Net cash investment income base_2027q4_cash_interest	2027Q4 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital base_2027q4_cash_before_uses	2027Q4 / base	77.33 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(base_2027q4_operating_income, base_2027q4_depreciation, base_2027q4_amortization, base_2027q4_sbc, base_2027q4_cash_interest).
Unbilled/inventory and other net operating cash use base_2027q4_working_capital	2027Q4 / base	10.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes base_2027q4_cash_tax	2027Q4 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use base_2027q4_cash_uses	2027Q4 / base	16.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(base_2027q4_working_capital, base_2027q4_cash_tax).
Operating cash flow base_2027q4_cfo	2027Q4 / base	61.33 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses).
Gross capital expenditures base_2027q4_capex	2027Q4 / base	37.50 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex base_2027q4_fcf	2027Q4 / base	23.83 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Cash from asset disposals base_2027q4_asset_proceeds	2027Q4 / base	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals base_2027q4_cash_after_disposals	2027Q4 / base	23.83 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(base_2027q4_fcf, base_2027q4_asset_proceeds).
Construction grant cash base_2027q4_grant	2027Q4 / base	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions base_2027q4_jv	2027Q4 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding base_2027q4_withholding	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal base_2027q4_lease_principal	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses base_2027q4_capital_uses	2027Q4 / base	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(base_2027q4_jv, base_2027q4_withholding, base_2027q4_lease_principal).
Cash after capital grants base_2027q4_after_grants	2027Q4 / base	23.83 USD_millions	derived: Grant cash does not change operating income. Formula: sum(base_2027q4_cash_after_disposals, base_2027q4_grant).
Cash after capital allocations base_2027q4_cash_after_capital	2027Q4 / base	-9.17 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(base_2027q4_after_grants, base_2027q4_capital_uses).
Revenue ($M) base_fy2026_revenue	FY2026 / base	1,780.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Government Solutions revenue ($M) base_fy2026_kgs	FY2026 / base	1,448.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_kgs, base_2026q3_kgs, base_2026q4_kgs).
Unmanned Systems revenue ($M) base_fy2026_unmanned	FY2026 / base	331.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_unmanned, base_2026q3_unmanned, base_2026q4_unmanned).
GAAP gross profit proxy ($M) base_fy2026_gross_profit	FY2026 / base	419.45 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).
Adjusted EBITDA ($M) base_fy2026_adjusted_ebitda	FY2026 / base	174.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, base_2026q3_adjusted_ebitda, base_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	18.00 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 ($M) base_fy2026_cfo	FY2026 / base	40.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Gross capital expenditures ($M) base_fy2026_capex	FY2026 / base	130.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less gross capex ($M) base_fy2026_fcf	FY2026 / base	-90.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Asset disposal proceeds ($M) base_fy2026_asset_proceeds	FY2026 / base	13.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_proceeds, base_2026q3_asset_proceeds, base_2026q4_asset_proceeds).
Cash after capex and asset disposals ($M) base_fy2026_cash_after_disposals	FY2026 / base	-76.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_disposals, base_2026q3_cash_after_disposals, base_2026q4_cash_after_disposals).
Cash after acquisitions/JV and equity settlements ($M) base_fy2026_cash_after_capital	FY2026 / base	-546.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capital, base_2026q3_cash_after_capital, base_2026q4_cash_after_capital).
Revenue ($M) base_fy2027_revenue	FY2027 / base	2,179.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Government Solutions revenue ($M) base_fy2027_kgs	FY2027 / base	1,781.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_kgs, base_2027q2_kgs, base_2027q3_kgs, base_2027q4_kgs).
Unmanned Systems revenue ($M) base_fy2027_unmanned	FY2027 / base	398.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_unmanned, base_2027q2_unmanned, base_2027q3_unmanned, base_2027q4_unmanned).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	527.05 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).
Adjusted EBITDA ($M) base_fy2027_adjusted_ebitda	FY2027 / base	247.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adjusted_ebitda, base_2027q2_adjusted_ebitda, base_2027q3_adjusted_ebitda, base_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	53.60 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 ($M) base_fy2027_cfo	FY2027 / base	175.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Gross capital expenditures ($M) base_fy2027_capex	FY2027 / base	150.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less gross capex ($M) base_fy2027_fcf	FY2027 / base	25.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Asset disposal proceeds ($M) base_fy2027_asset_proceeds	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_asset_proceeds, base_2027q2_asset_proceeds, base_2027q3_asset_proceeds, base_2027q4_asset_proceeds).
Cash after capex and asset disposals ($M) base_fy2027_cash_after_disposals	FY2027 / base	25.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_disposals, base_2027q2_cash_after_disposals, base_2027q3_cash_after_disposals, base_2027q4_cash_after_disposals).
Cash after acquisitions/JV and equity settlements ($M) base_fy2027_cash_after_capital	FY2027 / base	-106.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_capital, base_2027q2_cash_after_capital, base_2027q3_cash_after_capital, base_2027q4_cash_after_capital).
revenue / guidance midpoint upside_revenue_factor	FY2026 / upside	102.5% ratio	assumption: Desk sensitivity.
FY2026 revenue upside_fy26_revenue_target	FY2026 / upside	1,824.50 USD_millions	derived: Annual scenario. Formula: multiply(fy26_revenue_guide, upside_revenue_factor).
H2 revenue upside_h2_revenue	H2 2026 / upside	994.70 USD_millions	derived: Preserves H1 actual. Formula: subtract(upside_fy26_revenue_target, h1_revenue).
adjusted_ebitda / guidance midpoint upside_adjusted_ebitda_factor	FY2026 / upside	108.0% ratio	assumption: Desk sensitivity.
FY2026 adjusted_ebitda upside_fy26_adjusted_ebitda_target	FY2026 / upside	188.46 USD_millions	derived: Annual scenario. Formula: multiply(fy26_ebitda_guide, upside_adjusted_ebitda_factor).
H2 adjusted_ebitda upside_h2_adjusted_ebitda	H2 2026 / upside	111.56 USD_millions	derived: Preserves H1 actual. Formula: subtract(upside_fy26_adjusted_ebitda_target, h1_adjusted_ebitda).
H2 Unmanned sales upside_unmanned_h2	H2 2026 / upside	179.00 USD_millions	assumption: Desk allocation within consolidated guidance.
FY2026 Unmanned revenue upside_fy26_unmanned	FY2026 / upside	340.70 USD_millions	derived: Actual plus forecast. Formula: sum(h1_unmanned, upside_unmanned_h2).
FY2026 KGS revenue upside_fy26_kgs	FY2026 / upside	1,483.80 USD_millions	derived: Nomad and Orbit included in the KGS perimeter. Formula: subtract(upside_fy26_revenue_target, upside_fy26_unmanned).
FY2027 kgs growth multiplier upside_kgs_growth	FY2027 / upside	132.0% ratio	assumption: Desk growth; includes acquired perimeter, no guaranteed production award assumed.
FY2027 kgs revenue upside_fy27_kgs	FY2027 / upside	1,958.62 USD_millions	derived: Independent segment growth. Formula: multiply(upside_fy26_kgs, upside_kgs_growth).
FY2027 unmanned growth multiplier upside_unmanned_growth	FY2027 / upside	135.0% ratio	assumption: Desk growth; includes acquired perimeter, no guaranteed production award assumed.
FY2027 unmanned revenue upside_fy27_unmanned	FY2027 / upside	459.94 USD_millions	derived: Independent segment growth. Formula: multiply(upside_fy26_unmanned, upside_unmanned_growth).
Revenue upside_2026q3_revenue	2026Q3 / upside	481.75 USD_millions	derived: Q3 company midpoint times sensitivity. Formula: multiply(q3_revenue_guide, upside_revenue_factor).
Unmanned revenue upside_2026q3_unmanned	2026Q3 / upside	86.00 USD_millions	assumption: Desk assumption, not company guidance.
Government Solutions revenue upside_2026q3_kgs	2026Q3 / upside	395.75 USD_millions	derived: KGS includes closed acquisitions. Formula: subtract(upside_2026q3_revenue, upside_2026q3_unmanned).
Adjusted EBITDA upside_2026q3_adjusted_ebitda	2026Q3 / upside	45.90 USD_millions	derived: Q3 earnings reference. Formula: multiply(q3_ebitda_guide, upside_adjusted_ebitda_factor).
kgs GAAP gross margin upside_2026q3_kgs_gross_margin	2026Q3 / upside	25.5% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit upside_2026q3_kgs_gross	2026Q3 / upside	100.92 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2026q3_kgs, upside_2026q3_kgs_gross_margin).
unmanned GAAP gross margin upside_2026q3_unmanned_gross_margin	2026Q3 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit upside_2026q3_unmanned_gross	2026Q3 / upside	23.22 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2026q3_unmanned, upside_2026q3_unmanned_gross_margin).
GAAP gross profit proxy upside_2026q3_gross_profit	2026Q3 / upside	124.14 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(upside_2026q3_kgs_gross, upside_2026q3_unmanned_gross).
Depreciation upside_2026q3_depreciation	2026Q3 / upside	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization upside_2026q3_amortization	2026Q3 / upside	12.50 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation upside_2026q3_sbc	2026Q3 / upside	16.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense upside_2026q3_cash_exclusions	2026Q3 / upside	0.80 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions upside_2026q3_exclusions	2026Q3 / upside	41.30 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(upside_2026q3_depreciation, upside_2026q3_amortization, upside_2026q3_sbc, upside_2026q3_cash_exclusions).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	4.60 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(upside_2026q3_adjusted_ebitda, upside_2026q3_exclusions).
Net cash investment income upside_2026q3_cash_interest	2026Q3 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital upside_2026q3_cash_before_uses	2026Q3 / upside	55.10 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(upside_2026q3_operating_income, upside_2026q3_depreciation, upside_2026q3_amortization, upside_2026q3_sbc, upside_2026q3_cash_interest).
Unbilled/inventory and other net operating cash use upside_2026q3_working_capital	2026Q3 / upside	15.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes upside_2026q3_cash_tax	2026Q3 / upside	4.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use upside_2026q3_cash_uses	2026Q3 / upside	19.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(upside_2026q3_working_capital, upside_2026q3_cash_tax).
Operating cash flow upside_2026q3_cfo	2026Q3 / upside	36.10 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses).
Gross capital expenditures upside_2026q3_capex	2026Q3 / upside	50.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex upside_2026q3_fcf	2026Q3 / upside	-13.90 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Cash from asset disposals upside_2026q3_asset_proceeds	2026Q3 / upside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals upside_2026q3_cash_after_disposals	2026Q3 / upside	-13.90 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(upside_2026q3_fcf, upside_2026q3_asset_proceeds).
Construction grant cash upside_2026q3_grant	2026Q3 / upside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions upside_2026q3_jv	2026Q3 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding upside_2026q3_withholding	2026Q3 / upside	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal upside_2026q3_lease_principal	2026Q3 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses upside_2026q3_capital_uses	2026Q3 / upside	28.50 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(upside_2026q3_jv, upside_2026q3_withholding, upside_2026q3_lease_principal).
Cash after capital grants upside_2026q3_after_grants	2026Q3 / upside	-13.90 USD_millions	derived: Grant cash does not change operating income. Formula: sum(upside_2026q3_cash_after_disposals, upside_2026q3_grant).
Cash after capital allocations upside_2026q3_cash_after_capital	2026Q3 / upside	-42.40 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(upside_2026q3_after_grants, upside_2026q3_capital_uses).
Revenue upside_2026q4_revenue	2026Q4 / upside	512.95 USD_millions	derived: Annual less actual H1 and forecast Q3. Formula: subtract(upside_h2_revenue, upside_2026q3_revenue).
Unmanned revenue upside_2026q4_unmanned	2026Q4 / upside	93.00 USD_millions	assumption: Desk assumption, not company guidance.
Government Solutions revenue upside_2026q4_kgs	2026Q4 / upside	419.95 USD_millions	derived: KGS includes closed acquisitions. Formula: subtract(upside_2026q4_revenue, upside_2026q4_unmanned).
Adjusted EBITDA upside_2026q4_adjusted_ebitda	2026Q4 / upside	65.66 USD_millions	derived: Annual adjusted result less H1 and Q3. Formula: subtract(upside_h2_adjusted_ebitda, upside_2026q3_adjusted_ebitda).
kgs GAAP gross margin upside_2026q4_kgs_gross_margin	2026Q4 / upside	25.5% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit upside_2026q4_kgs_gross	2026Q4 / upside	107.09 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2026q4_kgs, upside_2026q4_kgs_gross_margin).
unmanned GAAP gross margin upside_2026q4_unmanned_gross_margin	2026Q4 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit upside_2026q4_unmanned_gross	2026Q4 / upside	25.11 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2026q4_unmanned, upside_2026q4_unmanned_gross_margin).
GAAP gross profit proxy upside_2026q4_gross_profit	2026Q4 / upside	132.20 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(upside_2026q4_kgs_gross, upside_2026q4_unmanned_gross).
Depreciation upside_2026q4_depreciation	2026Q4 / upside	14.50 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization upside_2026q4_amortization	2026Q4 / upside	11.90 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation upside_2026q4_sbc	2026Q4 / upside	14.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense upside_2026q4_cash_exclusions	2026Q4 / upside	0.80 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions upside_2026q4_exclusions	2026Q4 / upside	41.40 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(upside_2026q4_depreciation, upside_2026q4_amortization, upside_2026q4_sbc, upside_2026q4_cash_exclusions).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	24.26 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(upside_2026q4_adjusted_ebitda, upside_2026q4_exclusions).
Net cash investment income upside_2026q4_cash_interest	2026Q4 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital upside_2026q4_cash_before_uses	2026Q4 / upside	74.86 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(upside_2026q4_operating_income, upside_2026q4_depreciation, upside_2026q4_amortization, upside_2026q4_sbc, upside_2026q4_cash_interest).
Unbilled/inventory and other net operating cash use upside_2026q4_working_capital	2026Q4 / upside	0.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes upside_2026q4_cash_tax	2026Q4 / upside	4.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use upside_2026q4_cash_uses	2026Q4 / upside	4.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(upside_2026q4_working_capital, upside_2026q4_cash_tax).
Operating cash flow upside_2026q4_cfo	2026Q4 / upside	70.86 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses).
Gross capital expenditures upside_2026q4_capex	2026Q4 / upside	42.90 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex upside_2026q4_fcf	2026Q4 / upside	27.96 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Cash from asset disposals upside_2026q4_asset_proceeds	2026Q4 / upside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals upside_2026q4_cash_after_disposals	2026Q4 / upside	27.96 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(upside_2026q4_fcf, upside_2026q4_asset_proceeds).
Construction grant cash upside_2026q4_grant	2026Q4 / upside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions upside_2026q4_jv	2026Q4 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding upside_2026q4_withholding	2026Q4 / upside	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal upside_2026q4_lease_principal	2026Q4 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses upside_2026q4_capital_uses	2026Q4 / upside	28.50 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(upside_2026q4_jv, upside_2026q4_withholding, upside_2026q4_lease_principal).
Cash after capital grants upside_2026q4_after_grants	2026Q4 / upside	27.96 USD_millions	derived: Grant cash does not change operating income. Formula: sum(upside_2026q4_cash_after_disposals, upside_2026q4_grant).
Cash after capital allocations upside_2026q4_cash_after_capital	2026Q4 / upside	-0.54 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(upside_2026q4_after_grants, upside_2026q4_capital_uses).
Annual segment revenue quarter share upside_2027q1_weight	2027Q1 / upside	22.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue upside_2027q1_kgs	2027Q1 / upside	430.90 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_kgs, upside_2027q1_weight).
Unmanned revenue upside_2027q1_unmanned	2027Q1 / upside	101.19 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_unmanned, upside_2027q1_weight).
Revenue upside_2027q1_revenue	2027Q1 / upside	532.08 USD_millions	derived: Distinct segments. Formula: sum(upside_2027q1_kgs, upside_2027q1_unmanned).
kgs adjusted margin upside_2027q1_kgs_ebitda_margin	2027Q1 / upside	13.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA upside_2027q1_kgs_ebitda	2027Q1 / upside	58.17 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q1_kgs, upside_2027q1_kgs_ebitda_margin).
unmanned adjusted margin upside_2027q1_unmanned_ebitda_margin	2027Q1 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA upside_2027q1_unmanned_ebitda	2027Q1 / upside	11.13 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q1_unmanned, upside_2027q1_unmanned_ebitda_margin).
Adjusted EBITDA upside_2027q1_adjusted_ebitda	2027Q1 / upside	69.30 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(upside_2027q1_kgs_ebitda, upside_2027q1_unmanned_ebitda).
kgs GAAP gross margin upside_2027q1_kgs_gross_margin	2027Q1 / upside	25.5% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit upside_2027q1_kgs_gross	2027Q1 / upside	109.88 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q1_kgs, upside_2027q1_kgs_gross_margin).
unmanned GAAP gross margin upside_2027q1_unmanned_gross_margin	2027Q1 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit upside_2027q1_unmanned_gross	2027Q1 / upside	27.32 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q1_unmanned, upside_2027q1_unmanned_gross_margin).
GAAP gross profit proxy upside_2027q1_gross_profit	2027Q1 / upside	137.20 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(upside_2027q1_kgs_gross, upside_2027q1_unmanned_gross).
Depreciation upside_2027q1_depreciation	2027Q1 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization upside_2027q1_amortization	2027Q1 / upside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation upside_2027q1_sbc	2027Q1 / upside	19.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense upside_2027q1_cash_exclusions	2027Q1 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions upside_2027q1_exclusions	2027Q1 / upside	47.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(upside_2027q1_depreciation, upside_2027q1_amortization, upside_2027q1_sbc, upside_2027q1_cash_exclusions).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	22.30 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(upside_2027q1_adjusted_ebitda, upside_2027q1_exclusions).
Net cash investment income upside_2027q1_cash_interest	2027Q1 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital upside_2027q1_cash_before_uses	2027Q1 / upside	77.30 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(upside_2027q1_operating_income, upside_2027q1_depreciation, upside_2027q1_amortization, upside_2027q1_sbc, upside_2027q1_cash_interest).
Unbilled/inventory and other net operating cash use upside_2027q1_working_capital	2027Q1 / upside	20.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes upside_2027q1_cash_tax	2027Q1 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use upside_2027q1_cash_uses	2027Q1 / upside	26.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(upside_2027q1_working_capital, upside_2027q1_cash_tax).
Operating cash flow upside_2027q1_cfo	2027Q1 / upside	51.30 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses).
Gross capital expenditures upside_2027q1_capex	2027Q1 / upside	40.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex upside_2027q1_fcf	2027Q1 / upside	11.30 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Cash from asset disposals upside_2027q1_asset_proceeds	2027Q1 / upside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals upside_2027q1_cash_after_disposals	2027Q1 / upside	11.30 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(upside_2027q1_fcf, upside_2027q1_asset_proceeds).
Construction grant cash upside_2027q1_grant	2027Q1 / upside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions upside_2027q1_jv	2027Q1 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding upside_2027q1_withholding	2027Q1 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal upside_2027q1_lease_principal	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses upside_2027q1_capital_uses	2027Q1 / upside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(upside_2027q1_jv, upside_2027q1_withholding, upside_2027q1_lease_principal).
Cash after capital grants upside_2027q1_after_grants	2027Q1 / upside	11.30 USD_millions	derived: Grant cash does not change operating income. Formula: sum(upside_2027q1_cash_after_disposals, upside_2027q1_grant).
Cash after capital allocations upside_2027q1_cash_after_capital	2027Q1 / upside	-21.70 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(upside_2027q1_after_grants, upside_2027q1_capital_uses).
Annual segment revenue quarter share upside_2027q2_weight	2027Q2 / upside	24.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue upside_2027q2_kgs	2027Q2 / upside	470.07 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_kgs, upside_2027q2_weight).
Unmanned revenue upside_2027q2_unmanned	2027Q2 / upside	110.39 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_unmanned, upside_2027q2_weight).
Revenue upside_2027q2_revenue	2027Q2 / upside	580.45 USD_millions	derived: Distinct segments. Formula: sum(upside_2027q2_kgs, upside_2027q2_unmanned).
kgs adjusted margin upside_2027q2_kgs_ebitda_margin	2027Q2 / upside	13.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA upside_2027q2_kgs_ebitda	2027Q2 / upside	63.46 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q2_kgs, upside_2027q2_kgs_ebitda_margin).
unmanned adjusted margin upside_2027q2_unmanned_ebitda_margin	2027Q2 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA upside_2027q2_unmanned_ebitda	2027Q2 / upside	12.14 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q2_unmanned, upside_2027q2_unmanned_ebitda_margin).
Adjusted EBITDA upside_2027q2_adjusted_ebitda	2027Q2 / upside	75.60 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(upside_2027q2_kgs_ebitda, upside_2027q2_unmanned_ebitda).
kgs GAAP gross margin upside_2027q2_kgs_gross_margin	2027Q2 / upside	25.5% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit upside_2027q2_kgs_gross	2027Q2 / upside	119.87 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q2_kgs, upside_2027q2_kgs_gross_margin).
unmanned GAAP gross margin upside_2027q2_unmanned_gross_margin	2027Q2 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit upside_2027q2_unmanned_gross	2027Q2 / upside	29.80 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q2_unmanned, upside_2027q2_unmanned_gross_margin).
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	149.67 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(upside_2027q2_kgs_gross, upside_2027q2_unmanned_gross).
Depreciation upside_2027q2_depreciation	2027Q2 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization upside_2027q2_amortization	2027Q2 / upside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation upside_2027q2_sbc	2027Q2 / upside	20.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense upside_2027q2_cash_exclusions	2027Q2 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions upside_2027q2_exclusions	2027Q2 / upside	48.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(upside_2027q2_depreciation, upside_2027q2_amortization, upside_2027q2_sbc, upside_2027q2_cash_exclusions).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	27.60 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(upside_2027q2_adjusted_ebitda, upside_2027q2_exclusions).
Net cash investment income upside_2027q2_cash_interest	2027Q2 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital upside_2027q2_cash_before_uses	2027Q2 / upside	83.60 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(upside_2027q2_operating_income, upside_2027q2_depreciation, upside_2027q2_amortization, upside_2027q2_sbc, upside_2027q2_cash_interest).
Unbilled/inventory and other net operating cash use upside_2027q2_working_capital	2027Q2 / upside	10.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes upside_2027q2_cash_tax	2027Q2 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use upside_2027q2_cash_uses	2027Q2 / upside	16.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(upside_2027q2_working_capital, upside_2027q2_cash_tax).
Operating cash flow upside_2027q2_cfo	2027Q2 / upside	67.60 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses).
Gross capital expenditures upside_2027q2_capex	2027Q2 / upside	40.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex upside_2027q2_fcf	2027Q2 / upside	27.60 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Cash from asset disposals upside_2027q2_asset_proceeds	2027Q2 / upside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals upside_2027q2_cash_after_disposals	2027Q2 / upside	27.60 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(upside_2027q2_fcf, upside_2027q2_asset_proceeds).
Construction grant cash upside_2027q2_grant	2027Q2 / upside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions upside_2027q2_jv	2027Q2 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding upside_2027q2_withholding	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal upside_2027q2_lease_principal	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses upside_2027q2_capital_uses	2027Q2 / upside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(upside_2027q2_jv, upside_2027q2_withholding, upside_2027q2_lease_principal).
Cash after capital grants upside_2027q2_after_grants	2027Q2 / upside	27.60 USD_millions	derived: Grant cash does not change operating income. Formula: sum(upside_2027q2_cash_after_disposals, upside_2027q2_grant).
Cash after capital allocations upside_2027q2_cash_after_capital	2027Q2 / upside	-5.40 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(upside_2027q2_after_grants, upside_2027q2_capital_uses).
Annual segment revenue quarter share upside_2027q3_weight	2027Q3 / upside	26.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue upside_2027q3_kgs	2027Q3 / upside	509.24 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_kgs, upside_2027q3_weight).
Unmanned revenue upside_2027q3_unmanned	2027Q3 / upside	119.59 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_unmanned, upside_2027q3_weight).
Revenue upside_2027q3_revenue	2027Q3 / upside	628.83 USD_millions	derived: Distinct segments. Formula: sum(upside_2027q3_kgs, upside_2027q3_unmanned).
kgs adjusted margin upside_2027q3_kgs_ebitda_margin	2027Q3 / upside	13.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA upside_2027q3_kgs_ebitda	2027Q3 / upside	68.75 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q3_kgs, upside_2027q3_kgs_ebitda_margin).
unmanned adjusted margin upside_2027q3_unmanned_ebitda_margin	2027Q3 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA upside_2027q3_unmanned_ebitda	2027Q3 / upside	13.15 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q3_unmanned, upside_2027q3_unmanned_ebitda_margin).
Adjusted EBITDA upside_2027q3_adjusted_ebitda	2027Q3 / upside	81.90 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(upside_2027q3_kgs_ebitda, upside_2027q3_unmanned_ebitda).
kgs GAAP gross margin upside_2027q3_kgs_gross_margin	2027Q3 / upside	25.5% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit upside_2027q3_kgs_gross	2027Q3 / upside	129.86 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q3_kgs, upside_2027q3_kgs_gross_margin).
unmanned GAAP gross margin upside_2027q3_unmanned_gross_margin	2027Q3 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit upside_2027q3_unmanned_gross	2027Q3 / upside	32.29 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q3_unmanned, upside_2027q3_unmanned_gross_margin).
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	162.14 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(upside_2027q3_kgs_gross, upside_2027q3_unmanned_gross).
Depreciation upside_2027q3_depreciation	2027Q3 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization upside_2027q3_amortization	2027Q3 / upside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation upside_2027q3_sbc	2027Q3 / upside	21.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense upside_2027q3_cash_exclusions	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions upside_2027q3_exclusions	2027Q3 / upside	49.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(upside_2027q3_depreciation, upside_2027q3_amortization, upside_2027q3_sbc, upside_2027q3_cash_exclusions).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	32.90 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(upside_2027q3_adjusted_ebitda, upside_2027q3_exclusions).
Net cash investment income upside_2027q3_cash_interest	2027Q3 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital upside_2027q3_cash_before_uses	2027Q3 / upside	89.90 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(upside_2027q3_operating_income, upside_2027q3_depreciation, upside_2027q3_amortization, upside_2027q3_sbc, upside_2027q3_cash_interest).
Unbilled/inventory and other net operating cash use upside_2027q3_working_capital	2027Q3 / upside	10.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes upside_2027q3_cash_tax	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use upside_2027q3_cash_uses	2027Q3 / upside	16.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(upside_2027q3_working_capital, upside_2027q3_cash_tax).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	73.90 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses).
Gross capital expenditures upside_2027q3_capex	2027Q3 / upside	40.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex upside_2027q3_fcf	2027Q3 / upside	33.90 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Cash from asset disposals upside_2027q3_asset_proceeds	2027Q3 / upside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals upside_2027q3_cash_after_disposals	2027Q3 / upside	33.90 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(upside_2027q3_fcf, upside_2027q3_asset_proceeds).
Construction grant cash upside_2027q3_grant	2027Q3 / upside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions upside_2027q3_jv	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding upside_2027q3_withholding	2027Q3 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal upside_2027q3_lease_principal	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses upside_2027q3_capital_uses	2027Q3 / upside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(upside_2027q3_jv, upside_2027q3_withholding, upside_2027q3_lease_principal).
Cash after capital grants upside_2027q3_after_grants	2027Q3 / upside	33.90 USD_millions	derived: Grant cash does not change operating income. Formula: sum(upside_2027q3_cash_after_disposals, upside_2027q3_grant).
Cash after capital allocations upside_2027q3_cash_after_capital	2027Q3 / upside	0.90 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(upside_2027q3_after_grants, upside_2027q3_capital_uses).
Annual segment revenue quarter share upside_2027q4_weight	2027Q4 / upside	28.0% ratio	assumption: Desk assumption, not company guidance.
Government Solutions revenue upside_2027q4_kgs	2027Q4 / upside	548.41 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_kgs, upside_2027q4_weight).
Unmanned revenue upside_2027q4_unmanned	2027Q4 / upside	128.78 USD_millions	derived: Desk delivery phasing. Formula: multiply(upside_fy27_unmanned, upside_2027q4_weight).
Revenue upside_2027q4_revenue	2027Q4 / upside	677.20 USD_millions	derived: Distinct segments. Formula: sum(upside_2027q4_kgs, upside_2027q4_unmanned).
kgs adjusted margin upside_2027q4_kgs_ebitda_margin	2027Q4 / upside	13.5% ratio	assumption: Desk assumption, not company guidance.
kgs adjusted EBITDA upside_2027q4_kgs_ebitda	2027Q4 / upside	74.04 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q4_kgs, upside_2027q4_kgs_ebitda_margin).
unmanned adjusted margin upside_2027q4_unmanned_ebitda_margin	2027Q4 / upside	11.0% ratio	assumption: Desk assumption, not company guidance.
unmanned adjusted EBITDA upside_2027q4_unmanned_ebitda	2027Q4 / upside	14.17 USD_millions	derived: Includes allocated adjusted corporate expense. Formula: multiply(upside_2027q4_unmanned, upside_2027q4_unmanned_ebitda_margin).
Adjusted EBITDA upside_2027q4_adjusted_ebitda	2027Q4 / upside	88.20 USD_millions	derived: No pipeline valuation or financing income included. Formula: sum(upside_2027q4_kgs_ebitda, upside_2027q4_unmanned_ebitda).
kgs GAAP gross margin upside_2027q4_kgs_gross_margin	2027Q4 / upside	25.5% ratio	assumption: Desk assumption, not company guidance.
kgs gross profit upside_2027q4_kgs_gross	2027Q4 / upside	139.85 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q4_kgs, upside_2027q4_kgs_gross_margin).
unmanned GAAP gross margin upside_2027q4_unmanned_gross_margin	2027Q4 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
unmanned gross profit upside_2027q4_unmanned_gross	2027Q4 / upside	34.77 USD_millions	derived: Desk mix and cost-execution sensitivity. Formula: multiply(upside_2027q4_unmanned, upside_2027q4_unmanned_gross_margin).
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	174.62 USD_millions	derived: Actual segment gross margins are not separately guided. Formula: sum(upside_2027q4_kgs_gross, upside_2027q4_unmanned_gross).
Depreciation upside_2027q4_depreciation	2027Q4 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Intangible and contract/development amortization upside_2027q4_amortization	2027Q4 / upside	12.00 USD_millions	assumption: Includes capitalized development amortization once; no second deduction of the same amortization.
Ordinary stock compensation upside_2027q4_sbc	2027Q4 / upside	22.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash acquisition/integration expense upside_2027q4_cash_exclusions	2027Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA operating exclusions upside_2027q4_exclusions	2027Q4 / upside	50.00 USD_millions	derived: SBC and DA are noncash; integration remains cash. Formula: sum(upside_2027q4_depreciation, upside_2027q4_amortization, upside_2027q4_sbc, upside_2027q4_cash_exclusions).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	38.20 USD_millions	derived: No repeated fair-value reversal or speculative gain. Formula: subtract(upside_2027q4_adjusted_ebitda, upside_2027q4_exclusions).
Net cash investment income upside_2027q4_cash_interest	2027Q4 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before working capital upside_2027q4_cash_before_uses	2027Q4 / upside	96.20 USD_millions	derived: Investment income from the existing cash balance; no equity offering proceeds. Formula: sum(upside_2027q4_operating_income, upside_2027q4_depreciation, upside_2027q4_amortization, upside_2027q4_sbc, upside_2027q4_cash_interest).
Unbilled/inventory and other net operating cash use upside_2027q4_working_capital	2027Q4 / upside	0.00 USD_millions	assumption: Includes work-in-process previously described as prospective capex; not deducted in PP&E a second time.
Cash taxes upside_2027q4_cash_tax	2027Q4 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Working-capital and tax cash use upside_2027q4_cash_uses	2027Q4 / upside	6.00 USD_millions	derived: Net cash timing after customer and supplier financing. Formula: sum(upside_2027q4_working_capital, upside_2027q4_cash_tax).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	90.20 USD_millions	derived: No asset sales, grants or financing proceeds. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses).
Gross capital expenditures upside_2027q4_capex	2027Q4 / upside	40.00 USD_millions	assumption: Includes normal maintenance and factory/aircraft capital, but excludes the separately modeled inventory cash use.
CFO less gross capex upside_2027q4_fcf	2027Q4 / upside	50.20 USD_millions	derived: Arithmetic cash measure, not forced to the independently published company FCF range. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Cash from asset disposals upside_2027q4_asset_proceeds	2027Q4 / upside	0.00 USD_millions	assumption: No recurring sale proceeds assumed after H1; changing this affects investing cash only.
Cash after asset disposals upside_2027q4_cash_after_disposals	2027Q4 / upside	50.20 USD_millions	derived: Preserves the distinction highlighted by Q2 company-owned aircraft sales. Formula: sum(upside_2027q4_fcf, upside_2027q4_asset_proceeds).
Construction grant cash upside_2027q4_grant	2027Q4 / upside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
JV capital contributions upside_2027q4_jv	2027Q4 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Award tax withholding upside_2027q4_withholding	2027Q4 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Finance lease principal upside_2027q4_lease_principal	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
JV, award and lease cash uses upside_2027q4_capital_uses	2027Q4 / upside	33.00 USD_millions	derived: No further M&A or equity offering assumed. Formula: sum(upside_2027q4_jv, upside_2027q4_withholding, upside_2027q4_lease_principal).
Cash after capital grants upside_2027q4_after_grants	2027Q4 / upside	50.20 USD_millions	derived: Grant cash does not change operating income. Formula: sum(upside_2027q4_cash_after_disposals, upside_2027q4_grant).
Cash after capital allocations upside_2027q4_cash_after_capital	2027Q4 / upside	17.20 USD_millions	derived: Before financing proceeds and other acquisitions. Formula: subtract(upside_2027q4_after_grants, upside_2027q4_capital_uses).
Revenue ($M) upside_fy2026_revenue	FY2026 / upside	1,824.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Government Solutions revenue ($M) upside_fy2026_kgs	FY2026 / upside	1,483.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_kgs, upside_2026q3_kgs, upside_2026q4_kgs).
Unmanned Systems revenue ($M) upside_fy2026_unmanned	FY2026 / upside	340.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_unmanned, upside_2026q3_unmanned, upside_2026q4_unmanned).
GAAP gross profit proxy ($M) upside_fy2026_gross_profit	FY2026 / upside	446.03 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).
Adjusted EBITDA ($M) upside_fy2026_adjusted_ebitda	FY2026 / upside	188.46 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, upside_2026q3_adjusted_ebitda, upside_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	31.96 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 ($M) upside_fy2026_cfo	FY2026 / upside	68.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Gross capital expenditures ($M) upside_fy2026_capex	FY2026 / upside	130.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less gross capex ($M) upside_fy2026_fcf	FY2026 / upside	-61.44 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Asset disposal proceeds ($M) upside_fy2026_asset_proceeds	FY2026 / upside	13.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_proceeds, upside_2026q3_asset_proceeds, upside_2026q4_asset_proceeds).
Cash after capex and asset disposals ($M) upside_fy2026_cash_after_disposals	FY2026 / upside	-47.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_disposals, upside_2026q3_cash_after_disposals, upside_2026q4_cash_after_disposals).
Cash after acquisitions/JV and equity settlements ($M) upside_fy2026_cash_after_capital	FY2026 / upside	-517.74 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capital, upside_2026q3_cash_after_capital, upside_2026q4_cash_after_capital).
Revenue ($M) upside_fy2027_revenue	FY2027 / upside	2,418.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Government Solutions revenue ($M) upside_fy2027_kgs	FY2027 / upside	1,958.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_kgs, upside_2027q2_kgs, upside_2027q3_kgs, upside_2027q4_kgs).
Unmanned Systems revenue ($M) upside_fy2027_unmanned	FY2027 / upside	459.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_unmanned, upside_2027q2_unmanned, upside_2027q3_unmanned, upside_2027q4_unmanned).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	623.63 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).
Adjusted EBITDA ($M) upside_fy2027_adjusted_ebitda	FY2027 / upside	315.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adjusted_ebitda, upside_2027q2_adjusted_ebitda, upside_2027q3_adjusted_ebitda, upside_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	121.01 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 ($M) upside_fy2027_cfo	FY2027 / upside	283.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Gross capital expenditures ($M) upside_fy2027_capex	FY2027 / upside	160.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less gross capex ($M) upside_fy2027_fcf	FY2027 / upside	123.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Asset disposal proceeds ($M) upside_fy2027_asset_proceeds	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_asset_proceeds, upside_2027q2_asset_proceeds, upside_2027q3_asset_proceeds, upside_2027q4_asset_proceeds).
Cash after capex and asset disposals ($M) upside_fy2027_cash_after_disposals	FY2027 / upside	123.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_disposals, upside_2027q2_cash_after_disposals, upside_2027q3_cash_after_disposals, upside_2027q4_cash_after_disposals).
Cash after acquisitions/JV and equity settlements ($M) upside_fy2027_cash_after_capital	FY2027 / upside	-8.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_capital, upside_2027q2_cash_after_capital, upside_2027q3_cash_after_capital, upside_2027q4_cash_after_capital).

Model boundaries

Company backlog includes funded and unfunded commitments; the $15B bid pipeline is not contracted revenue. Proposed government budgets and capacity targets are not orders.
The reported Q2 growth rate includes Nomad and Orbit; the organic growth rate is lower. Forecast segment sales include these already acquired businesses without adding acquisition revenue again.
The annual CFO, capex and FCF guidance ranges are separately published ranges, not a disclosed matched-endpoint reconciliation. This model computes its own CFO-minus-gross-capex measure and shows disposal cash separately.
Q2 company FCF adds $9.3M proceeds from company-owned Valkyries. Asset proceeds and construction grants are investing cash; they do not improve modeled revenue, earnings or CFO.
Working-capital investment in engines and drone work-in-process is in CFO. It is not also treated as PP&E. Some previously planned capex moved to customer-funded work or inventory classifications.
There is no complete balance sheet, contract cost-at-completion rollforward or forward EPS. Further acquisitions, grants, aircraft sales and equity financing are not presumed.

Defense growth before the capacity build pays for itself

Research reviewed 2026-09-19

Can production growth outrun the cash committed to factories, inventory and unbilled work?

H1 sales of $829.8M comprised $668.1M Government Solutions and $161.7M Unmanned Systems. Adjusted EBITDA was $76.9M versus $3.1M operating income. CFO was negative $38.4M, gross capex $37.1M and CFO less capex negative $75.5M. Asset disposals supplied $13.5M; Q2 company FCF specifically added $9.3M from company-owned aircraft. H1 acquisitions consumed $346.8M, JV funding $6.9M and award withholding $59.1M. Net equity proceeds of $1,348.4M are financing, not cash generated by customers. June cash was $1,437.6M. Backlog included approximately $1,572M funded and $512.7M unfunded; the $15B bid pipeline is separate. Guidance calls for $1.750B-$1.810B sales, $173M-$176M adjusted EBITDA, $30M-$50M CFO and $125M-$135M capex, with a separately published $85M-$105M FCF use. The model keeps these definitions and independent ranges visible.

The competing explanation

Investment can be economically justified yet dilute owners or depress cash for years before contract conversion. Customer-funded work, inventory and capital equipment classifications can shift without changing the total cash burden. A strong backlog does not eliminate fixed-price cost, staffing or milestone risk.

Risks to track

Appropriations and contract timing can delay funded production.
Bid pipeline and manufacturing targets are not guaranteed demand.
Inventory, development and unbilled work consume cash ahead of collections.
Acquisition mix and integration complicate organic growth comparisons.
Fixed-price cost execution and FX can pressure margins.
Asset sales, grants and equity financing can obscure recurring cash conversion.

Next checkpoints

Q3 and annual delivery · Q3 ends September 27; FY2026 ends December 27 (estimated). Compare $460M-$480M Q3 sales and $40M-$45M adjusted EBITDA with cash investment.
Capacity spending · Through 2027 company investment period (estimated). Separate inventory/work-in-process in CFO from gross PP&E, asset sales and grants.
Funded backlog · Each quarterly filing (estimated). Track appropriated work and conversion independently from the bid pipeline.

Data coverage and open work

Company backlog includes funded and unfunded commitments; the $15B bid pipeline is not contracted revenue. Proposed government budgets and capacity targets are not orders.
The reported Q2 growth rate includes Nomad and Orbit; the organic growth rate is lower. Forecast segment sales include these already acquired businesses without adding acquisition revenue again.
The annual CFO, capex and FCF guidance ranges are separately published ranges, not a disclosed matched-endpoint reconciliation. This model computes its own CFO-minus-gross-capex measure and shows disposal cash separately.
Q2 company FCF adds $9.3M proceeds from company-owned Valkyries. Asset proceeds and construction grants are investing cash; they do not improve modeled revenue, earnings or CFO.
Working-capital investment in engines and drone work-in-process is in CFO. It is not also treated as PP&E. Some previously planned capex moved to customer-funded work or inventory classifications.
There is no complete balance sheet, contract cost-at-completion rollforward or forward EPS. Further acquisitions, grants, aircraft sales and equity financing are not presumed.

This review: First segment/cash scenarios distinguishing organic growth, funded demand, disposal cash and the equity-funded capacity build.

What the memory says

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

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-2.5	+0.5	+3.5	60%
5 sessions	-5.7	+0.5	+7.2	53%
10 sessions	-6.4	+0.4	+9.7	51%

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-02 (source: estimated from 10-Q filed 2026-08-04 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001069258-26-000013, 10-K filed 2026-02-23; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[5] reported: GrossProfit, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[6] derived: GrossProfit, accession 0001069258-26-000013, 10-K filed 2026-02-23; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[7] reported: GrossProfit, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[8] reported: GrossProfit, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[9] reported: OperatingIncomeLoss, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[10] derived: OperatingIncomeLoss, accession 0001069258-26-000013, 10-K filed 2026-02-23; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[11] reported: OperatingIncomeLoss, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[12] reported: OperatingIncomeLoss, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[13] reported: NetIncomeLoss, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[14] derived: NetIncomeLoss, accession 0001069258-26-000013, 10-K filed 2026-02-23; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[15] reported: NetIncomeLoss, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[16] reported: NetIncomeLoss, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[17] reported: EarningsPerShareDiluted, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[18] reported: EarningsPerShareDiluted, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[19] reported: EarningsPerShareDiluted, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001069258-24-000061, 10-Q filed 2024-11-07; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001069258-26-000013, 10-K filed 2026-02-23; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001069258-25-000028, 10-Q filed 2025-05-07; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001069258-25-000048, 10-Q filed 2025-08-07; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[30] reported: LongTermDebtNoncurrent, accession 0001069258-24-000061, 10-Q filed 2024-11-07; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[31] reported: LongTermDebtNoncurrent, accession 0001069258-26-000013, 10-K filed 2026-02-23; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[32] reported: LongTermDebtNoncurrent, accession 0001069258-25-000028, 10-Q filed 2025-05-07; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[33] reported: LongTermDebtNoncurrent, accession 0001069258-25-000048, 10-Q filed 2025-08-07; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[34] reported: LongTermDebtNoncurrent, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[35] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001069258-25-000058, 10-Q filed 2025-11-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[36] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001069258-26-000013, 10-K filed 2026-02-23; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[37] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001069258-26-000053, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json
[38] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001069258-26-000077, 10-Q filed 2026-08-04; retrieved 2026-09-19T20:45:34+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001069258.json

What the author read

August 4 results, investment plans and guidance ranges · retrieved 2026-09-19
August 4 Form 10-Q: segment detail, acquisitions and cash financing · retrieved 2026-09-19

Compiled 2026-09-19T20:45:34.738763+00:00 · authored 9fe0ae50c375 · generated d9d14d6b9483 · JSON

Daily notes · Scorecard