ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$TE

T1 Energy Inc. · NYSE · SIC 3674 · CIK 1992243 · revision 9 as of 2026-09-26

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Research status

Evidence awaiting review · 88 pending evidence leads

Financial accounts through: 2026-06-30
Authored update: 2026-09-20
Source scan: 2026-10-12 09:40 ET
Full model review: Not recorded
Latest event review: Not recorded
Oldest pending lead: 2026-09-22 09:40 ET

Filings: checked | 2026-10-12 09:40 ET
News: checked | 2026-10-12 09:40 ET
Price: checked | 2026-10-12 09:40 ET

Open evidence leads

8-K filed 2026-09-29
8-K filed 2026-10-06
Best Solar Stocks To Follow Now - September 21st - MarketBeat
TE Stock Jumps 14% Today – This Hedge Fund Bought 10M Shares Of T1 Energy In Q1 - Stocktwits
The $21 billion capex bill: analyzing the cost of the U.S. 100 GW module production milestone - pv magazine USA

Leads require verification; they are not established material changes.

A published model and a successful scan do not establish a completed review. Status describes current monitoring; every promotion requires fresh checks.

Research status JSON

Business

T1 Energy manufactures solar modules in Texas and is building domestic cell capacity at G2_Austin. Its acquired KORE business adds storage exposure. Shipments, component cost, tax-credit eligibility and collection timing determine operating cash; construction and intellectual-property payments determine financing needs.

Three drivers

Modules sold, price and manufacturing contribution
Eligible manufacturing credits versus transfer cash
G2 construction, IP settlement and bridge financing

Thesis

Our view

Domestic manufacturing may improve product economics, but credit eligibility and cash collection must support an expensive cell-factory ramp. Reported adjusted EBITDA includes a tariff-refund benefit that should not be extrapolated.

What changes it

Track actual module sales, net cash from credits, G2 costs/funding and cash-versus-share IP elections.

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 ($M)	0.0¹	2.9†²	53.5³	132.8⁴	210.5¹	358.6†²	177.6³	250.1⁴
Gross profit ($M)	0.0⁵	1.2†⁶	17.8⁷	32.8⁸	21.1⁵	-16.1†⁶	29.1⁷	49.1⁸
Operating income ($M)	-17.4⁹	-32.9†¹⁰	-25.6¹¹	-31.4¹²	-94.7⁹	-82.9†¹⁰	-22.5¹¹	-22.8¹²
Net income ($M)	-27.5¹³	—	—	—	—	—	-21.4†¹⁴	-44.5¹⁵
EPS, diluted ($)	-0.20¹⁶	—	-0.11¹⁷	-0.21¹⁸	-0.87¹⁶	—	-0.08¹⁷	-0.16¹⁸
Diluted shares (M)	140.5¹⁹	—	155.9²⁰	155.9²¹	161.0¹⁹	—	285.3²⁰	280.1²¹
Cash ($M)	181.9²²	72.6²³	48.9²⁴	8.5²⁵	34.1²²	182.4²⁵	46.4²⁴	79.1²⁵
Long-term debt ($M)	—	507.9²⁶	487.7²⁷	477.9²⁸	427.2²⁹	343.8³⁰	330.2³¹	500.4³⁰
Cash from operations ($M)	-28.4†³²	-30.2†³³	-44.8³⁴	33.4†³⁵	63.9†³²	43.0†³³	-72.9³⁴	-30.1†³⁵
Capex ($M)	5.6†³⁶	16.1†³⁷	29.1³⁸	22.8†³⁹	8.9†³⁶	18.0†³⁷	60.7³⁸	101.1†³⁹
Free cash flow ($M)	-34.0†⁴⁰	-46.4†⁴¹	-74.0†⁴²	10.6†⁴³	55.0†⁴⁰	25.0†⁴¹	-133.6†⁴²	-131.2†⁴³

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

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	298.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	344.2	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	326.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	357.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Module sales, credit cash realization and the G2 funding bill

Operating scenarios · reviewed 2026-09-20 · USD millions unless labeled otherwise · our assumptions, not consensus

Model modules sold separately from factory production. Normalize one GW of shipments to explicit dollars per watt for revenue and manufacturing contribution; add only eligible module/cell credit accrual. Bridge adjusted EBITDA through D&A/SBC to operating income and replace accrued credits/refunds with actual cash-collection assumptions. Deduct G2/gross capex and the cash portion of IP payments; disclose the alternative share consideration.

Reported anchors and guidance

Measure	Period	Value	Basis
q2 revenue	Q2 / July subsequent events	250.13	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
q2 adj ebitda	Q2 / July subsequent events	10.66	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
Q2 EBITDA excluding recognized tariff refund	2026Q2	-13.74	derived. Removes the $24.4M nonrecurring benefit included in final adjusted EBITDA.
H1 EBITDA excluding tariff refund	H1 2026	-4.61	derived. A normalization, not company adjusted EBITDA.
Reported cfo	H1 2026	-102.98	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
H1 CFO less gross capex	H1 2026	-264.80	derived. Reported PP&E purchases, not all investing flows.
cash	Q2 / July subsequent events	79.11	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
restricted	Q2 / July subsequent events	77.33	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
grant receivable	Q2 / July subsequent events	95.39	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
credit face sold	Q2 / July subsequent events	39.10	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
credit sale consideration	Q2 / July subsequent events	36.40	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
g2 total budget	Q2 / July subsequent events	510.00	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
july note	Q2 / July subsequent events	120.00	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
ip total	Q2 / July subsequent events	135.00	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
ip paid shares	Q2 / July subsequent events	60.00	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12
ip remaining	Q2 / July subsequent events	73.00	reported. USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Source · 2026-08-12

Downside scenario

Period	Operating cash flow proxy ($M)	Cash after PP&E ($M)	Gross PP&E cash ($M)	IP cash consideration ($M)	Revenue ($M)	Adjusted EBITDA proxy ($M)	Gross profit proxy ($M)	Cash after PP&E and IP ($M)	Operating income proxy ($M)
2026Q3	-51.77	-183.77	132.00	27.00	245.25	-1.32	6.40	-210.77	-36.32
2026Q4	8.82	-147.18	156.00	48.00	257.00	2.46	9.30	-195.18	-35.54
2027Q1	-39.04	-123.04	84.00	0.00	240.75	0.21	6.17	-123.04	-40.79
2027Q2	-30.95	-66.95	36.00	0.00	256.50	4.24	9.32	-66.95	-39.76
FY2026	-145.93	-595.75	449.82	75.00	930.02	20.93	93.88	-670.75	-117.14
FY2027	-107.82	-275.82	168.00	0.00	1,057.50	34.60	53.16	-275.82	-147.40

Base scenario

Period	Operating cash flow proxy ($M)	Cash after PP&E ($M)	Gross PP&E cash ($M)	IP cash consideration ($M)	Revenue ($M)	Adjusted EBITDA proxy ($M)	Gross profit proxy ($M)	Cash after PP&E and IP ($M)	Operating income proxy ($M)
2026Q3	-7.00	-117.00	110.00	14.50	298.00	40.10	44.10	-131.50	5.10
2026Q4	73.45	-56.55	130.00	24.00	344.25	55.92	58.92	-80.55	17.92
2027Q1	10.00	-60.00	70.00	0.00	326.00	55.47	57.47	-60.00	14.47
2027Q2	25.60	-4.40	30.00	0.00	357.00	73.16	74.16	-4.40	29.16
FY2026	-36.53	-438.35	401.82	38.50	1,070.03	115.81	181.20	-476.85	-22.27
FY2027	126.45	-13.55	140.00	0.00	1,446.50	309.25	311.25	-13.55	127.25

Upside scenario

Period	Operating cash flow proxy ($M)	Cash after PP&E ($M)	Gross PP&E cash ($M)	IP cash consideration ($M)	Revenue ($M)	Adjusted EBITDA proxy ($M)	Gross profit proxy ($M)	Cash after PP&E and IP ($M)	Operating income proxy ($M)
2026Q3	1.86	-113.64	115.50	2.00	338.50	50.37	55.61	-115.64	15.37
2026Q4	89.04	-47.46	136.50	0.00	386.25	68.22	72.50	-47.46	30.22
2027Q1	24.82	-48.68	73.50	0.00	373.00	73.16	76.48	-48.68	32.16
2027Q2	43.70	12.20	31.50	0.00	405.50	94.99	97.35	12.20	50.99
FY2026	-12.08	-425.90	413.82	2.00	1,152.53	138.38	206.29	-427.90	0.30
FY2027	204.31	57.31	147.00	0.00	1,641.25	396.31	403.83	57.31	214.31

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
Reported revenue h1_revenue	H1 2026 / shared	427.77 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported gross profit h1_gross_profit	H1 2026 / shared	78.18 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported adj ebitda h1_adj_ebitda	H1 2026 / shared	19.79 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported operating income h1_operating_income	H1 2026 / shared	-45.29 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported cfo h1_cfo	H1 2026 / shared	-102.98 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported capex h1_capex	H1 2026 / shared	161.82 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
H1 CFO less gross capex h1_fcf	H1 2026 / shared	-264.80 USD_millions	derived: Reported PP&E purchases, not all investing flows. Formula: subtract(h1_cfo, h1_capex).
H1 Evervolt acquisition cash h1_ip_cash	H1 2026 / shared	0.00 USD_millions	reported: IP acquisition was in July. Primary source · 2026-08-12
H1 cash after capital claims h1_cash_after_ip	H1 2026 / shared	-264.80 USD_millions	derived: No July claim backdated. Formula: subtract(h1_fcf, h1_ip_cash).
q2 revenue q2_revenue	Q2 / July subsequent events / shared	250.13 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
q2 adj ebitda q2_adj_ebitda	Q2 / July subsequent events / shared	10.66 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
tariff refund accrual tariff_refund_accrual	Q2 / July subsequent events / shared	24.40 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
cash cash	Q2 / July subsequent events / shared	79.11 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
restricted restricted	Q2 / July subsequent events / shared	77.33 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
grant receivable grant_receivable	Q2 / July subsequent events / shared	95.39 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
credit face sold credit_face_sold	Q2 / July subsequent events / shared	39.10 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
credit sale consideration credit_sale_consideration	Q2 / July subsequent events / shared	36.40 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
g2 total budget g2_total_budget	Q2 / July subsequent events / shared	510.00 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
july note july_note	Q2 / July subsequent events / shared	120.00 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
ip total ip_total	Q2 / July subsequent events / shared	135.00 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
ip paid shares ip_paid_shares	Q2 / July subsequent events / shared	60.00 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
ip remaining ip_remaining	Q2 / July subsequent events / shared	73.00 USD_millions	reported: USD millions; credits distinguish face value from transfer consideration. G2 is total project budget, not remaining spending. Primary source · 2026-08-12
Q2 EBITDA excluding recognized tariff refund q2_ebitda_ex_refund	2026Q2 / shared	-13.74 USD_millions	derived: Removes the $24.4M nonrecurring benefit included in final adjusted EBITDA. Formula: subtract(q2_adj_ebitda, tariff_refund_accrual).
H1 EBITDA excluding tariff refund h1_ebitda_ex_refund	H1 2026 / shared	-4.61 USD_millions	derived: A normalization, not company adjusted EBITDA. Formula: subtract(h1_adj_ebitda, tariff_refund_accrual).
Modules sold in GW downside_2026q3_shipments_gw	2026Q3 / downside	85.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference downside_2026q3_module_price	2026Q3 / downside	285.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales downside_2026q3_module_revenue	2026Q3 / downside	242.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_shipments_gw, downside_2026q3_module_price).
KORE/other external sales allowance downside_2026q3_other_revenue	2026Q3 / downside	3.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales downside_2026q3_revenue	2026Q3 / downside	245.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_module_revenue, downside_2026q3_other_revenue).
Qualifying credit share downside_2026q3_credit_eligibility	2026Q3 / downside	75.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption downside_2026q3_module_credit_per_gw	2026Q3 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual downside_2026q3_module_credit	2026Q3 / downside	44.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_shipments_gw, downside_2026q3_module_credit_per_gw, downside_2026q3_credit_eligibility).
Eligible domestic cells in GW downside_2026q3_cell_gw	2026Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption downside_2026q3_cell_credit_per_gw	2026Q3 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual downside_2026q3_cell_credit	2026Q3 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_cell_gw, downside_2026q3_cell_credit_per_gw, downside_2026q3_credit_eligibility).
Module plus cell credit face value downside_2026q3_face_credit	2026Q3 / downside	44.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_module_credit, downside_2026q3_cell_credit).
Credit transfer realization downside_2026q3_credit_transfer_realization	2026Q3 / downside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount downside_2026q3_credit_accrual	2026Q3 / downside	41.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_face_credit, downside_2026q3_credit_transfer_realization).
Manufacturing contribution $M per GW downside_2026q3_manufacturing_per_gw	2026Q3 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits downside_2026q3_manufacturing_contribution	2026Q3 / downside	15.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_shipments_gw, downside_2026q3_manufacturing_per_gw).
Manufacturing plus eligible credits downside_2026q3_before_factory	2026Q3 / downside	56.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_manufacturing_contribution, downside_2026q3_credit_accrual).
Factory fixed cost including normal depreciation downside_2026q3_factory_fixed	2026Q3 / downside	50.40 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation downside_2026q3_gross_profit	2026Q3 / downside	6.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_before_factory, downside_2026q3_factory_fixed).
Total D&A downside_2026q3_da	2026Q3 / downside	27.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2026q3_sbc	2026Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense downside_2026q3_core_opex	2026Q3 / downside	34.72 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions downside_2026q3_cash_adjustments	2026Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions downside_2026q3_gaap_opex	2026Q3 / downside	42.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_core_opex, downside_2026q3_sbc, downside_2026q3_cash_adjustments).
Operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-36.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_gross_profit, downside_2026q3_gaap_opex).
Adjusted EBITDA proxy downside_2026q3_adj_ebitda	2026Q3 / downside	-1.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_operating_income, downside_2026q3_da, downside_2026q3_sbc, downside_2026q3_cash_adjustments).
Actual cash from credit transfers downside_2026q3_credit_cash	2026Q3 / downside	42.25 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual downside_2026q3_available_credit	2026Q3 / downside	136.89 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(grant_receivable, downside_2026q3_credit_accrual).
Credit receivable proxy downside_2026q3_ending_credit_receivable	2026Q3 / downside	94.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_available_credit, downside_2026q3_credit_cash).
Prior-refund collection share downside_2026q3_refund_collection	2026Q3 / downside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund downside_2026q3_tariff_cash	2026Q3 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, downside_2026q3_refund_collection).
EBITDA plus credit and prior refund collections downside_2026q3_cash_before_uses	2026Q3 / downside	40.93 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_adj_ebitda, downside_2026q3_credit_cash, downside_2026q3_tariff_cash).
Cash interest and tax including July coupon downside_2026q3_cash_interest_tax	2026Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use downside_2026q3_wc	2026Q3 / downside	39.20 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs downside_2026q3_cash_uses	2026Q3 / downside	92.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_credit_accrual, downside_2026q3_cash_adjustments, downside_2026q3_cash_interest_tax, downside_2026q3_wc).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	-51.77 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses).
G2 and other gross PP&E cash downside_2026q3_capex	2026Q3 / downside	132.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E downside_2026q3_fcf	2026Q3 / downside	-183.77 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
IP remaining tranche consideration downside_2026q3_ip_due	2026Q3 / downside	25.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash downside_2026q3_ip_cash_fraction	2026Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement downside_2026q3_ip_elected_cash	2026Q3 / downside	25.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_ip_due, downside_2026q3_ip_cash_fraction).
Already-paid July upfront cash downside_2026q3_ip_upfront_paid	2026Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration downside_2026q3_ip_cash	2026Q3 / downside	27.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_ip_elected_cash, downside_2026q3_ip_upfront_paid).
IP consideration settled in shares downside_2026q3_ip_share_consideration	2026Q3 / downside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(downside_2026q3_ip_due, downside_2026q3_ip_elected_cash).
Cash after PP&E and IP downside_2026q3_cash_after_ip	2026Q3 / downside	-210.77 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_fcf, downside_2026q3_ip_cash).
Modules sold in GW downside_2026q4_shipments_gw	2026Q4 / downside	90.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference downside_2026q4_module_price	2026Q4 / downside	280.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales downside_2026q4_module_revenue	2026Q4 / downside	252.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_shipments_gw, downside_2026q4_module_price).
KORE/other external sales allowance downside_2026q4_other_revenue	2026Q4 / downside	5.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales downside_2026q4_revenue	2026Q4 / downside	257.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_module_revenue, downside_2026q4_other_revenue).
Qualifying credit share downside_2026q4_credit_eligibility	2026Q4 / downside	75.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption downside_2026q4_module_credit_per_gw	2026Q4 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual downside_2026q4_module_credit	2026Q4 / downside	47.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_shipments_gw, downside_2026q4_module_credit_per_gw, downside_2026q4_credit_eligibility).
Eligible domestic cells in GW downside_2026q4_cell_gw	2026Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption downside_2026q4_cell_credit_per_gw	2026Q4 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual downside_2026q4_cell_credit	2026Q4 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_cell_gw, downside_2026q4_cell_credit_per_gw, downside_2026q4_credit_eligibility).
Module plus cell credit face value downside_2026q4_face_credit	2026Q4 / downside	47.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_module_credit, downside_2026q4_cell_credit).
Credit transfer realization downside_2026q4_credit_transfer_realization	2026Q4 / downside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount downside_2026q4_credit_accrual	2026Q4 / downside	43.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_face_credit, downside_2026q4_credit_transfer_realization).
Manufacturing contribution $M per GW downside_2026q4_manufacturing_per_gw	2026Q4 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits downside_2026q4_manufacturing_contribution	2026Q4 / downside	18.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_shipments_gw, downside_2026q4_manufacturing_per_gw).
Manufacturing plus eligible credits downside_2026q4_before_factory	2026Q4 / downside	61.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_manufacturing_contribution, downside_2026q4_credit_accrual).
Factory fixed cost including normal depreciation downside_2026q4_factory_fixed	2026Q4 / downside	52.64 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation downside_2026q4_gross_profit	2026Q4 / downside	9.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_before_factory, downside_2026q4_factory_fixed).
Total D&A downside_2026q4_da	2026Q4 / downside	29.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2026q4_sbc	2026Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense downside_2026q4_core_opex	2026Q4 / downside	35.84 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions downside_2026q4_cash_adjustments	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions downside_2026q4_gaap_opex	2026Q4 / downside	44.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_core_opex, downside_2026q4_sbc, downside_2026q4_cash_adjustments).
Operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-35.54 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_gross_profit, downside_2026q4_gaap_opex).
Adjusted EBITDA proxy downside_2026q4_adj_ebitda	2026Q4 / downside	2.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_operating_income, downside_2026q4_da, downside_2026q4_sbc, downside_2026q4_cash_adjustments).
Actual cash from credit transfers downside_2026q4_credit_cash	2026Q4 / downside	71.50 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual downside_2026q4_available_credit	2026Q4 / downside	138.58 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_ending_credit_receivable, downside_2026q4_credit_accrual).
Credit receivable proxy downside_2026q4_ending_credit_receivable	2026Q4 / downside	67.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_available_credit, downside_2026q4_credit_cash).
Prior-refund collection share downside_2026q4_refund_collection	2026Q4 / downside	100.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund downside_2026q4_tariff_cash	2026Q4 / downside	24.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, downside_2026q4_refund_collection).
EBITDA plus credit and prior refund collections downside_2026q4_cash_before_uses	2026Q4 / downside	98.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_adj_ebitda, downside_2026q4_credit_cash, downside_2026q4_tariff_cash).
Cash interest and tax including July coupon downside_2026q4_cash_interest_tax	2026Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use downside_2026q4_wc	2026Q4 / downside	33.60 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs downside_2026q4_cash_uses	2026Q4 / downside	89.54 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_credit_accrual, downside_2026q4_cash_adjustments, downside_2026q4_cash_interest_tax, downside_2026q4_wc).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	8.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses).
G2 and other gross PP&E cash downside_2026q4_capex	2026Q4 / downside	156.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E downside_2026q4_fcf	2026Q4 / downside	-147.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
IP remaining tranche consideration downside_2026q4_ip_due	2026Q4 / downside	48.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash downside_2026q4_ip_cash_fraction	2026Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement downside_2026q4_ip_elected_cash	2026Q4 / downside	48.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_ip_due, downside_2026q4_ip_cash_fraction).
Already-paid July upfront cash downside_2026q4_ip_upfront_paid	2026Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration downside_2026q4_ip_cash	2026Q4 / downside	48.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_ip_elected_cash, downside_2026q4_ip_upfront_paid).
IP consideration settled in shares downside_2026q4_ip_share_consideration	2026Q4 / downside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(downside_2026q4_ip_due, downside_2026q4_ip_elected_cash).
Cash after PP&E and IP downside_2026q4_cash_after_ip	2026Q4 / downside	-195.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_fcf, downside_2026q4_ip_cash).
Modules sold in GW downside_2027q1_shipments_gw	2027Q1 / downside	85.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference downside_2027q1_module_price	2027Q1 / downside	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales downside_2027q1_module_revenue	2027Q1 / downside	233.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_shipments_gw, downside_2027q1_module_price).
KORE/other external sales allowance downside_2027q1_other_revenue	2027Q1 / downside	7.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales downside_2027q1_revenue	2027Q1 / downside	240.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_module_revenue, downside_2027q1_other_revenue).
Qualifying credit share downside_2027q1_credit_eligibility	2027Q1 / downside	75.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption downside_2027q1_module_credit_per_gw	2027Q1 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual downside_2027q1_module_credit	2027Q1 / downside	44.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_shipments_gw, downside_2027q1_module_credit_per_gw, downside_2027q1_credit_eligibility).
Eligible domestic cells in GW downside_2027q1_cell_gw	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption downside_2027q1_cell_credit_per_gw	2027Q1 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual downside_2027q1_cell_credit	2027Q1 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_cell_gw, downside_2027q1_cell_credit_per_gw, downside_2027q1_credit_eligibility).
Module plus cell credit face value downside_2027q1_face_credit	2027Q1 / downside	44.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_module_credit, downside_2027q1_cell_credit).
Credit transfer realization downside_2027q1_credit_transfer_realization	2027Q1 / downside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount downside_2027q1_credit_accrual	2027Q1 / downside	41.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_face_credit, downside_2027q1_credit_transfer_realization).
Manufacturing contribution $M per GW downside_2027q1_manufacturing_per_gw	2027Q1 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits downside_2027q1_manufacturing_contribution	2027Q1 / downside	19.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_shipments_gw, downside_2027q1_manufacturing_per_gw).
Manufacturing plus eligible credits downside_2027q1_before_factory	2027Q1 / downside	61.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_manufacturing_contribution, downside_2027q1_credit_accrual).
Factory fixed cost including normal depreciation downside_2027q1_factory_fixed	2027Q1 / downside	54.88 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation downside_2027q1_gross_profit	2027Q1 / downside	6.17 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_before_factory, downside_2027q1_factory_fixed).
Total D&A downside_2027q1_da	2027Q1 / downside	31.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q1_sbc	2027Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense downside_2027q1_core_opex	2027Q1 / downside	36.96 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions downside_2027q1_cash_adjustments	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions downside_2027q1_gaap_opex	2027Q1 / downside	46.96 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_core_opex, downside_2027q1_sbc, downside_2027q1_cash_adjustments).
Operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-40.79 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_gaap_opex).
Adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	0.21 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_operating_income, downside_2027q1_da, downside_2027q1_sbc, downside_2027q1_cash_adjustments).
Actual cash from credit transfers downside_2027q1_credit_cash	2027Q1 / downside	42.25 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual downside_2027q1_available_credit	2027Q1 / downside	108.59 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_ending_credit_receivable, downside_2027q1_credit_accrual).
Credit receivable proxy downside_2027q1_ending_credit_receivable	2027Q1 / downside	66.34 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_available_credit, downside_2027q1_credit_cash).
Prior-refund collection share downside_2027q1_refund_collection	2027Q1 / downside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund downside_2027q1_tariff_cash	2027Q1 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, downside_2027q1_refund_collection).
EBITDA plus credit and prior refund collections downside_2027q1_cash_before_uses	2027Q1 / downside	42.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q1_credit_cash, downside_2027q1_tariff_cash).
Cash interest and tax including July coupon downside_2027q1_cash_interest_tax	2027Q1 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use downside_2027q1_wc	2027Q1 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs downside_2027q1_cash_uses	2027Q1 / downside	81.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_credit_accrual, downside_2027q1_cash_adjustments, downside_2027q1_cash_interest_tax, downside_2027q1_wc).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	-39.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses).
G2 and other gross PP&E cash downside_2027q1_capex	2027Q1 / downside	84.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E downside_2027q1_fcf	2027Q1 / downside	-123.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
IP remaining tranche consideration downside_2027q1_ip_due	2027Q1 / downside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash downside_2027q1_ip_cash_fraction	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement downside_2027q1_ip_elected_cash	2027Q1 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_ip_due, downside_2027q1_ip_cash_fraction).
Already-paid July upfront cash downside_2027q1_ip_upfront_paid	2027Q1 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration downside_2027q1_ip_cash	2027Q1 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_ip_elected_cash, downside_2027q1_ip_upfront_paid).
IP consideration settled in shares downside_2027q1_ip_share_consideration	2027Q1 / downside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(downside_2027q1_ip_due, downside_2027q1_ip_elected_cash).
Cash after PP&E and IP downside_2027q1_cash_after_ip	2027Q1 / downside	-123.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_fcf, downside_2027q1_ip_cash).
Modules sold in GW downside_2027q2_shipments_gw	2027Q2 / downside	90.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference downside_2027q2_module_price	2027Q2 / downside	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales downside_2027q2_module_revenue	2027Q2 / downside	247.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_shipments_gw, downside_2027q2_module_price).
KORE/other external sales allowance downside_2027q2_other_revenue	2027Q2 / downside	9.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales downside_2027q2_revenue	2027Q2 / downside	256.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_module_revenue, downside_2027q2_other_revenue).
Qualifying credit share downside_2027q2_credit_eligibility	2027Q2 / downside	75.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption downside_2027q2_module_credit_per_gw	2027Q2 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual downside_2027q2_module_credit	2027Q2 / downside	47.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_shipments_gw, downside_2027q2_module_credit_per_gw, downside_2027q2_credit_eligibility).
Eligible domestic cells in GW downside_2027q2_cell_gw	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption downside_2027q2_cell_credit_per_gw	2027Q2 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual downside_2027q2_cell_credit	2027Q2 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_cell_gw, downside_2027q2_cell_credit_per_gw, downside_2027q2_credit_eligibility).
Module plus cell credit face value downside_2027q2_face_credit	2027Q2 / downside	47.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_module_credit, downside_2027q2_cell_credit).
Credit transfer realization downside_2027q2_credit_transfer_realization	2027Q2 / downside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount downside_2027q2_credit_accrual	2027Q2 / downside	43.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_face_credit, downside_2027q2_credit_transfer_realization).
Manufacturing contribution $M per GW downside_2027q2_manufacturing_per_gw	2027Q2 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits downside_2027q2_manufacturing_contribution	2027Q2 / downside	22.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_shipments_gw, downside_2027q2_manufacturing_per_gw).
Manufacturing plus eligible credits downside_2027q2_before_factory	2027Q2 / downside	66.44 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_manufacturing_contribution, downside_2027q2_credit_accrual).
Factory fixed cost including normal depreciation downside_2027q2_factory_fixed	2027Q2 / downside	57.12 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation downside_2027q2_gross_profit	2027Q2 / downside	9.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_before_factory, downside_2027q2_factory_fixed).
Total D&A downside_2027q2_da	2027Q2 / downside	33.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q2_sbc	2027Q2 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense downside_2027q2_core_opex	2027Q2 / downside	38.08 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions downside_2027q2_cash_adjustments	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions downside_2027q2_gaap_opex	2027Q2 / downside	49.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_core_opex, downside_2027q2_sbc, downside_2027q2_cash_adjustments).
Operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-39.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_gaap_opex).
Adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	4.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_operating_income, downside_2027q2_da, downside_2027q2_sbc, downside_2027q2_cash_adjustments).
Actual cash from credit transfers downside_2027q2_credit_cash	2027Q2 / downside	48.75 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual downside_2027q2_available_credit	2027Q2 / downside	110.28 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_ending_credit_receivable, downside_2027q2_credit_accrual).
Credit receivable proxy downside_2027q2_ending_credit_receivable	2027Q2 / downside	61.53 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_available_credit, downside_2027q2_credit_cash).
Prior-refund collection share downside_2027q2_refund_collection	2027Q2 / downside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund downside_2027q2_tariff_cash	2027Q2 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, downside_2027q2_refund_collection).
EBITDA plus credit and prior refund collections downside_2027q2_cash_before_uses	2027Q2 / downside	52.99 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_adj_ebitda, downside_2027q2_credit_cash, downside_2027q2_tariff_cash).
Cash interest and tax including July coupon downside_2027q2_cash_interest_tax	2027Q2 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use downside_2027q2_wc	2027Q2 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs downside_2027q2_cash_uses	2027Q2 / downside	83.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_credit_accrual, downside_2027q2_cash_adjustments, downside_2027q2_cash_interest_tax, downside_2027q2_wc).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	-30.95 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses).
G2 and other gross PP&E cash downside_2027q2_capex	2027Q2 / downside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E downside_2027q2_fcf	2027Q2 / downside	-66.95 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
IP remaining tranche consideration downside_2027q2_ip_due	2027Q2 / downside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash downside_2027q2_ip_cash_fraction	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement downside_2027q2_ip_elected_cash	2027Q2 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_ip_due, downside_2027q2_ip_cash_fraction).
Already-paid July upfront cash downside_2027q2_ip_upfront_paid	2027Q2 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration downside_2027q2_ip_cash	2027Q2 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_ip_elected_cash, downside_2027q2_ip_upfront_paid).
IP consideration settled in shares downside_2027q2_ip_share_consideration	2027Q2 / downside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(downside_2027q2_ip_due, downside_2027q2_ip_elected_cash).
Cash after PP&E and IP downside_2027q2_cash_after_ip	2027Q2 / downside	-66.95 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_fcf, downside_2027q2_ip_cash).
Modules sold in GW downside_2027q3_shipments_gw	2027Q3 / downside	95.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference downside_2027q3_module_price	2027Q3 / downside	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales downside_2027q3_module_revenue	2027Q3 / downside	261.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_shipments_gw, downside_2027q3_module_price).
KORE/other external sales allowance downside_2027q3_other_revenue	2027Q3 / downside	11.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales downside_2027q3_revenue	2027Q3 / downside	272.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_module_revenue, downside_2027q3_other_revenue).
Qualifying credit share downside_2027q3_credit_eligibility	2027Q3 / downside	75.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption downside_2027q3_module_credit_per_gw	2027Q3 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual downside_2027q3_module_credit	2027Q3 / downside	49.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_shipments_gw, downside_2027q3_module_credit_per_gw, downside_2027q3_credit_eligibility).
Eligible domestic cells in GW downside_2027q3_cell_gw	2027Q3 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption downside_2027q3_cell_credit_per_gw	2027Q3 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual downside_2027q3_cell_credit	2027Q3 / downside	3.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_cell_gw, downside_2027q3_cell_credit_per_gw, downside_2027q3_credit_eligibility).
Module plus cell credit face value downside_2027q3_face_credit	2027Q3 / downside	52.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_module_credit, downside_2027q3_cell_credit).
Credit transfer realization downside_2027q3_credit_transfer_realization	2027Q3 / downside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount downside_2027q3_credit_accrual	2027Q3 / downside	49.17 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_face_credit, downside_2027q3_credit_transfer_realization).
Manufacturing contribution $M per GW downside_2027q3_manufacturing_per_gw	2027Q3 / downside	27.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits downside_2027q3_manufacturing_contribution	2027Q3 / downside	25.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_shipments_gw, downside_2027q3_manufacturing_per_gw).
Manufacturing plus eligible credits downside_2027q3_before_factory	2027Q3 / downside	74.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_manufacturing_contribution, downside_2027q3_credit_accrual).
Factory fixed cost including normal depreciation downside_2027q3_factory_fixed	2027Q3 / downside	59.36 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation downside_2027q3_gross_profit	2027Q3 / downside	15.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_before_factory, downside_2027q3_factory_fixed).
Total D&A downside_2027q3_da	2027Q3 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q3_sbc	2027Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense downside_2027q3_core_opex	2027Q3 / downside	39.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions downside_2027q3_cash_adjustments	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions downside_2027q3_gaap_opex	2027Q3 / downside	51.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_core_opex, downside_2027q3_sbc, downside_2027q3_cash_adjustments).
Operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-35.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_gaap_opex).
Adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	11.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_operating_income, downside_2027q3_da, downside_2027q3_sbc, downside_2027q3_cash_adjustments).
Actual cash from credit transfers downside_2027q3_credit_cash	2027Q3 / downside	55.25 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual downside_2027q3_available_credit	2027Q3 / downside	110.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_ending_credit_receivable, downside_2027q3_credit_accrual).
Credit receivable proxy downside_2027q3_ending_credit_receivable	2027Q3 / downside	55.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_available_credit, downside_2027q3_credit_cash).
Prior-refund collection share downside_2027q3_refund_collection	2027Q3 / downside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund downside_2027q3_tariff_cash	2027Q3 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, downside_2027q3_refund_collection).
EBITDA plus credit and prior refund collections downside_2027q3_cash_before_uses	2027Q3 / downside	66.51 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_adj_ebitda, downside_2027q3_credit_cash, downside_2027q3_tariff_cash).
Cash interest and tax including July coupon downside_2027q3_cash_interest_tax	2027Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use downside_2027q3_wc	2027Q3 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs downside_2027q3_cash_uses	2027Q3 / downside	89.17 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_credit_accrual, downside_2027q3_cash_adjustments, downside_2027q3_cash_interest_tax, downside_2027q3_wc).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-22.66 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses).
G2 and other gross PP&E cash downside_2027q3_capex	2027Q3 / downside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E downside_2027q3_fcf	2027Q3 / downside	-46.66 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
IP remaining tranche consideration downside_2027q3_ip_due	2027Q3 / downside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash downside_2027q3_ip_cash_fraction	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement downside_2027q3_ip_elected_cash	2027Q3 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_ip_due, downside_2027q3_ip_cash_fraction).
Already-paid July upfront cash downside_2027q3_ip_upfront_paid	2027Q3 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration downside_2027q3_ip_cash	2027Q3 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_ip_elected_cash, downside_2027q3_ip_upfront_paid).
IP consideration settled in shares downside_2027q3_ip_share_consideration	2027Q3 / downside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(downside_2027q3_ip_due, downside_2027q3_ip_elected_cash).
Cash after PP&E and IP downside_2027q3_cash_after_ip	2027Q3 / downside	-46.66 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_fcf, downside_2027q3_ip_cash).
Modules sold in GW downside_2027q4_shipments_gw	2027Q4 / downside	100.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference downside_2027q4_module_price	2027Q4 / downside	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales downside_2027q4_module_revenue	2027Q4 / downside	275.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_shipments_gw, downside_2027q4_module_price).
KORE/other external sales allowance downside_2027q4_other_revenue	2027Q4 / downside	13.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales downside_2027q4_revenue	2027Q4 / downside	288.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_module_revenue, downside_2027q4_other_revenue).
Qualifying credit share downside_2027q4_credit_eligibility	2027Q4 / downside	75.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption downside_2027q4_module_credit_per_gw	2027Q4 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual downside_2027q4_module_credit	2027Q4 / downside	52.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_shipments_gw, downside_2027q4_module_credit_per_gw, downside_2027q4_credit_eligibility).
Eligible domestic cells in GW downside_2027q4_cell_gw	2027Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption downside_2027q4_cell_credit_per_gw	2027Q4 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual downside_2027q4_cell_credit	2027Q4 / downside	7.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_cell_gw, downside_2027q4_cell_credit_per_gw, downside_2027q4_credit_eligibility).
Module plus cell credit face value downside_2027q4_face_credit	2027Q4 / downside	60.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_module_credit, downside_2027q4_cell_credit).
Credit transfer realization downside_2027q4_credit_transfer_realization	2027Q4 / downside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount downside_2027q4_credit_accrual	2027Q4 / downside	55.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_face_credit, downside_2027q4_credit_transfer_realization).
Manufacturing contribution $M per GW downside_2027q4_manufacturing_per_gw	2027Q4 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits downside_2027q4_manufacturing_contribution	2027Q4 / downside	28.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_shipments_gw, downside_2027q4_manufacturing_per_gw).
Manufacturing plus eligible credits downside_2027q4_before_factory	2027Q4 / downside	83.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_manufacturing_contribution, downside_2027q4_credit_accrual).
Factory fixed cost including normal depreciation downside_2027q4_factory_fixed	2027Q4 / downside	61.60 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation downside_2027q4_gross_profit	2027Q4 / downside	22.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_before_factory, downside_2027q4_factory_fixed).
Total D&A downside_2027q4_da	2027Q4 / downside	37.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q4_sbc	2027Q4 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense downside_2027q4_core_opex	2027Q4 / downside	40.32 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions downside_2027q4_cash_adjustments	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions downside_2027q4_gaap_opex	2027Q4 / downside	53.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_core_opex, downside_2027q4_sbc, downside_2027q4_cash_adjustments).
Operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-31.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_gaap_opex).
Adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	18.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_operating_income, downside_2027q4_da, downside_2027q4_sbc, downside_2027q4_cash_adjustments).
Actual cash from credit transfers downside_2027q4_credit_cash	2027Q4 / downside	61.75 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual downside_2027q4_available_credit	2027Q4 / downside	111.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_ending_credit_receivable, downside_2027q4_credit_accrual).
Credit receivable proxy downside_2027q4_ending_credit_receivable	2027Q4 / downside	49.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_available_credit, downside_2027q4_credit_cash).
Prior-refund collection share downside_2027q4_refund_collection	2027Q4 / downside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund downside_2027q4_tariff_cash	2027Q4 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, downside_2027q4_refund_collection).
EBITDA plus credit and prior refund collections downside_2027q4_cash_before_uses	2027Q4 / downside	80.63 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_adj_ebitda, downside_2027q4_credit_cash, downside_2027q4_tariff_cash).
Cash interest and tax including July coupon downside_2027q4_cash_interest_tax	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use downside_2027q4_wc	2027Q4 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs downside_2027q4_cash_uses	2027Q4 / downside	95.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_credit_accrual, downside_2027q4_cash_adjustments, downside_2027q4_cash_interest_tax, downside_2027q4_wc).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-15.17 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses).
G2 and other gross PP&E cash downside_2027q4_capex	2027Q4 / downside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E downside_2027q4_fcf	2027Q4 / downside	-39.17 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
IP remaining tranche consideration downside_2027q4_ip_due	2027Q4 / downside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash downside_2027q4_ip_cash_fraction	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement downside_2027q4_ip_elected_cash	2027Q4 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_ip_due, downside_2027q4_ip_cash_fraction).
Already-paid July upfront cash downside_2027q4_ip_upfront_paid	2027Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration downside_2027q4_ip_cash	2027Q4 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_ip_elected_cash, downside_2027q4_ip_upfront_paid).
IP consideration settled in shares downside_2027q4_ip_share_consideration	2027Q4 / downside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(downside_2027q4_ip_due, downside_2027q4_ip_elected_cash).
Cash after PP&E and IP downside_2027q4_cash_after_ip	2027Q4 / downside	-39.17 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_fcf, downside_2027q4_ip_cash).
Revenue ($M) downside_fy2026_revenue	FY2026 / downside	930.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Gross profit proxy ($M) downside_fy2026_gross_profit	FY2026 / downside	93.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
Adjusted EBITDA proxy ($M) downside_fy2026_adj_ebitda	FY2026 / downside	20.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, downside_2026q3_adj_ebitda, downside_2026q4_adj_ebitda).
Operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-117.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	-145.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Gross PP&E cash ($M) downside_fy2026_capex	FY2026 / downside	449.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Cash after PP&E ($M) downside_fy2026_fcf	FY2026 / downside	-595.75 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).
IP cash consideration ($M) downside_fy2026_ip_cash	FY2026 / downside	75.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ip_cash, downside_2026q3_ip_cash, downside_2026q4_ip_cash).
Cash after PP&E and IP ($M) downside_fy2026_cash_after_ip	FY2026 / downside	-670.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_ip, downside_2026q3_cash_after_ip, downside_2026q4_cash_after_ip).
Revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,057.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	53.16 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	34.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
Operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-147.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-107.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Gross PP&E cash ($M) downside_fy2027_capex	FY2027 / downside	168.00 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).
Cash after PP&E ($M) downside_fy2027_fcf	FY2027 / downside	-275.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
IP cash consideration ($M) downside_fy2027_ip_cash	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_ip_cash, downside_2027q2_ip_cash, downside_2027q3_ip_cash, downside_2027q4_ip_cash).
Cash after PP&E and IP ($M) downside_fy2027_cash_after_ip	FY2027 / downside	-275.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_ip, downside_2027q2_cash_after_ip, downside_2027q3_cash_after_ip, downside_2027q4_cash_after_ip).
Modules sold in GW base_2026q3_shipments_gw	2026Q3 / base	100.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference base_2026q3_module_price	2026Q3 / base	295.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales base_2026q3_module_revenue	2026Q3 / base	295.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_shipments_gw, base_2026q3_module_price).
KORE/other external sales allowance base_2026q3_other_revenue	2026Q3 / base	3.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales base_2026q3_revenue	2026Q3 / base	298.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_module_revenue, base_2026q3_other_revenue).
Qualifying credit share base_2026q3_credit_eligibility	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption base_2026q3_module_credit_per_gw	2026Q3 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual base_2026q3_module_credit	2026Q3 / base	70.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_shipments_gw, base_2026q3_module_credit_per_gw, base_2026q3_credit_eligibility).
Eligible domestic cells in GW base_2026q3_cell_gw	2026Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption base_2026q3_cell_credit_per_gw	2026Q3 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual base_2026q3_cell_credit	2026Q3 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_cell_gw, base_2026q3_cell_credit_per_gw, base_2026q3_credit_eligibility).
Module plus cell credit face value base_2026q3_face_credit	2026Q3 / base	70.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_module_credit, base_2026q3_cell_credit).
Credit transfer realization base_2026q3_credit_transfer_realization	2026Q3 / base	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount base_2026q3_credit_accrual	2026Q3 / base	65.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_face_credit, base_2026q3_credit_transfer_realization).
Manufacturing contribution $M per GW base_2026q3_manufacturing_per_gw	2026Q3 / base	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits base_2026q3_manufacturing_contribution	2026Q3 / base	24.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_shipments_gw, base_2026q3_manufacturing_per_gw).
Manufacturing plus eligible credits base_2026q3_before_factory	2026Q3 / base	89.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_manufacturing_contribution, base_2026q3_credit_accrual).
Factory fixed cost including normal depreciation base_2026q3_factory_fixed	2026Q3 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation base_2026q3_gross_profit	2026Q3 / base	44.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_before_factory, base_2026q3_factory_fixed).
Total D&A base_2026q3_da	2026Q3 / base	27.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2026q3_sbc	2026Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense base_2026q3_core_opex	2026Q3 / base	31.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions base_2026q3_cash_adjustments	2026Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions base_2026q3_gaap_opex	2026Q3 / base	39.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_core_opex, base_2026q3_sbc, base_2026q3_cash_adjustments).
Operating income proxy base_2026q3_operating_income	2026Q3 / base	5.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_gross_profit, base_2026q3_gaap_opex).
Adjusted EBITDA proxy base_2026q3_adj_ebitda	2026Q3 / base	40.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_operating_income, base_2026q3_da, base_2026q3_sbc, base_2026q3_cash_adjustments).
Actual cash from credit transfers base_2026q3_credit_cash	2026Q3 / base	65.00 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual base_2026q3_available_credit	2026Q3 / base	160.49 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(grant_receivable, base_2026q3_credit_accrual).
Credit receivable proxy base_2026q3_ending_credit_receivable	2026Q3 / base	95.49 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_available_credit, base_2026q3_credit_cash).
Prior-refund collection share base_2026q3_refund_collection	2026Q3 / base	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund base_2026q3_tariff_cash	2026Q3 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, base_2026q3_refund_collection).
EBITDA plus credit and prior refund collections base_2026q3_cash_before_uses	2026Q3 / base	105.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_adj_ebitda, base_2026q3_credit_cash, base_2026q3_tariff_cash).
Cash interest and tax including July coupon base_2026q3_cash_interest_tax	2026Q3 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use base_2026q3_wc	2026Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs base_2026q3_cash_uses	2026Q3 / base	112.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_credit_accrual, base_2026q3_cash_adjustments, base_2026q3_cash_interest_tax, base_2026q3_wc).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	-7.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses).
G2 and other gross PP&E cash base_2026q3_capex	2026Q3 / base	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E base_2026q3_fcf	2026Q3 / base	-117.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
IP remaining tranche consideration base_2026q3_ip_due	2026Q3 / base	25.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash base_2026q3_ip_cash_fraction	2026Q3 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement base_2026q3_ip_elected_cash	2026Q3 / base	12.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_ip_due, base_2026q3_ip_cash_fraction).
Already-paid July upfront cash base_2026q3_ip_upfront_paid	2026Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration base_2026q3_ip_cash	2026Q3 / base	14.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_ip_elected_cash, base_2026q3_ip_upfront_paid).
IP consideration settled in shares base_2026q3_ip_share_consideration	2026Q3 / base	12.50 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(base_2026q3_ip_due, base_2026q3_ip_elected_cash).
Cash after PP&E and IP base_2026q3_cash_after_ip	2026Q3 / base	-131.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_fcf, base_2026q3_ip_cash).
Modules sold in GW base_2026q4_shipments_gw	2026Q4 / base	115.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference base_2026q4_module_price	2026Q4 / base	295.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales base_2026q4_module_revenue	2026Q4 / base	339.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_shipments_gw, base_2026q4_module_price).
KORE/other external sales allowance base_2026q4_other_revenue	2026Q4 / base	5.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales base_2026q4_revenue	2026Q4 / base	344.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_module_revenue, base_2026q4_other_revenue).
Qualifying credit share base_2026q4_credit_eligibility	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption base_2026q4_module_credit_per_gw	2026Q4 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual base_2026q4_module_credit	2026Q4 / base	80.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_shipments_gw, base_2026q4_module_credit_per_gw, base_2026q4_credit_eligibility).
Eligible domestic cells in GW base_2026q4_cell_gw	2026Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption base_2026q4_cell_credit_per_gw	2026Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual base_2026q4_cell_credit	2026Q4 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_cell_gw, base_2026q4_cell_credit_per_gw, base_2026q4_credit_eligibility).
Module plus cell credit face value base_2026q4_face_credit	2026Q4 / base	80.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_module_credit, base_2026q4_cell_credit).
Credit transfer realization base_2026q4_credit_transfer_realization	2026Q4 / base	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount base_2026q4_credit_accrual	2026Q4 / base	74.87 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_face_credit, base_2026q4_credit_transfer_realization).
Manufacturing contribution $M per GW base_2026q4_manufacturing_per_gw	2026Q4 / base	27.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits base_2026q4_manufacturing_contribution	2026Q4 / base	31.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_shipments_gw, base_2026q4_manufacturing_per_gw).
Manufacturing plus eligible credits base_2026q4_before_factory	2026Q4 / base	105.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_manufacturing_contribution, base_2026q4_credit_accrual).
Factory fixed cost including normal depreciation base_2026q4_factory_fixed	2026Q4 / base	47.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation base_2026q4_gross_profit	2026Q4 / base	58.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_before_factory, base_2026q4_factory_fixed).
Total D&A base_2026q4_da	2026Q4 / base	29.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2026q4_sbc	2026Q4 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense base_2026q4_core_opex	2026Q4 / base	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions base_2026q4_cash_adjustments	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions base_2026q4_gaap_opex	2026Q4 / base	41.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_core_opex, base_2026q4_sbc, base_2026q4_cash_adjustments).
Operating income proxy base_2026q4_operating_income	2026Q4 / base	17.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_gross_profit, base_2026q4_gaap_opex).
Adjusted EBITDA proxy base_2026q4_adj_ebitda	2026Q4 / base	55.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_operating_income, base_2026q4_da, base_2026q4_sbc, base_2026q4_cash_adjustments).
Actual cash from credit transfers base_2026q4_credit_cash	2026Q4 / base	110.00 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual base_2026q4_available_credit	2026Q4 / base	170.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_ending_credit_receivable, base_2026q4_credit_accrual).
Credit receivable proxy base_2026q4_ending_credit_receivable	2026Q4 / base	60.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_available_credit, base_2026q4_credit_cash).
Prior-refund collection share base_2026q4_refund_collection	2026Q4 / base	100.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund base_2026q4_tariff_cash	2026Q4 / base	24.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, base_2026q4_refund_collection).
EBITDA plus credit and prior refund collections base_2026q4_cash_before_uses	2026Q4 / base	190.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_adj_ebitda, base_2026q4_credit_cash, base_2026q4_tariff_cash).
Cash interest and tax including July coupon base_2026q4_cash_interest_tax	2026Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use base_2026q4_wc	2026Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs base_2026q4_cash_uses	2026Q4 / base	116.87 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_credit_accrual, base_2026q4_cash_adjustments, base_2026q4_cash_interest_tax, base_2026q4_wc).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	73.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses).
G2 and other gross PP&E cash base_2026q4_capex	2026Q4 / base	130.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E base_2026q4_fcf	2026Q4 / base	-56.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
IP remaining tranche consideration base_2026q4_ip_due	2026Q4 / base	48.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash base_2026q4_ip_cash_fraction	2026Q4 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement base_2026q4_ip_elected_cash	2026Q4 / base	24.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_ip_due, base_2026q4_ip_cash_fraction).
Already-paid July upfront cash base_2026q4_ip_upfront_paid	2026Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration base_2026q4_ip_cash	2026Q4 / base	24.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_ip_elected_cash, base_2026q4_ip_upfront_paid).
IP consideration settled in shares base_2026q4_ip_share_consideration	2026Q4 / base	24.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(base_2026q4_ip_due, base_2026q4_ip_elected_cash).
Cash after PP&E and IP base_2026q4_cash_after_ip	2026Q4 / base	-80.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_fcf, base_2026q4_ip_cash).
Modules sold in GW base_2027q1_shipments_gw	2027Q1 / base	110.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference base_2027q1_module_price	2027Q1 / base	290.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales base_2027q1_module_revenue	2027Q1 / base	319.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_shipments_gw, base_2027q1_module_price).
KORE/other external sales allowance base_2027q1_other_revenue	2027Q1 / base	7.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales base_2027q1_revenue	2027Q1 / base	326.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_module_revenue, base_2027q1_other_revenue).
Qualifying credit share base_2027q1_credit_eligibility	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption base_2027q1_module_credit_per_gw	2027Q1 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual base_2027q1_module_credit	2027Q1 / base	77.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_shipments_gw, base_2027q1_module_credit_per_gw, base_2027q1_credit_eligibility).
Eligible domestic cells in GW base_2027q1_cell_gw	2027Q1 / base	5.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption base_2027q1_cell_credit_per_gw	2027Q1 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual base_2027q1_cell_credit	2027Q1 / base	2.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_cell_gw, base_2027q1_cell_credit_per_gw, base_2027q1_credit_eligibility).
Module plus cell credit face value base_2027q1_face_credit	2027Q1 / base	79.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_module_credit, base_2027q1_cell_credit).
Credit transfer realization base_2027q1_credit_transfer_realization	2027Q1 / base	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount base_2027q1_credit_accrual	2027Q1 / base	73.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_face_credit, base_2027q1_credit_transfer_realization).
Manufacturing contribution $M per GW base_2027q1_manufacturing_per_gw	2027Q1 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits base_2027q1_manufacturing_contribution	2027Q1 / base	33.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_shipments_gw, base_2027q1_manufacturing_per_gw).
Manufacturing plus eligible credits base_2027q1_before_factory	2027Q1 / base	106.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_manufacturing_contribution, base_2027q1_credit_accrual).
Factory fixed cost including normal depreciation base_2027q1_factory_fixed	2027Q1 / base	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation base_2027q1_gross_profit	2027Q1 / base	57.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_before_factory, base_2027q1_factory_fixed).
Total D&A base_2027q1_da	2027Q1 / base	31.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q1_sbc	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense base_2027q1_core_opex	2027Q1 / base	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions base_2027q1_cash_adjustments	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions base_2027q1_gaap_opex	2027Q1 / base	43.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_core_opex, base_2027q1_sbc, base_2027q1_cash_adjustments).
Operating income proxy base_2027q1_operating_income	2027Q1 / base	14.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_gross_profit, base_2027q1_gaap_opex).
Adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	55.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_operating_income, base_2027q1_da, base_2027q1_sbc, base_2027q1_cash_adjustments).
Actual cash from credit transfers base_2027q1_credit_cash	2027Q1 / base	65.00 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual base_2027q1_available_credit	2027Q1 / base	133.83 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_ending_credit_receivable, base_2027q1_credit_accrual).
Credit receivable proxy base_2027q1_ending_credit_receivable	2027Q1 / base	68.83 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_available_credit, base_2027q1_credit_cash).
Prior-refund collection share base_2027q1_refund_collection	2027Q1 / base	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund base_2027q1_tariff_cash	2027Q1 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, base_2027q1_refund_collection).
EBITDA plus credit and prior refund collections base_2027q1_cash_before_uses	2027Q1 / base	120.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_adj_ebitda, base_2027q1_credit_cash, base_2027q1_tariff_cash).
Cash interest and tax including July coupon base_2027q1_cash_interest_tax	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use base_2027q1_wc	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs base_2027q1_cash_uses	2027Q1 / base	110.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_credit_accrual, base_2027q1_cash_adjustments, base_2027q1_cash_interest_tax, base_2027q1_wc).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses).
G2 and other gross PP&E cash base_2027q1_capex	2027Q1 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E base_2027q1_fcf	2027Q1 / base	-60.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
IP remaining tranche consideration base_2027q1_ip_due	2027Q1 / base	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash base_2027q1_ip_cash_fraction	2027Q1 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement base_2027q1_ip_elected_cash	2027Q1 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_ip_due, base_2027q1_ip_cash_fraction).
Already-paid July upfront cash base_2027q1_ip_upfront_paid	2027Q1 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration base_2027q1_ip_cash	2027Q1 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_ip_elected_cash, base_2027q1_ip_upfront_paid).
IP consideration settled in shares base_2027q1_ip_share_consideration	2027Q1 / base	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(base_2027q1_ip_due, base_2027q1_ip_elected_cash).
Cash after PP&E and IP base_2027q1_cash_after_ip	2027Q1 / base	-60.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_fcf, base_2027q1_ip_cash).
Modules sold in GW base_2027q2_shipments_gw	2027Q2 / base	120.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference base_2027q2_module_price	2027Q2 / base	290.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales base_2027q2_module_revenue	2027Q2 / base	348.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_shipments_gw, base_2027q2_module_price).
KORE/other external sales allowance base_2027q2_other_revenue	2027Q2 / base	9.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales base_2027q2_revenue	2027Q2 / base	357.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_module_revenue, base_2027q2_other_revenue).
Qualifying credit share base_2027q2_credit_eligibility	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption base_2027q2_module_credit_per_gw	2027Q2 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual base_2027q2_module_credit	2027Q2 / base	84.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_shipments_gw, base_2027q2_module_credit_per_gw, base_2027q2_credit_eligibility).
Eligible domestic cells in GW base_2027q2_cell_gw	2027Q2 / base	20.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption base_2027q2_cell_credit_per_gw	2027Q2 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual base_2027q2_cell_credit	2027Q2 / base	8.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_cell_gw, base_2027q2_cell_credit_per_gw, base_2027q2_credit_eligibility).
Module plus cell credit face value base_2027q2_face_credit	2027Q2 / base	92.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_module_credit, base_2027q2_cell_credit).
Credit transfer realization base_2027q2_credit_transfer_realization	2027Q2 / base	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount base_2027q2_credit_accrual	2027Q2 / base	85.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_face_credit, base_2027q2_credit_transfer_realization).
Manufacturing contribution $M per GW base_2027q2_manufacturing_per_gw	2027Q2 / base	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits base_2027q2_manufacturing_contribution	2027Q2 / base	39.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_shipments_gw, base_2027q2_manufacturing_per_gw).
Manufacturing plus eligible credits base_2027q2_before_factory	2027Q2 / base	125.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_manufacturing_contribution, base_2027q2_credit_accrual).
Factory fixed cost including normal depreciation base_2027q2_factory_fixed	2027Q2 / base	51.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation base_2027q2_gross_profit	2027Q2 / base	74.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_before_factory, base_2027q2_factory_fixed).
Total D&A base_2027q2_da	2027Q2 / base	33.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q2_sbc	2027Q2 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense base_2027q2_core_opex	2027Q2 / base	34.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions base_2027q2_cash_adjustments	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions base_2027q2_gaap_opex	2027Q2 / base	45.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_core_opex, base_2027q2_sbc, base_2027q2_cash_adjustments).
Operating income proxy base_2027q2_operating_income	2027Q2 / base	29.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_gross_profit, base_2027q2_gaap_opex).
Adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	73.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_operating_income, base_2027q2_da, base_2027q2_sbc, base_2027q2_cash_adjustments).
Actual cash from credit transfers base_2027q2_credit_cash	2027Q2 / base	75.00 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual base_2027q2_available_credit	2027Q2 / base	154.39 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_ending_credit_receivable, base_2027q2_credit_accrual).
Credit receivable proxy base_2027q2_ending_credit_receivable	2027Q2 / base	79.39 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_available_credit, base_2027q2_credit_cash).
Prior-refund collection share base_2027q2_refund_collection	2027Q2 / base	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund base_2027q2_tariff_cash	2027Q2 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, base_2027q2_refund_collection).
EBITDA plus credit and prior refund collections base_2027q2_cash_before_uses	2027Q2 / base	148.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_adj_ebitda, base_2027q2_credit_cash, base_2027q2_tariff_cash).
Cash interest and tax including July coupon base_2027q2_cash_interest_tax	2027Q2 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use base_2027q2_wc	2027Q2 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs base_2027q2_cash_uses	2027Q2 / base	122.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_credit_accrual, base_2027q2_cash_adjustments, base_2027q2_cash_interest_tax, base_2027q2_wc).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	25.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses).
G2 and other gross PP&E cash base_2027q2_capex	2027Q2 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E base_2027q2_fcf	2027Q2 / base	-4.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
IP remaining tranche consideration base_2027q2_ip_due	2027Q2 / base	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash base_2027q2_ip_cash_fraction	2027Q2 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement base_2027q2_ip_elected_cash	2027Q2 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_ip_due, base_2027q2_ip_cash_fraction).
Already-paid July upfront cash base_2027q2_ip_upfront_paid	2027Q2 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration base_2027q2_ip_cash	2027Q2 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_ip_elected_cash, base_2027q2_ip_upfront_paid).
IP consideration settled in shares base_2027q2_ip_share_consideration	2027Q2 / base	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(base_2027q2_ip_due, base_2027q2_ip_elected_cash).
Cash after PP&E and IP base_2027q2_cash_after_ip	2027Q2 / base	-4.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_fcf, base_2027q2_ip_cash).
Modules sold in GW base_2027q3_shipments_gw	2027Q3 / base	125.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference base_2027q3_module_price	2027Q3 / base	290.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales base_2027q3_module_revenue	2027Q3 / base	362.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_shipments_gw, base_2027q3_module_price).
KORE/other external sales allowance base_2027q3_other_revenue	2027Q3 / base	11.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales base_2027q3_revenue	2027Q3 / base	373.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_module_revenue, base_2027q3_other_revenue).
Qualifying credit share base_2027q3_credit_eligibility	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption base_2027q3_module_credit_per_gw	2027Q3 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual base_2027q3_module_credit	2027Q3 / base	87.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_shipments_gw, base_2027q3_module_credit_per_gw, base_2027q3_credit_eligibility).
Eligible domestic cells in GW base_2027q3_cell_gw	2027Q3 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption base_2027q3_cell_credit_per_gw	2027Q3 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual base_2027q3_cell_credit	2027Q3 / base	14.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_cell_gw, base_2027q3_cell_credit_per_gw, base_2027q3_credit_eligibility).
Module plus cell credit face value base_2027q3_face_credit	2027Q3 / base	101.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_module_credit, base_2027q3_cell_credit).
Credit transfer realization base_2027q3_credit_transfer_realization	2027Q3 / base	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount base_2027q3_credit_accrual	2027Q3 / base	94.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_face_credit, base_2027q3_credit_transfer_realization).
Manufacturing contribution $M per GW base_2027q3_manufacturing_per_gw	2027Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits base_2027q3_manufacturing_contribution	2027Q3 / base	43.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_shipments_gw, base_2027q3_manufacturing_per_gw).
Manufacturing plus eligible credits base_2027q3_before_factory	2027Q3 / base	138.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_manufacturing_contribution, base_2027q3_credit_accrual).
Factory fixed cost including normal depreciation base_2027q3_factory_fixed	2027Q3 / base	53.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation base_2027q3_gross_profit	2027Q3 / base	85.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_before_factory, base_2027q3_factory_fixed).
Total D&A base_2027q3_da	2027Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q3_sbc	2027Q3 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense base_2027q3_core_opex	2027Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions base_2027q3_cash_adjustments	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions base_2027q3_gaap_opex	2027Q3 / base	47.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_core_opex, base_2027q3_sbc, base_2027q3_cash_adjustments).
Operating income proxy base_2027q3_operating_income	2027Q3 / base	38.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_gross_profit, base_2027q3_gaap_opex).
Adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	85.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_operating_income, base_2027q3_da, base_2027q3_sbc, base_2027q3_cash_adjustments).
Actual cash from credit transfers base_2027q3_credit_cash	2027Q3 / base	85.00 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual base_2027q3_available_credit	2027Q3 / base	173.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_ending_credit_receivable, base_2027q3_credit_accrual).
Credit receivable proxy base_2027q3_ending_credit_receivable	2027Q3 / base	88.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_available_credit, base_2027q3_credit_cash).
Prior-refund collection share base_2027q3_refund_collection	2027Q3 / base	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund base_2027q3_tariff_cash	2027Q3 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, base_2027q3_refund_collection).
EBITDA plus credit and prior refund collections base_2027q3_cash_before_uses	2027Q3 / base	170.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_adj_ebitda, base_2027q3_credit_cash, base_2027q3_tariff_cash).
Cash interest and tax including July coupon base_2027q3_cash_interest_tax	2027Q3 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use base_2027q3_wc	2027Q3 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs base_2027q3_cash_uses	2027Q3 / base	131.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_credit_accrual, base_2027q3_cash_adjustments, base_2027q3_cash_interest_tax, base_2027q3_wc).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	38.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses).
G2 and other gross PP&E cash base_2027q3_capex	2027Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E base_2027q3_fcf	2027Q3 / base	18.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
IP remaining tranche consideration base_2027q3_ip_due	2027Q3 / base	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash base_2027q3_ip_cash_fraction	2027Q3 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement base_2027q3_ip_elected_cash	2027Q3 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_ip_due, base_2027q3_ip_cash_fraction).
Already-paid July upfront cash base_2027q3_ip_upfront_paid	2027Q3 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration base_2027q3_ip_cash	2027Q3 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_ip_elected_cash, base_2027q3_ip_upfront_paid).
IP consideration settled in shares base_2027q3_ip_share_consideration	2027Q3 / base	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(base_2027q3_ip_due, base_2027q3_ip_elected_cash).
Cash after PP&E and IP base_2027q3_cash_after_ip	2027Q3 / base	18.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_fcf, base_2027q3_ip_cash).
Modules sold in GW base_2027q4_shipments_gw	2027Q4 / base	130.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference base_2027q4_module_price	2027Q4 / base	290.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales base_2027q4_module_revenue	2027Q4 / base	377.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_shipments_gw, base_2027q4_module_price).
KORE/other external sales allowance base_2027q4_other_revenue	2027Q4 / base	13.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales base_2027q4_revenue	2027Q4 / base	390.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_module_revenue, base_2027q4_other_revenue).
Qualifying credit share base_2027q4_credit_eligibility	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption base_2027q4_module_credit_per_gw	2027Q4 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual base_2027q4_module_credit	2027Q4 / base	91.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_shipments_gw, base_2027q4_module_credit_per_gw, base_2027q4_credit_eligibility).
Eligible domestic cells in GW base_2027q4_cell_gw	2027Q4 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption base_2027q4_cell_credit_per_gw	2027Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual base_2027q4_cell_credit	2027Q4 / base	18.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_cell_gw, base_2027q4_cell_credit_per_gw, base_2027q4_credit_eligibility).
Module plus cell credit face value base_2027q4_face_credit	2027Q4 / base	109.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_module_credit, base_2027q4_cell_credit).
Credit transfer realization base_2027q4_credit_transfer_realization	2027Q4 / base	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount base_2027q4_credit_accrual	2027Q4 / base	101.37 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_face_credit, base_2027q4_credit_transfer_realization).
Manufacturing contribution $M per GW base_2027q4_manufacturing_per_gw	2027Q4 / base	37.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits base_2027q4_manufacturing_contribution	2027Q4 / base	48.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_shipments_gw, base_2027q4_manufacturing_per_gw).
Manufacturing plus eligible credits base_2027q4_before_factory	2027Q4 / base	149.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_manufacturing_contribution, base_2027q4_credit_accrual).
Factory fixed cost including normal depreciation base_2027q4_factory_fixed	2027Q4 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation base_2027q4_gross_profit	2027Q4 / base	94.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_before_factory, base_2027q4_factory_fixed).
Total D&A base_2027q4_da	2027Q4 / base	37.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q4_sbc	2027Q4 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense base_2027q4_core_opex	2027Q4 / base	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions base_2027q4_cash_adjustments	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions base_2027q4_gaap_opex	2027Q4 / base	49.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_core_opex, base_2027q4_sbc, base_2027q4_cash_adjustments).
Operating income proxy base_2027q4_operating_income	2027Q4 / base	45.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_gross_profit, base_2027q4_gaap_opex).
Adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	95.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_operating_income, base_2027q4_da, base_2027q4_sbc, base_2027q4_cash_adjustments).
Actual cash from credit transfers base_2027q4_credit_cash	2027Q4 / base	95.00 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual base_2027q4_available_credit	2027Q4 / base	190.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_ending_credit_receivable, base_2027q4_credit_accrual).
Credit receivable proxy base_2027q4_ending_credit_receivable	2027Q4 / base	95.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_available_credit, base_2027q4_credit_cash).
Prior-refund collection share base_2027q4_refund_collection	2027Q4 / base	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund base_2027q4_tariff_cash	2027Q4 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, base_2027q4_refund_collection).
EBITDA plus credit and prior refund collections base_2027q4_cash_before_uses	2027Q4 / base	190.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_adj_ebitda, base_2027q4_credit_cash, base_2027q4_tariff_cash).
Cash interest and tax including July coupon base_2027q4_cash_interest_tax	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use base_2027q4_wc	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs base_2027q4_cash_uses	2027Q4 / base	138.37 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_credit_accrual, base_2027q4_cash_adjustments, base_2027q4_cash_interest_tax, base_2027q4_wc).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	52.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses).
G2 and other gross PP&E cash base_2027q4_capex	2027Q4 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E base_2027q4_fcf	2027Q4 / base	32.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
IP remaining tranche consideration base_2027q4_ip_due	2027Q4 / base	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash base_2027q4_ip_cash_fraction	2027Q4 / base	50.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement base_2027q4_ip_elected_cash	2027Q4 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_ip_due, base_2027q4_ip_cash_fraction).
Already-paid July upfront cash base_2027q4_ip_upfront_paid	2027Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration base_2027q4_ip_cash	2027Q4 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_ip_elected_cash, base_2027q4_ip_upfront_paid).
IP consideration settled in shares base_2027q4_ip_share_consideration	2027Q4 / base	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(base_2027q4_ip_due, base_2027q4_ip_elected_cash).
Cash after PP&E and IP base_2027q4_cash_after_ip	2027Q4 / base	32.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_fcf, base_2027q4_ip_cash).
Revenue ($M) base_fy2026_revenue	FY2026 / base	1,070.03 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Gross profit proxy ($M) base_fy2026_gross_profit	FY2026 / base	181.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
Adjusted EBITDA proxy ($M) base_fy2026_adj_ebitda	FY2026 / base	115.81 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, base_2026q3_adj_ebitda, base_2026q4_adj_ebitda).
Operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-22.27 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	-36.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Gross PP&E cash ($M) base_fy2026_capex	FY2026 / base	401.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Cash after PP&E ($M) base_fy2026_fcf	FY2026 / base	-438.35 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).
IP cash consideration ($M) base_fy2026_ip_cash	FY2026 / base	38.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ip_cash, base_2026q3_ip_cash, base_2026q4_ip_cash).
Cash after PP&E and IP ($M) base_fy2026_cash_after_ip	FY2026 / base	-476.85 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_ip, base_2026q3_cash_after_ip, base_2026q4_cash_after_ip).
Revenue ($M) base_fy2027_revenue	FY2027 / base	1,446.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	311.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	309.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
Operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	127.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	126.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Gross PP&E cash ($M) base_fy2027_capex	FY2027 / base	140.00 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).
Cash after PP&E ($M) base_fy2027_fcf	FY2027 / base	-13.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
IP cash consideration ($M) base_fy2027_ip_cash	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_ip_cash, base_2027q2_ip_cash, base_2027q3_ip_cash, base_2027q4_ip_cash).
Cash after PP&E and IP ($M) base_fy2027_cash_after_ip	FY2027 / base	-13.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_ip, base_2027q2_cash_after_ip, base_2027q3_cash_after_ip, base_2027q4_cash_after_ip).
Modules sold in GW upside_2026q3_shipments_gw	2026Q3 / upside	110.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference upside_2026q3_module_price	2026Q3 / upside	305.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales upside_2026q3_module_revenue	2026Q3 / upside	335.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_shipments_gw, upside_2026q3_module_price).
KORE/other external sales allowance upside_2026q3_other_revenue	2026Q3 / upside	3.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales upside_2026q3_revenue	2026Q3 / upside	338.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_module_revenue, upside_2026q3_other_revenue).
Qualifying credit share upside_2026q3_credit_eligibility	2026Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption upside_2026q3_module_credit_per_gw	2026Q3 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual upside_2026q3_module_credit	2026Q3 / upside	77.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_shipments_gw, upside_2026q3_module_credit_per_gw, upside_2026q3_credit_eligibility).
Eligible domestic cells in GW upside_2026q3_cell_gw	2026Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption upside_2026q3_cell_credit_per_gw	2026Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual upside_2026q3_cell_credit	2026Q3 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_cell_gw, upside_2026q3_cell_credit_per_gw, upside_2026q3_credit_eligibility).
Module plus cell credit face value upside_2026q3_face_credit	2026Q3 / upside	77.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_module_credit, upside_2026q3_cell_credit).
Credit transfer realization upside_2026q3_credit_transfer_realization	2026Q3 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount upside_2026q3_credit_accrual	2026Q3 / upside	71.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_face_credit, upside_2026q3_credit_transfer_realization).
Manufacturing contribution $M per GW upside_2026q3_manufacturing_per_gw	2026Q3 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits upside_2026q3_manufacturing_contribution	2026Q3 / upside	30.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_shipments_gw, upside_2026q3_manufacturing_per_gw).
Manufacturing plus eligible credits upside_2026q3_before_factory	2026Q3 / upside	102.41 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_manufacturing_contribution, upside_2026q3_credit_accrual).
Factory fixed cost including normal depreciation upside_2026q3_factory_fixed	2026Q3 / upside	46.80 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation upside_2026q3_gross_profit	2026Q3 / upside	55.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_before_factory, upside_2026q3_factory_fixed).
Total D&A upside_2026q3_da	2026Q3 / upside	27.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2026q3_sbc	2026Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense upside_2026q3_core_opex	2026Q3 / upside	32.24 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions upside_2026q3_cash_adjustments	2026Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions upside_2026q3_gaap_opex	2026Q3 / upside	40.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_core_opex, upside_2026q3_sbc, upside_2026q3_cash_adjustments).
Operating income proxy upside_2026q3_operating_income	2026Q3 / upside	15.37 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_gross_profit, upside_2026q3_gaap_opex).
Adjusted EBITDA proxy upside_2026q3_adj_ebitda	2026Q3 / upside	50.37 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_operating_income, upside_2026q3_da, upside_2026q3_sbc, upside_2026q3_cash_adjustments).
Actual cash from credit transfers upside_2026q3_credit_cash	2026Q3 / upside	71.50 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual upside_2026q3_available_credit	2026Q3 / upside	167.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(grant_receivable, upside_2026q3_credit_accrual).
Credit receivable proxy upside_2026q3_ending_credit_receivable	2026Q3 / upside	95.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_available_credit, upside_2026q3_credit_cash).
Prior-refund collection share upside_2026q3_refund_collection	2026Q3 / upside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund upside_2026q3_tariff_cash	2026Q3 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, upside_2026q3_refund_collection).
EBITDA plus credit and prior refund collections upside_2026q3_cash_before_uses	2026Q3 / upside	121.87 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_adj_ebitda, upside_2026q3_credit_cash, upside_2026q3_tariff_cash).
Cash interest and tax including July coupon upside_2026q3_cash_interest_tax	2026Q3 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use upside_2026q3_wc	2026Q3 / upside	36.40 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs upside_2026q3_cash_uses	2026Q3 / upside	120.01 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_credit_accrual, upside_2026q3_cash_adjustments, upside_2026q3_cash_interest_tax, upside_2026q3_wc).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	1.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses).
G2 and other gross PP&E cash upside_2026q3_capex	2026Q3 / upside	115.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E upside_2026q3_fcf	2026Q3 / upside	-113.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
IP remaining tranche consideration upside_2026q3_ip_due	2026Q3 / upside	25.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash upside_2026q3_ip_cash_fraction	2026Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement upside_2026q3_ip_elected_cash	2026Q3 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_ip_due, upside_2026q3_ip_cash_fraction).
Already-paid July upfront cash upside_2026q3_ip_upfront_paid	2026Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration upside_2026q3_ip_cash	2026Q3 / upside	2.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_ip_elected_cash, upside_2026q3_ip_upfront_paid).
IP consideration settled in shares upside_2026q3_ip_share_consideration	2026Q3 / upside	25.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(upside_2026q3_ip_due, upside_2026q3_ip_elected_cash).
Cash after PP&E and IP upside_2026q3_cash_after_ip	2026Q3 / upside	-115.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_fcf, upside_2026q3_ip_cash).
Modules sold in GW upside_2026q4_shipments_gw	2026Q4 / upside	125.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference upside_2026q4_module_price	2026Q4 / upside	305.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales upside_2026q4_module_revenue	2026Q4 / upside	381.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_shipments_gw, upside_2026q4_module_price).
KORE/other external sales allowance upside_2026q4_other_revenue	2026Q4 / upside	5.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales upside_2026q4_revenue	2026Q4 / upside	386.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_module_revenue, upside_2026q4_other_revenue).
Qualifying credit share upside_2026q4_credit_eligibility	2026Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption upside_2026q4_module_credit_per_gw	2026Q4 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual upside_2026q4_module_credit	2026Q4 / upside	87.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_shipments_gw, upside_2026q4_module_credit_per_gw, upside_2026q4_credit_eligibility).
Eligible domestic cells in GW upside_2026q4_cell_gw	2026Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption upside_2026q4_cell_credit_per_gw	2026Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual upside_2026q4_cell_credit	2026Q4 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_cell_gw, upside_2026q4_cell_credit_per_gw, upside_2026q4_credit_eligibility).
Module plus cell credit face value upside_2026q4_face_credit	2026Q4 / upside	87.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_module_credit, upside_2026q4_cell_credit).
Credit transfer realization upside_2026q4_credit_transfer_realization	2026Q4 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount upside_2026q4_credit_accrual	2026Q4 / upside	81.38 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_face_credit, upside_2026q4_credit_transfer_realization).
Manufacturing contribution $M per GW upside_2026q4_manufacturing_per_gw	2026Q4 / upside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits upside_2026q4_manufacturing_contribution	2026Q4 / upside	40.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_shipments_gw, upside_2026q4_manufacturing_per_gw).
Manufacturing plus eligible credits upside_2026q4_before_factory	2026Q4 / upside	121.38 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_manufacturing_contribution, upside_2026q4_credit_accrual).
Factory fixed cost including normal depreciation upside_2026q4_factory_fixed	2026Q4 / upside	48.88 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation upside_2026q4_gross_profit	2026Q4 / upside	72.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_before_factory, upside_2026q4_factory_fixed).
Total D&A upside_2026q4_da	2026Q4 / upside	29.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2026q4_sbc	2026Q4 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense upside_2026q4_core_opex	2026Q4 / upside	33.28 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions upside_2026q4_cash_adjustments	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions upside_2026q4_gaap_opex	2026Q4 / upside	42.28 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_core_opex, upside_2026q4_sbc, upside_2026q4_cash_adjustments).
Operating income proxy upside_2026q4_operating_income	2026Q4 / upside	30.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_gross_profit, upside_2026q4_gaap_opex).
Adjusted EBITDA proxy upside_2026q4_adj_ebitda	2026Q4 / upside	68.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_operating_income, upside_2026q4_da, upside_2026q4_sbc, upside_2026q4_cash_adjustments).
Actual cash from credit transfers upside_2026q4_credit_cash	2026Q4 / upside	121.00 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual upside_2026q4_available_credit	2026Q4 / upside	176.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_ending_credit_receivable, upside_2026q4_credit_accrual).
Credit receivable proxy upside_2026q4_ending_credit_receivable	2026Q4 / upside	55.87 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_available_credit, upside_2026q4_credit_cash).
Prior-refund collection share upside_2026q4_refund_collection	2026Q4 / upside	100.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund upside_2026q4_tariff_cash	2026Q4 / upside	24.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, upside_2026q4_refund_collection).
EBITDA plus credit and prior refund collections upside_2026q4_cash_before_uses	2026Q4 / upside	213.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_adj_ebitda, upside_2026q4_credit_cash, upside_2026q4_tariff_cash).
Cash interest and tax including July coupon upside_2026q4_cash_interest_tax	2026Q4 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use upside_2026q4_wc	2026Q4 / upside	31.20 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs upside_2026q4_cash_uses	2026Q4 / upside	124.58 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_credit_accrual, upside_2026q4_cash_adjustments, upside_2026q4_cash_interest_tax, upside_2026q4_wc).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	89.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses).
G2 and other gross PP&E cash upside_2026q4_capex	2026Q4 / upside	136.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E upside_2026q4_fcf	2026Q4 / upside	-47.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
IP remaining tranche consideration upside_2026q4_ip_due	2026Q4 / upside	48.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash upside_2026q4_ip_cash_fraction	2026Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement upside_2026q4_ip_elected_cash	2026Q4 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_ip_due, upside_2026q4_ip_cash_fraction).
Already-paid July upfront cash upside_2026q4_ip_upfront_paid	2026Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration upside_2026q4_ip_cash	2026Q4 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_ip_elected_cash, upside_2026q4_ip_upfront_paid).
IP consideration settled in shares upside_2026q4_ip_share_consideration	2026Q4 / upside	48.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(upside_2026q4_ip_due, upside_2026q4_ip_elected_cash).
Cash after PP&E and IP upside_2026q4_cash_after_ip	2026Q4 / upside	-47.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_fcf, upside_2026q4_ip_cash).
Modules sold in GW upside_2027q1_shipments_gw	2027Q1 / upside	120.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference upside_2027q1_module_price	2027Q1 / upside	305.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales upside_2027q1_module_revenue	2027Q1 / upside	366.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_shipments_gw, upside_2027q1_module_price).
KORE/other external sales allowance upside_2027q1_other_revenue	2027Q1 / upside	7.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales upside_2027q1_revenue	2027Q1 / upside	373.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_module_revenue, upside_2027q1_other_revenue).
Qualifying credit share upside_2027q1_credit_eligibility	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption upside_2027q1_module_credit_per_gw	2027Q1 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual upside_2027q1_module_credit	2027Q1 / upside	84.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_shipments_gw, upside_2027q1_module_credit_per_gw, upside_2027q1_credit_eligibility).
Eligible domestic cells in GW upside_2027q1_cell_gw	2027Q1 / upside	10.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption upside_2027q1_cell_credit_per_gw	2027Q1 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual upside_2027q1_cell_credit	2027Q1 / upside	4.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_cell_gw, upside_2027q1_cell_credit_per_gw, upside_2027q1_credit_eligibility).
Module plus cell credit face value upside_2027q1_face_credit	2027Q1 / upside	88.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_module_credit, upside_2027q1_cell_credit).
Credit transfer realization upside_2027q1_credit_transfer_realization	2027Q1 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount upside_2027q1_credit_accrual	2027Q1 / upside	81.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_face_credit, upside_2027q1_credit_transfer_realization).
Manufacturing contribution $M per GW upside_2027q1_manufacturing_per_gw	2027Q1 / upside	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits upside_2027q1_manufacturing_contribution	2027Q1 / upside	45.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_shipments_gw, upside_2027q1_manufacturing_per_gw).
Manufacturing plus eligible credits upside_2027q1_before_factory	2027Q1 / upside	127.44 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_manufacturing_contribution, upside_2027q1_credit_accrual).
Factory fixed cost including normal depreciation upside_2027q1_factory_fixed	2027Q1 / upside	50.96 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation upside_2027q1_gross_profit	2027Q1 / upside	76.48 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_before_factory, upside_2027q1_factory_fixed).
Total D&A upside_2027q1_da	2027Q1 / upside	31.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q1_sbc	2027Q1 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense upside_2027q1_core_opex	2027Q1 / upside	34.32 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions upside_2027q1_cash_adjustments	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions upside_2027q1_gaap_opex	2027Q1 / upside	44.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_core_opex, upside_2027q1_sbc, upside_2027q1_cash_adjustments).
Operating income proxy upside_2027q1_operating_income	2027Q1 / upside	32.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_gaap_opex).
Adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	73.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_operating_income, upside_2027q1_da, upside_2027q1_sbc, upside_2027q1_cash_adjustments).
Actual cash from credit transfers upside_2027q1_credit_cash	2027Q1 / upside	71.50 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual upside_2027q1_available_credit	2027Q1 / upside	137.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_ending_credit_receivable, upside_2027q1_credit_accrual).
Credit receivable proxy upside_2027q1_ending_credit_receivable	2027Q1 / upside	66.21 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_available_credit, upside_2027q1_credit_cash).
Prior-refund collection share upside_2027q1_refund_collection	2027Q1 / upside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund upside_2027q1_tariff_cash	2027Q1 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, upside_2027q1_refund_collection).
EBITDA plus credit and prior refund collections upside_2027q1_cash_before_uses	2027Q1 / upside	144.66 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q1_credit_cash, upside_2027q1_tariff_cash).
Cash interest and tax including July coupon upside_2027q1_cash_interest_tax	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use upside_2027q1_wc	2027Q1 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs upside_2027q1_cash_uses	2027Q1 / upside	119.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_credit_accrual, upside_2027q1_cash_adjustments, upside_2027q1_cash_interest_tax, upside_2027q1_wc).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	24.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses).
G2 and other gross PP&E cash upside_2027q1_capex	2027Q1 / upside	73.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E upside_2027q1_fcf	2027Q1 / upside	-48.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
IP remaining tranche consideration upside_2027q1_ip_due	2027Q1 / upside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash upside_2027q1_ip_cash_fraction	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement upside_2027q1_ip_elected_cash	2027Q1 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_ip_due, upside_2027q1_ip_cash_fraction).
Already-paid July upfront cash upside_2027q1_ip_upfront_paid	2027Q1 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration upside_2027q1_ip_cash	2027Q1 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_ip_elected_cash, upside_2027q1_ip_upfront_paid).
IP consideration settled in shares upside_2027q1_ip_share_consideration	2027Q1 / upside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(upside_2027q1_ip_due, upside_2027q1_ip_elected_cash).
Cash after PP&E and IP upside_2027q1_cash_after_ip	2027Q1 / upside	-48.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_fcf, upside_2027q1_ip_cash).
Modules sold in GW upside_2027q2_shipments_gw	2027Q2 / upside	130.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference upside_2027q2_module_price	2027Q2 / upside	305.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales upside_2027q2_module_revenue	2027Q2 / upside	396.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_shipments_gw, upside_2027q2_module_price).
KORE/other external sales allowance upside_2027q2_other_revenue	2027Q2 / upside	9.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales upside_2027q2_revenue	2027Q2 / upside	405.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_module_revenue, upside_2027q2_other_revenue).
Qualifying credit share upside_2027q2_credit_eligibility	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption upside_2027q2_module_credit_per_gw	2027Q2 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual upside_2027q2_module_credit	2027Q2 / upside	91.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_shipments_gw, upside_2027q2_module_credit_per_gw, upside_2027q2_credit_eligibility).
Eligible domestic cells in GW upside_2027q2_cell_gw	2027Q2 / upside	30.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption upside_2027q2_cell_credit_per_gw	2027Q2 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual upside_2027q2_cell_credit	2027Q2 / upside	12.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_cell_gw, upside_2027q2_cell_credit_per_gw, upside_2027q2_credit_eligibility).
Module plus cell credit face value upside_2027q2_face_credit	2027Q2 / upside	103.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_module_credit, upside_2027q2_cell_credit).
Credit transfer realization upside_2027q2_credit_transfer_realization	2027Q2 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount upside_2027q2_credit_accrual	2027Q2 / upside	95.79 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_face_credit, upside_2027q2_credit_transfer_realization).
Manufacturing contribution $M per GW upside_2027q2_manufacturing_per_gw	2027Q2 / upside	42.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits upside_2027q2_manufacturing_contribution	2027Q2 / upside	54.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_shipments_gw, upside_2027q2_manufacturing_per_gw).
Manufacturing plus eligible credits upside_2027q2_before_factory	2027Q2 / upside	150.39 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_manufacturing_contribution, upside_2027q2_credit_accrual).
Factory fixed cost including normal depreciation upside_2027q2_factory_fixed	2027Q2 / upside	53.04 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation upside_2027q2_gross_profit	2027Q2 / upside	97.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_before_factory, upside_2027q2_factory_fixed).
Total D&A upside_2027q2_da	2027Q2 / upside	33.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q2_sbc	2027Q2 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense upside_2027q2_core_opex	2027Q2 / upside	35.36 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions upside_2027q2_cash_adjustments	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions upside_2027q2_gaap_opex	2027Q2 / upside	46.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_core_opex, upside_2027q2_sbc, upside_2027q2_cash_adjustments).
Operating income proxy upside_2027q2_operating_income	2027Q2 / upside	50.99 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_gaap_opex).
Adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	94.99 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_operating_income, upside_2027q2_da, upside_2027q2_sbc, upside_2027q2_cash_adjustments).
Actual cash from credit transfers upside_2027q2_credit_cash	2027Q2 / upside	82.50 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual upside_2027q2_available_credit	2027Q2 / upside	162.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_ending_credit_receivable, upside_2027q2_credit_accrual).
Credit receivable proxy upside_2027q2_ending_credit_receivable	2027Q2 / upside	79.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_available_credit, upside_2027q2_credit_cash).
Prior-refund collection share upside_2027q2_refund_collection	2027Q2 / upside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund upside_2027q2_tariff_cash	2027Q2 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, upside_2027q2_refund_collection).
EBITDA plus credit and prior refund collections upside_2027q2_cash_before_uses	2027Q2 / upside	177.49 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_adj_ebitda, upside_2027q2_credit_cash, upside_2027q2_tariff_cash).
Cash interest and tax including July coupon upside_2027q2_cash_interest_tax	2027Q2 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use upside_2027q2_wc	2027Q2 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs upside_2027q2_cash_uses	2027Q2 / upside	133.79 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_credit_accrual, upside_2027q2_cash_adjustments, upside_2027q2_cash_interest_tax, upside_2027q2_wc).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	43.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses).
G2 and other gross PP&E cash upside_2027q2_capex	2027Q2 / upside	31.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E upside_2027q2_fcf	2027Q2 / upside	12.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
IP remaining tranche consideration upside_2027q2_ip_due	2027Q2 / upside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash upside_2027q2_ip_cash_fraction	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement upside_2027q2_ip_elected_cash	2027Q2 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_ip_due, upside_2027q2_ip_cash_fraction).
Already-paid July upfront cash upside_2027q2_ip_upfront_paid	2027Q2 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration upside_2027q2_ip_cash	2027Q2 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_ip_elected_cash, upside_2027q2_ip_upfront_paid).
IP consideration settled in shares upside_2027q2_ip_share_consideration	2027Q2 / upside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(upside_2027q2_ip_due, upside_2027q2_ip_elected_cash).
Cash after PP&E and IP upside_2027q2_cash_after_ip	2027Q2 / upside	12.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_fcf, upside_2027q2_ip_cash).
Modules sold in GW upside_2027q3_shipments_gw	2027Q3 / upside	135.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference upside_2027q3_module_price	2027Q3 / upside	305.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales upside_2027q3_module_revenue	2027Q3 / upside	411.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_shipments_gw, upside_2027q3_module_price).
KORE/other external sales allowance upside_2027q3_other_revenue	2027Q3 / upside	11.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales upside_2027q3_revenue	2027Q3 / upside	422.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_module_revenue, upside_2027q3_other_revenue).
Qualifying credit share upside_2027q3_credit_eligibility	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption upside_2027q3_module_credit_per_gw	2027Q3 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual upside_2027q3_module_credit	2027Q3 / upside	94.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_shipments_gw, upside_2027q3_module_credit_per_gw, upside_2027q3_credit_eligibility).
Eligible domestic cells in GW upside_2027q3_cell_gw	2027Q3 / upside	45.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption upside_2027q3_cell_credit_per_gw	2027Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual upside_2027q3_cell_credit	2027Q3 / upside	18.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_cell_gw, upside_2027q3_cell_credit_per_gw, upside_2027q3_credit_eligibility).
Module plus cell credit face value upside_2027q3_face_credit	2027Q3 / upside	112.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_module_credit, upside_2027q3_cell_credit).
Credit transfer realization upside_2027q3_credit_transfer_realization	2027Q3 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount upside_2027q3_credit_accrual	2027Q3 / upside	104.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_face_credit, upside_2027q3_credit_transfer_realization).
Manufacturing contribution $M per GW upside_2027q3_manufacturing_per_gw	2027Q3 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits upside_2027q3_manufacturing_contribution	2027Q3 / upside	60.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_shipments_gw, upside_2027q3_manufacturing_per_gw).
Manufacturing plus eligible credits upside_2027q3_before_factory	2027Q3 / upside	165.38 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_manufacturing_contribution, upside_2027q3_credit_accrual).
Factory fixed cost including normal depreciation upside_2027q3_factory_fixed	2027Q3 / upside	55.12 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation upside_2027q3_gross_profit	2027Q3 / upside	110.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_before_factory, upside_2027q3_factory_fixed).
Total D&A upside_2027q3_da	2027Q3 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q3_sbc	2027Q3 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense upside_2027q3_core_opex	2027Q3 / upside	36.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions upside_2027q3_cash_adjustments	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions upside_2027q3_gaap_opex	2027Q3 / upside	48.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_core_opex, upside_2027q3_sbc, upside_2027q3_cash_adjustments).
Operating income proxy upside_2027q3_operating_income	2027Q3 / upside	61.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_gaap_opex).
Adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	108.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_operating_income, upside_2027q3_da, upside_2027q3_sbc, upside_2027q3_cash_adjustments).
Actual cash from credit transfers upside_2027q3_credit_cash	2027Q3 / upside	93.50 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual upside_2027q3_available_credit	2027Q3 / upside	184.13 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_ending_credit_receivable, upside_2027q3_credit_accrual).
Credit receivable proxy upside_2027q3_ending_credit_receivable	2027Q3 / upside	90.63 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_available_credit, upside_2027q3_credit_cash).
Prior-refund collection share upside_2027q3_refund_collection	2027Q3 / upside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund upside_2027q3_tariff_cash	2027Q3 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, upside_2027q3_refund_collection).
EBITDA plus credit and prior refund collections upside_2027q3_cash_before_uses	2027Q3 / upside	202.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_adj_ebitda, upside_2027q3_credit_cash, upside_2027q3_tariff_cash).
Cash interest and tax including July coupon upside_2027q3_cash_interest_tax	2027Q3 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use upside_2027q3_wc	2027Q3 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs upside_2027q3_cash_uses	2027Q3 / upside	142.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_credit_accrual, upside_2027q3_cash_adjustments, upside_2027q3_cash_interest_tax, upside_2027q3_wc).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	59.73 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses).
G2 and other gross PP&E cash upside_2027q3_capex	2027Q3 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E upside_2027q3_fcf	2027Q3 / upside	38.73 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
IP remaining tranche consideration upside_2027q3_ip_due	2027Q3 / upside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash upside_2027q3_ip_cash_fraction	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement upside_2027q3_ip_elected_cash	2027Q3 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_ip_due, upside_2027q3_ip_cash_fraction).
Already-paid July upfront cash upside_2027q3_ip_upfront_paid	2027Q3 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration upside_2027q3_ip_cash	2027Q3 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_ip_elected_cash, upside_2027q3_ip_upfront_paid).
IP consideration settled in shares upside_2027q3_ip_share_consideration	2027Q3 / upside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(upside_2027q3_ip_due, upside_2027q3_ip_elected_cash).
Cash after PP&E and IP upside_2027q3_cash_after_ip	2027Q3 / upside	38.73 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_fcf, upside_2027q3_ip_cash).
Modules sold in GW upside_2027q4_shipments_gw	2027Q4 / upside	140.0% ratio	assumption: One-GW quantity reference; not nameplate or production.
Sales dollars per one-GW reference upside_2027q4_module_price	2027Q4 / upside	305.00 USD_millions	assumption: Desk assumption; not company guidance.
Recognized module sales upside_2027q4_module_revenue	2027Q4 / upside	427.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_shipments_gw, upside_2027q4_module_price).
KORE/other external sales allowance upside_2027q4_other_revenue	2027Q4 / upside	13.00 USD_millions	assumption: Desk allowance pending complete acquired operating disclosure; no Nordic monetization.
Module and other-business sales upside_2027q4_revenue	2027Q4 / upside	440.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_module_revenue, upside_2027q4_other_revenue).
Qualifying credit share upside_2027q4_credit_eligibility	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Module credit $M per GW assumption upside_2027q4_module_credit_per_gw	2027Q4 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Module credit face accrual upside_2027q4_module_credit	2027Q4 / upside	98.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_shipments_gw, upside_2027q4_module_credit_per_gw, upside_2027q4_credit_eligibility).
Eligible domestic cells in GW upside_2027q4_cell_gw	2027Q4 / upside	50.0% ratio	assumption: Desk assumption; not company guidance.
Cell credit $M per GW assumption upside_2027q4_cell_credit_per_gw	2027Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Domestic cell credit face accrual upside_2027q4_cell_credit	2027Q4 / upside	20.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_cell_gw, upside_2027q4_cell_credit_per_gw, upside_2027q4_credit_eligibility).
Module plus cell credit face value upside_2027q4_face_credit	2027Q4 / upside	118.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_module_credit, upside_2027q4_cell_credit).
Credit transfer realization upside_2027q4_credit_transfer_realization	2027Q4 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Net credit accrual after transfer discount upside_2027q4_credit_accrual	2027Q4 / upside	109.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_face_credit, upside_2027q4_credit_transfer_realization).
Manufacturing contribution $M per GW upside_2027q4_manufacturing_per_gw	2027Q4 / upside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Module manufacturing contribution before fixed cost and credits upside_2027q4_manufacturing_contribution	2027Q4 / upside	67.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_shipments_gw, upside_2027q4_manufacturing_per_gw).
Manufacturing plus eligible credits upside_2027q4_before_factory	2027Q4 / upside	176.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_manufacturing_contribution, upside_2027q4_credit_accrual).
Factory fixed cost including normal depreciation upside_2027q4_factory_fixed	2027Q4 / upside	57.20 USD_millions	assumption: Desk assumption; not company guidance.
Gross profit after factory depreciation upside_2027q4_gross_profit	2027Q4 / upside	119.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_before_factory, upside_2027q4_factory_fixed).
Total D&A upside_2027q4_da	2027Q4 / upside	37.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q4_sbc	2027Q4 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash corporate expense upside_2027q4_core_opex	2027Q4 / upside	37.44 USD_millions	assumption: Desk assumption; not company guidance.
Cash transaction and other adjusted exclusions upside_2027q4_cash_adjustments	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash expense SBC and cash exclusions upside_2027q4_gaap_opex	2027Q4 / upside	50.44 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_core_opex, upside_2027q4_sbc, upside_2027q4_cash_adjustments).
Operating income proxy upside_2027q4_operating_income	2027Q4 / upside	69.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_gaap_opex).
Adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	119.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_operating_income, upside_2027q4_da, upside_2027q4_sbc, upside_2027q4_cash_adjustments).
Actual cash from credit transfers upside_2027q4_credit_cash	2027Q4 / upside	104.50 USD_millions	assumption: Collection timing sensitivity; not the same as current accrual.
Opening receivable and current net accrual upside_2027q4_available_credit	2027Q4 / upside	200.37 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_ending_credit_receivable, upside_2027q4_credit_accrual).
Credit receivable proxy upside_2027q4_ending_credit_receivable	2027Q4 / upside	95.87 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_available_credit, upside_2027q4_credit_cash).
Prior-refund collection share upside_2027q4_refund_collection	2027Q4 / upside	0.0% ratio	assumption: Desk Q4 cash timing; does not add new profit.
Collection of previously recognized tariff refund upside_2027q4_tariff_cash	2027Q4 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tariff_refund_accrual, upside_2027q4_refund_collection).
EBITDA plus credit and prior refund collections upside_2027q4_cash_before_uses	2027Q4 / upside	223.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_adj_ebitda, upside_2027q4_credit_cash, upside_2027q4_tariff_cash).
Cash interest and tax including July coupon upside_2027q4_cash_interest_tax	2027Q4 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Other receivable inventory and advance cash use upside_2027q4_wc	2027Q4 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Credit accrual and operating cash needs upside_2027q4_cash_uses	2027Q4 / upside	147.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_credit_accrual, upside_2027q4_cash_adjustments, upside_2027q4_cash_interest_tax, upside_2027q4_wc).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	76.06 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses).
G2 and other gross PP&E cash upside_2027q4_capex	2027Q4 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after PP&E upside_2027q4_fcf	2027Q4 / upside	55.06 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
IP remaining tranche consideration upside_2027q4_ip_due	2027Q4 / upside	0.00 USD_millions	assumption: September 30 $25M; October 15/30 $30M+$18M. Cash or shares at election.
Remaining IP settlement paid in cash upside_2027q4_ip_cash_fraction	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Elected cash settlement upside_2027q4_ip_elected_cash	2027Q4 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_ip_due, upside_2027q4_ip_cash_fraction).
Already-paid July upfront cash upside_2027q4_ip_upfront_paid	2027Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
IP cash consideration upside_2027q4_ip_cash	2027Q4 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_ip_elected_cash, upside_2027q4_ip_upfront_paid).
IP consideration settled in shares upside_2027q4_ip_share_consideration	2027Q4 / upside	0.00 USD_millions	derived: Value of shares issued, not share count or cash funding. Formula: subtract(upside_2027q4_ip_due, upside_2027q4_ip_elected_cash).
Cash after PP&E and IP upside_2027q4_cash_after_ip	2027Q4 / upside	55.06 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_fcf, upside_2027q4_ip_cash).
Revenue ($M) upside_fy2026_revenue	FY2026 / upside	1,152.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Gross profit proxy ($M) upside_fy2026_gross_profit	FY2026 / upside	206.29 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
Adjusted EBITDA proxy ($M) upside_fy2026_adj_ebitda	FY2026 / upside	138.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, upside_2026q3_adj_ebitda, upside_2026q4_adj_ebitda).
Operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	0.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	-12.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Gross PP&E cash ($M) upside_fy2026_capex	FY2026 / upside	413.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Cash after PP&E ($M) upside_fy2026_fcf	FY2026 / upside	-425.90 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).
IP cash consideration ($M) upside_fy2026_ip_cash	FY2026 / upside	2.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ip_cash, upside_2026q3_ip_cash, upside_2026q4_ip_cash).
Cash after PP&E and IP ($M) upside_fy2026_cash_after_ip	FY2026 / upside	-427.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_ip, upside_2026q3_cash_after_ip, upside_2026q4_cash_after_ip).
Revenue ($M) upside_fy2027_revenue	FY2027 / upside	1,641.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	403.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	396.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
Operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	214.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	204.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Gross PP&E cash ($M) upside_fy2027_capex	FY2027 / upside	147.00 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).
Cash after PP&E ($M) upside_fy2027_fcf	FY2027 / upside	57.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
IP cash consideration ($M) upside_fy2027_ip_cash	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_ip_cash, upside_2027q2_ip_cash, upside_2027q3_ip_cash, upside_2027q4_ip_cash).
Cash after PP&E and IP ($M) upside_fy2027_cash_after_ip	FY2027 / upside	57.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_ip, upside_2027q2_cash_after_ip, upside_2027q3_cash_after_ip, upside_2027q4_cash_after_ip).

Model boundaries

Production guidance of 3.1-4.2 GW is not sales guidance. The base case uses separate shipments and prices; one GW times $/W equals $1B, implemented as USD millions per GW reference.
Credit rates, qualifying shipments and transfer realization are explicit assumptions, not a legal eligibility opinion. FEOC, sourcing, ownership and tax rules can change eligibility; zero credit is a valid stress test.
Q2 adjusted EBITDA $10.657M includes $24.4M tariff refunds, unlike the July preliminary range. Removing that credit gives negative $13.743M. The same recognized refund is never added to forecast earnings again.
The 10-Q describes $39.1M face of 2025 credits sold for $36.4M consideration at approximately 93 cents. The earnings headline is ambiguous; this model uses the filing cash/face distinction.
June government-grant receivables $95.390M are not unrestricted cash. Forecast credit collections replace accrual in cash flow; the balance is an analytical credit-receivable proxy, not a legal tax-credit rollforward.
G2 Phase 1 is budgeted at $510M including contingency with first cells expected Q1 2027. This is not proof of fully funded completion; the July $120M note is bridge capital and no unclosed comprehensive financing is assumed.
The IP purchase includes $2M paid cash, $60M paid shares and $73M remaining cash/share elections. Share settlement saves cash but dilutes ownership; no automatic common EPS benefit is asserted.
KORE is closed but acquired operating detail is insufficient for a separate forecast; a small explicit other-business revenue assumption is shown. Nordic assets, 50 MW allocation and 396 MW queue add no speculative sale proceeds.
Cash proxies exclude debt principal, preferred dividends, new financing and acquisitions beyond the scheduled IP claim. No full tax, bank debt, share-count or diluted EPS bridge.

Solar manufacturing through the credit and construction cash bridge

Research reviewed 2026-09-20

Can module economics and collected incentives finance domestic cell capacity without repeated dilution?

Q2 sales were $250.1M with 935 MW produced and approximately 835 MW sold. Final adjusted EBITDA $10.657M included $24.4M tariff refunds; excluding that benefit gives negative $13.743M. H1 CFO was negative $103.0M and PP&E cash $161.8M. June unrestricted cash was $79.1M versus $77.3M restricted and $95.4M grant receivables. The 10-Q distinguishes $39.1M credit face sold from $36.4M consideration. G2 Phase 1 budget is $510M, first cells expected Q1 2027; July $120M convertibles provide bridge funding. The $135M IP acquisition has $2M paid cash, $60M paid shares and $73M remaining cash/share elections. August resale registration creates no additional company proceeds.

The competing explanation

A credit-eligibility problem, slower collection, component inflation or delayed G2 financing can turn headline growth into more funding pressure. Paying IP obligations with shares preserves cash while diluting owners.

Risks to track

Tax-credit eligibility, FEOC compliance and monetization.
Related-party sales and component sourcing.
G2 commissioning, capex contingency and unclosed financing.
IP share settlement and convertible dilution.
Tariff treatment, warranties and acquired-business integration.

Next checkpoints

IP remaining installments · September 30 and October 15/30, 2026 (estimated). Verify cash/share elections, shares issued and remaining obligations.
G2 funding and first cells · Financing event; Q1 2027 first-cell target (estimated). Require closed financing and actual qualified production before assuming utilization.
Next results and credit sale · Q3 results; date unconfirmed (estimated). Reconcile production versus shipments, credit face/accrual/cash and recurring profitability.

Data coverage and open work

Production guidance of 3.1-4.2 GW is not sales guidance. The base case uses separate shipments and prices; one GW times $/W equals $1B, implemented as USD millions per GW reference.
Credit rates, qualifying shipments and transfer realization are explicit assumptions, not a legal eligibility opinion. FEOC, sourcing, ownership and tax rules can change eligibility; zero credit is a valid stress test.
Q2 adjusted EBITDA $10.657M includes $24.4M tariff refunds, unlike the July preliminary range. Removing that credit gives negative $13.743M. The same recognized refund is never added to forecast earnings again.
The 10-Q describes $39.1M face of 2025 credits sold for $36.4M consideration at approximately 93 cents. The earnings headline is ambiguous; this model uses the filing cash/face distinction.
June government-grant receivables $95.390M are not unrestricted cash. Forecast credit collections replace accrual in cash flow; the balance is an analytical credit-receivable proxy, not a legal tax-credit rollforward.
G2 Phase 1 is budgeted at $510M including contingency with first cells expected Q1 2027. This is not proof of fully funded completion; the July $120M note is bridge capital and no unclosed comprehensive financing is assumed.
The IP purchase includes $2M paid cash, $60M paid shares and $73M remaining cash/share elections. Share settlement saves cash but dilutes ownership; no automatic common EPS benefit is asserted.
KORE is closed but acquired operating detail is insufficient for a separate forecast; a small explicit other-business revenue assumption is shown. Nordic assets, 50 MW allocation and 396 MW queue add no speculative sale proceeds.
Cash proxies exclude debt principal, preferred dividends, new financing and acquisitions beyond the scheduled IP claim. No full tax, bank debt, share-count or diluted EPS bridge.

This review: Separates tariff normalization, credit face/cash, July financing and September/October IP settlement claims.

What the memory says

State as of the 2026-09-25 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-1.8	+0.2	+2.2	57%
5 sessions	-4.2	+0.7	+5.7	56%
10 sessions	-5.5	+0.9	+8.5	60%
1 month (21 sessions)	-7.7	+1.6	+11.2	62%
3 months (63 sessions)	-13.9	+2.2	+23.5	55%
6 months (126 sessions)	-17.2	+0.9	+28.1	54%
1 year (252 sessions)	-22.4	+6.8	+59.8	59%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side. In the D7 test (403 anchors, 2023-2025) the 1-month band held 76% of outcomes, 3-month 77%, 6-month 76%, 1-year 75%, against a nominal 80%; the analog pool under-represents names that later delisted.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-10 (source: estimated from 10-Q filed 2026-08-12 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[5] reported: GrossProfit, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[6] derived: GrossProfit, accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[7] reported: GrossProfit, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[8] reported: GrossProfit, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[9] reported: OperatingIncomeLoss, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[10] derived: OperatingIncomeLoss, accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[11] reported: OperatingIncomeLoss, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[12] reported: OperatingIncomeLoss, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[13] reported: NetIncomeLoss, accession 0001992243-24-000157, 10-Q filed 2024-11-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[14] derived: Net loss attributable to common stockholders; Q1 equals H1 less Q2; retrieved 2026-09-20T14:06:03.526884+00:00 from https://www.sec.gov/Archives/edgar/data/1992243/000199224326000022/t1-20260630.htm
[15] reported: Net loss attributable to common stockholders; Q1 equals H1 less Q2; retrieved 2026-09-20T14:06:03.526884+00:00 from https://www.sec.gov/Archives/edgar/data/1992243/000199224326000022/t1-20260630.htm
[16] reported: EarningsPerShareDiluted, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[17] reported: EarningsPerShareDiluted, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[18] reported: EarningsPerShareDiluted, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[19] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[26] reported: LongTermDebtNoncurrent, accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[27] reported: LongTermDebtNoncurrent, accession 0001992243-25-000029, 10-Q/A filed 2025-08-18; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[28] reported: LongTermDebtNoncurrent, accession 0001992243-25-000033, 10-Q filed 2025-08-19; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[29] reported: LongTermDebtNoncurrent, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[30] reported: LongTermDebtNoncurrent, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[31] reported: LongTermDebtNoncurrent, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[32] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[34] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[35] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[36] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[37] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[38] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[39] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[40] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2025-11-14] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2025-11-14], accession 0001992243-25-000040, 10-Q filed 2025-11-14; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[41] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2026-03-31] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2026-03-31], accession 0001992243-26-000007, 10-K filed 2026-03-31; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[42] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2026-05-12] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2026-05-12], accession 0001992243-26-000014, 10-Q filed 2026-05-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json
[43] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2026-08-12] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json; filed 2026-08-12], accession 0001992243-26-000022, 10-Q filed 2026-08-12; retrieved 2026-09-26T11:16:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001992243.json

What the author read

June accounts, credit transfer consideration and July subsequent events · retrieved 2026-09-20
Final Q2 EBITDA, production and G2 timing · retrieved 2026-09-20
IP consideration schedule and share-discount terms · retrieved 2026-09-20
August resale registration; no new company proceeds · retrieved 2026-09-20

Compiled 2026-09-26T11:16:51.759950+00:00 · authored d68210766851 · generated 5df0d9831dca · JSON

Daily notes · Scorecard