$OKLO
Business
Oklo develops advanced fission powerhouses, fuel capabilities and isotope businesses. Acquired engineering and manufacturing operations already produce limited revenue, while commercial electricity remains a later deployment objective. Program spending, procurement, regulatory milestones and funding determine the path to commercial scale.
Three drivers
- Engineering demand and isotope customer qualification
- Powerhouse approvals, fuel readiness and construction schedule
- Expensed development, cash PP&E and financing dilution
Thesis
Our view
Groves validates a technical milestone while the investment still depends on converting capital and approvals into commercial facilities. Current liquidity supports execution, but engineering revenue and treasury interest should be separated from future nuclear power economics.
What changes it
Track the updated cash-use ranges, capitalized versus expensed work, accepted engineering/isotope sales and Aurora deployment readiness.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | — | — | — | 0.01 | — | — | — | 1.21 |
| Gross profit ($M) | — | — | — | — | — | — | — | — |
| Operating income ($M) | -12.32 | -15.4†3 | -17.94 | -28.05 | -36.32 | -57.1†3 | -51.24 | -73.25 |
| Net income ($M) | -10.06 | -12.3†7 | -9.88 | -24.78 | -29.76 | -41.4†7 | -33.18 | -48.58 |
| EPS, diluted ($) | -0.089 | — | -0.0710 | -0.1811 | -0.209 | — | -0.1910 | -0.2811 |
| Diluted shares (M) | 122.112 | — | 138.113 | 140.114 | 150.412 | — | 170.313 | 176.214 |
| Cash ($M) | 91.815 | 97.116 | 90.117 | 226.818 | 410.019 | 788.418 | 1,594.120 | 1,644.718 |
| Long-term debt ($M) | — | — | — | — | — | 0.021 | — | 0.721 |
| Cash from operations ($M) | -7.9†22 | -13.5†23 | -12.224 | -18.5†25 | -18.0†22 | -33.4†23 | -17.924 | -47.6†25 |
| Capex ($M) | 0.1†26 | 0.1†27 | 0.328 | 0.9†29 | 5.0†26 | 26.9†27 | 32.828 | 94.1†29 |
| Free cash flow ($M) | -8.0†30 | -13.5†31 | -12.6†32 | -19.3†33 | -23.1†30 | -60.4†31 | -50.7†32 | -141.7†33 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 4.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 5.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 7.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 9.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Engineering revenue, deployment cash and the commercial-power boundary
Model acquired engineering/manufacturing activity separately from isotope sales and future commercial power. Power sales are zero through 2027, consistent with the first-powerhouse 2028 target. Calculate operating earnings from gross contribution and program/corporate costs, then bridge noncash costs, investment interest and working capital to CFO. Base FY2026 CFO and cash PP&E match updated guidance midpoints. Track PP&E, acquisitions and other strategic investing separately from treasury purchases.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| revenue | H1 / June 2026 | 1.21 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| operating income | H1 / June 2026 | -124.17 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| cfo | H1 / June 2026 | -65.46 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| capex | H1 / June 2026 | 126.90 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| H1 CFO less PP&E | H1 2026 | -192.36 | derived. Before acquisitions and other strategic investing. |
| H1 cash after business investment | H1 2026 | -234.60 | derived. Not a change in cash balance, which includes financing and treasury allocation. |
| FY2026 cash used in operating activities midpoint | FY2026 | 135.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2026 cash PP&E purchases midpoint | FY2026 | 450.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| June cash and marketable securities | 2026-06-30 | 3,006.29 | derived. Excludes restricted cash; not a promise all securities liquidate without price change. |
| restricted | H1 / June 2026 | 16.90 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| equity proceeds | H1 / June 2026 | 1,851.94 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| September new ATM gross capacity | 2026-09-11 | 1,000.00 | reported. Capacity only; excludes assumed sales or net proceeds. Source · 2026-09-11 |
| refusal liability | H1 / June 2026 | 25.00 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| holdbacks | H1 / June 2026 | 4.07 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
| contingent consideration | H1 / June 2026 | 3.11 | reported. USD millions from Q2 financial statements; securities are financial assets, not project capex. Source · 2026-08-07 |
Downside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Commercial power revenue ($M) | Isotope revenue ($M) | Total revenue ($M) | Engineering and manufacturing revenue ($M) | Gross profit proxy ($M) | Net acquisition/holdback cash ($M) | Operating income proxy ($M) | Other strategic investing ($M) | Cash after business investing ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -58.68 | -228.68 | 170.00 | 0.00 | 0.00 | 3.00 | 3.00 | 0.75 | 2.00 | -84.65 | 5.00 | -235.68 |
| 2026Q4 | -63.71 | -293.71 | 230.00 | 0.00 | 0.00 | 3.00 | 3.00 | 0.75 | 1.00 | -91.97 | 5.00 | -299.71 |
| 2027Q1 | -72.76 | -292.76 | 220.00 | 0.00 | 0.00 | 4.00 | 4.00 | 1.00 | 2.00 | -99.04 | 10.00 | -304.76 |
| 2027Q2 | -81.17 | -321.17 | 240.00 | 0.00 | 0.00 | 4.50 | 4.50 | 1.12 | 1.00 | -106.23 | 10.00 | -332.17 |
| FY2026 | -187.85 | -714.75 | 526.90 | 0.00 | 0.00 | 7.21 | 7.21 | 1.99 | 28.74 | -300.79 | 26.50 | -769.98 |
| FY2027 | -342.80 | -1,342.80 | 1,000.00 | 0.00 | 0.00 | 19.00 | 19.00 | 4.75 | 5.00 | -439.33 | 40.00 | -1,387.80 |
Base scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Commercial power revenue ($M) | Isotope revenue ($M) | Total revenue ($M) | Engineering and manufacturing revenue ($M) | Gross profit proxy ($M) | Net acquisition/holdback cash ($M) | Operating income proxy ($M) | Other strategic investing ($M) | Cash after business investing ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -33.00 | -183.00 | 150.00 | 0.00 | 0.00 | 4.00 | 4.00 | 1.60 | 2.00 | -68.40 | 5.00 | -190.00 |
| 2026Q4 | -36.54 | -209.64 | 173.10 | 0.00 | 0.00 | 5.00 | 5.00 | 2.00 | 1.00 | -74.00 | 5.00 | -215.64 |
| 2027Q1 | -43.77 | -213.78 | 170.00 | 0.00 | 1.00 | 7.00 | 6.00 | 2.00 | 2.00 | -80.00 | 10.00 | -225.78 |
| 2027Q2 | -50.11 | -240.11 | 190.00 | 0.00 | 2.00 | 9.00 | 7.00 | 2.30 | 1.00 | -85.70 | 10.00 | -251.11 |
| FY2026 | -135.00 | -585.00 | 450.00 | 0.00 | 0.00 | 10.21 | 10.21 | 4.09 | 28.74 | -266.57 | 26.50 | -640.24 |
| FY2027 | -212.92 | -1,012.92 | 800.00 | 0.00 | 10.00 | 40.00 | 30.00 | 11.00 | 5.00 | -353.00 | 40.00 | -1,057.92 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Commercial power revenue ($M) | Isotope revenue ($M) | Total revenue ($M) | Engineering and manufacturing revenue ($M) | Gross profit proxy ($M) | Net acquisition/holdback cash ($M) | Operating income proxy ($M) | Other strategic investing ($M) | Cash after business investing ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | -25.20 | -165.20 | 140.00 | 0.00 | 0.00 | 5.00 | 5.00 | 2.40 | 2.00 | -64.10 | 5.00 | -172.20 |
| 2026Q4 | -28.04 | -178.04 | 150.00 | 0.00 | 0.00 | 7.00 | 7.00 | 3.36 | 1.00 | -68.84 | 5.00 | -184.04 |
| 2027Q1 | -35.46 | -195.46 | 160.00 | 0.00 | 2.00 | 10.00 | 8.00 | 3.04 | 2.00 | -74.86 | 10.00 | -207.46 |
| 2027Q2 | -41.20 | -216.20 | 175.00 | 0.00 | 4.00 | 14.00 | 10.00 | 3.80 | 1.00 | -79.80 | 10.00 | -227.20 |
| FY2026 | -118.70 | -535.60 | 416.90 | 0.00 | 0.00 | 13.21 | 13.21 | 6.25 | 28.74 | -257.11 | 26.50 | -590.84 |
| FY2027 | -174.88 | -899.88 | 725.00 | 0.00 | 23.00 | 67.00 | 44.00 | 19.12 | 5.00 | -326.68 | 40.00 | -944.88 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| revenue h1_revenue | H1 / June 2026 / shared | 1.21 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| engineering h1_engineering | H1 / June 2026 / shared | 1.21 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| isotope h1_isotope | H1 / June 2026 / shared | 0.00 USD_millions | reported: Reported revenue categories contain no commercial power or isotope sales; no receipts inferred from MOUs. Primary source · 2026-08-07 |
| power h1_power | H1 / June 2026 / shared | 0.00 USD_millions | reported: Reported revenue categories contain no commercial power or isotope sales; no receipts inferred from MOUs. Primary source · 2026-08-07 |
| gross profit h1_gross_profit | H1 / June 2026 / shared | 0.49 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| operating income h1_operating_income | H1 / June 2026 / shared | -124.17 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| cfo h1_cfo | H1 / June 2026 / shared | -65.46 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| capex h1_capex | H1 / June 2026 / shared | 126.90 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| acquisition cash h1_acquisition_cash | H1 / June 2026 / shared | 25.74 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| strategic investing h1_strategic_investing | H1 / June 2026 / shared | 16.50 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| sbc h1_sbc | H1 / June 2026 / shared | 29.94 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| da h1_da | H1 / June 2026 / shared | 0.50 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| interest income h1_interest_income | H1 / June 2026 / shared | 44.55 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| treasury purchases h1_treasury_purchases | H1 / June 2026 / shared | 1,176.42 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| treasury maturities h1_treasury_maturities | H1 / June 2026 / shared | 432.83 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| equity proceeds h1_equity_proceeds | H1 / June 2026 / shared | 1,851.94 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| cash cash | H1 / June 2026 / shared | 1,644.70 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| current securities current_securities | H1 / June 2026 / shared | 820.45 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| long securities long_securities | H1 / June 2026 / shared | 541.13 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| restricted restricted | H1 / June 2026 / shared | 16.90 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| refusal liability refusal_liability | H1 / June 2026 / shared | 25.00 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| holdbacks holdbacks | H1 / June 2026 / shared | 4.07 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| contingent consideration contingent_consideration | H1 / June 2026 / shared | 3.11 USD_millions | reported: USD millions from Q2 financial statements; securities are financial assets, not project capex. Primary source · 2026-08-07 |
| H1 CFO less PP&E h1_fcf | H1 2026 / shared | -192.36 USD_millions | derived: Before acquisitions and other strategic investing. Formula: subtract(h1_cfo, h1_capex). |
| H1 acquisition and other investing h1_nonppe_investing | H1 2026 / shared | 42.24 USD_millions | derived: Treasury purchases/maturities are excluded. Formula: sum(h1_acquisition_cash, h1_strategic_investing). |
| H1 cash after business investment h1_cash_after_investing | H1 2026 / shared | -234.60 USD_millions | derived: Not a change in cash balance, which includes financing and treasury allocation. Formula: subtract(h1_fcf, h1_nonppe_investing). |
| June cash and marketable securities liquid_assets | 2026-06-30 / shared | 3,006.29 USD_millions | derived: Excludes restricted cash; not a promise all securities liquidate without price change. Formula: sum(cash, current_securities, long_securities). |
| FY2026 cash used in operating activities low fy26_cfo_use_low | FY2026 / shared | 120.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-07 |
| FY2026 cash used in operating activities high fy26_cfo_use_high | FY2026 / shared | 150.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-07 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| FY2026 cash used in operating activities endpoint sum fy26_cfo_use_sum | FY2026 / shared | 270.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_cfo_use_low, fy26_cfo_use_high). |
| FY2026 cash used in operating activities midpoint fy26_cfo_use | FY2026 / shared | 135.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_cfo_use_sum, two). |
| FY2026 cash PP&E purchases low fy26_ppe_low | FY2026 / shared | 400.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-07 |
| FY2026 cash PP&E purchases high fy26_ppe_high | FY2026 / shared | 500.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-07 |
| FY2026 cash PP&E purchases endpoint sum fy26_ppe_sum | FY2026 / shared | 900.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy26_ppe_low, fy26_ppe_high). |
| FY2026 cash PP&E purchases midpoint fy26_ppe | FY2026 / shared | 450.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_ppe_sum, two). |
| September new ATM gross capacity atm_capacity | 2026-09-11 / shared | 1,000.00 USD_millions | reported: Capacity only; excludes assumed sales or net proceeds. Primary source · 2026-09-11 |
| Engineering activity reference revenue downside_2026q3_engineering_activity | 2026Q3 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization downside_2026q3_engineering_realization | 2026Q3 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue downside_2026q3_engineering | 2026Q3 / downside | 3.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(downside_2026q3_engineering_activity, downside_2026q3_engineering_realization). |
| Commercial isotope revenue downside_2026q3_isotope | 2026Q3 / downside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue downside_2026q3_power | 2026Q3 / downside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue downside_2026q3_revenue | 2026Q3 / downside | 3.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(downside_2026q3_engineering, downside_2026q3_isotope, downside_2026q3_power). |
| Engineering gross margin downside_2026q3_engineering_margin | 2026Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution downside_2026q3_engineering_gross | 2026Q3 / downside | 0.75 USD_millions | derived: Independent project margin assumption. Formula: multiply(downside_2026q3_engineering, downside_2026q3_engineering_margin). |
| Isotope early-ramp gross margin downside_2026q3_isotope_margin | 2026Q3 / downside | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution downside_2026q3_isotope_gross | 2026Q3 / downside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(downside_2026q3_isotope, downside_2026q3_isotope_margin). |
| Gross profit proxy downside_2026q3_gross_profit | 2026Q3 / downside | 0.75 USD_millions | derived: Power is zero in every case. Formula: sum(downside_2026q3_engineering_gross, downside_2026q3_isotope_gross). |
| Expense shifted into cash PP&E downside_2026q3_capitalization_shift | 2026Q3 / downside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification downside_2026q3_gross_operating_cost | 2026Q3 / downside | 85.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses downside_2026q3_operating_cost | 2026Q3 / downside | 85.40 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(downside_2026q3_gross_operating_cost, downside_2026q3_capitalization_shift). |
| Operating income proxy downside_2026q3_operating_income | 2026Q3 / downside | -84.65 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(downside_2026q3_gross_profit, downside_2026q3_operating_cost). |
| Average interest-earning liquidity downside_2026q3_average_liquidity | 2026Q3 / downside | 2,800.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield downside_2026q3_cash_yield | 2026Q3 / downside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction downside_2026q3_quarter_fraction | 2026Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest downside_2026q3_interest_income | 2026Q3 / downside | 17.50 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(downside_2026q3_average_liquidity, downside_2026q3_cash_yield, downside_2026q3_quarter_fraction). |
| SBC addback downside_2026q3_sbc | 2026Q3 / downside | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback downside_2026q3_da | 2026Q3 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest downside_2026q3_cash_before_working | 2026Q3 / downside | -48.15 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_interest_income). |
| Tax working-capital and other operating cash use downside_2026q3_working_cash | 2026Q3 / downside | 10.53 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow downside_2026q3_cfo | 2026Q3 / downside | -58.68 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(downside_2026q3_cash_before_working, downside_2026q3_working_cash). |
| Underlying PP&E and project purchases downside_2026q3_underlying_capex | 2026Q3 / downside | 170.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases downside_2026q3_capex | 2026Q3 / downside | 170.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(downside_2026q3_underlying_capex, downside_2026q3_capitalization_shift). |
| CFO less PP&E downside_2026q3_fcf | 2026Q3 / downside | -228.68 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex). |
| Acquisition holdback and contingent cash downside_2026q3_acquisition_cash | 2026Q3 / downside | 2.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing downside_2026q3_strategic_investing | 2026Q3 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment downside_2026q3_nonppe_investing | 2026Q3 / downside | 7.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(downside_2026q3_acquisition_cash, downside_2026q3_strategic_investing). |
| Cash after business investing downside_2026q3_cash_after_investing | 2026Q3 / downside | -235.68 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(downside_2026q3_fcf, downside_2026q3_nonppe_investing). |
| Engineering activity reference revenue downside_2026q4_engineering_activity | 2026Q4 / downside | 3.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization downside_2026q4_engineering_realization | 2026Q4 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue downside_2026q4_engineering | 2026Q4 / downside | 3.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(downside_2026q4_engineering_activity, downside_2026q4_engineering_realization). |
| Commercial isotope revenue downside_2026q4_isotope | 2026Q4 / downside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue downside_2026q4_power | 2026Q4 / downside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue downside_2026q4_revenue | 2026Q4 / downside | 3.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(downside_2026q4_engineering, downside_2026q4_isotope, downside_2026q4_power). |
| Engineering gross margin downside_2026q4_engineering_margin | 2026Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution downside_2026q4_engineering_gross | 2026Q4 / downside | 0.75 USD_millions | derived: Independent project margin assumption. Formula: multiply(downside_2026q4_engineering, downside_2026q4_engineering_margin). |
| Isotope early-ramp gross margin downside_2026q4_isotope_margin | 2026Q4 / downside | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution downside_2026q4_isotope_gross | 2026Q4 / downside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(downside_2026q4_isotope, downside_2026q4_isotope_margin). |
| Gross profit proxy downside_2026q4_gross_profit | 2026Q4 / downside | 0.75 USD_millions | derived: Power is zero in every case. Formula: sum(downside_2026q4_engineering_gross, downside_2026q4_isotope_gross). |
| Expense shifted into cash PP&E downside_2026q4_capitalization_shift | 2026Q4 / downside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification downside_2026q4_gross_operating_cost | 2026Q4 / downside | 92.72 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses downside_2026q4_operating_cost | 2026Q4 / downside | 92.72 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(downside_2026q4_gross_operating_cost, downside_2026q4_capitalization_shift). |
| Operating income proxy downside_2026q4_operating_income | 2026Q4 / downside | -91.97 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(downside_2026q4_gross_profit, downside_2026q4_operating_cost). |
| Average interest-earning liquidity downside_2026q4_average_liquidity | 2026Q4 / downside | 2,670.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield downside_2026q4_cash_yield | 2026Q4 / downside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction downside_2026q4_quarter_fraction | 2026Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest downside_2026q4_interest_income | 2026Q4 / downside | 16.69 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(downside_2026q4_average_liquidity, downside_2026q4_cash_yield, downside_2026q4_quarter_fraction). |
| SBC addback downside_2026q4_sbc | 2026Q4 / downside | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback downside_2026q4_da | 2026Q4 / downside | 3.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest downside_2026q4_cash_before_working | 2026Q4 / downside | -52.78 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_interest_income). |
| Tax working-capital and other operating cash use downside_2026q4_working_cash | 2026Q4 / downside | 10.92 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow downside_2026q4_cfo | 2026Q4 / downside | -63.71 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(downside_2026q4_cash_before_working, downside_2026q4_working_cash). |
| Underlying PP&E and project purchases downside_2026q4_underlying_capex | 2026Q4 / downside | 230.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases downside_2026q4_capex | 2026Q4 / downside | 230.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(downside_2026q4_underlying_capex, downside_2026q4_capitalization_shift). |
| CFO less PP&E downside_2026q4_fcf | 2026Q4 / downside | -293.71 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex). |
| Acquisition holdback and contingent cash downside_2026q4_acquisition_cash | 2026Q4 / downside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing downside_2026q4_strategic_investing | 2026Q4 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment downside_2026q4_nonppe_investing | 2026Q4 / downside | 6.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(downside_2026q4_acquisition_cash, downside_2026q4_strategic_investing). |
| Cash after business investing downside_2026q4_cash_after_investing | 2026Q4 / downside | -299.71 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(downside_2026q4_fcf, downside_2026q4_nonppe_investing). |
| Engineering activity reference revenue downside_2027q1_engineering_activity | 2027Q1 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization downside_2027q1_engineering_realization | 2027Q1 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue downside_2027q1_engineering | 2027Q1 / downside | 4.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(downside_2027q1_engineering_activity, downside_2027q1_engineering_realization). |
| Commercial isotope revenue downside_2027q1_isotope | 2027Q1 / downside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue downside_2027q1_power | 2027Q1 / downside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue downside_2027q1_revenue | 2027Q1 / downside | 4.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(downside_2027q1_engineering, downside_2027q1_isotope, downside_2027q1_power). |
| Engineering gross margin downside_2027q1_engineering_margin | 2027Q1 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution downside_2027q1_engineering_gross | 2027Q1 / downside | 1.00 USD_millions | derived: Independent project margin assumption. Formula: multiply(downside_2027q1_engineering, downside_2027q1_engineering_margin). |
| Isotope early-ramp gross margin downside_2027q1_isotope_margin | 2027Q1 / downside | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution downside_2027q1_isotope_gross | 2027Q1 / downside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(downside_2027q1_isotope, downside_2027q1_isotope_margin). |
| Gross profit proxy downside_2027q1_gross_profit | 2027Q1 / downside | 1.00 USD_millions | derived: Power is zero in every case. Formula: sum(downside_2027q1_engineering_gross, downside_2027q1_isotope_gross). |
| Expense shifted into cash PP&E downside_2027q1_capitalization_shift | 2027Q1 / downside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification downside_2027q1_gross_operating_cost | 2027Q1 / downside | 100.04 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses downside_2027q1_operating_cost | 2027Q1 / downside | 100.04 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(downside_2027q1_gross_operating_cost, downside_2027q1_capitalization_shift). |
| Operating income proxy downside_2027q1_operating_income | 2027Q1 / downside | -99.04 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_operating_cost). |
| Average interest-earning liquidity downside_2027q1_average_liquidity | 2027Q1 / downside | 2,540.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield downside_2027q1_cash_yield | 2027Q1 / downside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction downside_2027q1_quarter_fraction | 2027Q1 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest downside_2027q1_interest_income | 2027Q1 / downside | 15.88 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(downside_2027q1_average_liquidity, downside_2027q1_cash_yield, downside_2027q1_quarter_fraction). |
| SBC addback downside_2027q1_sbc | 2027Q1 / downside | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback downside_2027q1_da | 2027Q1 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest downside_2027q1_cash_before_working | 2027Q1 / downside | -57.16 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_interest_income). |
| Tax working-capital and other operating cash use downside_2027q1_working_cash | 2027Q1 / downside | 15.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow downside_2027q1_cfo | 2027Q1 / downside | -72.76 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(downside_2027q1_cash_before_working, downside_2027q1_working_cash). |
| Underlying PP&E and project purchases downside_2027q1_underlying_capex | 2027Q1 / downside | 220.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases downside_2027q1_capex | 2027Q1 / downside | 220.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(downside_2027q1_underlying_capex, downside_2027q1_capitalization_shift). |
| CFO less PP&E downside_2027q1_fcf | 2027Q1 / downside | -292.76 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex). |
| Acquisition holdback and contingent cash downside_2027q1_acquisition_cash | 2027Q1 / downside | 2.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing downside_2027q1_strategic_investing | 2027Q1 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment downside_2027q1_nonppe_investing | 2027Q1 / downside | 12.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(downside_2027q1_acquisition_cash, downside_2027q1_strategic_investing). |
| Cash after business investing downside_2027q1_cash_after_investing | 2027Q1 / downside | -304.76 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(downside_2027q1_fcf, downside_2027q1_nonppe_investing). |
| Engineering activity reference revenue downside_2027q2_engineering_activity | 2027Q2 / downside | 4.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization downside_2027q2_engineering_realization | 2027Q2 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue downside_2027q2_engineering | 2027Q2 / downside | 4.50 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(downside_2027q2_engineering_activity, downside_2027q2_engineering_realization). |
| Commercial isotope revenue downside_2027q2_isotope | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue downside_2027q2_power | 2027Q2 / downside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue downside_2027q2_revenue | 2027Q2 / downside | 4.50 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(downside_2027q2_engineering, downside_2027q2_isotope, downside_2027q2_power). |
| Engineering gross margin downside_2027q2_engineering_margin | 2027Q2 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution downside_2027q2_engineering_gross | 2027Q2 / downside | 1.12 USD_millions | derived: Independent project margin assumption. Formula: multiply(downside_2027q2_engineering, downside_2027q2_engineering_margin). |
| Isotope early-ramp gross margin downside_2027q2_isotope_margin | 2027Q2 / downside | -25.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution downside_2027q2_isotope_gross | 2027Q2 / downside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(downside_2027q2_isotope, downside_2027q2_isotope_margin). |
| Gross profit proxy downside_2027q2_gross_profit | 2027Q2 / downside | 1.12 USD_millions | derived: Power is zero in every case. Formula: sum(downside_2027q2_engineering_gross, downside_2027q2_isotope_gross). |
| Expense shifted into cash PP&E downside_2027q2_capitalization_shift | 2027Q2 / downside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification downside_2027q2_gross_operating_cost | 2027Q2 / downside | 107.36 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses downside_2027q2_operating_cost | 2027Q2 / downside | 107.36 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(downside_2027q2_gross_operating_cost, downside_2027q2_capitalization_shift). |
| Operating income proxy downside_2027q2_operating_income | 2027Q2 / downside | -106.23 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_operating_cost). |
| Average interest-earning liquidity downside_2027q2_average_liquidity | 2027Q2 / downside | 2,410.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield downside_2027q2_cash_yield | 2027Q2 / downside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction downside_2027q2_quarter_fraction | 2027Q2 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest downside_2027q2_interest_income | 2027Q2 / downside | 15.06 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(downside_2027q2_average_liquidity, downside_2027q2_cash_yield, downside_2027q2_quarter_fraction). |
| SBC addback downside_2027q2_sbc | 2027Q2 / downside | 23.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback downside_2027q2_da | 2027Q2 / downside | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest downside_2027q2_cash_before_working | 2027Q2 / downside | -61.67 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_interest_income). |
| Tax working-capital and other operating cash use downside_2027q2_working_cash | 2027Q2 / downside | 19.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow downside_2027q2_cfo | 2027Q2 / downside | -81.17 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(downside_2027q2_cash_before_working, downside_2027q2_working_cash). |
| Underlying PP&E and project purchases downside_2027q2_underlying_capex | 2027Q2 / downside | 240.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases downside_2027q2_capex | 2027Q2 / downside | 240.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(downside_2027q2_underlying_capex, downside_2027q2_capitalization_shift). |
| CFO less PP&E downside_2027q2_fcf | 2027Q2 / downside | -321.17 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| Acquisition holdback and contingent cash downside_2027q2_acquisition_cash | 2027Q2 / downside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing downside_2027q2_strategic_investing | 2027Q2 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment downside_2027q2_nonppe_investing | 2027Q2 / downside | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(downside_2027q2_acquisition_cash, downside_2027q2_strategic_investing). |
| Cash after business investing downside_2027q2_cash_after_investing | 2027Q2 / downside | -332.17 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(downside_2027q2_fcf, downside_2027q2_nonppe_investing). |
| Engineering activity reference revenue downside_2027q3_engineering_activity | 2027Q3 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization downside_2027q3_engineering_realization | 2027Q3 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue downside_2027q3_engineering | 2027Q3 / downside | 5.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(downside_2027q3_engineering_activity, downside_2027q3_engineering_realization). |
| Commercial isotope revenue downside_2027q3_isotope | 2027Q3 / downside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue downside_2027q3_power | 2027Q3 / downside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue downside_2027q3_revenue | 2027Q3 / downside | 5.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(downside_2027q3_engineering, downside_2027q3_isotope, downside_2027q3_power). |
| Engineering gross margin downside_2027q3_engineering_margin | 2027Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution downside_2027q3_engineering_gross | 2027Q3 / downside | 1.25 USD_millions | derived: Independent project margin assumption. Formula: multiply(downside_2027q3_engineering, downside_2027q3_engineering_margin). |
| Isotope early-ramp gross margin downside_2027q3_isotope_margin | 2027Q3 / downside | -10.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution downside_2027q3_isotope_gross | 2027Q3 / downside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(downside_2027q3_isotope, downside_2027q3_isotope_margin). |
| Gross profit proxy downside_2027q3_gross_profit | 2027Q3 / downside | 1.25 USD_millions | derived: Power is zero in every case. Formula: sum(downside_2027q3_engineering_gross, downside_2027q3_isotope_gross). |
| Expense shifted into cash PP&E downside_2027q3_capitalization_shift | 2027Q3 / downside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification downside_2027q3_gross_operating_cost | 2027Q3 / downside | 114.68 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses downside_2027q3_operating_cost | 2027Q3 / downside | 114.68 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(downside_2027q3_gross_operating_cost, downside_2027q3_capitalization_shift). |
| Operating income proxy downside_2027q3_operating_income | 2027Q3 / downside | -113.43 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_operating_cost). |
| Average interest-earning liquidity downside_2027q3_average_liquidity | 2027Q3 / downside | 2,280.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield downside_2027q3_cash_yield | 2027Q3 / downside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction downside_2027q3_quarter_fraction | 2027Q3 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest downside_2027q3_interest_income | 2027Q3 / downside | 14.25 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(downside_2027q3_average_liquidity, downside_2027q3_cash_yield, downside_2027q3_quarter_fraction). |
| SBC addback downside_2027q3_sbc | 2027Q3 / downside | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback downside_2027q3_da | 2027Q3 / downside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest downside_2027q3_cash_before_working | 2027Q3 / downside | -66.18 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_interest_income). |
| Tax working-capital and other operating cash use downside_2027q3_working_cash | 2027Q3 / downside | 23.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | -89.58 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(downside_2027q3_cash_before_working, downside_2027q3_working_cash). |
| Underlying PP&E and project purchases downside_2027q3_underlying_capex | 2027Q3 / downside | 260.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases downside_2027q3_capex | 2027Q3 / downside | 260.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(downside_2027q3_underlying_capex, downside_2027q3_capitalization_shift). |
| CFO less PP&E downside_2027q3_fcf | 2027Q3 / downside | -349.58 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Acquisition holdback and contingent cash downside_2027q3_acquisition_cash | 2027Q3 / downside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing downside_2027q3_strategic_investing | 2027Q3 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment downside_2027q3_nonppe_investing | 2027Q3 / downside | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(downside_2027q3_acquisition_cash, downside_2027q3_strategic_investing). |
| Cash after business investing downside_2027q3_cash_after_investing | 2027Q3 / downside | -360.58 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(downside_2027q3_fcf, downside_2027q3_nonppe_investing). |
| Engineering activity reference revenue downside_2027q4_engineering_activity | 2027Q4 / downside | 5.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization downside_2027q4_engineering_realization | 2027Q4 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue downside_2027q4_engineering | 2027Q4 / downside | 5.50 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(downside_2027q4_engineering_activity, downside_2027q4_engineering_realization). |
| Commercial isotope revenue downside_2027q4_isotope | 2027Q4 / downside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue downside_2027q4_power | 2027Q4 / downside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue downside_2027q4_revenue | 2027Q4 / downside | 5.50 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(downside_2027q4_engineering, downside_2027q4_isotope, downside_2027q4_power). |
| Engineering gross margin downside_2027q4_engineering_margin | 2027Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution downside_2027q4_engineering_gross | 2027Q4 / downside | 1.38 USD_millions | derived: Independent project margin assumption. Formula: multiply(downside_2027q4_engineering, downside_2027q4_engineering_margin). |
| Isotope early-ramp gross margin downside_2027q4_isotope_margin | 2027Q4 / downside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution downside_2027q4_isotope_gross | 2027Q4 / downside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(downside_2027q4_isotope, downside_2027q4_isotope_margin). |
| Gross profit proxy downside_2027q4_gross_profit | 2027Q4 / downside | 1.38 USD_millions | derived: Power is zero in every case. Formula: sum(downside_2027q4_engineering_gross, downside_2027q4_isotope_gross). |
| Expense shifted into cash PP&E downside_2027q4_capitalization_shift | 2027Q4 / downside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification downside_2027q4_gross_operating_cost | 2027Q4 / downside | 122.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses downside_2027q4_operating_cost | 2027Q4 / downside | 122.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(downside_2027q4_gross_operating_cost, downside_2027q4_capitalization_shift). |
| Operating income proxy downside_2027q4_operating_income | 2027Q4 / downside | -120.62 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_operating_cost). |
| Average interest-earning liquidity downside_2027q4_average_liquidity | 2027Q4 / downside | 2,150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield downside_2027q4_cash_yield | 2027Q4 / downside | 2.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction downside_2027q4_quarter_fraction | 2027Q4 / downside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest downside_2027q4_interest_income | 2027Q4 / downside | 13.44 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(downside_2027q4_average_liquidity, downside_2027q4_cash_yield, downside_2027q4_quarter_fraction). |
| SBC addback downside_2027q4_sbc | 2027Q4 / downside | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback downside_2027q4_da | 2027Q4 / downside | 9.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest downside_2027q4_cash_before_working | 2027Q4 / downside | -70.69 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_interest_income). |
| Tax working-capital and other operating cash use downside_2027q4_working_cash | 2027Q4 / downside | 28.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | -99.29 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(downside_2027q4_cash_before_working, downside_2027q4_working_cash). |
| Underlying PP&E and project purchases downside_2027q4_underlying_capex | 2027Q4 / downside | 280.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases downside_2027q4_capex | 2027Q4 / downside | 280.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(downside_2027q4_underlying_capex, downside_2027q4_capitalization_shift). |
| CFO less PP&E downside_2027q4_fcf | 2027Q4 / downside | -379.29 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Acquisition holdback and contingent cash downside_2027q4_acquisition_cash | 2027Q4 / downside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing downside_2027q4_strategic_investing | 2027Q4 / downside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment downside_2027q4_nonppe_investing | 2027Q4 / downside | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(downside_2027q4_acquisition_cash, downside_2027q4_strategic_investing). |
| Cash after business investing downside_2027q4_cash_after_investing | 2027Q4 / downside | -390.29 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(downside_2027q4_fcf, downside_2027q4_nonppe_investing). |
| Total revenue ($M) downside_fy2026_revenue | FY2026 / downside | 7.21 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). |
| Engineering and manufacturing revenue ($M) downside_fy2026_engineering | FY2026 / downside | 7.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_engineering, downside_2026q3_engineering, downside_2026q4_engineering). |
| Isotope revenue ($M) downside_fy2026_isotope | 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_isotope, downside_2026q3_isotope, downside_2026q4_isotope). |
| Commercial power revenue ($M) downside_fy2026_power | FY2026 / downside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_power, downside_2026q3_power, downside_2026q4_power). |
| Gross profit proxy ($M) downside_fy2026_gross_profit | FY2026 / downside | 1.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit). |
| Operating income proxy ($M) downside_fy2026_operating_income | FY2026 / downside | -300.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Operating cash flow ($M) downside_fy2026_cfo | FY2026 / downside | -187.85 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Cash PP&E purchases ($M) downside_fy2026_capex | FY2026 / downside | 526.90 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex). |
| CFO less PP&E ($M) downside_fy2026_fcf | FY2026 / downside | -714.75 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). |
| Net acquisition/holdback cash ($M) downside_fy2026_acquisition_cash | FY2026 / downside | 28.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, downside_2026q3_acquisition_cash, downside_2026q4_acquisition_cash). |
| Other strategic investing ($M) downside_fy2026_strategic_investing | FY2026 / downside | 26.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_strategic_investing, downside_2026q3_strategic_investing, downside_2026q4_strategic_investing). |
| Cash after business investing ($M) downside_fy2026_cash_after_investing | FY2026 / downside | -769.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investing, downside_2026q3_cash_after_investing, downside_2026q4_cash_after_investing). |
| Total revenue ($M) downside_fy2027_revenue | FY2027 / downside | 19.00 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). |
| Engineering and manufacturing revenue ($M) downside_fy2027_engineering | FY2027 / downside | 19.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_engineering, downside_2027q2_engineering, downside_2027q3_engineering, downside_2027q4_engineering). |
| Isotope revenue ($M) downside_fy2027_isotope | FY2027 / downside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_isotope, downside_2027q2_isotope, downside_2027q3_isotope, downside_2027q4_isotope). |
| Commercial power revenue ($M) downside_fy2027_power | FY2027 / downside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_power, downside_2027q2_power, downside_2027q3_power, downside_2027q4_power). |
| Gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 4.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Operating income proxy ($M) downside_fy2027_operating_income | FY2027 / downside | -439.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | -342.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Cash PP&E purchases ($M) downside_fy2027_capex | FY2027 / downside | 1,000.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| CFO less PP&E ($M) downside_fy2027_fcf | FY2027 / downside | -1,342.80 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). |
| Net acquisition/holdback cash ($M) downside_fy2027_acquisition_cash | FY2027 / downside | 5.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_acquisition_cash, downside_2027q2_acquisition_cash, downside_2027q3_acquisition_cash, downside_2027q4_acquisition_cash). |
| Other strategic investing ($M) downside_fy2027_strategic_investing | FY2027 / downside | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_strategic_investing, downside_2027q2_strategic_investing, downside_2027q3_strategic_investing, downside_2027q4_strategic_investing). |
| Cash after business investing ($M) downside_fy2027_cash_after_investing | FY2027 / downside | -1,387.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_investing, downside_2027q2_cash_after_investing, downside_2027q3_cash_after_investing, downside_2027q4_cash_after_investing). |
| Engineering activity reference revenue base_2026q3_engineering_activity | 2026Q3 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization base_2026q3_engineering_realization | 2026Q3 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue base_2026q3_engineering | 2026Q3 / base | 4.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(base_2026q3_engineering_activity, base_2026q3_engineering_realization). |
| Commercial isotope revenue base_2026q3_isotope | 2026Q3 / base | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue base_2026q3_power | 2026Q3 / base | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue base_2026q3_revenue | 2026Q3 / base | 4.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(base_2026q3_engineering, base_2026q3_isotope, base_2026q3_power). |
| Engineering gross margin base_2026q3_engineering_margin | 2026Q3 / base | 40.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution base_2026q3_engineering_gross | 2026Q3 / base | 1.60 USD_millions | derived: Independent project margin assumption. Formula: multiply(base_2026q3_engineering, base_2026q3_engineering_margin). |
| Isotope early-ramp gross margin base_2026q3_isotope_margin | 2026Q3 / base | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution base_2026q3_isotope_gross | 2026Q3 / base | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(base_2026q3_isotope, base_2026q3_isotope_margin). |
| Gross profit proxy base_2026q3_gross_profit | 2026Q3 / base | 1.60 USD_millions | derived: Power is zero in every case. Formula: sum(base_2026q3_engineering_gross, base_2026q3_isotope_gross). |
| Expense shifted into cash PP&E base_2026q3_capitalization_shift | 2026Q3 / base | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification base_2026q3_gross_operating_cost | 2026Q3 / base | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses base_2026q3_operating_cost | 2026Q3 / base | 70.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(base_2026q3_gross_operating_cost, base_2026q3_capitalization_shift). |
| Operating income proxy base_2026q3_operating_income | 2026Q3 / base | -68.40 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(base_2026q3_gross_profit, base_2026q3_operating_cost). |
| Average interest-earning liquidity base_2026q3_average_liquidity | 2026Q3 / base | 2,800.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield base_2026q3_cash_yield | 2026Q3 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction base_2026q3_quarter_fraction | 2026Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest base_2026q3_interest_income | 2026Q3 / base | 24.50 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(base_2026q3_average_liquidity, base_2026q3_cash_yield, base_2026q3_quarter_fraction). |
| SBC addback base_2026q3_sbc | 2026Q3 / base | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback base_2026q3_da | 2026Q3 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest base_2026q3_cash_before_working | 2026Q3 / base | -24.90 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_interest_income). |
| Tax working-capital and other operating cash use base_2026q3_working_cash | 2026Q3 / base | 8.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow base_2026q3_cfo | 2026Q3 / base | -33.00 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(base_2026q3_cash_before_working, base_2026q3_working_cash). |
| Underlying PP&E and project purchases base_2026q3_underlying_capex | 2026Q3 / base | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases base_2026q3_capex | 2026Q3 / base | 150.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(base_2026q3_underlying_capex, base_2026q3_capitalization_shift). |
| CFO less PP&E base_2026q3_fcf | 2026Q3 / base | -183.00 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(base_2026q3_cfo, base_2026q3_capex). |
| Acquisition holdback and contingent cash base_2026q3_acquisition_cash | 2026Q3 / base | 2.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing base_2026q3_strategic_investing | 2026Q3 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment base_2026q3_nonppe_investing | 2026Q3 / base | 7.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(base_2026q3_acquisition_cash, base_2026q3_strategic_investing). |
| Cash after business investing base_2026q3_cash_after_investing | 2026Q3 / base | -190.00 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(base_2026q3_fcf, base_2026q3_nonppe_investing). |
| Engineering activity reference revenue base_2026q4_engineering_activity | 2026Q4 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization base_2026q4_engineering_realization | 2026Q4 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue base_2026q4_engineering | 2026Q4 / base | 5.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(base_2026q4_engineering_activity, base_2026q4_engineering_realization). |
| Commercial isotope revenue base_2026q4_isotope | 2026Q4 / base | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue base_2026q4_power | 2026Q4 / base | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue base_2026q4_revenue | 2026Q4 / base | 5.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(base_2026q4_engineering, base_2026q4_isotope, base_2026q4_power). |
| Engineering gross margin base_2026q4_engineering_margin | 2026Q4 / base | 40.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution base_2026q4_engineering_gross | 2026Q4 / base | 2.00 USD_millions | derived: Independent project margin assumption. Formula: multiply(base_2026q4_engineering, base_2026q4_engineering_margin). |
| Isotope early-ramp gross margin base_2026q4_isotope_margin | 2026Q4 / base | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution base_2026q4_isotope_gross | 2026Q4 / base | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(base_2026q4_isotope, base_2026q4_isotope_margin). |
| Gross profit proxy base_2026q4_gross_profit | 2026Q4 / base | 2.00 USD_millions | derived: Power is zero in every case. Formula: sum(base_2026q4_engineering_gross, base_2026q4_isotope_gross). |
| Expense shifted into cash PP&E base_2026q4_capitalization_shift | 2026Q4 / base | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification base_2026q4_gross_operating_cost | 2026Q4 / base | 76.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses base_2026q4_operating_cost | 2026Q4 / base | 76.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(base_2026q4_gross_operating_cost, base_2026q4_capitalization_shift). |
| Operating income proxy base_2026q4_operating_income | 2026Q4 / base | -74.00 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(base_2026q4_gross_profit, base_2026q4_operating_cost). |
| Average interest-earning liquidity base_2026q4_average_liquidity | 2026Q4 / base | 2,670.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield base_2026q4_cash_yield | 2026Q4 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction base_2026q4_quarter_fraction | 2026Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest base_2026q4_interest_income | 2026Q4 / base | 23.36 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(base_2026q4_average_liquidity, base_2026q4_cash_yield, base_2026q4_quarter_fraction). |
| SBC addback base_2026q4_sbc | 2026Q4 / base | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback base_2026q4_da | 2026Q4 / base | 3.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest base_2026q4_cash_before_working | 2026Q4 / base | -28.14 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_interest_income). |
| Tax working-capital and other operating cash use base_2026q4_working_cash | 2026Q4 / base | 8.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow base_2026q4_cfo | 2026Q4 / base | -36.54 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(base_2026q4_cash_before_working, base_2026q4_working_cash). |
| Underlying PP&E and project purchases base_2026q4_underlying_capex | 2026Q4 / base | 173.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases base_2026q4_capex | 2026Q4 / base | 173.10 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(base_2026q4_underlying_capex, base_2026q4_capitalization_shift). |
| CFO less PP&E base_2026q4_fcf | 2026Q4 / base | -209.64 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(base_2026q4_cfo, base_2026q4_capex). |
| Acquisition holdback and contingent cash base_2026q4_acquisition_cash | 2026Q4 / base | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing base_2026q4_strategic_investing | 2026Q4 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment base_2026q4_nonppe_investing | 2026Q4 / base | 6.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(base_2026q4_acquisition_cash, base_2026q4_strategic_investing). |
| Cash after business investing base_2026q4_cash_after_investing | 2026Q4 / base | -215.64 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(base_2026q4_fcf, base_2026q4_nonppe_investing). |
| Engineering activity reference revenue base_2027q1_engineering_activity | 2027Q1 / base | 6.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization base_2027q1_engineering_realization | 2027Q1 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue base_2027q1_engineering | 2027Q1 / base | 6.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(base_2027q1_engineering_activity, base_2027q1_engineering_realization). |
| Commercial isotope revenue base_2027q1_isotope | 2027Q1 / base | 1.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue base_2027q1_power | 2027Q1 / base | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue base_2027q1_revenue | 2027Q1 / base | 7.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(base_2027q1_engineering, base_2027q1_isotope, base_2027q1_power). |
| Engineering gross margin base_2027q1_engineering_margin | 2027Q1 / base | 40.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution base_2027q1_engineering_gross | 2027Q1 / base | 2.40 USD_millions | derived: Independent project margin assumption. Formula: multiply(base_2027q1_engineering, base_2027q1_engineering_margin). |
| Isotope early-ramp gross margin base_2027q1_isotope_margin | 2027Q1 / base | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution base_2027q1_isotope_gross | 2027Q1 / base | -0.40 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(base_2027q1_isotope, base_2027q1_isotope_margin). |
| Gross profit proxy base_2027q1_gross_profit | 2027Q1 / base | 2.00 USD_millions | derived: Power is zero in every case. Formula: sum(base_2027q1_engineering_gross, base_2027q1_isotope_gross). |
| Expense shifted into cash PP&E base_2027q1_capitalization_shift | 2027Q1 / base | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification base_2027q1_gross_operating_cost | 2027Q1 / base | 82.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses base_2027q1_operating_cost | 2027Q1 / base | 82.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(base_2027q1_gross_operating_cost, base_2027q1_capitalization_shift). |
| Operating income proxy base_2027q1_operating_income | 2027Q1 / base | -80.00 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(base_2027q1_gross_profit, base_2027q1_operating_cost). |
| Average interest-earning liquidity base_2027q1_average_liquidity | 2027Q1 / base | 2,540.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield base_2027q1_cash_yield | 2027Q1 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction base_2027q1_quarter_fraction | 2027Q1 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest base_2027q1_interest_income | 2027Q1 / base | 22.23 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(base_2027q1_average_liquidity, base_2027q1_cash_yield, base_2027q1_quarter_fraction). |
| SBC addback base_2027q1_sbc | 2027Q1 / base | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback base_2027q1_da | 2027Q1 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest base_2027q1_cash_before_working | 2027Q1 / base | -31.77 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_interest_income). |
| Tax working-capital and other operating cash use base_2027q1_working_cash | 2027Q1 / base | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow base_2027q1_cfo | 2027Q1 / base | -43.77 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(base_2027q1_cash_before_working, base_2027q1_working_cash). |
| Underlying PP&E and project purchases base_2027q1_underlying_capex | 2027Q1 / base | 170.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases base_2027q1_capex | 2027Q1 / base | 170.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(base_2027q1_underlying_capex, base_2027q1_capitalization_shift). |
| CFO less PP&E base_2027q1_fcf | 2027Q1 / base | -213.78 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(base_2027q1_cfo, base_2027q1_capex). |
| Acquisition holdback and contingent cash base_2027q1_acquisition_cash | 2027Q1 / base | 2.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing base_2027q1_strategic_investing | 2027Q1 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment base_2027q1_nonppe_investing | 2027Q1 / base | 12.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(base_2027q1_acquisition_cash, base_2027q1_strategic_investing). |
| Cash after business investing base_2027q1_cash_after_investing | 2027Q1 / base | -225.78 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(base_2027q1_fcf, base_2027q1_nonppe_investing). |
| Engineering activity reference revenue base_2027q2_engineering_activity | 2027Q2 / base | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization base_2027q2_engineering_realization | 2027Q2 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue base_2027q2_engineering | 2027Q2 / base | 7.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(base_2027q2_engineering_activity, base_2027q2_engineering_realization). |
| Commercial isotope revenue base_2027q2_isotope | 2027Q2 / base | 2.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue base_2027q2_power | 2027Q2 / base | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue base_2027q2_revenue | 2027Q2 / base | 9.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(base_2027q2_engineering, base_2027q2_isotope, base_2027q2_power). |
| Engineering gross margin base_2027q2_engineering_margin | 2027Q2 / base | 40.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution base_2027q2_engineering_gross | 2027Q2 / base | 2.80 USD_millions | derived: Independent project margin assumption. Formula: multiply(base_2027q2_engineering, base_2027q2_engineering_margin). |
| Isotope early-ramp gross margin base_2027q2_isotope_margin | 2027Q2 / base | -25.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution base_2027q2_isotope_gross | 2027Q2 / base | -0.50 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(base_2027q2_isotope, base_2027q2_isotope_margin). |
| Gross profit proxy base_2027q2_gross_profit | 2027Q2 / base | 2.30 USD_millions | derived: Power is zero in every case. Formula: sum(base_2027q2_engineering_gross, base_2027q2_isotope_gross). |
| Expense shifted into cash PP&E base_2027q2_capitalization_shift | 2027Q2 / base | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification base_2027q2_gross_operating_cost | 2027Q2 / base | 88.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses base_2027q2_operating_cost | 2027Q2 / base | 88.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(base_2027q2_gross_operating_cost, base_2027q2_capitalization_shift). |
| Operating income proxy base_2027q2_operating_income | 2027Q2 / base | -85.70 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(base_2027q2_gross_profit, base_2027q2_operating_cost). |
| Average interest-earning liquidity base_2027q2_average_liquidity | 2027Q2 / base | 2,410.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield base_2027q2_cash_yield | 2027Q2 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction base_2027q2_quarter_fraction | 2027Q2 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest base_2027q2_interest_income | 2027Q2 / base | 21.09 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(base_2027q2_average_liquidity, base_2027q2_cash_yield, base_2027q2_quarter_fraction). |
| SBC addback base_2027q2_sbc | 2027Q2 / base | 23.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback base_2027q2_da | 2027Q2 / base | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest base_2027q2_cash_before_working | 2027Q2 / base | -35.11 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_interest_income). |
| Tax working-capital and other operating cash use base_2027q2_working_cash | 2027Q2 / base | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow base_2027q2_cfo | 2027Q2 / base | -50.11 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(base_2027q2_cash_before_working, base_2027q2_working_cash). |
| Underlying PP&E and project purchases base_2027q2_underlying_capex | 2027Q2 / base | 190.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases base_2027q2_capex | 2027Q2 / base | 190.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(base_2027q2_underlying_capex, base_2027q2_capitalization_shift). |
| CFO less PP&E base_2027q2_fcf | 2027Q2 / base | -240.11 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| Acquisition holdback and contingent cash base_2027q2_acquisition_cash | 2027Q2 / base | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing base_2027q2_strategic_investing | 2027Q2 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment base_2027q2_nonppe_investing | 2027Q2 / base | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(base_2027q2_acquisition_cash, base_2027q2_strategic_investing). |
| Cash after business investing base_2027q2_cash_after_investing | 2027Q2 / base | -251.11 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(base_2027q2_fcf, base_2027q2_nonppe_investing). |
| Engineering activity reference revenue base_2027q3_engineering_activity | 2027Q3 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization base_2027q3_engineering_realization | 2027Q3 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue base_2027q3_engineering | 2027Q3 / base | 8.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(base_2027q3_engineering_activity, base_2027q3_engineering_realization). |
| Commercial isotope revenue base_2027q3_isotope | 2027Q3 / base | 3.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue base_2027q3_power | 2027Q3 / base | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue base_2027q3_revenue | 2027Q3 / base | 11.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(base_2027q3_engineering, base_2027q3_isotope, base_2027q3_power). |
| Engineering gross margin base_2027q3_engineering_margin | 2027Q3 / base | 40.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution base_2027q3_engineering_gross | 2027Q3 / base | 3.20 USD_millions | derived: Independent project margin assumption. Formula: multiply(base_2027q3_engineering, base_2027q3_engineering_margin). |
| Isotope early-ramp gross margin base_2027q3_isotope_margin | 2027Q3 / base | -10.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution base_2027q3_isotope_gross | 2027Q3 / base | -0.30 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(base_2027q3_isotope, base_2027q3_isotope_margin). |
| Gross profit proxy base_2027q3_gross_profit | 2027Q3 / base | 2.90 USD_millions | derived: Power is zero in every case. Formula: sum(base_2027q3_engineering_gross, base_2027q3_isotope_gross). |
| Expense shifted into cash PP&E base_2027q3_capitalization_shift | 2027Q3 / base | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification base_2027q3_gross_operating_cost | 2027Q3 / base | 94.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses base_2027q3_operating_cost | 2027Q3 / base | 94.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(base_2027q3_gross_operating_cost, base_2027q3_capitalization_shift). |
| Operating income proxy base_2027q3_operating_income | 2027Q3 / base | -91.10 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(base_2027q3_gross_profit, base_2027q3_operating_cost). |
| Average interest-earning liquidity base_2027q3_average_liquidity | 2027Q3 / base | 2,280.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield base_2027q3_cash_yield | 2027Q3 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction base_2027q3_quarter_fraction | 2027Q3 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest base_2027q3_interest_income | 2027Q3 / base | 19.95 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(base_2027q3_average_liquidity, base_2027q3_cash_yield, base_2027q3_quarter_fraction). |
| SBC addback base_2027q3_sbc | 2027Q3 / base | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback base_2027q3_da | 2027Q3 / base | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest base_2027q3_cash_before_working | 2027Q3 / base | -38.15 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_interest_income). |
| Tax working-capital and other operating cash use base_2027q3_working_cash | 2027Q3 / base | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | -56.15 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(base_2027q3_cash_before_working, base_2027q3_working_cash). |
| Underlying PP&E and project purchases base_2027q3_underlying_capex | 2027Q3 / base | 210.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases base_2027q3_capex | 2027Q3 / base | 210.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(base_2027q3_underlying_capex, base_2027q3_capitalization_shift). |
| CFO less PP&E base_2027q3_fcf | 2027Q3 / base | -266.15 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Acquisition holdback and contingent cash base_2027q3_acquisition_cash | 2027Q3 / base | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing base_2027q3_strategic_investing | 2027Q3 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment base_2027q3_nonppe_investing | 2027Q3 / base | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(base_2027q3_acquisition_cash, base_2027q3_strategic_investing). |
| Cash after business investing base_2027q3_cash_after_investing | 2027Q3 / base | -277.15 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(base_2027q3_fcf, base_2027q3_nonppe_investing). |
| Engineering activity reference revenue base_2027q4_engineering_activity | 2027Q4 / base | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization base_2027q4_engineering_realization | 2027Q4 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue base_2027q4_engineering | 2027Q4 / base | 9.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(base_2027q4_engineering_activity, base_2027q4_engineering_realization). |
| Commercial isotope revenue base_2027q4_isotope | 2027Q4 / base | 4.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue base_2027q4_power | 2027Q4 / base | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue base_2027q4_revenue | 2027Q4 / base | 13.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(base_2027q4_engineering, base_2027q4_isotope, base_2027q4_power). |
| Engineering gross margin base_2027q4_engineering_margin | 2027Q4 / base | 40.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution base_2027q4_engineering_gross | 2027Q4 / base | 3.60 USD_millions | derived: Independent project margin assumption. Formula: multiply(base_2027q4_engineering, base_2027q4_engineering_margin). |
| Isotope early-ramp gross margin base_2027q4_isotope_margin | 2027Q4 / base | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution base_2027q4_isotope_gross | 2027Q4 / base | 0.20 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(base_2027q4_isotope, base_2027q4_isotope_margin). |
| Gross profit proxy base_2027q4_gross_profit | 2027Q4 / base | 3.80 USD_millions | derived: Power is zero in every case. Formula: sum(base_2027q4_engineering_gross, base_2027q4_isotope_gross). |
| Expense shifted into cash PP&E base_2027q4_capitalization_shift | 2027Q4 / base | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification base_2027q4_gross_operating_cost | 2027Q4 / base | 100.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses base_2027q4_operating_cost | 2027Q4 / base | 100.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(base_2027q4_gross_operating_cost, base_2027q4_capitalization_shift). |
| Operating income proxy base_2027q4_operating_income | 2027Q4 / base | -96.20 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(base_2027q4_gross_profit, base_2027q4_operating_cost). |
| Average interest-earning liquidity base_2027q4_average_liquidity | 2027Q4 / base | 2,150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield base_2027q4_cash_yield | 2027Q4 / base | 3.5% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction base_2027q4_quarter_fraction | 2027Q4 / base | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest base_2027q4_interest_income | 2027Q4 / base | 18.81 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(base_2027q4_average_liquidity, base_2027q4_cash_yield, base_2027q4_quarter_fraction). |
| SBC addback base_2027q4_sbc | 2027Q4 / base | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback base_2027q4_da | 2027Q4 / base | 9.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest base_2027q4_cash_before_working | 2027Q4 / base | -40.89 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_interest_income). |
| Tax working-capital and other operating cash use base_2027q4_working_cash | 2027Q4 / base | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | -62.89 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(base_2027q4_cash_before_working, base_2027q4_working_cash). |
| Underlying PP&E and project purchases base_2027q4_underlying_capex | 2027Q4 / base | 230.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases base_2027q4_capex | 2027Q4 / base | 230.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(base_2027q4_underlying_capex, base_2027q4_capitalization_shift). |
| CFO less PP&E base_2027q4_fcf | 2027Q4 / base | -292.89 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Acquisition holdback and contingent cash base_2027q4_acquisition_cash | 2027Q4 / base | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing base_2027q4_strategic_investing | 2027Q4 / base | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment base_2027q4_nonppe_investing | 2027Q4 / base | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(base_2027q4_acquisition_cash, base_2027q4_strategic_investing). |
| Cash after business investing base_2027q4_cash_after_investing | 2027Q4 / base | -303.89 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(base_2027q4_fcf, base_2027q4_nonppe_investing). |
| Total revenue ($M) base_fy2026_revenue | FY2026 / base | 10.21 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). |
| Engineering and manufacturing revenue ($M) base_fy2026_engineering | FY2026 / base | 10.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_engineering, base_2026q3_engineering, base_2026q4_engineering). |
| Isotope revenue ($M) base_fy2026_isotope | FY2026 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_isotope, base_2026q3_isotope, base_2026q4_isotope). |
| Commercial power revenue ($M) base_fy2026_power | FY2026 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_power, base_2026q3_power, base_2026q4_power). |
| Gross profit proxy ($M) base_fy2026_gross_profit | FY2026 / base | 4.09 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit). |
| Operating income proxy ($M) base_fy2026_operating_income | FY2026 / base | -266.57 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Operating cash flow ($M) base_fy2026_cfo | FY2026 / base | -135.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Cash PP&E purchases ($M) base_fy2026_capex | FY2026 / base | 450.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex). |
| CFO less PP&E ($M) base_fy2026_fcf | FY2026 / base | -585.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf). |
| Net acquisition/holdback cash ($M) base_fy2026_acquisition_cash | FY2026 / base | 28.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, base_2026q3_acquisition_cash, base_2026q4_acquisition_cash). |
| Other strategic investing ($M) base_fy2026_strategic_investing | FY2026 / base | 26.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_strategic_investing, base_2026q3_strategic_investing, base_2026q4_strategic_investing). |
| Cash after business investing ($M) base_fy2026_cash_after_investing | FY2026 / base | -640.24 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investing, base_2026q3_cash_after_investing, base_2026q4_cash_after_investing). |
| Total revenue ($M) base_fy2027_revenue | FY2027 / base | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Engineering and manufacturing revenue ($M) base_fy2027_engineering | FY2027 / base | 30.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_engineering, base_2027q2_engineering, base_2027q3_engineering, base_2027q4_engineering). |
| Isotope revenue ($M) base_fy2027_isotope | FY2027 / base | 10.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_isotope, base_2027q2_isotope, base_2027q3_isotope, base_2027q4_isotope). |
| Commercial power revenue ($M) base_fy2027_power | FY2027 / base | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_power, base_2027q2_power, base_2027q3_power, base_2027q4_power). |
| Gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 11.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Operating income proxy ($M) base_fy2027_operating_income | FY2027 / base | -353.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | -212.92 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Cash PP&E purchases ($M) base_fy2027_capex | FY2027 / base | 800.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| CFO less PP&E ($M) base_fy2027_fcf | FY2027 / base | -1,012.92 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). |
| Net acquisition/holdback cash ($M) base_fy2027_acquisition_cash | FY2027 / base | 5.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_acquisition_cash, base_2027q2_acquisition_cash, base_2027q3_acquisition_cash, base_2027q4_acquisition_cash). |
| Other strategic investing ($M) base_fy2027_strategic_investing | FY2027 / base | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_strategic_investing, base_2027q2_strategic_investing, base_2027q3_strategic_investing, base_2027q4_strategic_investing). |
| Cash after business investing ($M) base_fy2027_cash_after_investing | FY2027 / base | -1,057.92 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_investing, base_2027q2_cash_after_investing, base_2027q3_cash_after_investing, base_2027q4_cash_after_investing). |
| Engineering activity reference revenue upside_2026q3_engineering_activity | 2026Q3 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization upside_2026q3_engineering_realization | 2026Q3 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue upside_2026q3_engineering | 2026Q3 / upside | 5.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(upside_2026q3_engineering_activity, upside_2026q3_engineering_realization). |
| Commercial isotope revenue upside_2026q3_isotope | 2026Q3 / upside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue upside_2026q3_power | 2026Q3 / upside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue upside_2026q3_revenue | 2026Q3 / upside | 5.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(upside_2026q3_engineering, upside_2026q3_isotope, upside_2026q3_power). |
| Engineering gross margin upside_2026q3_engineering_margin | 2026Q3 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution upside_2026q3_engineering_gross | 2026Q3 / upside | 2.40 USD_millions | derived: Independent project margin assumption. Formula: multiply(upside_2026q3_engineering, upside_2026q3_engineering_margin). |
| Isotope early-ramp gross margin upside_2026q3_isotope_margin | 2026Q3 / upside | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution upside_2026q3_isotope_gross | 2026Q3 / upside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(upside_2026q3_isotope, upside_2026q3_isotope_margin). |
| Gross profit proxy upside_2026q3_gross_profit | 2026Q3 / upside | 2.40 USD_millions | derived: Power is zero in every case. Formula: sum(upside_2026q3_engineering_gross, upside_2026q3_isotope_gross). |
| Expense shifted into cash PP&E upside_2026q3_capitalization_shift | 2026Q3 / upside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification upside_2026q3_gross_operating_cost | 2026Q3 / upside | 66.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses upside_2026q3_operating_cost | 2026Q3 / upside | 66.50 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(upside_2026q3_gross_operating_cost, upside_2026q3_capitalization_shift). |
| Operating income proxy upside_2026q3_operating_income | 2026Q3 / upside | -64.10 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(upside_2026q3_gross_profit, upside_2026q3_operating_cost). |
| Average interest-earning liquidity upside_2026q3_average_liquidity | 2026Q3 / upside | 2,800.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield upside_2026q3_cash_yield | 2026Q3 / upside | 4.0% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction upside_2026q3_quarter_fraction | 2026Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest upside_2026q3_interest_income | 2026Q3 / upside | 28.00 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(upside_2026q3_average_liquidity, upside_2026q3_cash_yield, upside_2026q3_quarter_fraction). |
| SBC addback upside_2026q3_sbc | 2026Q3 / upside | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback upside_2026q3_da | 2026Q3 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest upside_2026q3_cash_before_working | 2026Q3 / upside | -17.10 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_interest_income). |
| Tax working-capital and other operating cash use upside_2026q3_working_cash | 2026Q3 / upside | 8.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow upside_2026q3_cfo | 2026Q3 / upside | -25.20 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(upside_2026q3_cash_before_working, upside_2026q3_working_cash). |
| Underlying PP&E and project purchases upside_2026q3_underlying_capex | 2026Q3 / upside | 140.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases upside_2026q3_capex | 2026Q3 / upside | 140.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(upside_2026q3_underlying_capex, upside_2026q3_capitalization_shift). |
| CFO less PP&E upside_2026q3_fcf | 2026Q3 / upside | -165.20 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex). |
| Acquisition holdback and contingent cash upside_2026q3_acquisition_cash | 2026Q3 / upside | 2.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing upside_2026q3_strategic_investing | 2026Q3 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment upside_2026q3_nonppe_investing | 2026Q3 / upside | 7.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(upside_2026q3_acquisition_cash, upside_2026q3_strategic_investing). |
| Cash after business investing upside_2026q3_cash_after_investing | 2026Q3 / upside | -172.20 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(upside_2026q3_fcf, upside_2026q3_nonppe_investing). |
| Engineering activity reference revenue upside_2026q4_engineering_activity | 2026Q4 / upside | 7.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization upside_2026q4_engineering_realization | 2026Q4 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue upside_2026q4_engineering | 2026Q4 / upside | 7.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(upside_2026q4_engineering_activity, upside_2026q4_engineering_realization). |
| Commercial isotope revenue upside_2026q4_isotope | 2026Q4 / upside | 0.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue upside_2026q4_power | 2026Q4 / upside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue upside_2026q4_revenue | 2026Q4 / upside | 7.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(upside_2026q4_engineering, upside_2026q4_isotope, upside_2026q4_power). |
| Engineering gross margin upside_2026q4_engineering_margin | 2026Q4 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution upside_2026q4_engineering_gross | 2026Q4 / upside | 3.36 USD_millions | derived: Independent project margin assumption. Formula: multiply(upside_2026q4_engineering, upside_2026q4_engineering_margin). |
| Isotope early-ramp gross margin upside_2026q4_isotope_margin | 2026Q4 / upside | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution upside_2026q4_isotope_gross | 2026Q4 / upside | 0.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(upside_2026q4_isotope, upside_2026q4_isotope_margin). |
| Gross profit proxy upside_2026q4_gross_profit | 2026Q4 / upside | 3.36 USD_millions | derived: Power is zero in every case. Formula: sum(upside_2026q4_engineering_gross, upside_2026q4_isotope_gross). |
| Expense shifted into cash PP&E upside_2026q4_capitalization_shift | 2026Q4 / upside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification upside_2026q4_gross_operating_cost | 2026Q4 / upside | 72.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses upside_2026q4_operating_cost | 2026Q4 / upside | 72.20 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(upside_2026q4_gross_operating_cost, upside_2026q4_capitalization_shift). |
| Operating income proxy upside_2026q4_operating_income | 2026Q4 / upside | -68.84 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(upside_2026q4_gross_profit, upside_2026q4_operating_cost). |
| Average interest-earning liquidity upside_2026q4_average_liquidity | 2026Q4 / upside | 2,670.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield upside_2026q4_cash_yield | 2026Q4 / upside | 4.0% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction upside_2026q4_quarter_fraction | 2026Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest upside_2026q4_interest_income | 2026Q4 / upside | 26.70 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(upside_2026q4_average_liquidity, upside_2026q4_cash_yield, upside_2026q4_quarter_fraction). |
| SBC addback upside_2026q4_sbc | 2026Q4 / upside | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback upside_2026q4_da | 2026Q4 / upside | 3.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest upside_2026q4_cash_before_working | 2026Q4 / upside | -19.64 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_interest_income). |
| Tax working-capital and other operating cash use upside_2026q4_working_cash | 2026Q4 / upside | 8.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow upside_2026q4_cfo | 2026Q4 / upside | -28.04 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(upside_2026q4_cash_before_working, upside_2026q4_working_cash). |
| Underlying PP&E and project purchases upside_2026q4_underlying_capex | 2026Q4 / upside | 150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases upside_2026q4_capex | 2026Q4 / upside | 150.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(upside_2026q4_underlying_capex, upside_2026q4_capitalization_shift). |
| CFO less PP&E upside_2026q4_fcf | 2026Q4 / upside | -178.04 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex). |
| Acquisition holdback and contingent cash upside_2026q4_acquisition_cash | 2026Q4 / upside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing upside_2026q4_strategic_investing | 2026Q4 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment upside_2026q4_nonppe_investing | 2026Q4 / upside | 6.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(upside_2026q4_acquisition_cash, upside_2026q4_strategic_investing). |
| Cash after business investing upside_2026q4_cash_after_investing | 2026Q4 / upside | -184.04 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(upside_2026q4_fcf, upside_2026q4_nonppe_investing). |
| Engineering activity reference revenue upside_2027q1_engineering_activity | 2027Q1 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization upside_2027q1_engineering_realization | 2027Q1 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue upside_2027q1_engineering | 2027Q1 / upside | 8.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(upside_2027q1_engineering_activity, upside_2027q1_engineering_realization). |
| Commercial isotope revenue upside_2027q1_isotope | 2027Q1 / upside | 2.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue upside_2027q1_power | 2027Q1 / upside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue upside_2027q1_revenue | 2027Q1 / upside | 10.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(upside_2027q1_engineering, upside_2027q1_isotope, upside_2027q1_power). |
| Engineering gross margin upside_2027q1_engineering_margin | 2027Q1 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution upside_2027q1_engineering_gross | 2027Q1 / upside | 3.84 USD_millions | derived: Independent project margin assumption. Formula: multiply(upside_2027q1_engineering, upside_2027q1_engineering_margin). |
| Isotope early-ramp gross margin upside_2027q1_isotope_margin | 2027Q1 / upside | -40.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution upside_2027q1_isotope_gross | 2027Q1 / upside | -0.80 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(upside_2027q1_isotope, upside_2027q1_isotope_margin). |
| Gross profit proxy upside_2027q1_gross_profit | 2027Q1 / upside | 3.04 USD_millions | derived: Power is zero in every case. Formula: sum(upside_2027q1_engineering_gross, upside_2027q1_isotope_gross). |
| Expense shifted into cash PP&E upside_2027q1_capitalization_shift | 2027Q1 / upside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification upside_2027q1_gross_operating_cost | 2027Q1 / upside | 77.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses upside_2027q1_operating_cost | 2027Q1 / upside | 77.90 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(upside_2027q1_gross_operating_cost, upside_2027q1_capitalization_shift). |
| Operating income proxy upside_2027q1_operating_income | 2027Q1 / upside | -74.86 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_operating_cost). |
| Average interest-earning liquidity upside_2027q1_average_liquidity | 2027Q1 / upside | 2,540.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield upside_2027q1_cash_yield | 2027Q1 / upside | 4.0% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction upside_2027q1_quarter_fraction | 2027Q1 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest upside_2027q1_interest_income | 2027Q1 / upside | 25.40 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(upside_2027q1_average_liquidity, upside_2027q1_cash_yield, upside_2027q1_quarter_fraction). |
| SBC addback upside_2027q1_sbc | 2027Q1 / upside | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback upside_2027q1_da | 2027Q1 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest upside_2027q1_cash_before_working | 2027Q1 / upside | -23.46 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_interest_income). |
| Tax working-capital and other operating cash use upside_2027q1_working_cash | 2027Q1 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow upside_2027q1_cfo | 2027Q1 / upside | -35.46 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(upside_2027q1_cash_before_working, upside_2027q1_working_cash). |
| Underlying PP&E and project purchases upside_2027q1_underlying_capex | 2027Q1 / upside | 160.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases upside_2027q1_capex | 2027Q1 / upside | 160.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(upside_2027q1_underlying_capex, upside_2027q1_capitalization_shift). |
| CFO less PP&E upside_2027q1_fcf | 2027Q1 / upside | -195.46 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex). |
| Acquisition holdback and contingent cash upside_2027q1_acquisition_cash | 2027Q1 / upside | 2.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing upside_2027q1_strategic_investing | 2027Q1 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment upside_2027q1_nonppe_investing | 2027Q1 / upside | 12.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(upside_2027q1_acquisition_cash, upside_2027q1_strategic_investing). |
| Cash after business investing upside_2027q1_cash_after_investing | 2027Q1 / upside | -207.46 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(upside_2027q1_fcf, upside_2027q1_nonppe_investing). |
| Engineering activity reference revenue upside_2027q2_engineering_activity | 2027Q2 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization upside_2027q2_engineering_realization | 2027Q2 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue upside_2027q2_engineering | 2027Q2 / upside | 10.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(upside_2027q2_engineering_activity, upside_2027q2_engineering_realization). |
| Commercial isotope revenue upside_2027q2_isotope | 2027Q2 / upside | 4.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue upside_2027q2_power | 2027Q2 / upside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue upside_2027q2_revenue | 2027Q2 / upside | 14.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(upside_2027q2_engineering, upside_2027q2_isotope, upside_2027q2_power). |
| Engineering gross margin upside_2027q2_engineering_margin | 2027Q2 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution upside_2027q2_engineering_gross | 2027Q2 / upside | 4.80 USD_millions | derived: Independent project margin assumption. Formula: multiply(upside_2027q2_engineering, upside_2027q2_engineering_margin). |
| Isotope early-ramp gross margin upside_2027q2_isotope_margin | 2027Q2 / upside | -25.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution upside_2027q2_isotope_gross | 2027Q2 / upside | -1.00 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(upside_2027q2_isotope, upside_2027q2_isotope_margin). |
| Gross profit proxy upside_2027q2_gross_profit | 2027Q2 / upside | 3.80 USD_millions | derived: Power is zero in every case. Formula: sum(upside_2027q2_engineering_gross, upside_2027q2_isotope_gross). |
| Expense shifted into cash PP&E upside_2027q2_capitalization_shift | 2027Q2 / upside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification upside_2027q2_gross_operating_cost | 2027Q2 / upside | 83.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses upside_2027q2_operating_cost | 2027Q2 / upside | 83.60 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(upside_2027q2_gross_operating_cost, upside_2027q2_capitalization_shift). |
| Operating income proxy upside_2027q2_operating_income | 2027Q2 / upside | -79.80 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_operating_cost). |
| Average interest-earning liquidity upside_2027q2_average_liquidity | 2027Q2 / upside | 2,410.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield upside_2027q2_cash_yield | 2027Q2 / upside | 4.0% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction upside_2027q2_quarter_fraction | 2027Q2 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest upside_2027q2_interest_income | 2027Q2 / upside | 24.10 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(upside_2027q2_average_liquidity, upside_2027q2_cash_yield, upside_2027q2_quarter_fraction). |
| SBC addback upside_2027q2_sbc | 2027Q2 / upside | 23.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback upside_2027q2_da | 2027Q2 / upside | 6.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest upside_2027q2_cash_before_working | 2027Q2 / upside | -26.20 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_interest_income). |
| Tax working-capital and other operating cash use upside_2027q2_working_cash | 2027Q2 / upside | 15.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow upside_2027q2_cfo | 2027Q2 / upside | -41.20 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(upside_2027q2_cash_before_working, upside_2027q2_working_cash). |
| Underlying PP&E and project purchases upside_2027q2_underlying_capex | 2027Q2 / upside | 175.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases upside_2027q2_capex | 2027Q2 / upside | 175.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(upside_2027q2_underlying_capex, upside_2027q2_capitalization_shift). |
| CFO less PP&E upside_2027q2_fcf | 2027Q2 / upside | -216.20 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| Acquisition holdback and contingent cash upside_2027q2_acquisition_cash | 2027Q2 / upside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing upside_2027q2_strategic_investing | 2027Q2 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment upside_2027q2_nonppe_investing | 2027Q2 / upside | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(upside_2027q2_acquisition_cash, upside_2027q2_strategic_investing). |
| Cash after business investing upside_2027q2_cash_after_investing | 2027Q2 / upside | -227.20 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(upside_2027q2_fcf, upside_2027q2_nonppe_investing). |
| Engineering activity reference revenue upside_2027q3_engineering_activity | 2027Q3 / upside | 12.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization upside_2027q3_engineering_realization | 2027Q3 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue upside_2027q3_engineering | 2027Q3 / upside | 12.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(upside_2027q3_engineering_activity, upside_2027q3_engineering_realization). |
| Commercial isotope revenue upside_2027q3_isotope | 2027Q3 / upside | 7.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue upside_2027q3_power | 2027Q3 / upside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue upside_2027q3_revenue | 2027Q3 / upside | 19.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(upside_2027q3_engineering, upside_2027q3_isotope, upside_2027q3_power). |
| Engineering gross margin upside_2027q3_engineering_margin | 2027Q3 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution upside_2027q3_engineering_gross | 2027Q3 / upside | 5.76 USD_millions | derived: Independent project margin assumption. Formula: multiply(upside_2027q3_engineering, upside_2027q3_engineering_margin). |
| Isotope early-ramp gross margin upside_2027q3_isotope_margin | 2027Q3 / upside | -10.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution upside_2027q3_isotope_gross | 2027Q3 / upside | -0.70 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(upside_2027q3_isotope, upside_2027q3_isotope_margin). |
| Gross profit proxy upside_2027q3_gross_profit | 2027Q3 / upside | 5.06 USD_millions | derived: Power is zero in every case. Formula: sum(upside_2027q3_engineering_gross, upside_2027q3_isotope_gross). |
| Expense shifted into cash PP&E upside_2027q3_capitalization_shift | 2027Q3 / upside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification upside_2027q3_gross_operating_cost | 2027Q3 / upside | 89.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses upside_2027q3_operating_cost | 2027Q3 / upside | 89.30 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(upside_2027q3_gross_operating_cost, upside_2027q3_capitalization_shift). |
| Operating income proxy upside_2027q3_operating_income | 2027Q3 / upside | -84.24 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_operating_cost). |
| Average interest-earning liquidity upside_2027q3_average_liquidity | 2027Q3 / upside | 2,280.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield upside_2027q3_cash_yield | 2027Q3 / upside | 4.0% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction upside_2027q3_quarter_fraction | 2027Q3 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest upside_2027q3_interest_income | 2027Q3 / upside | 22.80 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(upside_2027q3_average_liquidity, upside_2027q3_cash_yield, upside_2027q3_quarter_fraction). |
| SBC addback upside_2027q3_sbc | 2027Q3 / upside | 25.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback upside_2027q3_da | 2027Q3 / upside | 8.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest upside_2027q3_cash_before_working | 2027Q3 / upside | -28.44 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_interest_income). |
| Tax working-capital and other operating cash use upside_2027q3_working_cash | 2027Q3 / upside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | -46.44 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(upside_2027q3_cash_before_working, upside_2027q3_working_cash). |
| Underlying PP&E and project purchases upside_2027q3_underlying_capex | 2027Q3 / upside | 190.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases upside_2027q3_capex | 2027Q3 / upside | 190.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(upside_2027q3_underlying_capex, upside_2027q3_capitalization_shift). |
| CFO less PP&E upside_2027q3_fcf | 2027Q3 / upside | -236.44 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Acquisition holdback and contingent cash upside_2027q3_acquisition_cash | 2027Q3 / upside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing upside_2027q3_strategic_investing | 2027Q3 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment upside_2027q3_nonppe_investing | 2027Q3 / upside | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(upside_2027q3_acquisition_cash, upside_2027q3_strategic_investing). |
| Cash after business investing upside_2027q3_cash_after_investing | 2027Q3 / upside | -247.44 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(upside_2027q3_fcf, upside_2027q3_nonppe_investing). |
| Engineering activity reference revenue upside_2027q4_engineering_activity | 2027Q4 / upside | 14.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Engineering realization upside_2027q4_engineering_realization | 2027Q4 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering and manufacturing revenue upside_2027q4_engineering | 2027Q4 / upside | 14.00 USD_millions | derived: Acquired operations contribute full quarters; this is not nuclear electricity revenue. Formula: multiply(upside_2027q4_engineering_activity, upside_2027q4_engineering_realization). |
| Commercial isotope revenue upside_2027q4_isotope | 2027Q4 / upside | 10.00 USD_millions | assumption: Desk scenario only; production, handling, acceptance and customer qualification remain conditions. |
| Commercial electricity revenue upside_2027q4_power | 2027Q4 / upside | 0.00 USD_millions | assumption: First-powerhouse target is 2028; no commercial power sales through this model horizon. |
| Total revenue upside_2027q4_revenue | 2027Q4 / upside | 24.00 USD_millions | derived: Technical milestones and nonbinding demand agreements create no additional sales. Formula: sum(upside_2027q4_engineering, upside_2027q4_isotope, upside_2027q4_power). |
| Engineering gross margin upside_2027q4_engineering_margin | 2027Q4 / upside | 48.0% ratio | assumption: Desk assumption; not company guidance. |
| Engineering gross contribution upside_2027q4_engineering_gross | 2027Q4 / upside | 6.72 USD_millions | derived: Independent project margin assumption. Formula: multiply(upside_2027q4_engineering, upside_2027q4_engineering_margin). |
| Isotope early-ramp gross margin upside_2027q4_isotope_margin | 2027Q4 / upside | 5.0% ratio | assumption: Desk assumption; not company guidance. |
| Isotope gross contribution upside_2027q4_isotope_gross | 2027Q4 / upside | 0.50 USD_millions | derived: Initial isotope ramp can lose money. Formula: multiply(upside_2027q4_isotope, upside_2027q4_isotope_margin). |
| Gross profit proxy upside_2027q4_gross_profit | 2027Q4 / upside | 7.22 USD_millions | derived: Power is zero in every case. Formula: sum(upside_2027q4_engineering_gross, upside_2027q4_isotope_gross). |
| Expense shifted into cash PP&E upside_2027q4_capitalization_shift | 2027Q4 / upside | 0.00 USD_millions | assumption: Sensitivity only: positive reclassifies paid development cost from operating to investing, leaving combined cash unchanged. |
| Program and corporate expense before classification upside_2027q4_gross_operating_cost | 2027Q4 / upside | 95.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating program and corporate expenses upside_2027q4_operating_cost | 2027Q4 / upside | 95.00 USD_millions | derived: Excludes cost of revenues already in gross profit; includes SBC and D&A. Formula: subtract(upside_2027q4_gross_operating_cost, upside_2027q4_capitalization_shift). |
| Operating income proxy upside_2027q4_operating_income | 2027Q4 / upside | -87.78 USD_millions | derived: Independent of interest earned on equity-financed liquidity. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_operating_cost). |
| Average interest-earning liquidity upside_2027q4_average_liquidity | 2027Q4 / upside | 2,150.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Annual cash yield upside_2027q4_cash_yield | 2027Q4 / upside | 4.0% ratio | assumption: Desk assumption; not company guidance. |
| Year fraction upside_2027q4_quarter_fraction | 2027Q4 / upside | 25.0% ratio | assumption: Desk assumption; not company guidance. |
| Investment cash interest upside_2027q4_interest_income | 2027Q4 / upside | 21.50 USD_millions | derived: Assumed average invested balance, not a complete cash balance forecast. Formula: multiply(upside_2027q4_average_liquidity, upside_2027q4_cash_yield, upside_2027q4_quarter_fraction). |
| SBC addback upside_2027q4_sbc | 2027Q4 / upside | 27.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Depreciation and amortization addback upside_2027q4_da | 2027Q4 / upside | 9.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating earnings plus noncash and interest upside_2027q4_cash_before_working | 2027Q4 / upside | -29.78 USD_millions | derived: SBC remains an ownership cost even when added back to CFO. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_interest_income). |
| Tax working-capital and other operating cash use upside_2027q4_working_cash | 2027Q4 / upside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | -51.78 USD_millions | derived: Base annual midpoint is a calibration, not proof of cash collection. Formula: subtract(upside_2027q4_cash_before_working, upside_2027q4_working_cash). |
| Underlying PP&E and project purchases upside_2027q4_underlying_capex | 2027Q4 / upside | 200.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E purchases upside_2027q4_capex | 2027Q4 / upside | 200.00 USD_millions | derived: Classification sensitivity offsets CFO one-for-one. Formula: sum(upside_2027q4_underlying_capex, upside_2027q4_capitalization_shift). |
| CFO less PP&E upside_2027q4_fcf | 2027Q4 / upside | -251.78 USD_millions | derived: Not cash available to shareholders of a pre-commercial development company. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Acquisition holdback and contingent cash upside_2027q4_acquisition_cash | 2027Q4 / upside | 1.00 USD_millions | assumption: Cash-settlement allowance, not an announced new acquisition. |
| Other strategic investing upside_2027q4_strategic_investing | 2027Q4 / upside | 10.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquisition and other business investment upside_2027q4_nonppe_investing | 2027Q4 / upside | 11.00 USD_millions | derived: Excludes transfers into treasury securities. Formula: sum(upside_2027q4_acquisition_cash, upside_2027q4_strategic_investing). |
| Cash after business investing upside_2027q4_cash_after_investing | 2027Q4 / upside | -262.78 USD_millions | derived: No assumed ATM receipts or second collection of H1 equity proceeds. Formula: subtract(upside_2027q4_fcf, upside_2027q4_nonppe_investing). |
| Total revenue ($M) upside_fy2026_revenue | FY2026 / upside | 13.21 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). |
| Engineering and manufacturing revenue ($M) upside_fy2026_engineering | FY2026 / upside | 13.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_engineering, upside_2026q3_engineering, upside_2026q4_engineering). |
| Isotope revenue ($M) upside_fy2026_isotope | FY2026 / upside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_isotope, upside_2026q3_isotope, upside_2026q4_isotope). |
| Commercial power revenue ($M) upside_fy2026_power | FY2026 / upside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_power, upside_2026q3_power, upside_2026q4_power). |
| Gross profit proxy ($M) upside_fy2026_gross_profit | FY2026 / upside | 6.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit). |
| Operating income proxy ($M) upside_fy2026_operating_income | FY2026 / upside | -257.11 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Operating cash flow ($M) upside_fy2026_cfo | FY2026 / upside | -118.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Cash PP&E purchases ($M) upside_fy2026_capex | FY2026 / upside | 416.90 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex). |
| CFO less PP&E ($M) upside_fy2026_fcf | FY2026 / upside | -535.60 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). |
| Net acquisition/holdback cash ($M) upside_fy2026_acquisition_cash | FY2026 / upside | 28.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, upside_2026q3_acquisition_cash, upside_2026q4_acquisition_cash). |
| Other strategic investing ($M) upside_fy2026_strategic_investing | FY2026 / upside | 26.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_strategic_investing, upside_2026q3_strategic_investing, upside_2026q4_strategic_investing). |
| Cash after business investing ($M) upside_fy2026_cash_after_investing | FY2026 / upside | -590.84 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investing, upside_2026q3_cash_after_investing, upside_2026q4_cash_after_investing). |
| Total revenue ($M) upside_fy2027_revenue | FY2027 / upside | 67.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Engineering and manufacturing revenue ($M) upside_fy2027_engineering | FY2027 / upside | 44.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_engineering, upside_2027q2_engineering, upside_2027q3_engineering, upside_2027q4_engineering). |
| Isotope revenue ($M) upside_fy2027_isotope | FY2027 / upside | 23.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_isotope, upside_2027q2_isotope, upside_2027q3_isotope, upside_2027q4_isotope). |
| Commercial power revenue ($M) upside_fy2027_power | FY2027 / upside | 0.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_power, upside_2027q2_power, upside_2027q3_power, upside_2027q4_power). |
| Gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 19.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Operating income proxy ($M) upside_fy2027_operating_income | FY2027 / upside | -326.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | -174.88 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Cash PP&E purchases ($M) upside_fy2027_capex | FY2027 / upside | 725.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| CFO less PP&E ($M) upside_fy2027_fcf | FY2027 / upside | -899.88 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). |
| Net acquisition/holdback cash ($M) upside_fy2027_acquisition_cash | FY2027 / upside | 5.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_acquisition_cash, upside_2027q2_acquisition_cash, upside_2027q3_acquisition_cash, upside_2027q4_acquisition_cash). |
| Other strategic investing ($M) upside_fy2027_strategic_investing | FY2027 / upside | 40.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_strategic_investing, upside_2027q2_strategic_investing, upside_2027q3_strategic_investing, upside_2027q4_strategic_investing). |
| Cash after business investing ($M) upside_fy2027_cash_after_investing | FY2027 / upside | -944.88 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_investing, upside_2027q2_cash_after_investing, upside_2027q3_cash_after_investing, upside_2027q4_cash_after_investing). |
Model boundaries
- Groves first criticality is a low-power test-reactor milestone, not an Aurora commercial electricity plant or recognized power revenue. DOE project authorization and future commercial deployment milestones are not interchangeable.
- The $1.210M H1 revenue arose from engineering/manufacturing activities; it is not proof of nuclear power sales. Future engineering growth and isotope revenue are desk assumptions, with zero isotope revenue in the downside case.
- Base FY2026 CFO of negative $135M and PP&E of $450M use the August updated midpoints. Quarter allocation and all 2027 spending are analyst scenarios, not guidance. Earlier $80-100M operating / $350-450M investing ranges are superseded.
- A substantial portion of project and fuel spending may be capitalized while first-of-a-kind development remains expensed. Classification changes can alter operating loss without changing total cash use; the model tests this directly.
- June cash $1.645B and marketable debt securities $1.362B are distinct from $16.9M restricted cash. Treasury security purchases and maturities exchange one financial asset for another and are excluded from business investment burn.
- The September $1B ATM is authorized gross capacity, not proceeds already raised. H1 net equity proceeds $1.852B are already in June liquidity and are never added a second time.
- CFO includes interest from the funded balance sheet. Interest yield, average invested liquidity and working-capital settlement can move cash independently of technical progress or engineering gross margin.
- Acquisition holdbacks and contingent payments are separate cash sensitivities. No future acquisition revenue, customer prepayment, power offtake or government award is recognized solely from a nonbinding agreement.
- No precise liquidity runway, financing waterfall, full debt/lease/award cash schedule or diluted ownership model. Cash after business investing is a cash-demand proxy before external financing and nonoperating capital allocation.
Technical progress, limited current sales and the deployment cash bill
Can technical milestones become commercial assets within the required cash and regulatory envelope?
H1 revenue was $1.210M from engineering/manufacturing activity; operating loss was $124.2M. CFO was negative $65.5M and cash PP&E $126.9M. Acquisitions and other investing added $42.2M of business cash use. June cash and marketable securities totaled $3.006B, excluding $16.9M restricted cash. August guidance raised annual operating cash use to $120-150M and PP&E purchases to $400-500M. The base midpoint therefore implies $585M combined full-year operating and PP&E use before other investing. H1 equity proceeds of $1.852B are already reflected in liquidity. The September $1B ATM is capacity, not received funding. Groves achieved first criticality as a low-power test reactor; the filing targets the first powerhouse in 2028, so no power revenue is assumed through 2027.
The competing explanation
Technical progress can coexist with rising cash demands. Licensing, fuel availability, first-of-a-kind engineering and customer acceptance may delay commercial revenue beyond the spending schedule, while treasury income declines as capital is deployed.
Risks to track
- Regulatory approval and project-specific authorization.
- Fuel supply, procurement and construction execution.
- Engineering and isotope revenue may remain small or delayed.
- Capitalization and acquisition accounting obscure cash comparisons.
- Further ATM issuance and equity compensation dilute ownership.
Next checkpoints
- Operating and PP&E use · Next quarterly filing (estimated). Reconcile August guidance with actual CFO, cash PP&E and strategic investing.
- Commercial sales · Quarterly customer and segment disclosures (estimated). Separate engineering, isotope acceptance and commercial electricity.
- First powerhouse · 2028 company target (estimated). Track regulatory, fuel and construction conditions without treating Groves criticality as power delivery.
Data coverage and open work
- Groves first criticality is a low-power test-reactor milestone, not an Aurora commercial electricity plant or recognized power revenue. DOE project authorization and future commercial deployment milestones are not interchangeable.
- The $1.210M H1 revenue arose from engineering/manufacturing activities; it is not proof of nuclear power sales. Future engineering growth and isotope revenue are desk assumptions, with zero isotope revenue in the downside case.
- Base FY2026 CFO of negative $135M and PP&E of $450M use the August updated midpoints. Quarter allocation and all 2027 spending are analyst scenarios, not guidance. Earlier $80-100M operating / $350-450M investing ranges are superseded.
- A substantial portion of project and fuel spending may be capitalized while first-of-a-kind development remains expensed. Classification changes can alter operating loss without changing total cash use; the model tests this directly.
- June cash $1.645B and marketable debt securities $1.362B are distinct from $16.9M restricted cash. Treasury security purchases and maturities exchange one financial asset for another and are excluded from business investment burn.
- The September $1B ATM is authorized gross capacity, not proceeds already raised. H1 net equity proceeds $1.852B are already in June liquidity and are never added a second time.
- CFO includes interest from the funded balance sheet. Interest yield, average invested liquidity and working-capital settlement can move cash independently of technical progress or engineering gross margin.
- Acquisition holdbacks and contingent payments are separate cash sensitivities. No future acquisition revenue, customer prepayment, power offtake or government award is recognized solely from a nonbinding agreement.
- No precise liquidity runway, financing waterfall, full debt/lease/award cash schedule or diluted ownership model. Cash after business investing is a cash-demand proxy before external financing and nonoperating capital allocation.
What the memory says
State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and peers quiet
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.5 | +0.1 | +2.3 | 51% |
| 5 sessions | -5.1 | +0.4 | +6.3 | 53% |
| 10 sessions | -7.2 | +0.2 | +9.1 | 51% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.