$NVTS
Business
Navitas designs GaN and silicon-carbide power semiconductors and is shifting from mobile charging toward high-power applications. AI data centers, electricity infrastructure and industrial systems require different product qualifications and adoption cycles. The proposed Claros acquisition would add processor-level power-delivery technology, with management describing its growth acceleration from 2028/2029. Equity capital currently funds development and operating losses.
Three drivers
- High-power adoption versus the mobile exit
- Engineering expense, acquired amortization and equity compensation
- Operating burn, equity financing and conditional acquisition cash
Thesis
Our view
The high-power transition can expand product opportunity, but current sales remain small relative to engineering spending. Available cash reflects substantial equity financing. A proposed technology acquisition can extend the roadmap while consuming cash before its expected commercial contribution; samples and market size are not contracted revenue.
What changes it
Track high-power revenue and gross margin against engineering cash burn. Improve confidence when production adoption scales beyond samples; reduce it if customer ramps slip, financing dependence persists or acquisition spending outruns milestones.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 21.71 | 18.0†2 | 14.03 | 14.54 | 10.11 | 7.3†2 | 8.63 | 10.54 |
| Gross profit ($M) | 4.75 | -1.76 | 1.3†7 | -1.78 | -0.29 | -1.310 | -0.8†11 | 0.012 |
| Operating income ($M) | -29.013 | -39.0†14 | -25.315 | -21.716 | -19.413 | -41.4†14 | -27.815 | -27.216 |
| Net income ($M) | -18.717 | -39.9†18 | — | — | — | — | — | — |
| EPS, diluted ($) | -0.1019 | — | -0.0920 | -0.2521 | -0.0919 | — | -0.1520 | -0.9521 |
| Diluted shares (M) | 184.722 | — | 187.823 | 199.024 | 212.722 | — | 230.023 | 240.624 |
| Cash ($M) | 98.325 | 86.726 | 75.127 | 161.228 | 150.625 | 236.928 | 221.027 | 557.428 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | -13.7†29 | -10.2†30 | -13.531 | -11.2†32 | -10.0†29 | -8.1†30 | -16.431 | -32.0†32 |
| Capex ($M) | 0.6†33 | 0.6†34 | 0.035 | 0.7†36 | 0.7†33 | 0.0†34 | 0.435 | 0.2†36 |
| Free cash flow ($M) | -14.3†37 | -10.8†38 | -13.6†39 | -11.9†40 | -10.7†37 | -8.2†38 | -16.8†39 | -32.2†40 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 13.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue excluding speculative early Claros sales ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 15.6 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue excluding speculative early Claros sales ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 23.1 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue excluding speculative early Claros sales ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 26.6 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue excluding speculative early Claros sales ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
High-power adoption with conditional acquisition cash and no early VPD sales
Preserve H1 and anchor Q3 to guidance. Translate the company directional mid-single-digit annual growth comment into an explicitly assumed 5% base case; Q4 is the residual. Separate AI infrastructure, other high-power and declining mobile within each quarter. FY2027 is an adoption sensitivity. Reconcile non-GAAP gross profit/opex to GAAP with ordinary equity pay, acquired amortization and cash special costs. Add conditional Claros development cost, provisional amortization and purchase cash, with no Claros sales before the stated 2028/2029 acceleration horizon.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| Q3 revenue guidance midpoint | 2026Q3 | 13.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 non-GAAP operating expense midpoint | 2026Q3 | 16.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 non-GAAP gross margin midpoint | 2026Q3 | 39.7% | management guidance. Company 39.7% plus or minus 100 basis points. Source · 2026-07-27 |
| H1 revenue | H1 2026 | 19.13 | reported. Company reported H1 amount; no Claros purchase in historical H1. Source · 2026-07-27 |
| H1 non gaap op | H1 2026 | -23.01 | reported. Company reported H1 amount; no Claros purchase in historical H1. Source · 2026-07-27 |
| H1 operating income | H1 2026 | -54.96 | reported. Company reported H1 amount; no Claros purchase in historical H1. Source · 2026-07-27 |
| H1 earnout fv | H1 2026 | 210.98 | reported. Company reported H1 amount; no Claros purchase in historical H1. Source · 2026-07-27 |
| H1 earnout cash | H1 2026 | 3.75 | reported. Company reported H1 amount; no Claros purchase in historical H1. Source · 2026-07-27 |
| legacy earnout balance | June-September 2026 | 0.00 | reported. Reported historical amount; restricted cash excluded from liquidity. Source · 2026-07-27 |
| H1 cfo | H1 2026 | -48.35 | reported. Company reported H1 amount; no Claros purchase in historical H1. Source · 2026-07-27 |
| H1 CFO less PP&E | H1 2026 | -48.96 | derived. Before separately classified financing settlement cash. |
| H1 equity proceeds | H1 2026 | 380.73 | reported. Company reported H1 amount; no Claros purchase in historical H1. Source · 2026-07-27 |
| cash | June-September 2026 | 557.41 | reported. Reported historical amount; restricted cash excluded from liquidity. Source · 2026-07-27 |
| claros cash | June-September 2026 | 126.40 | reported. Claros remains conditional; PSU value is a separate compensation reference based on August 21 stock price. Source · 2026-09-08 |
| June unrestricted cash less conditional purchase | Mechanical reference | 431.01 | derived. Not actual closing cash or runway; intervening operating burn and settlement adjustments excluded. |
| claros closing shares | Conditional close | 6.91 | reported. September 8 registered contractual share quantities; earnout is contingent, not additional cash. Source · 2026-09-08 |
| claros earnout max shares | Conditional close | 1.29 | reported. September 8 registered contractual share quantities; earnout is contingent, not additional cash. Source · 2026-09-08 |
| claros psu value | June-September 2026 | 28.90 | reported. Claros remains conditional; PSU value is a separate compensation reference based on August 21 stock price. Source · 2026-08-25 |
Downside scenario
| Period | Operating cash flow proxy ($M) | CFO less PP&E ($M) | PP&E cash spending ($M) | Revenue excluding speculative early Claros sales ($M) | Non-GAAP operating income proxy ($M) | GAAP gross profit proxy ($M) | Conditional Claros purchase cash ($M) | GAAP operating income proxy ($M) | Cash after PP&E and acquisition ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -12.35 | -13.10 | 0.75 | 12.50 | -12.75 | 0.61 | 0.00 | -28.48 | -13.10 |
| 2026Q4 | -12.52 | -13.27 | 0.75 | 13.37 | -12.92 | 1.04 | 0.00 | -29.06 | -13.27 |
| 2027Q1 | -14.58 | -15.58 | 1.00 | 14.40 | -14.03 | 1.54 | 126.40 | -32.26 | -141.98 |
| 2027Q2 | -16.46 | -17.46 | 1.00 | 16.56 | -15.66 | 2.50 | 0.00 | -37.71 | -17.46 |
| FY2026 | -73.22 | -75.34 | 2.12 | 45.00 | -48.68 | 0.89 | 0.00 | -112.50 | -75.34 |
| FY2027 | -62.89 | -66.89 | 4.00 | 72.00 | -59.19 | 12.67 | 126.40 | -144.76 | -193.29 |
Base scenario
| Period | Operating cash flow proxy ($M) | CFO less PP&E ($M) | PP&E cash spending ($M) | Revenue excluding speculative early Claros sales ($M) | Non-GAAP operating income proxy ($M) | GAAP gross profit proxy ($M) | Conditional Claros purchase cash ($M) | GAAP operating income proxy ($M) | Cash after PP&E and acquisition ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -9.74 | -10.49 | 0.75 | 13.50 | -11.14 | 1.22 | 0.00 | -26.87 | -10.49 |
| 2026Q4 | -11.60 | -12.35 | 0.75 | 15.58 | -11.80 | 2.16 | 126.40 | -30.14 | -138.75 |
| 2027Q1 | -10.74 | -11.74 | 1.00 | 23.14 | -11.19 | 5.37 | 0.00 | -32.84 | -11.74 |
| 2027Q2 | -9.98 | -10.98 | 1.00 | 26.61 | -10.18 | 6.99 | 0.00 | -32.22 | -10.98 |
| FY2026 | -69.69 | -71.81 | 2.12 | 48.21 | -45.95 | 2.62 | 126.40 | -111.97 | -198.21 |
| FY2027 | -37.18 | -41.18 | 4.00 | 115.71 | -37.48 | 32.37 | 0.00 | -126.47 | -41.18 |
Upside scenario
| Period | Operating cash flow proxy ($M) | CFO less PP&E ($M) | PP&E cash spending ($M) | Revenue excluding speculative early Claros sales ($M) | Non-GAAP operating income proxy ($M) | GAAP gross profit proxy ($M) | Conditional Claros purchase cash ($M) | GAAP operating income proxy ($M) | Cash after PP&E and acquisition ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -9.70 | -10.45 | 0.75 | 14.50 | -10.60 | 1.76 | 0.00 | -26.33 | -10.45 |
| 2026Q4 | -11.21 | -11.96 | 0.75 | 17.37 | -10.91 | 3.06 | 126.40 | -29.25 | -138.36 |
| 2027Q1 | -7.01 | -8.01 | 1.00 | 32.64 | -6.96 | 9.60 | 0.00 | -28.61 | -8.01 |
| 2027Q2 | -5.53 | -6.53 | 1.00 | 37.54 | -5.23 | 11.93 | 0.00 | -27.28 | -6.53 |
| FY2026 | -69.25 | -71.37 | 2.12 | 51.00 | -44.52 | 4.06 | 126.40 | -110.54 | -197.77 |
| FY2027 | -17.47 | -21.47 | 4.00 | 163.20 | -15.77 | 54.08 | 0.00 | -104.76 | -21.47 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 2026 / shared | 19.13 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 gross profit h1_gross_profit | H1 2026 / shared | -0.76 USD_millions | reported: H1 gross profit includes $8.073M amortization in product costs; total amortization is $9.468M. Primary source · 2026-07-27 |
| H1 non gaap op h1_non_gaap_op | H1 2026 / shared | -23.01 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 operating income h1_operating_income | H1 2026 / shared | -54.96 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 cfo h1_cfo | H1 2026 / shared | -48.35 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 capex h1_capex | H1 2026 / shared | 0.61 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 acquisition cash h1_acquisition_cash | H1 2026 / shared | 0.00 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 sbc h1_sbc | H1 2026 / shared | 18.72 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 amortization h1_amortization | H1 2026 / shared | 9.47 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 depreciation h1_depreciation | H1 2026 / shared | 1.87 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 earnout fv h1_earnout_fv | H1 2026 / shared | 210.98 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 earnout cash h1_earnout_cash | H1 2026 / shared | 3.75 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 equity proceeds h1_equity_proceeds | H1 2026 / shared | 380.73 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 equity fees h1_equity_fees | H1 2026 / shared | 7.57 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 inventory use h1_inventory_use | H1 2026 / shared | 6.23 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 prepaid use h1_prepaid_use | H1 2026 / shared | 15.44 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 net loss h1_net_loss | H1 2026 / shared | -262.00 USD_millions | reported: Company reported H1 amount; no Claros purchase in historical H1. Primary source · 2026-07-27 |
| H1 CFO less PP&E h1_fcf | H1 2026 / shared | -48.96 USD_millions | derived: Before separately classified financing settlement cash. Formula: subtract(h1_cfo, h1_capex). |
| H1 cash after acquisition h1_cash_after_acquisition | H1 2026 / shared | -48.96 USD_millions | derived: No acquisitions in reported H1. Formula: subtract(h1_fcf, h1_acquisition_cash). |
| cash cash | June-September 2026 / shared | 557.41 USD_millions | reported: Reported historical amount; restricted cash excluded from liquidity. Primary source · 2026-07-27 |
| restricted restricted | June-September 2026 / shared | 0.86 USD_millions | reported: Reported historical amount; restricted cash excluded from liquidity. Primary source · 2026-07-27 |
| fy25 revenue fy25_revenue | June-September 2026 / shared | 45.92 USD_millions | reported: Reported historical amount; restricted cash excluded from liquidity. Primary source · 2026-02-24 |
| legacy earnout balance legacy_earnout_balance | June-September 2026 / shared | 0.00 USD_millions | reported: Reported historical amount; restricted cash excluded from liquidity. Primary source · 2026-07-27 |
| claros cash claros_cash | June-September 2026 / shared | 126.40 USD_millions | reported: Claros remains conditional; PSU value is a separate compensation reference based on August 21 stock price. Primary source · 2026-09-08 |
| claros psu value claros_psu_value | June-September 2026 / shared | 28.90 USD_millions | reported: Claros remains conditional; PSU value is a separate compensation reference based on August 21 stock price. Primary source · 2026-08-25 |
| claros closing shares claros_closing_shares | Conditional close / shared | 6.91 shares_millions | reported: September 8 registered contractual share quantities; earnout is contingent, not additional cash. Primary source · 2026-09-08 |
| claros earnout max shares claros_earnout_max_shares | Conditional close / shared | 1.29 shares_millions | reported: September 8 registered contractual share quantities; earnout is contingent, not additional cash. Primary source · 2026-09-08 |
| June unrestricted cash less conditional purchase cash_less_claros | Mechanical reference / shared | 431.01 USD_millions | derived: Not actual closing cash or runway; intervening operating burn and settlement adjustments excluded. Formula: subtract(cash, claros_cash). |
| Q3 revenue guidance low q3_guide_low | 2026Q3 / shared | 13.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-27 |
| Q3 revenue guidance high q3_guide_high | 2026Q3 / shared | 14.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-27 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q3 revenue guidance endpoint sum q3_guide_sum | 2026Q3 / shared | 27.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_guide_low, q3_guide_high). |
| Q3 revenue guidance midpoint q3_guide | 2026Q3 / shared | 13.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_guide_sum, two). |
| Q3 non-GAAP operating expense low q3_opex_low | 2026Q3 / shared | 15.50 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-27 |
| Q3 non-GAAP operating expense high q3_opex_high | 2026Q3 / shared | 17.50 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-27 |
| Q3 non-GAAP operating expense endpoint sum q3_opex_sum | 2026Q3 / shared | 33.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_opex_low, q3_opex_high). |
| Q3 non-GAAP operating expense midpoint q3_opex | 2026Q3 / shared | 16.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_opex_sum, two). |
| Q3 non-GAAP gross margin midpoint q3_ng_gm | 2026Q3 / shared | 39.7% ratio | management guidance: Company 39.7% plus or minus 100 basis points. Primary source · 2026-07-27 |
| Annual core revenue target downside_annual_target | FY2026 / downside | 45.00 USD_millions | assumption: Base translates directional mid-single-digit growth into a desk 5%; not formal $ guidance. |
| Revenue downside_2026q3_revenue | 2026Q3 / downside | 12.50 USD_millions | assumption: Base equals Q3 guidance midpoint. |
| AI/grid share of sales downside_2026q3_ai_mix | 2026Q3 / downside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue downside_2026q3_ai_infrastructure | 2026Q3 / downside | 3.75 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(downside_2026q3_revenue, downside_2026q3_ai_mix). |
| Mobile share downside_2026q3_mobile_mix | 2026Q3 / downside | 5.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue downside_2026q3_mobile | 2026Q3 / downside | 0.62 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(downside_2026q3_revenue, downside_2026q3_mobile_mix). |
| AI/grid plus mobile downside_2026q3_other_known | 2026Q3 / downside | 4.38 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(downside_2026q3_ai_infrastructure, downside_2026q3_mobile). |
| Other high-power revenue downside_2026q3_other_high_power | 2026Q3 / downside | 8.12 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(downside_2026q3_revenue, downside_2026q3_other_known). |
| Non-GAAP gross margin downside_2026q3_ng_gm | 2026Q3 / downside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2026q3_ng_gp | 2026Q3 / downside | 4.75 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(downside_2026q3_revenue, downside_2026q3_ng_gm). |
| Existing acquired amortization in COGS downside_2026q3_cogs_amort | 2026Q3 / downside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation downside_2026q3_cogs_sbc | 2026Q3 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost downside_2026q3_gross_adjustments | 2026Q3 / downside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(downside_2026q3_cogs_amort, downside_2026q3_cogs_sbc). |
| GAAP gross profit downside_2026q3_gross_profit | 2026Q3 / downside | 0.61 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(downside_2026q3_ng_gp, downside_2026q3_gross_adjustments). |
| Conditional Claros cash development expense downside_2026q3_claros_development | 2026Q3 / downside | 0.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense downside_2026q3_core_opex | 2026Q3 / downside | 17.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense downside_2026q3_ng_opex | 2026Q3 / downside | 17.50 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(downside_2026q3_core_opex, downside_2026q3_claros_development). |
| Non-GAAP operating income downside_2026q3_non_gaap_op | 2026Q3 / downside | -12.75 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(downside_2026q3_ng_gp, downside_2026q3_ng_opex). |
| Core total equity compensation downside_2026q3_core_sbc | 2026Q3 / downside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense downside_2026q3_claros_psu | 2026Q3 / downside | 0.00 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS downside_2026q3_other_amort | 2026Q3 / downside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization downside_2026q3_claros_amort | 2026Q3 / downside | 0.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance downside_2026q3_special | 2026Q3 / downside | 2.00 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments downside_2026q3_op_adjustments | 2026Q3 / downside | 15.73 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(downside_2026q3_core_sbc, downside_2026q3_claros_psu, downside_2026q3_cogs_amort, downside_2026q3_other_amort, downside_2026q3_claros_amort, downside_2026q3_special). |
| GAAP operating income downside_2026q3_operating_income | 2026Q3 / downside | -28.48 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(downside_2026q3_non_gaap_op, downside_2026q3_op_adjustments). |
| Ordinary depreciation downside_2026q3_depreciation | 2026Q3 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income downside_2026q3_investment_income | 2026Q3 / downside | 4.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes downside_2026q3_cash_before_uses | 2026Q3 / downside | -9.25 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(downside_2026q3_operating_income, downside_2026q3_core_sbc, downside_2026q3_claros_psu, downside_2026q3_cogs_amort, downside_2026q3_other_amort, downside_2026q3_claros_amort, downside_2026q3_depreciation, downside_2026q3_investment_income). |
| Cash taxes downside_2026q3_cash_tax | 2026Q3 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use downside_2026q3_wc | 2026Q3 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use downside_2026q3_cash_uses | 2026Q3 / downside | 3.10 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(downside_2026q3_cash_tax, downside_2026q3_wc). |
| Operating cash flow downside_2026q3_cfo | 2026Q3 / downside | -12.35 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses). |
| Cash PP&E spending downside_2026q3_capex | 2026Q3 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2026q3_fcf | 2026Q3 / downside | -13.10 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex). |
| Purchase paid in this quarter downside_2026q3_closing_switch | 2026Q3 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase downside_2026q3_acquisition_cash | 2026Q3 / downside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, downside_2026q3_closing_switch). |
| Cash after conditional acquisition downside_2026q3_cash_after_acquisition | 2026Q3 / downside | -13.10 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(downside_2026q3_fcf, downside_2026q3_acquisition_cash). |
| Actual H1 plus modeled Q3 downside_2026q4_prior_revenue | 2026Q4 / downside | 31.63 USD_millions | derived: Preserve actual H1. Formula: sum(h1_revenue, downside_2026q3_revenue). |
| Revenue downside_2026q4_revenue | 2026Q4 / downside | 13.37 USD_millions | derived: Q4 required for the annual desk scenario. Formula: subtract(downside_annual_target, downside_2026q4_prior_revenue). |
| AI/grid share of sales downside_2026q4_ai_mix | 2026Q4 / downside | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue downside_2026q4_ai_infrastructure | 2026Q4 / downside | 4.81 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(downside_2026q4_revenue, downside_2026q4_ai_mix). |
| Mobile share downside_2026q4_mobile_mix | 2026Q4 / downside | 1.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue downside_2026q4_mobile | 2026Q4 / downside | 0.13 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(downside_2026q4_revenue, downside_2026q4_mobile_mix). |
| AI/grid plus mobile downside_2026q4_other_known | 2026Q4 / downside | 4.95 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(downside_2026q4_ai_infrastructure, downside_2026q4_mobile). |
| Other high-power revenue downside_2026q4_other_high_power | 2026Q4 / downside | 8.42 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(downside_2026q4_revenue, downside_2026q4_other_known). |
| Non-GAAP gross margin downside_2026q4_ng_gm | 2026Q4 / downside | 38.7% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2026q4_ng_gp | 2026Q4 / downside | 5.18 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(downside_2026q4_revenue, downside_2026q4_ng_gm). |
| Existing acquired amortization in COGS downside_2026q4_cogs_amort | 2026Q4 / downside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation downside_2026q4_cogs_sbc | 2026Q4 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost downside_2026q4_gross_adjustments | 2026Q4 / downside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(downside_2026q4_cogs_amort, downside_2026q4_cogs_sbc). |
| GAAP gross profit downside_2026q4_gross_profit | 2026Q4 / downside | 1.04 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(downside_2026q4_ng_gp, downside_2026q4_gross_adjustments). |
| Conditional Claros cash development expense downside_2026q4_claros_development | 2026Q4 / downside | 0.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense downside_2026q4_core_opex | 2026Q4 / downside | 18.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense downside_2026q4_ng_opex | 2026Q4 / downside | 18.10 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(downside_2026q4_core_opex, downside_2026q4_claros_development). |
| Non-GAAP operating income downside_2026q4_non_gaap_op | 2026Q4 / downside | -12.92 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(downside_2026q4_ng_gp, downside_2026q4_ng_opex). |
| Core total equity compensation downside_2026q4_core_sbc | 2026Q4 / downside | 9.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense downside_2026q4_claros_psu | 2026Q4 / downside | 0.00 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS downside_2026q4_other_amort | 2026Q4 / downside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization downside_2026q4_claros_amort | 2026Q4 / downside | 0.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance downside_2026q4_special | 2026Q4 / downside | 2.00 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments downside_2026q4_op_adjustments | 2026Q4 / downside | 16.13 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(downside_2026q4_core_sbc, downside_2026q4_claros_psu, downside_2026q4_cogs_amort, downside_2026q4_other_amort, downside_2026q4_claros_amort, downside_2026q4_special). |
| GAAP operating income downside_2026q4_operating_income | 2026Q4 / downside | -29.06 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(downside_2026q4_non_gaap_op, downside_2026q4_op_adjustments). |
| Ordinary depreciation downside_2026q4_depreciation | 2026Q4 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income downside_2026q4_investment_income | 2026Q4 / downside | 4.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes downside_2026q4_cash_before_uses | 2026Q4 / downside | -9.42 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(downside_2026q4_operating_income, downside_2026q4_core_sbc, downside_2026q4_claros_psu, downside_2026q4_cogs_amort, downside_2026q4_other_amort, downside_2026q4_claros_amort, downside_2026q4_depreciation, downside_2026q4_investment_income). |
| Cash taxes downside_2026q4_cash_tax | 2026Q4 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use downside_2026q4_wc | 2026Q4 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use downside_2026q4_cash_uses | 2026Q4 / downside | 3.10 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(downside_2026q4_cash_tax, downside_2026q4_wc). |
| Operating cash flow downside_2026q4_cfo | 2026Q4 / downside | -12.52 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses). |
| Cash PP&E spending downside_2026q4_capex | 2026Q4 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2026q4_fcf | 2026Q4 / downside | -13.27 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex). |
| Purchase paid in this quarter downside_2026q4_closing_switch | 2026Q4 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase downside_2026q4_acquisition_cash | 2026Q4 / downside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, downside_2026q4_closing_switch). |
| Cash after conditional acquisition downside_2026q4_cash_after_acquisition | 2026Q4 / downside | -13.27 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(downside_2026q4_fcf, downside_2026q4_acquisition_cash). |
| High-power adoption multiplier downside_2027q1_annual_growth | 2027Q1 / downside | 160.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q1_season | 2027Q1 / downside | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q1_revenue | 2027Q1 / downside | 14.40 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(downside_annual_target, downside_2027q1_annual_growth, downside_2027q1_season). |
| AI/grid share of sales downside_2027q1_ai_mix | 2027Q1 / downside | 40.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue downside_2027q1_ai_infrastructure | 2027Q1 / downside | 5.76 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(downside_2027q1_revenue, downside_2027q1_ai_mix). |
| Mobile share downside_2027q1_mobile_mix | 2027Q1 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue downside_2027q1_mobile | 2027Q1 / downside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(downside_2027q1_revenue, downside_2027q1_mobile_mix). |
| AI/grid plus mobile downside_2027q1_other_known | 2027Q1 / downside | 5.76 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(downside_2027q1_ai_infrastructure, downside_2027q1_mobile). |
| Other high-power revenue downside_2027q1_other_high_power | 2027Q1 / downside | 8.64 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(downside_2027q1_revenue, downside_2027q1_other_known). |
| Non-GAAP gross margin downside_2027q1_ng_gm | 2027Q1 / downside | 39.4% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q1_ng_gp | 2027Q1 / downside | 5.67 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(downside_2027q1_revenue, downside_2027q1_ng_gm). |
| Existing acquired amortization in COGS downside_2027q1_cogs_amort | 2027Q1 / downside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation downside_2027q1_cogs_sbc | 2027Q1 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost downside_2027q1_gross_adjustments | 2027Q1 / downside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(downside_2027q1_cogs_amort, downside_2027q1_cogs_sbc). |
| GAAP gross profit downside_2027q1_gross_profit | 2027Q1 / downside | 1.54 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(downside_2027q1_ng_gp, downside_2027q1_gross_adjustments). |
| Conditional Claros cash development expense downside_2027q1_claros_development | 2027Q1 / downside | 1.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense downside_2027q1_core_opex | 2027Q1 / downside | 18.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense downside_2027q1_ng_opex | 2027Q1 / downside | 19.70 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(downside_2027q1_core_opex, downside_2027q1_claros_development). |
| Non-GAAP operating income downside_2027q1_non_gaap_op | 2027Q1 / downside | -14.03 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(downside_2027q1_ng_gp, downside_2027q1_ng_opex). |
| Core total equity compensation downside_2027q1_core_sbc | 2027Q1 / downside | 9.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense downside_2027q1_claros_psu | 2027Q1 / downside | 1.20 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS downside_2027q1_other_amort | 2027Q1 / downside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization downside_2027q1_claros_amort | 2027Q1 / downside | 1.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance downside_2027q1_special | 2027Q1 / downside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments downside_2027q1_op_adjustments | 2027Q1 / downside | 18.24 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(downside_2027q1_core_sbc, downside_2027q1_claros_psu, downside_2027q1_cogs_amort, downside_2027q1_other_amort, downside_2027q1_claros_amort, downside_2027q1_special). |
| GAAP operating income downside_2027q1_operating_income | 2027Q1 / downside | -32.26 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(downside_2027q1_non_gaap_op, downside_2027q1_op_adjustments). |
| Ordinary depreciation downside_2027q1_depreciation | 2027Q1 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income downside_2027q1_investment_income | 2027Q1 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes downside_2027q1_cash_before_uses | 2027Q1 / downside | -11.23 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(downside_2027q1_operating_income, downside_2027q1_core_sbc, downside_2027q1_claros_psu, downside_2027q1_cogs_amort, downside_2027q1_other_amort, downside_2027q1_claros_amort, downside_2027q1_depreciation, downside_2027q1_investment_income). |
| Cash taxes downside_2027q1_cash_tax | 2027Q1 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use downside_2027q1_wc | 2027Q1 / downside | 3.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use downside_2027q1_cash_uses | 2027Q1 / downside | 3.35 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(downside_2027q1_cash_tax, downside_2027q1_wc). |
| Operating cash flow downside_2027q1_cfo | 2027Q1 / downside | -14.58 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses). |
| Cash PP&E spending downside_2027q1_capex | 2027Q1 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q1_fcf | 2027Q1 / downside | -15.58 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex). |
| Purchase paid in this quarter downside_2027q1_closing_switch | 2027Q1 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase downside_2027q1_acquisition_cash | 2027Q1 / downside | 126.40 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, downside_2027q1_closing_switch). |
| Cash after conditional acquisition downside_2027q1_cash_after_acquisition | 2027Q1 / downside | -141.98 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(downside_2027q1_fcf, downside_2027q1_acquisition_cash). |
| High-power adoption multiplier downside_2027q2_annual_growth | 2027Q2 / downside | 160.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q2_season | 2027Q2 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q2_revenue | 2027Q2 / downside | 16.56 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(downside_annual_target, downside_2027q2_annual_growth, downside_2027q2_season). |
| AI/grid share of sales downside_2027q2_ai_mix | 2027Q2 / downside | 45.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue downside_2027q2_ai_infrastructure | 2027Q2 / downside | 7.45 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(downside_2027q2_revenue, downside_2027q2_ai_mix). |
| Mobile share downside_2027q2_mobile_mix | 2027Q2 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue downside_2027q2_mobile | 2027Q2 / downside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(downside_2027q2_revenue, downside_2027q2_mobile_mix). |
| AI/grid plus mobile downside_2027q2_other_known | 2027Q2 / downside | 7.45 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(downside_2027q2_ai_infrastructure, downside_2027q2_mobile). |
| Other high-power revenue downside_2027q2_other_high_power | 2027Q2 / downside | 9.11 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(downside_2027q2_revenue, downside_2027q2_other_known). |
| Non-GAAP gross margin downside_2027q2_ng_gm | 2027Q2 / downside | 40.1% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q2_ng_gp | 2027Q2 / downside | 6.64 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(downside_2027q2_revenue, downside_2027q2_ng_gm). |
| Existing acquired amortization in COGS downside_2027q2_cogs_amort | 2027Q2 / downside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation downside_2027q2_cogs_sbc | 2027Q2 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost downside_2027q2_gross_adjustments | 2027Q2 / downside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(downside_2027q2_cogs_amort, downside_2027q2_cogs_sbc). |
| GAAP gross profit downside_2027q2_gross_profit | 2027Q2 / downside | 2.50 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(downside_2027q2_ng_gp, downside_2027q2_gross_adjustments). |
| Conditional Claros cash development expense downside_2027q2_claros_development | 2027Q2 / downside | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense downside_2027q2_core_opex | 2027Q2 / downside | 19.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense downside_2027q2_ng_opex | 2027Q2 / downside | 22.30 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(downside_2027q2_core_opex, downside_2027q2_claros_development). |
| Non-GAAP operating income downside_2027q2_non_gaap_op | 2027Q2 / downside | -15.66 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(downside_2027q2_ng_gp, downside_2027q2_ng_opex). |
| Core total equity compensation downside_2027q2_core_sbc | 2027Q2 / downside | 10.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense downside_2027q2_claros_psu | 2027Q2 / downside | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS downside_2027q2_other_amort | 2027Q2 / downside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization downside_2027q2_claros_amort | 2027Q2 / downside | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance downside_2027q2_special | 2027Q2 / downside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments downside_2027q2_op_adjustments | 2027Q2 / downside | 22.05 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(downside_2027q2_core_sbc, downside_2027q2_claros_psu, downside_2027q2_cogs_amort, downside_2027q2_other_amort, downside_2027q2_claros_amort, downside_2027q2_special). |
| GAAP operating income downside_2027q2_operating_income | 2027Q2 / downside | -37.71 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(downside_2027q2_non_gaap_op, downside_2027q2_op_adjustments). |
| Ordinary depreciation downside_2027q2_depreciation | 2027Q2 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income downside_2027q2_investment_income | 2027Q2 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes downside_2027q2_cash_before_uses | 2027Q2 / downside | -12.86 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(downside_2027q2_operating_income, downside_2027q2_core_sbc, downside_2027q2_claros_psu, downside_2027q2_cogs_amort, downside_2027q2_other_amort, downside_2027q2_claros_amort, downside_2027q2_depreciation, downside_2027q2_investment_income). |
| Cash taxes downside_2027q2_cash_tax | 2027Q2 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use downside_2027q2_wc | 2027Q2 / downside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use downside_2027q2_cash_uses | 2027Q2 / downside | 3.60 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(downside_2027q2_cash_tax, downside_2027q2_wc). |
| Operating cash flow downside_2027q2_cfo | 2027Q2 / downside | -16.46 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses). |
| Cash PP&E spending downside_2027q2_capex | 2027Q2 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q2_fcf | 2027Q2 / downside | -17.46 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| Purchase paid in this quarter downside_2027q2_closing_switch | 2027Q2 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase downside_2027q2_acquisition_cash | 2027Q2 / downside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, downside_2027q2_closing_switch). |
| Cash after conditional acquisition downside_2027q2_cash_after_acquisition | 2027Q2 / downside | -17.46 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(downside_2027q2_fcf, downside_2027q2_acquisition_cash). |
| High-power adoption multiplier downside_2027q3_annual_growth | 2027Q3 / downside | 160.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q3_season | 2027Q3 / downside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 18.72 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(downside_annual_target, downside_2027q3_annual_growth, downside_2027q3_season). |
| AI/grid share of sales downside_2027q3_ai_mix | 2027Q3 / downside | 50.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue downside_2027q3_ai_infrastructure | 2027Q3 / downside | 9.36 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(downside_2027q3_revenue, downside_2027q3_ai_mix). |
| Mobile share downside_2027q3_mobile_mix | 2027Q3 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue downside_2027q3_mobile | 2027Q3 / downside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(downside_2027q3_revenue, downside_2027q3_mobile_mix). |
| AI/grid plus mobile downside_2027q3_other_known | 2027Q3 / downside | 9.36 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(downside_2027q3_ai_infrastructure, downside_2027q3_mobile). |
| Other high-power revenue downside_2027q3_other_high_power | 2027Q3 / downside | 9.36 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(downside_2027q3_revenue, downside_2027q3_other_known). |
| Non-GAAP gross margin downside_2027q3_ng_gm | 2027Q3 / downside | 40.8% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q3_ng_gp | 2027Q3 / downside | 7.64 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(downside_2027q3_revenue, downside_2027q3_ng_gm). |
| Existing acquired amortization in COGS downside_2027q3_cogs_amort | 2027Q3 / downside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation downside_2027q3_cogs_sbc | 2027Q3 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost downside_2027q3_gross_adjustments | 2027Q3 / downside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(downside_2027q3_cogs_amort, downside_2027q3_cogs_sbc). |
| GAAP gross profit downside_2027q3_gross_profit | 2027Q3 / downside | 3.50 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(downside_2027q3_ng_gp, downside_2027q3_gross_adjustments). |
| Conditional Claros cash development expense downside_2027q3_claros_development | 2027Q3 / downside | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense downside_2027q3_core_opex | 2027Q3 / downside | 19.90 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense downside_2027q3_ng_opex | 2027Q3 / downside | 22.90 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(downside_2027q3_core_opex, downside_2027q3_claros_development). |
| Non-GAAP operating income downside_2027q3_non_gaap_op | 2027Q3 / downside | -15.26 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(downside_2027q3_ng_gp, downside_2027q3_ng_opex). |
| Core total equity compensation downside_2027q3_core_sbc | 2027Q3 / downside | 10.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense downside_2027q3_claros_psu | 2027Q3 / downside | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS downside_2027q3_other_amort | 2027Q3 / downside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization downside_2027q3_claros_amort | 2027Q3 / downside | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance downside_2027q3_special | 2027Q3 / downside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments downside_2027q3_op_adjustments | 2027Q3 / downside | 22.45 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(downside_2027q3_core_sbc, downside_2027q3_claros_psu, downside_2027q3_cogs_amort, downside_2027q3_other_amort, downside_2027q3_claros_amort, downside_2027q3_special). |
| GAAP operating income downside_2027q3_operating_income | 2027Q3 / downside | -37.71 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(downside_2027q3_non_gaap_op, downside_2027q3_op_adjustments). |
| Ordinary depreciation downside_2027q3_depreciation | 2027Q3 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income downside_2027q3_investment_income | 2027Q3 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes downside_2027q3_cash_before_uses | 2027Q3 / downside | -12.46 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(downside_2027q3_operating_income, downside_2027q3_core_sbc, downside_2027q3_claros_psu, downside_2027q3_cogs_amort, downside_2027q3_other_amort, downside_2027q3_claros_amort, downside_2027q3_depreciation, downside_2027q3_investment_income). |
| Cash taxes downside_2027q3_cash_tax | 2027Q3 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use downside_2027q3_wc | 2027Q3 / downside | 3.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use downside_2027q3_cash_uses | 2027Q3 / downside | 3.85 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(downside_2027q3_cash_tax, downside_2027q3_wc). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | -16.31 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses). |
| Cash PP&E spending downside_2027q3_capex | 2027Q3 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q3_fcf | 2027Q3 / downside | -17.31 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Purchase paid in this quarter downside_2027q3_closing_switch | 2027Q3 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase downside_2027q3_acquisition_cash | 2027Q3 / downside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, downside_2027q3_closing_switch). |
| Cash after conditional acquisition downside_2027q3_cash_after_acquisition | 2027Q3 / downside | -17.31 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(downside_2027q3_fcf, downside_2027q3_acquisition_cash). |
| High-power adoption multiplier downside_2027q4_annual_growth | 2027Q4 / downside | 160.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share downside_2027q4_season | 2027Q4 / downside | 31.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 22.32 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(downside_annual_target, downside_2027q4_annual_growth, downside_2027q4_season). |
| AI/grid share of sales downside_2027q4_ai_mix | 2027Q4 / downside | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue downside_2027q4_ai_infrastructure | 2027Q4 / downside | 12.28 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(downside_2027q4_revenue, downside_2027q4_ai_mix). |
| Mobile share downside_2027q4_mobile_mix | 2027Q4 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue downside_2027q4_mobile | 2027Q4 / downside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(downside_2027q4_revenue, downside_2027q4_mobile_mix). |
| AI/grid plus mobile downside_2027q4_other_known | 2027Q4 / downside | 12.28 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(downside_2027q4_ai_infrastructure, downside_2027q4_mobile). |
| Other high-power revenue downside_2027q4_other_high_power | 2027Q4 / downside | 10.04 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(downside_2027q4_revenue, downside_2027q4_other_known). |
| Non-GAAP gross margin downside_2027q4_ng_gm | 2027Q4 / downside | 41.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q4_ng_gp | 2027Q4 / downside | 9.26 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(downside_2027q4_revenue, downside_2027q4_ng_gm). |
| Existing acquired amortization in COGS downside_2027q4_cogs_amort | 2027Q4 / downside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation downside_2027q4_cogs_sbc | 2027Q4 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost downside_2027q4_gross_adjustments | 2027Q4 / downside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(downside_2027q4_cogs_amort, downside_2027q4_cogs_sbc). |
| GAAP gross profit downside_2027q4_gross_profit | 2027Q4 / downside | 5.13 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(downside_2027q4_ng_gp, downside_2027q4_gross_adjustments). |
| Conditional Claros cash development expense downside_2027q4_claros_development | 2027Q4 / downside | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense downside_2027q4_core_opex | 2027Q4 / downside | 20.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense downside_2027q4_ng_opex | 2027Q4 / downside | 23.50 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(downside_2027q4_core_opex, downside_2027q4_claros_development). |
| Non-GAAP operating income downside_2027q4_non_gaap_op | 2027Q4 / downside | -14.24 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(downside_2027q4_ng_gp, downside_2027q4_ng_opex). |
| Core total equity compensation downside_2027q4_core_sbc | 2027Q4 / downside | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense downside_2027q4_claros_psu | 2027Q4 / downside | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS downside_2027q4_other_amort | 2027Q4 / downside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization downside_2027q4_claros_amort | 2027Q4 / downside | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance downside_2027q4_special | 2027Q4 / downside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments downside_2027q4_op_adjustments | 2027Q4 / downside | 22.85 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(downside_2027q4_core_sbc, downside_2027q4_claros_psu, downside_2027q4_cogs_amort, downside_2027q4_other_amort, downside_2027q4_claros_amort, downside_2027q4_special). |
| GAAP operating income downside_2027q4_operating_income | 2027Q4 / downside | -37.08 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(downside_2027q4_non_gaap_op, downside_2027q4_op_adjustments). |
| Ordinary depreciation downside_2027q4_depreciation | 2027Q4 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income downside_2027q4_investment_income | 2027Q4 / downside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes downside_2027q4_cash_before_uses | 2027Q4 / downside | -11.44 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(downside_2027q4_operating_income, downside_2027q4_core_sbc, downside_2027q4_claros_psu, downside_2027q4_cogs_amort, downside_2027q4_other_amort, downside_2027q4_claros_amort, downside_2027q4_depreciation, downside_2027q4_investment_income). |
| Cash taxes downside_2027q4_cash_tax | 2027Q4 / downside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use downside_2027q4_wc | 2027Q4 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use downside_2027q4_cash_uses | 2027Q4 / downside | 4.10 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(downside_2027q4_cash_tax, downside_2027q4_wc). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | -15.54 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses). |
| Cash PP&E spending downside_2027q4_capex | 2027Q4 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q4_fcf | 2027Q4 / downside | -16.54 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Purchase paid in this quarter downside_2027q4_closing_switch | 2027Q4 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase downside_2027q4_acquisition_cash | 2027Q4 / downside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, downside_2027q4_closing_switch). |
| Cash after conditional acquisition downside_2027q4_cash_after_acquisition | 2027Q4 / downside | -16.54 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(downside_2027q4_fcf, downside_2027q4_acquisition_cash). |
| Revenue excluding speculative early Claros sales ($M) downside_fy2026_revenue | FY2026 / downside | 45.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| GAAP gross profit proxy ($M) downside_fy2026_gross_profit | FY2026 / downside | 0.89 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). |
| Non-GAAP operating income proxy ($M) downside_fy2026_non_gaap_op | FY2026 / downside | -48.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, downside_2026q3_non_gaap_op, downside_2026q4_non_gaap_op). |
| GAAP operating income proxy ($M) downside_fy2026_operating_income | FY2026 / downside | -112.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2026_cfo | FY2026 / downside | -73.22 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| PP&E cash spending ($M) downside_fy2026_capex | FY2026 / downside | 2.12 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 PP&E ($M) downside_fy2026_fcf | FY2026 / downside | -75.34 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf). |
| Conditional Claros purchase cash ($M) downside_fy2026_acquisition_cash | FY2026 / downside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, downside_2026q3_acquisition_cash, downside_2026q4_acquisition_cash). |
| Cash after PP&E and acquisition ($M) downside_fy2026_cash_after_acquisition | FY2026 / downside | -75.34 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_acquisition, downside_2026q3_cash_after_acquisition, downside_2026q4_cash_after_acquisition). |
| Revenue excluding speculative early Claros sales ($M) downside_fy2027_revenue | FY2027 / downside | 72.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| GAAP gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 12.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Non-GAAP operating income proxy ($M) downside_fy2027_non_gaap_op | FY2027 / downside | -59.19 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_non_gaap_op, downside_2027q2_non_gaap_op, downside_2027q3_non_gaap_op, downside_2027q4_non_gaap_op). |
| GAAP operating income proxy ($M) downside_fy2027_operating_income | FY2027 / downside | -144.76 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2027_cfo | FY2027 / downside | -62.89 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). |
| PP&E cash spending ($M) downside_fy2027_capex | FY2027 / downside | 4.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| CFO less PP&E ($M) downside_fy2027_fcf | FY2027 / downside | -66.89 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). |
| Conditional Claros purchase cash ($M) downside_fy2027_acquisition_cash | FY2027 / downside | 126.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_acquisition_cash, downside_2027q2_acquisition_cash, downside_2027q3_acquisition_cash, downside_2027q4_acquisition_cash). |
| Cash after PP&E and acquisition ($M) downside_fy2027_cash_after_acquisition | FY2027 / downside | -193.29 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_acquisition, downside_2027q2_cash_after_acquisition, downside_2027q3_cash_after_acquisition, downside_2027q4_cash_after_acquisition). |
| Annual core revenue target base_annual_target | FY2026 / base | 48.21 USD_millions | assumption: Base translates directional mid-single-digit growth into a desk 5%; not formal $ guidance. |
| Revenue base_2026q3_revenue | 2026Q3 / base | 13.50 USD_millions | assumption: Base equals Q3 guidance midpoint. |
| AI/grid share of sales base_2026q3_ai_mix | 2026Q3 / base | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue base_2026q3_ai_infrastructure | 2026Q3 / base | 4.05 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(base_2026q3_revenue, base_2026q3_ai_mix). |
| Mobile share base_2026q3_mobile_mix | 2026Q3 / base | 5.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue base_2026q3_mobile | 2026Q3 / base | 0.68 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(base_2026q3_revenue, base_2026q3_mobile_mix). |
| AI/grid plus mobile base_2026q3_other_known | 2026Q3 / base | 4.72 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(base_2026q3_ai_infrastructure, base_2026q3_mobile). |
| Other high-power revenue base_2026q3_other_high_power | 2026Q3 / base | 8.78 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(base_2026q3_revenue, base_2026q3_other_known). |
| Non-GAAP gross margin base_2026q3_ng_gm | 2026Q3 / base | 39.7% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2026q3_ng_gp | 2026Q3 / base | 5.36 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(base_2026q3_revenue, base_2026q3_ng_gm). |
| Existing acquired amortization in COGS base_2026q3_cogs_amort | 2026Q3 / base | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation base_2026q3_cogs_sbc | 2026Q3 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost base_2026q3_gross_adjustments | 2026Q3 / base | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(base_2026q3_cogs_amort, base_2026q3_cogs_sbc). |
| GAAP gross profit base_2026q3_gross_profit | 2026Q3 / base | 1.22 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(base_2026q3_ng_gp, base_2026q3_gross_adjustments). |
| Conditional Claros cash development expense base_2026q3_claros_development | 2026Q3 / base | 0.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense base_2026q3_core_opex | 2026Q3 / base | 16.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense base_2026q3_ng_opex | 2026Q3 / base | 16.50 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(base_2026q3_core_opex, base_2026q3_claros_development). |
| Non-GAAP operating income base_2026q3_non_gaap_op | 2026Q3 / base | -11.14 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(base_2026q3_ng_gp, base_2026q3_ng_opex). |
| Core total equity compensation base_2026q3_core_sbc | 2026Q3 / base | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense base_2026q3_claros_psu | 2026Q3 / base | 0.00 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS base_2026q3_other_amort | 2026Q3 / base | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization base_2026q3_claros_amort | 2026Q3 / base | 0.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance base_2026q3_special | 2026Q3 / base | 2.00 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments base_2026q3_op_adjustments | 2026Q3 / base | 15.73 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(base_2026q3_core_sbc, base_2026q3_claros_psu, base_2026q3_cogs_amort, base_2026q3_other_amort, base_2026q3_claros_amort, base_2026q3_special). |
| GAAP operating income base_2026q3_operating_income | 2026Q3 / base | -26.87 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(base_2026q3_non_gaap_op, base_2026q3_op_adjustments). |
| Ordinary depreciation base_2026q3_depreciation | 2026Q3 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income base_2026q3_investment_income | 2026Q3 / base | 4.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes base_2026q3_cash_before_uses | 2026Q3 / base | -7.64 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(base_2026q3_operating_income, base_2026q3_core_sbc, base_2026q3_claros_psu, base_2026q3_cogs_amort, base_2026q3_other_amort, base_2026q3_claros_amort, base_2026q3_depreciation, base_2026q3_investment_income). |
| Cash taxes base_2026q3_cash_tax | 2026Q3 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use base_2026q3_wc | 2026Q3 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use base_2026q3_cash_uses | 2026Q3 / base | 2.10 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(base_2026q3_cash_tax, base_2026q3_wc). |
| Operating cash flow base_2026q3_cfo | 2026Q3 / base | -9.74 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses). |
| Cash PP&E spending base_2026q3_capex | 2026Q3 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2026q3_fcf | 2026Q3 / base | -10.49 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(base_2026q3_cfo, base_2026q3_capex). |
| Purchase paid in this quarter base_2026q3_closing_switch | 2026Q3 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase base_2026q3_acquisition_cash | 2026Q3 / base | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, base_2026q3_closing_switch). |
| Cash after conditional acquisition base_2026q3_cash_after_acquisition | 2026Q3 / base | -10.49 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(base_2026q3_fcf, base_2026q3_acquisition_cash). |
| Actual H1 plus modeled Q3 base_2026q4_prior_revenue | 2026Q4 / base | 32.63 USD_millions | derived: Preserve actual H1. Formula: sum(h1_revenue, base_2026q3_revenue). |
| Revenue base_2026q4_revenue | 2026Q4 / base | 15.58 USD_millions | derived: Q4 required for the annual desk scenario. Formula: subtract(base_annual_target, base_2026q4_prior_revenue). |
| AI/grid share of sales base_2026q4_ai_mix | 2026Q4 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue base_2026q4_ai_infrastructure | 2026Q4 / base | 5.61 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(base_2026q4_revenue, base_2026q4_ai_mix). |
| Mobile share base_2026q4_mobile_mix | 2026Q4 / base | 1.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue base_2026q4_mobile | 2026Q4 / base | 0.16 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(base_2026q4_revenue, base_2026q4_mobile_mix). |
| AI/grid plus mobile base_2026q4_other_known | 2026Q4 / base | 5.77 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(base_2026q4_ai_infrastructure, base_2026q4_mobile). |
| Other high-power revenue base_2026q4_other_high_power | 2026Q4 / base | 9.82 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(base_2026q4_revenue, base_2026q4_other_known). |
| Non-GAAP gross margin base_2026q4_ng_gm | 2026Q4 / base | 40.4% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2026q4_ng_gp | 2026Q4 / base | 6.30 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(base_2026q4_revenue, base_2026q4_ng_gm). |
| Existing acquired amortization in COGS base_2026q4_cogs_amort | 2026Q4 / base | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation base_2026q4_cogs_sbc | 2026Q4 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost base_2026q4_gross_adjustments | 2026Q4 / base | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(base_2026q4_cogs_amort, base_2026q4_cogs_sbc). |
| GAAP gross profit base_2026q4_gross_profit | 2026Q4 / base | 2.16 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(base_2026q4_ng_gp, base_2026q4_gross_adjustments). |
| Conditional Claros cash development expense base_2026q4_claros_development | 2026Q4 / base | 1.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense base_2026q4_core_opex | 2026Q4 / base | 17.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense base_2026q4_ng_opex | 2026Q4 / base | 18.10 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(base_2026q4_core_opex, base_2026q4_claros_development). |
| Non-GAAP operating income base_2026q4_non_gaap_op | 2026Q4 / base | -11.80 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(base_2026q4_ng_gp, base_2026q4_ng_opex). |
| Core total equity compensation base_2026q4_core_sbc | 2026Q4 / base | 9.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense base_2026q4_claros_psu | 2026Q4 / base | 1.20 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS base_2026q4_other_amort | 2026Q4 / base | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization base_2026q4_claros_amort | 2026Q4 / base | 1.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance base_2026q4_special | 2026Q4 / base | 2.00 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments base_2026q4_op_adjustments | 2026Q4 / base | 18.34 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(base_2026q4_core_sbc, base_2026q4_claros_psu, base_2026q4_cogs_amort, base_2026q4_other_amort, base_2026q4_claros_amort, base_2026q4_special). |
| GAAP operating income base_2026q4_operating_income | 2026Q4 / base | -30.14 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(base_2026q4_non_gaap_op, base_2026q4_op_adjustments). |
| Ordinary depreciation base_2026q4_depreciation | 2026Q4 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income base_2026q4_investment_income | 2026Q4 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes base_2026q4_cash_before_uses | 2026Q4 / base | -9.50 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(base_2026q4_operating_income, base_2026q4_core_sbc, base_2026q4_claros_psu, base_2026q4_cogs_amort, base_2026q4_other_amort, base_2026q4_claros_amort, base_2026q4_depreciation, base_2026q4_investment_income). |
| Cash taxes base_2026q4_cash_tax | 2026Q4 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use base_2026q4_wc | 2026Q4 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use base_2026q4_cash_uses | 2026Q4 / base | 2.10 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(base_2026q4_cash_tax, base_2026q4_wc). |
| Operating cash flow base_2026q4_cfo | 2026Q4 / base | -11.60 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses). |
| Cash PP&E spending base_2026q4_capex | 2026Q4 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2026q4_fcf | 2026Q4 / base | -12.35 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(base_2026q4_cfo, base_2026q4_capex). |
| Purchase paid in this quarter base_2026q4_closing_switch | 2026Q4 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase base_2026q4_acquisition_cash | 2026Q4 / base | 126.40 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, base_2026q4_closing_switch). |
| Cash after conditional acquisition base_2026q4_cash_after_acquisition | 2026Q4 / base | -138.75 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(base_2026q4_fcf, base_2026q4_acquisition_cash). |
| High-power adoption multiplier base_2027q1_annual_growth | 2027Q1 / base | 240.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q1_season | 2027Q1 / base | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q1_revenue | 2027Q1 / base | 23.14 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(base_annual_target, base_2027q1_annual_growth, base_2027q1_season). |
| AI/grid share of sales base_2027q1_ai_mix | 2027Q1 / base | 40.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue base_2027q1_ai_infrastructure | 2027Q1 / base | 9.26 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(base_2027q1_revenue, base_2027q1_ai_mix). |
| Mobile share base_2027q1_mobile_mix | 2027Q1 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue base_2027q1_mobile | 2027Q1 / base | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(base_2027q1_revenue, base_2027q1_mobile_mix). |
| AI/grid plus mobile base_2027q1_other_known | 2027Q1 / base | 9.26 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(base_2027q1_ai_infrastructure, base_2027q1_mobile). |
| Other high-power revenue base_2027q1_other_high_power | 2027Q1 / base | 13.88 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(base_2027q1_revenue, base_2027q1_other_known). |
| Non-GAAP gross margin base_2027q1_ng_gm | 2027Q1 / base | 41.1% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q1_ng_gp | 2027Q1 / base | 9.51 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(base_2027q1_revenue, base_2027q1_ng_gm). |
| Existing acquired amortization in COGS base_2027q1_cogs_amort | 2027Q1 / base | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation base_2027q1_cogs_sbc | 2027Q1 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost base_2027q1_gross_adjustments | 2027Q1 / base | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(base_2027q1_cogs_amort, base_2027q1_cogs_sbc). |
| GAAP gross profit base_2027q1_gross_profit | 2027Q1 / base | 5.37 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(base_2027q1_ng_gp, base_2027q1_gross_adjustments). |
| Conditional Claros cash development expense base_2027q1_claros_development | 2027Q1 / base | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense base_2027q1_core_opex | 2027Q1 / base | 17.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense base_2027q1_ng_opex | 2027Q1 / base | 20.70 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(base_2027q1_core_opex, base_2027q1_claros_development). |
| Non-GAAP operating income base_2027q1_non_gaap_op | 2027Q1 / base | -11.19 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(base_2027q1_ng_gp, base_2027q1_ng_opex). |
| Core total equity compensation base_2027q1_core_sbc | 2027Q1 / base | 9.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense base_2027q1_claros_psu | 2027Q1 / base | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS base_2027q1_other_amort | 2027Q1 / base | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization base_2027q1_claros_amort | 2027Q1 / base | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance base_2027q1_special | 2027Q1 / base | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments base_2027q1_op_adjustments | 2027Q1 / base | 21.65 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(base_2027q1_core_sbc, base_2027q1_claros_psu, base_2027q1_cogs_amort, base_2027q1_other_amort, base_2027q1_claros_amort, base_2027q1_special). |
| GAAP operating income base_2027q1_operating_income | 2027Q1 / base | -32.84 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(base_2027q1_non_gaap_op, base_2027q1_op_adjustments). |
| Ordinary depreciation base_2027q1_depreciation | 2027Q1 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income base_2027q1_investment_income | 2027Q1 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes base_2027q1_cash_before_uses | 2027Q1 / base | -8.39 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(base_2027q1_operating_income, base_2027q1_core_sbc, base_2027q1_claros_psu, base_2027q1_cogs_amort, base_2027q1_other_amort, base_2027q1_claros_amort, base_2027q1_depreciation, base_2027q1_investment_income). |
| Cash taxes base_2027q1_cash_tax | 2027Q1 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use base_2027q1_wc | 2027Q1 / base | 2.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use base_2027q1_cash_uses | 2027Q1 / base | 2.35 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(base_2027q1_cash_tax, base_2027q1_wc). |
| Operating cash flow base_2027q1_cfo | 2027Q1 / base | -10.74 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses). |
| Cash PP&E spending base_2027q1_capex | 2027Q1 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q1_fcf | 2027Q1 / base | -11.74 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(base_2027q1_cfo, base_2027q1_capex). |
| Purchase paid in this quarter base_2027q1_closing_switch | 2027Q1 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase base_2027q1_acquisition_cash | 2027Q1 / base | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, base_2027q1_closing_switch). |
| Cash after conditional acquisition base_2027q1_cash_after_acquisition | 2027Q1 / base | -11.74 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(base_2027q1_fcf, base_2027q1_acquisition_cash). |
| High-power adoption multiplier base_2027q2_annual_growth | 2027Q2 / base | 240.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q2_season | 2027Q2 / base | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q2_revenue | 2027Q2 / base | 26.61 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(base_annual_target, base_2027q2_annual_growth, base_2027q2_season). |
| AI/grid share of sales base_2027q2_ai_mix | 2027Q2 / base | 45.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue base_2027q2_ai_infrastructure | 2027Q2 / base | 11.98 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(base_2027q2_revenue, base_2027q2_ai_mix). |
| Mobile share base_2027q2_mobile_mix | 2027Q2 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue base_2027q2_mobile | 2027Q2 / base | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(base_2027q2_revenue, base_2027q2_mobile_mix). |
| AI/grid plus mobile base_2027q2_other_known | 2027Q2 / base | 11.98 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(base_2027q2_ai_infrastructure, base_2027q2_mobile). |
| Other high-power revenue base_2027q2_other_high_power | 2027Q2 / base | 14.64 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(base_2027q2_revenue, base_2027q2_other_known). |
| Non-GAAP gross margin base_2027q2_ng_gm | 2027Q2 / base | 41.8% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q2_ng_gp | 2027Q2 / base | 11.12 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(base_2027q2_revenue, base_2027q2_ng_gm). |
| Existing acquired amortization in COGS base_2027q2_cogs_amort | 2027Q2 / base | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation base_2027q2_cogs_sbc | 2027Q2 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost base_2027q2_gross_adjustments | 2027Q2 / base | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(base_2027q2_cogs_amort, base_2027q2_cogs_sbc). |
| GAAP gross profit base_2027q2_gross_profit | 2027Q2 / base | 6.99 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(base_2027q2_ng_gp, base_2027q2_gross_adjustments). |
| Conditional Claros cash development expense base_2027q2_claros_development | 2027Q2 / base | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense base_2027q2_core_opex | 2027Q2 / base | 18.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense base_2027q2_ng_opex | 2027Q2 / base | 21.30 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(base_2027q2_core_opex, base_2027q2_claros_development). |
| Non-GAAP operating income base_2027q2_non_gaap_op | 2027Q2 / base | -10.18 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(base_2027q2_ng_gp, base_2027q2_ng_opex). |
| Core total equity compensation base_2027q2_core_sbc | 2027Q2 / base | 10.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense base_2027q2_claros_psu | 2027Q2 / base | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS base_2027q2_other_amort | 2027Q2 / base | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization base_2027q2_claros_amort | 2027Q2 / base | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance base_2027q2_special | 2027Q2 / base | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments base_2027q2_op_adjustments | 2027Q2 / base | 22.05 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(base_2027q2_core_sbc, base_2027q2_claros_psu, base_2027q2_cogs_amort, base_2027q2_other_amort, base_2027q2_claros_amort, base_2027q2_special). |
| GAAP operating income base_2027q2_operating_income | 2027Q2 / base | -32.22 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(base_2027q2_non_gaap_op, base_2027q2_op_adjustments). |
| Ordinary depreciation base_2027q2_depreciation | 2027Q2 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income base_2027q2_investment_income | 2027Q2 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes base_2027q2_cash_before_uses | 2027Q2 / base | -7.38 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(base_2027q2_operating_income, base_2027q2_core_sbc, base_2027q2_claros_psu, base_2027q2_cogs_amort, base_2027q2_other_amort, base_2027q2_claros_amort, base_2027q2_depreciation, base_2027q2_investment_income). |
| Cash taxes base_2027q2_cash_tax | 2027Q2 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use base_2027q2_wc | 2027Q2 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use base_2027q2_cash_uses | 2027Q2 / base | 2.60 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(base_2027q2_cash_tax, base_2027q2_wc). |
| Operating cash flow base_2027q2_cfo | 2027Q2 / base | -9.98 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses). |
| Cash PP&E spending base_2027q2_capex | 2027Q2 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q2_fcf | 2027Q2 / base | -10.98 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| Purchase paid in this quarter base_2027q2_closing_switch | 2027Q2 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase base_2027q2_acquisition_cash | 2027Q2 / base | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, base_2027q2_closing_switch). |
| Cash after conditional acquisition base_2027q2_cash_after_acquisition | 2027Q2 / base | -10.98 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(base_2027q2_fcf, base_2027q2_acquisition_cash). |
| High-power adoption multiplier base_2027q3_annual_growth | 2027Q3 / base | 240.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q3_season | 2027Q3 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q3_revenue | 2027Q3 / base | 30.08 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(base_annual_target, base_2027q3_annual_growth, base_2027q3_season). |
| AI/grid share of sales base_2027q3_ai_mix | 2027Q3 / base | 50.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue base_2027q3_ai_infrastructure | 2027Q3 / base | 15.04 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(base_2027q3_revenue, base_2027q3_ai_mix). |
| Mobile share base_2027q3_mobile_mix | 2027Q3 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue base_2027q3_mobile | 2027Q3 / base | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(base_2027q3_revenue, base_2027q3_mobile_mix). |
| AI/grid plus mobile base_2027q3_other_known | 2027Q3 / base | 15.04 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(base_2027q3_ai_infrastructure, base_2027q3_mobile). |
| Other high-power revenue base_2027q3_other_high_power | 2027Q3 / base | 15.04 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(base_2027q3_revenue, base_2027q3_other_known). |
| Non-GAAP gross margin base_2027q3_ng_gm | 2027Q3 / base | 42.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q3_ng_gp | 2027Q3 / base | 12.79 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(base_2027q3_revenue, base_2027q3_ng_gm). |
| Existing acquired amortization in COGS base_2027q3_cogs_amort | 2027Q3 / base | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation base_2027q3_cogs_sbc | 2027Q3 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost base_2027q3_gross_adjustments | 2027Q3 / base | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(base_2027q3_cogs_amort, base_2027q3_cogs_sbc). |
| GAAP gross profit base_2027q3_gross_profit | 2027Q3 / base | 8.65 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(base_2027q3_ng_gp, base_2027q3_gross_adjustments). |
| Conditional Claros cash development expense base_2027q3_claros_development | 2027Q3 / base | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense base_2027q3_core_opex | 2027Q3 / base | 18.90 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense base_2027q3_ng_opex | 2027Q3 / base | 21.90 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(base_2027q3_core_opex, base_2027q3_claros_development). |
| Non-GAAP operating income base_2027q3_non_gaap_op | 2027Q3 / base | -9.11 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(base_2027q3_ng_gp, base_2027q3_ng_opex). |
| Core total equity compensation base_2027q3_core_sbc | 2027Q3 / base | 10.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense base_2027q3_claros_psu | 2027Q3 / base | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS base_2027q3_other_amort | 2027Q3 / base | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization base_2027q3_claros_amort | 2027Q3 / base | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance base_2027q3_special | 2027Q3 / base | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments base_2027q3_op_adjustments | 2027Q3 / base | 22.45 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(base_2027q3_core_sbc, base_2027q3_claros_psu, base_2027q3_cogs_amort, base_2027q3_other_amort, base_2027q3_claros_amort, base_2027q3_special). |
| GAAP operating income base_2027q3_operating_income | 2027Q3 / base | -31.56 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(base_2027q3_non_gaap_op, base_2027q3_op_adjustments). |
| Ordinary depreciation base_2027q3_depreciation | 2027Q3 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income base_2027q3_investment_income | 2027Q3 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes base_2027q3_cash_before_uses | 2027Q3 / base | -6.31 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(base_2027q3_operating_income, base_2027q3_core_sbc, base_2027q3_claros_psu, base_2027q3_cogs_amort, base_2027q3_other_amort, base_2027q3_claros_amort, base_2027q3_depreciation, base_2027q3_investment_income). |
| Cash taxes base_2027q3_cash_tax | 2027Q3 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use base_2027q3_wc | 2027Q3 / base | 2.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use base_2027q3_cash_uses | 2027Q3 / base | 2.85 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(base_2027q3_cash_tax, base_2027q3_wc). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | -9.16 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses). |
| Cash PP&E spending base_2027q3_capex | 2027Q3 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q3_fcf | 2027Q3 / base | -10.16 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Purchase paid in this quarter base_2027q3_closing_switch | 2027Q3 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase base_2027q3_acquisition_cash | 2027Q3 / base | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, base_2027q3_closing_switch). |
| Cash after conditional acquisition base_2027q3_cash_after_acquisition | 2027Q3 / base | -10.16 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(base_2027q3_fcf, base_2027q3_acquisition_cash). |
| High-power adoption multiplier base_2027q4_annual_growth | 2027Q4 / base | 240.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share base_2027q4_season | 2027Q4 / base | 31.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q4_revenue | 2027Q4 / base | 35.87 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(base_annual_target, base_2027q4_annual_growth, base_2027q4_season). |
| AI/grid share of sales base_2027q4_ai_mix | 2027Q4 / base | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue base_2027q4_ai_infrastructure | 2027Q4 / base | 19.73 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(base_2027q4_revenue, base_2027q4_ai_mix). |
| Mobile share base_2027q4_mobile_mix | 2027Q4 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue base_2027q4_mobile | 2027Q4 / base | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(base_2027q4_revenue, base_2027q4_mobile_mix). |
| AI/grid plus mobile base_2027q4_other_known | 2027Q4 / base | 19.73 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(base_2027q4_ai_infrastructure, base_2027q4_mobile). |
| Other high-power revenue base_2027q4_other_high_power | 2027Q4 / base | 16.14 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(base_2027q4_revenue, base_2027q4_other_known). |
| Non-GAAP gross margin base_2027q4_ng_gm | 2027Q4 / base | 43.2% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q4_ng_gp | 2027Q4 / base | 15.50 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(base_2027q4_revenue, base_2027q4_ng_gm). |
| Existing acquired amortization in COGS base_2027q4_cogs_amort | 2027Q4 / base | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation base_2027q4_cogs_sbc | 2027Q4 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost base_2027q4_gross_adjustments | 2027Q4 / base | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(base_2027q4_cogs_amort, base_2027q4_cogs_sbc). |
| GAAP gross profit base_2027q4_gross_profit | 2027Q4 / base | 11.36 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(base_2027q4_ng_gp, base_2027q4_gross_adjustments). |
| Conditional Claros cash development expense base_2027q4_claros_development | 2027Q4 / base | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense base_2027q4_core_opex | 2027Q4 / base | 19.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense base_2027q4_ng_opex | 2027Q4 / base | 22.50 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(base_2027q4_core_opex, base_2027q4_claros_development). |
| Non-GAAP operating income base_2027q4_non_gaap_op | 2027Q4 / base | -7.00 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(base_2027q4_ng_gp, base_2027q4_ng_opex). |
| Core total equity compensation base_2027q4_core_sbc | 2027Q4 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense base_2027q4_claros_psu | 2027Q4 / base | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS base_2027q4_other_amort | 2027Q4 / base | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization base_2027q4_claros_amort | 2027Q4 / base | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance base_2027q4_special | 2027Q4 / base | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments base_2027q4_op_adjustments | 2027Q4 / base | 22.85 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(base_2027q4_core_sbc, base_2027q4_claros_psu, base_2027q4_cogs_amort, base_2027q4_other_amort, base_2027q4_claros_amort, base_2027q4_special). |
| GAAP operating income base_2027q4_operating_income | 2027Q4 / base | -29.85 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(base_2027q4_non_gaap_op, base_2027q4_op_adjustments). |
| Ordinary depreciation base_2027q4_depreciation | 2027Q4 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income base_2027q4_investment_income | 2027Q4 / base | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes base_2027q4_cash_before_uses | 2027Q4 / base | -4.20 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(base_2027q4_operating_income, base_2027q4_core_sbc, base_2027q4_claros_psu, base_2027q4_cogs_amort, base_2027q4_other_amort, base_2027q4_claros_amort, base_2027q4_depreciation, base_2027q4_investment_income). |
| Cash taxes base_2027q4_cash_tax | 2027Q4 / base | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use base_2027q4_wc | 2027Q4 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use base_2027q4_cash_uses | 2027Q4 / base | 3.10 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(base_2027q4_cash_tax, base_2027q4_wc). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | -7.30 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses). |
| Cash PP&E spending base_2027q4_capex | 2027Q4 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q4_fcf | 2027Q4 / base | -8.30 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Purchase paid in this quarter base_2027q4_closing_switch | 2027Q4 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase base_2027q4_acquisition_cash | 2027Q4 / base | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, base_2027q4_closing_switch). |
| Cash after conditional acquisition base_2027q4_cash_after_acquisition | 2027Q4 / base | -8.30 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(base_2027q4_fcf, base_2027q4_acquisition_cash). |
| Revenue excluding speculative early Claros sales ($M) base_fy2026_revenue | FY2026 / base | 48.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| GAAP gross profit proxy ($M) base_fy2026_gross_profit | FY2026 / base | 2.62 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). |
| Non-GAAP operating income proxy ($M) base_fy2026_non_gaap_op | FY2026 / base | -45.95 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, base_2026q3_non_gaap_op, base_2026q4_non_gaap_op). |
| GAAP operating income proxy ($M) base_fy2026_operating_income | FY2026 / base | -111.97 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2026_cfo | FY2026 / base | -69.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| PP&E cash spending ($M) base_fy2026_capex | FY2026 / base | 2.12 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 PP&E ($M) base_fy2026_fcf | FY2026 / base | -71.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf). |
| Conditional Claros purchase cash ($M) base_fy2026_acquisition_cash | FY2026 / base | 126.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, base_2026q3_acquisition_cash, base_2026q4_acquisition_cash). |
| Cash after PP&E and acquisition ($M) base_fy2026_cash_after_acquisition | FY2026 / base | -198.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_acquisition, base_2026q3_cash_after_acquisition, base_2026q4_cash_after_acquisition). |
| Revenue excluding speculative early Claros sales ($M) base_fy2027_revenue | FY2027 / base | 115.71 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| GAAP gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 32.37 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Non-GAAP operating income proxy ($M) base_fy2027_non_gaap_op | FY2027 / base | -37.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_non_gaap_op, base_2027q2_non_gaap_op, base_2027q3_non_gaap_op, base_2027q4_non_gaap_op). |
| GAAP operating income proxy ($M) base_fy2027_operating_income | FY2027 / base | -126.47 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2027_cfo | FY2027 / base | -37.18 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). |
| PP&E cash spending ($M) base_fy2027_capex | FY2027 / base | 4.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| CFO less PP&E ($M) base_fy2027_fcf | FY2027 / base | -41.18 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). |
| Conditional Claros purchase cash ($M) base_fy2027_acquisition_cash | FY2027 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_acquisition_cash, base_2027q2_acquisition_cash, base_2027q3_acquisition_cash, base_2027q4_acquisition_cash). |
| Cash after PP&E and acquisition ($M) base_fy2027_cash_after_acquisition | FY2027 / base | -41.18 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_acquisition, base_2027q2_cash_after_acquisition, base_2027q3_cash_after_acquisition, base_2027q4_cash_after_acquisition). |
| Annual core revenue target upside_annual_target | FY2026 / upside | 51.00 USD_millions | assumption: Base translates directional mid-single-digit growth into a desk 5%; not formal $ guidance. |
| Revenue upside_2026q3_revenue | 2026Q3 / upside | 14.50 USD_millions | assumption: Base equals Q3 guidance midpoint. |
| AI/grid share of sales upside_2026q3_ai_mix | 2026Q3 / upside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue upside_2026q3_ai_infrastructure | 2026Q3 / upside | 4.35 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(upside_2026q3_revenue, upside_2026q3_ai_mix). |
| Mobile share upside_2026q3_mobile_mix | 2026Q3 / upside | 5.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue upside_2026q3_mobile | 2026Q3 / upside | 0.73 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(upside_2026q3_revenue, upside_2026q3_mobile_mix). |
| AI/grid plus mobile upside_2026q3_other_known | 2026Q3 / upside | 5.07 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(upside_2026q3_ai_infrastructure, upside_2026q3_mobile). |
| Other high-power revenue upside_2026q3_other_high_power | 2026Q3 / upside | 9.43 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(upside_2026q3_revenue, upside_2026q3_other_known). |
| Non-GAAP gross margin upside_2026q3_ng_gm | 2026Q3 / upside | 40.7% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2026q3_ng_gp | 2026Q3 / upside | 5.90 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(upside_2026q3_revenue, upside_2026q3_ng_gm). |
| Existing acquired amortization in COGS upside_2026q3_cogs_amort | 2026Q3 / upside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation upside_2026q3_cogs_sbc | 2026Q3 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost upside_2026q3_gross_adjustments | 2026Q3 / upside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(upside_2026q3_cogs_amort, upside_2026q3_cogs_sbc). |
| GAAP gross profit upside_2026q3_gross_profit | 2026Q3 / upside | 1.76 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(upside_2026q3_ng_gp, upside_2026q3_gross_adjustments). |
| Conditional Claros cash development expense upside_2026q3_claros_development | 2026Q3 / upside | 0.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense upside_2026q3_core_opex | 2026Q3 / upside | 16.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense upside_2026q3_ng_opex | 2026Q3 / upside | 16.50 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(upside_2026q3_core_opex, upside_2026q3_claros_development). |
| Non-GAAP operating income upside_2026q3_non_gaap_op | 2026Q3 / upside | -10.60 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(upside_2026q3_ng_gp, upside_2026q3_ng_opex). |
| Core total equity compensation upside_2026q3_core_sbc | 2026Q3 / upside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense upside_2026q3_claros_psu | 2026Q3 / upside | 0.00 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS upside_2026q3_other_amort | 2026Q3 / upside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization upside_2026q3_claros_amort | 2026Q3 / upside | 0.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance upside_2026q3_special | 2026Q3 / upside | 2.00 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments upside_2026q3_op_adjustments | 2026Q3 / upside | 15.73 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(upside_2026q3_core_sbc, upside_2026q3_claros_psu, upside_2026q3_cogs_amort, upside_2026q3_other_amort, upside_2026q3_claros_amort, upside_2026q3_special). |
| GAAP operating income upside_2026q3_operating_income | 2026Q3 / upside | -26.33 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(upside_2026q3_non_gaap_op, upside_2026q3_op_adjustments). |
| Ordinary depreciation upside_2026q3_depreciation | 2026Q3 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income upside_2026q3_investment_income | 2026Q3 / upside | 4.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes upside_2026q3_cash_before_uses | 2026Q3 / upside | -7.10 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(upside_2026q3_operating_income, upside_2026q3_core_sbc, upside_2026q3_claros_psu, upside_2026q3_cogs_amort, upside_2026q3_other_amort, upside_2026q3_claros_amort, upside_2026q3_depreciation, upside_2026q3_investment_income). |
| Cash taxes upside_2026q3_cash_tax | 2026Q3 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use upside_2026q3_wc | 2026Q3 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use upside_2026q3_cash_uses | 2026Q3 / upside | 2.60 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(upside_2026q3_cash_tax, upside_2026q3_wc). |
| Operating cash flow upside_2026q3_cfo | 2026Q3 / upside | -9.70 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses). |
| Cash PP&E spending upside_2026q3_capex | 2026Q3 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2026q3_fcf | 2026Q3 / upside | -10.45 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex). |
| Purchase paid in this quarter upside_2026q3_closing_switch | 2026Q3 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase upside_2026q3_acquisition_cash | 2026Q3 / upside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, upside_2026q3_closing_switch). |
| Cash after conditional acquisition upside_2026q3_cash_after_acquisition | 2026Q3 / upside | -10.45 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(upside_2026q3_fcf, upside_2026q3_acquisition_cash). |
| Actual H1 plus modeled Q3 upside_2026q4_prior_revenue | 2026Q4 / upside | 33.63 USD_millions | derived: Preserve actual H1. Formula: sum(h1_revenue, upside_2026q3_revenue). |
| Revenue upside_2026q4_revenue | 2026Q4 / upside | 17.37 USD_millions | derived: Q4 required for the annual desk scenario. Formula: subtract(upside_annual_target, upside_2026q4_prior_revenue). |
| AI/grid share of sales upside_2026q4_ai_mix | 2026Q4 / upside | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue upside_2026q4_ai_infrastructure | 2026Q4 / upside | 6.25 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(upside_2026q4_revenue, upside_2026q4_ai_mix). |
| Mobile share upside_2026q4_mobile_mix | 2026Q4 / upside | 1.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue upside_2026q4_mobile | 2026Q4 / upside | 0.17 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(upside_2026q4_revenue, upside_2026q4_mobile_mix). |
| AI/grid plus mobile upside_2026q4_other_known | 2026Q4 / upside | 6.43 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(upside_2026q4_ai_infrastructure, upside_2026q4_mobile). |
| Other high-power revenue upside_2026q4_other_high_power | 2026Q4 / upside | 10.94 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(upside_2026q4_revenue, upside_2026q4_other_known). |
| Non-GAAP gross margin upside_2026q4_ng_gm | 2026Q4 / upside | 41.4% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2026q4_ng_gp | 2026Q4 / upside | 7.19 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(upside_2026q4_revenue, upside_2026q4_ng_gm). |
| Existing acquired amortization in COGS upside_2026q4_cogs_amort | 2026Q4 / upside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation upside_2026q4_cogs_sbc | 2026Q4 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost upside_2026q4_gross_adjustments | 2026Q4 / upside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(upside_2026q4_cogs_amort, upside_2026q4_cogs_sbc). |
| GAAP gross profit upside_2026q4_gross_profit | 2026Q4 / upside | 3.06 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(upside_2026q4_ng_gp, upside_2026q4_gross_adjustments). |
| Conditional Claros cash development expense upside_2026q4_claros_development | 2026Q4 / upside | 1.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense upside_2026q4_core_opex | 2026Q4 / upside | 17.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense upside_2026q4_ng_opex | 2026Q4 / upside | 18.10 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(upside_2026q4_core_opex, upside_2026q4_claros_development). |
| Non-GAAP operating income upside_2026q4_non_gaap_op | 2026Q4 / upside | -10.91 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(upside_2026q4_ng_gp, upside_2026q4_ng_opex). |
| Core total equity compensation upside_2026q4_core_sbc | 2026Q4 / upside | 9.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense upside_2026q4_claros_psu | 2026Q4 / upside | 1.20 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS upside_2026q4_other_amort | 2026Q4 / upside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization upside_2026q4_claros_amort | 2026Q4 / upside | 1.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance upside_2026q4_special | 2026Q4 / upside | 2.00 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments upside_2026q4_op_adjustments | 2026Q4 / upside | 18.34 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(upside_2026q4_core_sbc, upside_2026q4_claros_psu, upside_2026q4_cogs_amort, upside_2026q4_other_amort, upside_2026q4_claros_amort, upside_2026q4_special). |
| GAAP operating income upside_2026q4_operating_income | 2026Q4 / upside | -29.25 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(upside_2026q4_non_gaap_op, upside_2026q4_op_adjustments). |
| Ordinary depreciation upside_2026q4_depreciation | 2026Q4 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income upside_2026q4_investment_income | 2026Q4 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes upside_2026q4_cash_before_uses | 2026Q4 / upside | -8.61 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(upside_2026q4_operating_income, upside_2026q4_core_sbc, upside_2026q4_claros_psu, upside_2026q4_cogs_amort, upside_2026q4_other_amort, upside_2026q4_claros_amort, upside_2026q4_depreciation, upside_2026q4_investment_income). |
| Cash taxes upside_2026q4_cash_tax | 2026Q4 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use upside_2026q4_wc | 2026Q4 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use upside_2026q4_cash_uses | 2026Q4 / upside | 2.60 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(upside_2026q4_cash_tax, upside_2026q4_wc). |
| Operating cash flow upside_2026q4_cfo | 2026Q4 / upside | -11.21 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses). |
| Cash PP&E spending upside_2026q4_capex | 2026Q4 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2026q4_fcf | 2026Q4 / upside | -11.96 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex). |
| Purchase paid in this quarter upside_2026q4_closing_switch | 2026Q4 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase upside_2026q4_acquisition_cash | 2026Q4 / upside | 126.40 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, upside_2026q4_closing_switch). |
| Cash after conditional acquisition upside_2026q4_cash_after_acquisition | 2026Q4 / upside | -138.36 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(upside_2026q4_fcf, upside_2026q4_acquisition_cash). |
| High-power adoption multiplier upside_2027q1_annual_growth | 2027Q1 / upside | 320.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q1_season | 2027Q1 / upside | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q1_revenue | 2027Q1 / upside | 32.64 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(upside_annual_target, upside_2027q1_annual_growth, upside_2027q1_season). |
| AI/grid share of sales upside_2027q1_ai_mix | 2027Q1 / upside | 40.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue upside_2027q1_ai_infrastructure | 2027Q1 / upside | 13.06 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(upside_2027q1_revenue, upside_2027q1_ai_mix). |
| Mobile share upside_2027q1_mobile_mix | 2027Q1 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue upside_2027q1_mobile | 2027Q1 / upside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(upside_2027q1_revenue, upside_2027q1_mobile_mix). |
| AI/grid plus mobile upside_2027q1_other_known | 2027Q1 / upside | 13.06 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(upside_2027q1_ai_infrastructure, upside_2027q1_mobile). |
| Other high-power revenue upside_2027q1_other_high_power | 2027Q1 / upside | 19.58 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(upside_2027q1_revenue, upside_2027q1_other_known). |
| Non-GAAP gross margin upside_2027q1_ng_gm | 2027Q1 / upside | 42.1% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q1_ng_gp | 2027Q1 / upside | 13.74 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(upside_2027q1_revenue, upside_2027q1_ng_gm). |
| Existing acquired amortization in COGS upside_2027q1_cogs_amort | 2027Q1 / upside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation upside_2027q1_cogs_sbc | 2027Q1 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost upside_2027q1_gross_adjustments | 2027Q1 / upside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(upside_2027q1_cogs_amort, upside_2027q1_cogs_sbc). |
| GAAP gross profit upside_2027q1_gross_profit | 2027Q1 / upside | 9.60 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(upside_2027q1_ng_gp, upside_2027q1_gross_adjustments). |
| Conditional Claros cash development expense upside_2027q1_claros_development | 2027Q1 / upside | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense upside_2027q1_core_opex | 2027Q1 / upside | 17.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense upside_2027q1_ng_opex | 2027Q1 / upside | 20.70 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(upside_2027q1_core_opex, upside_2027q1_claros_development). |
| Non-GAAP operating income upside_2027q1_non_gaap_op | 2027Q1 / upside | -6.96 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(upside_2027q1_ng_gp, upside_2027q1_ng_opex). |
| Core total equity compensation upside_2027q1_core_sbc | 2027Q1 / upside | 9.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense upside_2027q1_claros_psu | 2027Q1 / upside | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS upside_2027q1_other_amort | 2027Q1 / upside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization upside_2027q1_claros_amort | 2027Q1 / upside | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance upside_2027q1_special | 2027Q1 / upside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments upside_2027q1_op_adjustments | 2027Q1 / upside | 21.65 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(upside_2027q1_core_sbc, upside_2027q1_claros_psu, upside_2027q1_cogs_amort, upside_2027q1_other_amort, upside_2027q1_claros_amort, upside_2027q1_special). |
| GAAP operating income upside_2027q1_operating_income | 2027Q1 / upside | -28.61 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(upside_2027q1_non_gaap_op, upside_2027q1_op_adjustments). |
| Ordinary depreciation upside_2027q1_depreciation | 2027Q1 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income upside_2027q1_investment_income | 2027Q1 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes upside_2027q1_cash_before_uses | 2027Q1 / upside | -4.16 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(upside_2027q1_operating_income, upside_2027q1_core_sbc, upside_2027q1_claros_psu, upside_2027q1_cogs_amort, upside_2027q1_other_amort, upside_2027q1_claros_amort, upside_2027q1_depreciation, upside_2027q1_investment_income). |
| Cash taxes upside_2027q1_cash_tax | 2027Q1 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use upside_2027q1_wc | 2027Q1 / upside | 2.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use upside_2027q1_cash_uses | 2027Q1 / upside | 2.85 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(upside_2027q1_cash_tax, upside_2027q1_wc). |
| Operating cash flow upside_2027q1_cfo | 2027Q1 / upside | -7.01 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses). |
| Cash PP&E spending upside_2027q1_capex | 2027Q1 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q1_fcf | 2027Q1 / upside | -8.01 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex). |
| Purchase paid in this quarter upside_2027q1_closing_switch | 2027Q1 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase upside_2027q1_acquisition_cash | 2027Q1 / upside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, upside_2027q1_closing_switch). |
| Cash after conditional acquisition upside_2027q1_cash_after_acquisition | 2027Q1 / upside | -8.01 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(upside_2027q1_fcf, upside_2027q1_acquisition_cash). |
| High-power adoption multiplier upside_2027q2_annual_growth | 2027Q2 / upside | 320.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q2_season | 2027Q2 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q2_revenue | 2027Q2 / upside | 37.54 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(upside_annual_target, upside_2027q2_annual_growth, upside_2027q2_season). |
| AI/grid share of sales upside_2027q2_ai_mix | 2027Q2 / upside | 45.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue upside_2027q2_ai_infrastructure | 2027Q2 / upside | 16.89 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(upside_2027q2_revenue, upside_2027q2_ai_mix). |
| Mobile share upside_2027q2_mobile_mix | 2027Q2 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue upside_2027q2_mobile | 2027Q2 / upside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(upside_2027q2_revenue, upside_2027q2_mobile_mix). |
| AI/grid plus mobile upside_2027q2_other_known | 2027Q2 / upside | 16.89 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(upside_2027q2_ai_infrastructure, upside_2027q2_mobile). |
| Other high-power revenue upside_2027q2_other_high_power | 2027Q2 / upside | 20.64 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(upside_2027q2_revenue, upside_2027q2_other_known). |
| Non-GAAP gross margin upside_2027q2_ng_gm | 2027Q2 / upside | 42.8% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q2_ng_gp | 2027Q2 / upside | 16.07 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(upside_2027q2_revenue, upside_2027q2_ng_gm). |
| Existing acquired amortization in COGS upside_2027q2_cogs_amort | 2027Q2 / upside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation upside_2027q2_cogs_sbc | 2027Q2 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost upside_2027q2_gross_adjustments | 2027Q2 / upside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(upside_2027q2_cogs_amort, upside_2027q2_cogs_sbc). |
| GAAP gross profit upside_2027q2_gross_profit | 2027Q2 / upside | 11.93 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(upside_2027q2_ng_gp, upside_2027q2_gross_adjustments). |
| Conditional Claros cash development expense upside_2027q2_claros_development | 2027Q2 / upside | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense upside_2027q2_core_opex | 2027Q2 / upside | 18.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense upside_2027q2_ng_opex | 2027Q2 / upside | 21.30 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(upside_2027q2_core_opex, upside_2027q2_claros_development). |
| Non-GAAP operating income upside_2027q2_non_gaap_op | 2027Q2 / upside | -5.23 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(upside_2027q2_ng_gp, upside_2027q2_ng_opex). |
| Core total equity compensation upside_2027q2_core_sbc | 2027Q2 / upside | 10.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense upside_2027q2_claros_psu | 2027Q2 / upside | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS upside_2027q2_other_amort | 2027Q2 / upside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization upside_2027q2_claros_amort | 2027Q2 / upside | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance upside_2027q2_special | 2027Q2 / upside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments upside_2027q2_op_adjustments | 2027Q2 / upside | 22.05 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(upside_2027q2_core_sbc, upside_2027q2_claros_psu, upside_2027q2_cogs_amort, upside_2027q2_other_amort, upside_2027q2_claros_amort, upside_2027q2_special). |
| GAAP operating income upside_2027q2_operating_income | 2027Q2 / upside | -27.28 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(upside_2027q2_non_gaap_op, upside_2027q2_op_adjustments). |
| Ordinary depreciation upside_2027q2_depreciation | 2027Q2 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income upside_2027q2_investment_income | 2027Q2 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes upside_2027q2_cash_before_uses | 2027Q2 / upside | -2.43 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(upside_2027q2_operating_income, upside_2027q2_core_sbc, upside_2027q2_claros_psu, upside_2027q2_cogs_amort, upside_2027q2_other_amort, upside_2027q2_claros_amort, upside_2027q2_depreciation, upside_2027q2_investment_income). |
| Cash taxes upside_2027q2_cash_tax | 2027Q2 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use upside_2027q2_wc | 2027Q2 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use upside_2027q2_cash_uses | 2027Q2 / upside | 3.10 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(upside_2027q2_cash_tax, upside_2027q2_wc). |
| Operating cash flow upside_2027q2_cfo | 2027Q2 / upside | -5.53 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses). |
| Cash PP&E spending upside_2027q2_capex | 2027Q2 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q2_fcf | 2027Q2 / upside | -6.53 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| Purchase paid in this quarter upside_2027q2_closing_switch | 2027Q2 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase upside_2027q2_acquisition_cash | 2027Q2 / upside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, upside_2027q2_closing_switch). |
| Cash after conditional acquisition upside_2027q2_cash_after_acquisition | 2027Q2 / upside | -6.53 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(upside_2027q2_fcf, upside_2027q2_acquisition_cash). |
| High-power adoption multiplier upside_2027q3_annual_growth | 2027Q3 / upside | 320.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q3_season | 2027Q3 / upside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 42.43 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(upside_annual_target, upside_2027q3_annual_growth, upside_2027q3_season). |
| AI/grid share of sales upside_2027q3_ai_mix | 2027Q3 / upside | 50.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue upside_2027q3_ai_infrastructure | 2027Q3 / upside | 21.22 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(upside_2027q3_revenue, upside_2027q3_ai_mix). |
| Mobile share upside_2027q3_mobile_mix | 2027Q3 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue upside_2027q3_mobile | 2027Q3 / upside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(upside_2027q3_revenue, upside_2027q3_mobile_mix). |
| AI/grid plus mobile upside_2027q3_other_known | 2027Q3 / upside | 21.22 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(upside_2027q3_ai_infrastructure, upside_2027q3_mobile). |
| Other high-power revenue upside_2027q3_other_high_power | 2027Q3 / upside | 21.22 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(upside_2027q3_revenue, upside_2027q3_other_known). |
| Non-GAAP gross margin upside_2027q3_ng_gm | 2027Q3 / upside | 43.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q3_ng_gp | 2027Q3 / upside | 18.46 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(upside_2027q3_revenue, upside_2027q3_ng_gm). |
| Existing acquired amortization in COGS upside_2027q3_cogs_amort | 2027Q3 / upside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation upside_2027q3_cogs_sbc | 2027Q3 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost upside_2027q3_gross_adjustments | 2027Q3 / upside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(upside_2027q3_cogs_amort, upside_2027q3_cogs_sbc). |
| GAAP gross profit upside_2027q3_gross_profit | 2027Q3 / upside | 14.32 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(upside_2027q3_ng_gp, upside_2027q3_gross_adjustments). |
| Conditional Claros cash development expense upside_2027q3_claros_development | 2027Q3 / upside | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense upside_2027q3_core_opex | 2027Q3 / upside | 18.90 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense upside_2027q3_ng_opex | 2027Q3 / upside | 21.90 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(upside_2027q3_core_opex, upside_2027q3_claros_development). |
| Non-GAAP operating income upside_2027q3_non_gaap_op | 2027Q3 / upside | -3.44 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(upside_2027q3_ng_gp, upside_2027q3_ng_opex). |
| Core total equity compensation upside_2027q3_core_sbc | 2027Q3 / upside | 10.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense upside_2027q3_claros_psu | 2027Q3 / upside | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS upside_2027q3_other_amort | 2027Q3 / upside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization upside_2027q3_claros_amort | 2027Q3 / upside | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance upside_2027q3_special | 2027Q3 / upside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments upside_2027q3_op_adjustments | 2027Q3 / upside | 22.45 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(upside_2027q3_core_sbc, upside_2027q3_claros_psu, upside_2027q3_cogs_amort, upside_2027q3_other_amort, upside_2027q3_claros_amort, upside_2027q3_special). |
| GAAP operating income upside_2027q3_operating_income | 2027Q3 / upside | -25.89 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(upside_2027q3_non_gaap_op, upside_2027q3_op_adjustments). |
| Ordinary depreciation upside_2027q3_depreciation | 2027Q3 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income upside_2027q3_investment_income | 2027Q3 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes upside_2027q3_cash_before_uses | 2027Q3 / upside | -0.64 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(upside_2027q3_operating_income, upside_2027q3_core_sbc, upside_2027q3_claros_psu, upside_2027q3_cogs_amort, upside_2027q3_other_amort, upside_2027q3_claros_amort, upside_2027q3_depreciation, upside_2027q3_investment_income). |
| Cash taxes upside_2027q3_cash_tax | 2027Q3 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use upside_2027q3_wc | 2027Q3 / upside | 3.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use upside_2027q3_cash_uses | 2027Q3 / upside | 3.35 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(upside_2027q3_cash_tax, upside_2027q3_wc). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | -3.99 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses). |
| Cash PP&E spending upside_2027q3_capex | 2027Q3 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q3_fcf | 2027Q3 / upside | -4.99 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Purchase paid in this quarter upside_2027q3_closing_switch | 2027Q3 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase upside_2027q3_acquisition_cash | 2027Q3 / upside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, upside_2027q3_closing_switch). |
| Cash after conditional acquisition upside_2027q3_cash_after_acquisition | 2027Q3 / upside | -4.99 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(upside_2027q3_fcf, upside_2027q3_acquisition_cash). |
| High-power adoption multiplier upside_2027q4_annual_growth | 2027Q4 / upside | 320.0% ratio | assumption: Desk assumption, not company guidance. |
| Annual quarter share upside_2027q4_season | 2027Q4 / upside | 31.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 50.59 USD_millions | derived: Core Navitas adoption only; no Claros sales added before 2028. Formula: multiply(upside_annual_target, upside_2027q4_annual_growth, upside_2027q4_season). |
| AI/grid share of sales upside_2027q4_ai_mix | 2027Q4 / upside | 55.0% ratio | assumption: Desk assumption, not company guidance. |
| AI and grid infrastructure revenue upside_2027q4_ai_infrastructure | 2027Q4 / upside | 27.83 USD_millions | derived: Desk allocation; company directional year-end share exceeds one third. Formula: multiply(upside_2027q4_revenue, upside_2027q4_ai_mix). |
| Mobile share upside_2027q4_mobile_mix | 2027Q4 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Remaining mobile and consumer revenue upside_2027q4_mobile | 2027Q4 / upside | 0.00 USD_millions | derived: Desk exit timing; no separate low-end rebound assumed. Formula: multiply(upside_2027q4_revenue, upside_2027q4_mobile_mix). |
| AI/grid plus mobile upside_2027q4_other_known | 2027Q4 / upside | 27.83 USD_millions | derived: Non-overlapping mix inputs. Formula: sum(upside_2027q4_ai_infrastructure, upside_2027q4_mobile). |
| Other high-power revenue upside_2027q4_other_high_power | 2027Q4 / upside | 22.77 USD_millions | derived: Remaining high-power use cases; no second AI addition. Formula: subtract(upside_2027q4_revenue, upside_2027q4_other_known). |
| Non-GAAP gross margin upside_2027q4_ng_gm | 2027Q4 / upside | 44.2% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q4_ng_gp | 2027Q4 / upside | 22.36 USD_millions | derived: Desk mix improvement; Q3 base anchored to guidance. Formula: multiply(upside_2027q4_revenue, upside_2027q4_ng_gm). |
| Existing acquired amortization in COGS upside_2027q4_cogs_amort | 2027Q4 / upside | 4.04 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS equity compensation upside_2027q4_cogs_sbc | 2027Q4 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| COGS amortization and equity cost upside_2027q4_gross_adjustments | 2027Q4 / upside | 4.14 USD_millions | derived: Matches company gross-profit reconciliation scope. Formula: sum(upside_2027q4_cogs_amort, upside_2027q4_cogs_sbc). |
| GAAP gross profit upside_2027q4_gross_profit | 2027Q4 / upside | 18.22 USD_millions | derived: Claros assumed development-stage, so provisional acquired amortization is in R&D below. Formula: subtract(upside_2027q4_ng_gp, upside_2027q4_gross_adjustments). |
| Conditional Claros cash development expense upside_2027q4_claros_development | 2027Q4 / upside | 3.00 USD_millions | assumption: Incremental desk engineering/integration cost; only after assumed closing. |
| Core non-GAAP operating expense upside_2027q4_core_opex | 2027Q4 / upside | 19.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Combined non-GAAP operating expense upside_2027q4_ng_opex | 2027Q4 / upside | 22.50 USD_millions | derived: Does not imply acquired revenue or immediate synergies. Formula: sum(upside_2027q4_core_opex, upside_2027q4_claros_development). |
| Non-GAAP operating income upside_2027q4_non_gaap_op | 2027Q4 / upside | -0.14 USD_millions | derived: Includes conditional acquired engineering cash. Formula: subtract(upside_2027q4_ng_gp, upside_2027q4_ng_opex). |
| Core total equity compensation upside_2027q4_core_sbc | 2027Q4 / upside | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Conditional Claros employee equity expense upside_2027q4_claros_psu | 2027Q4 / upside | 3.61 USD_millions | assumption: Illustrative expense over two years; actual performance vesting and grant-date fair value may differ. |
| Existing acquired amortization outside COGS upside_2027q4_other_amort | 2027Q4 / upside | 0.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Provisional acquired R&D amortization upside_2027q4_claros_amort | 2027Q4 / upside | 2.00 USD_millions | assumption: No finalized allocation; desk noncash sensitivity after assumed closing. |
| Cash restructuring and legal allowance upside_2027q4_special | 2027Q4 / upside | 1.50 USD_millions | assumption: Legal/transition cash allowance; not a predicted litigation settlement. |
| Adjusted-to-GAAP operating adjustments upside_2027q4_op_adjustments | 2027Q4 / upside | 22.85 USD_millions | derived: Core SBC includes the COGS amount, so subtract total once from non-GAAP profit. Formula: sum(upside_2027q4_core_sbc, upside_2027q4_claros_psu, upside_2027q4_cogs_amort, upside_2027q4_other_amort, upside_2027q4_claros_amort, upside_2027q4_special). |
| GAAP operating income upside_2027q4_operating_income | 2027Q4 / upside | -22.98 USD_millions | derived: Legacy SPAC fair-value loss is below operating income and is not repeated. Formula: subtract(upside_2027q4_non_gaap_op, upside_2027q4_op_adjustments). |
| Ordinary depreciation upside_2027q4_depreciation | 2027Q4 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash investment and dividend income upside_2027q4_investment_income | 2027Q4 / upside | 3.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash profit before working capital and taxes upside_2027q4_cash_before_uses | 2027Q4 / upside | 2.66 USD_millions | derived: Reverse noncash expenses once; acquisition cash reduces future income allowance. Formula: sum(upside_2027q4_operating_income, upside_2027q4_core_sbc, upside_2027q4_claros_psu, upside_2027q4_cogs_amort, upside_2027q4_other_amort, upside_2027q4_claros_amort, upside_2027q4_depreciation, upside_2027q4_investment_income). |
| Cash taxes upside_2027q4_cash_tax | 2027Q4 / upside | 0.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, prepaid and other operating cash use upside_2027q4_wc | 2027Q4 / upside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash tax and working capital use upside_2027q4_cash_uses | 2027Q4 / upside | 3.60 USD_millions | derived: No new equity proceeds in CFO. Formula: sum(upside_2027q4_cash_tax, upside_2027q4_wc). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | -0.94 USD_millions | derived: Conditional acquisition engineering cash remains in operating profit. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses). |
| Cash PP&E spending upside_2027q4_capex | 2027Q4 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q4_fcf | 2027Q4 / upside | -1.94 USD_millions | derived: Before new financial investments and financing settlements. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Purchase paid in this quarter upside_2027q4_closing_switch | 2027Q4 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| Conditional Claros cash purchase upside_2027q4_acquisition_cash | 2027Q4 / upside | 0.00 USD_millions | derived: One assumed closing only; no cash duplication of closing shares or stock earnout. Formula: multiply(claros_cash, upside_2027q4_closing_switch). |
| Cash after conditional acquisition upside_2027q4_cash_after_acquisition | 2027Q4 / upside | -1.94 USD_millions | derived: Before new financing, award settlement cash and other investment purchases. Formula: subtract(upside_2027q4_fcf, upside_2027q4_acquisition_cash). |
| Revenue excluding speculative early Claros sales ($M) upside_fy2026_revenue | FY2026 / upside | 51.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| GAAP gross profit proxy ($M) upside_fy2026_gross_profit | FY2026 / upside | 4.06 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). |
| Non-GAAP operating income proxy ($M) upside_fy2026_non_gaap_op | FY2026 / upside | -44.52 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, upside_2026q3_non_gaap_op, upside_2026q4_non_gaap_op). |
| GAAP operating income proxy ($M) upside_fy2026_operating_income | FY2026 / upside | -110.54 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2026_cfo | FY2026 / upside | -69.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| PP&E cash spending ($M) upside_fy2026_capex | FY2026 / upside | 2.12 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 PP&E ($M) upside_fy2026_fcf | FY2026 / upside | -71.37 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf). |
| Conditional Claros purchase cash ($M) upside_fy2026_acquisition_cash | FY2026 / upside | 126.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, upside_2026q3_acquisition_cash, upside_2026q4_acquisition_cash). |
| Cash after PP&E and acquisition ($M) upside_fy2026_cash_after_acquisition | FY2026 / upside | -197.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_acquisition, upside_2026q3_cash_after_acquisition, upside_2026q4_cash_after_acquisition). |
| Revenue excluding speculative early Claros sales ($M) upside_fy2027_revenue | FY2027 / upside | 163.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| GAAP gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 54.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Non-GAAP operating income proxy ($M) upside_fy2027_non_gaap_op | FY2027 / upside | -15.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_non_gaap_op, upside_2027q2_non_gaap_op, upside_2027q3_non_gaap_op, upside_2027q4_non_gaap_op). |
| GAAP operating income proxy ($M) upside_fy2027_operating_income | FY2027 / upside | -104.76 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2027_cfo | FY2027 / upside | -17.47 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). |
| PP&E cash spending ($M) upside_fy2027_capex | FY2027 / upside | 4.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| CFO less PP&E ($M) upside_fy2027_fcf | FY2027 / upside | -21.47 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). |
| Conditional Claros purchase cash ($M) upside_fy2027_acquisition_cash | FY2027 / upside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_acquisition_cash, upside_2027q2_acquisition_cash, upside_2027q3_acquisition_cash, upside_2027q4_acquisition_cash). |
| Cash after PP&E and acquisition ($M) upside_fy2027_cash_after_acquisition | FY2027 / upside | -21.47 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_acquisition, upside_2027q2_cash_after_acquisition, upside_2027q3_cash_after_acquisition, upside_2027q4_cash_after_acquisition). |
Model boundaries
- Claros was proposed as of the September 19 review. The September S-4 registers shares; registration effectiveness is not evidence the acquisition closed. Closing dates in every scenario are assumptions.
- Claros cash purchase is approximately $126.4M subject to adjustment, with 6.912729M closing shares and up to 1.289869M earnout shares. The roughly $28.9M employee PSU package is separate compensation, not additional cash purchase consideration.
- The model assigns no Claros revenue in 2026/2027, consistent with management describing acceleration from 2028/2029. Target-market size, samples, design engagements and NVIDIA ecosystem work do not become booked sales.
- Legacy SPAC earnout triggers were fully settled in June; the $210.981M H1 fair-value expense is not forecast to repeat. Share issuance and the $3.750M settlement cash are distinct from ordinary operating burn.
- Gross profit includes the acquired amortization allocated to product costs in company reconciliations. Eight missing historical gross-profit fields are supplemented from dated earnings reconciliations; other reported history is preserved.
- Claros purchase accounting and employee award vesting are not yet known. Incremental development, amortization and PSU expense are transparent desk proxies, not final GAAP accounting.
- Liquidity references exclude restricted cash. Future equity sales, acquisitions beyond Claros, full debt/lease rollforwards and EPS are omitted; no current revenue stream guarantees long-term profitability.
Power-semiconductor adoption before conditional acquisition payoff
Can high-power sales scale toward self-funding before development and acquisition cash erode the equity-funded balance sheet?
H1 revenue was $19.127M, non-GAAP operating loss $23.009M and GAAP operating loss $54.957M. The $262.003M net loss includes $210.981M noncash legacy earnout remeasurement, with those legacy triggers settled in June. CFO was negative $48.348M and PP&E $0.615M. June unrestricted cash $557.409M followed $380.731M gross equity sales and $7.566M issuance costs; it is not operating cash generation. Q3 guidance is $13M-$14M sales, 39.7% plus/minus 100 basis points adjusted gross margin and $15.5M-$17.5M adjusted opex. Claros remains proposed: approximately $126.4M cash, 6.912729M closing shares, up to 1.289869M earnout shares and separate employee PSUs. Management describes added revenue acceleration from 2028/2029, outside this forecast.
The competing explanation
A large serviceable market can coexist with slow qualification and small current revenue. The mobile exit reduces sales before high-power programs reach volume. Acquired technology and employee equity packages can consume cash and dilute owners long before their commercial payoff.
Risks to track
- AI/grid power architectures and customer ramps may evolve more slowly than expected.
- Distributor and geographic concentration create collection and inventory risk.
- The mobile exit can offset high-power growth.
- Claros completion, integration and purchase accounting remain uncertain.
- Patent litigation and product qualification require resources without assured outcomes.
- Equity funding and employee compensation dilute common ownership.
Next checkpoints
- High-power conversion · Each quarterly result (estimated). Distinguish production revenue from samples, design engagements and addressable markets.
- Claros transaction · Company target before year-end; closing unconfirmed at review (estimated). Confirm completion, actual consideration, award terms and acquired cost base.
- Cash burn · Quarterly statements (estimated). Reconcile operating losses, working capital, equity proceeds and purchase cash separately.
Data coverage and open work
- Claros was proposed as of the September 19 review. The September S-4 registers shares; registration effectiveness is not evidence the acquisition closed. Closing dates in every scenario are assumptions.
- Claros cash purchase is approximately $126.4M subject to adjustment, with 6.912729M closing shares and up to 1.289869M earnout shares. The roughly $28.9M employee PSU package is separate compensation, not additional cash purchase consideration.
- The model assigns no Claros revenue in 2026/2027, consistent with management describing acceleration from 2028/2029. Target-market size, samples, design engagements and NVIDIA ecosystem work do not become booked sales.
- Legacy SPAC earnout triggers were fully settled in June; the $210.981M H1 fair-value expense is not forecast to repeat. Share issuance and the $3.750M settlement cash are distinct from ordinary operating burn.
- Gross profit includes the acquired amortization allocated to product costs in company reconciliations. Eight missing historical gross-profit fields are supplemented from dated earnings reconciliations; other reported history is preserved.
- Claros purchase accounting and employee award vesting are not yet known. Incremental development, amortization and PSU expense are transparent desk proxies, not final GAAP accounting.
- Liquidity references exclude restricted cash. Future equity sales, acquisitions beyond Claros, full debt/lease rollforwards and EPS are omitted; no current revenue stream guarantees long-term profitability.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed mid-range, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.0 | -0.0 | +2.2 | 48% |
| 5 sessions | -5.0 | -0.4 | +5.9 | 45% |
| 10 sessions | -6.2 | -0.6 | +9.6 | 42% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.