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$WOLF

WOLFSPEED, INC. · NYSE · SIC 3674 · CIK 895419 · revision 10 as of 2026-09-26

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Research status

Evidence awaiting review · 186 pending evidence leads

Financial accounts through: 2026-06-28
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: 2026-09-20 10:27 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 2026-10-07
Wolfspeed stock gains as market cap hits USD 1.35 billion - AD HOC NEWS
Technology Equipment Sector: Companies, Performance and Stocks - TradingKey
Wolfspeed could double or triple in value as po... - Pluang
Wolfspeed: Plenty Of Electrification Upside With Real-Asset Downside Protection (WOLF) - Seeking Alpha

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

Wolfspeed manufactures silicon carbide materials and power devices for automotive, industrial and data-center applications. Its enlarged factory base faces low utilization while device demand develops. The company emerged from Chapter 11 in September 2025 with new equity, revised debt and fresh-start accounting.

Three drivers

Power-device and materials shipment demand
Idle-factory burden and manufacturing utilization
Successor liquidity, debt coupons and gross capital spending

Thesis

Our view

The investment question is how quickly device growth absorbs fixed factory cost while cash remains available under the restructured capital stack. AI revenue growth does not yet establish profitability.

What changes it

Track power/material demand separately, idle-factory expense, gross capex and cash interest without extrapolating reorganization gains or incentive refunds.

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	2025Q2 2024-12-29	2025Q3 2025-03-30	2025Q4 2025-06-29	2026Q1 2025-09-28	2026Q2 2025-09-29	2026Q2 2025-12-28	2026Q3 2026-03-29	2026Q4 2026-06-28
Revenue ($M)	180.5¹	185.4²	197.0†³	196.8⁴	196.8⁵	168.5¹	150.2²	149.6⁶
Gross profit ($M)	-37.2⁷	-22.5⁸	-25.7†⁹	-77.1¹⁰	-77.1¹¹	-78.3⁷	-40.0⁸	-36.8⁶
Operating income ($M)	-323.0¹²	-194.5¹³	-581.6†¹⁴	-161.4¹⁵	-161.4¹⁶	-158.4¹²	-114.3¹³	-115.4⁶
Net income ($M)	-372.2¹⁷	-285.5¹⁷	-669.3†¹⁸	-643.6¹⁷	420.2¹⁹	-150.6¹⁷	-119.9¹⁷	-145.4⁶
EPS, diluted ($)	-2.88²⁰	-1.86²¹	—	-4.12²²	2.22²³	-5.78²⁰	-3.05²¹	-2.81⁶
Diluted shares (M)	129.0²⁴	153.9²⁵	—	156.2²⁶	189.1²⁷	26.1²⁴	39.3²⁵	51.8⁶
Cash ($M)	614.0²⁸	730.2²⁹	467.2³⁰	571.6³¹	—	1,028.8³²	695.1³³	576.3³⁰
Long-term debt ($M)	6,423.8³⁴	6,511.8³⁵	6,538.0³⁶	0.0³⁷	—	1,963.7³⁸	1,720.5³⁹	1,687.5³⁶
Cash from operations ($M)	-195.1†⁴⁰	-142.1†⁴¹	-242.5†⁴²	5.7⁴³	-22.4⁴⁴	-42.6⁴⁵	-83.8†⁴¹	-54.4†⁴²
Capex ($M)	401.8†⁴⁶	220.7†⁴⁷	211.9†⁴⁸	104.0⁴⁹	104.0⁵⁰	30.0⁵¹	37.8†⁴⁷	5.1†⁴⁸
Free cash flow ($M)	-596.9†⁵²	-362.8†⁵³	-454.4†⁵⁴	-98.3†⁵⁵	-126.4†⁵⁴	-72.6†⁵²	-121.6†⁵³	-59.5†⁵⁴

† 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
2027Q1	150.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	155.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q3	164.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q4	177.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

SiC product demand, idle-factory burden and post-reorganization cash

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

Forecast power devices and materials independently. Separate contribution before idle-factory burden from underutilization, acquired-intangible amortization and operating expense. Translate operating results into cash with noncash addbacks, cash interest, working capital and gross PP&E. Model FY2027-28 directly from eight quarters; never combine predecessor equity or reorganization gains with the successor earnings run rate.

Reported anchors and guidance

Measure	Period	Value	Basis
q4 revenue	2026Q4 / June balance	149.60	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
q4 power	2026Q4 / June balance	106.30	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
q4 materials	2026Q4 / June balance	43.30	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
q4 gross profit	2026Q4 / June balance	-36.80	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
q4 operating income	2026Q4 / June balance	-115.40	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
q4 adj ebitda	2026Q4 / June balance	-62.40	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
q4 cfo	2026Q4 / June balance	-54.40	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
Cash and short-term investments	June 28, 2026	1,088.60	derived. Do not equate to covenant-defined deployable cash.
minimum cash	2026Q4 / June balance	350.00	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-20
debt carrying	2026Q4 / June balance	1,687.50	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-20
successor incentive receipts	2026Q4 / June balance	733.20	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-19
Q1 FY2027 revenue guidance midpoint	2027Q1	150.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q1 adjusted operating expense midpoint	2027Q1	64.00	derived. Calculated midpoint of the company range; not an additional company forecast.

Downside scenario

Period	Operating cash flow proxy ($M)	Cash after gross PP&E ($M)	Gross cash PP&E ($M)	Power products ($M)	Revenue ($M)	Underutilization burden assumption ($M)	Materials products ($M)	GAAP gross profit proxy ($M)	Operating income proxy ($M)
2027Q1	-121.81	-133.81	12.00	98.00	135.00	78.40	37.00	-57.22	-138.06
2027Q2	-117.72	-132.72	15.00	98.00	133.00	72.80	35.00	-51.82	-133.72
2027Q3	-111.89	-129.89	18.00	100.00	134.00	66.08	34.00	-44.68	-127.64
2027Q4	-104.84	-124.84	20.00	102.00	136.00	58.24	34.00	-36.32	-120.34
FY2027	-456.26	-521.26	65.00	398.00	538.00	275.52	140.00	-190.04	-519.76
FY2028	-348.60	-453.60	105.00	435.00	565.00	163.52	130.00	-69.42	-408.10

Base scenario

Period	Operating cash flow proxy ($M)	Cash after gross PP&E ($M)	Gross cash PP&E ($M)	Power products ($M)	Revenue ($M)	Underutilization burden assumption ($M)	Materials products ($M)	GAAP gross profit proxy ($M)	Operating income proxy ($M)
2027Q1	-98.50	-110.50	12.00	110.00	150.00	70.00	40.00	-39.00	-116.00
2027Q2	-92.85	-107.85	15.00	116.00	155.00	65.00	39.00	-32.35	-110.35
2027Q3	-85.15	-103.15	18.00	125.00	164.00	59.00	39.00	-23.65	-102.65
2027Q4	-75.40	-95.40	20.00	137.00	177.00	52.00	40.00	-12.90	-92.90
FY2027	-351.90	-416.90	65.00	488.00	646.00	246.00	158.00	-107.90	-421.90
FY2028	-200.35	-305.35	105.00	680.00	851.00	146.00	171.00	51.65	-270.35

Upside scenario

Period	Operating cash flow proxy ($M)	Cash after gross PP&E ($M)	Gross cash PP&E ($M)	Power products ($M)	Revenue ($M)	Underutilization burden assumption ($M)	Materials products ($M)	GAAP gross profit proxy ($M)	Operating income proxy ($M)
2027Q1	-76.54	-88.54	12.00	118.00	160.00	56.00	42.00	-15.48	-95.04
2027Q2	-67.20	-82.20	15.00	135.00	179.00	52.00	44.00	-5.30	-85.90
2027Q3	-55.84	-73.84	18.00	155.00	202.00	47.20	47.00	6.90	-74.74
2027Q4	-41.98	-61.98	20.00	180.00	230.00	41.60	50.00	21.60	-61.08
FY2027	-241.56	-306.56	65.00	588.00	771.00	196.80	183.00	7.72	-316.76
FY2028	-34.52	-139.52	105.00	950.00	1,180.00	116.80	230.00	220.20	-112.92

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
q4 revenue q4_revenue	2026Q4 / June balance / shared	149.60 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
q4 power q4_power	2026Q4 / June balance / shared	106.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
q4 materials q4_materials	2026Q4 / June balance / shared	43.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
q4 gross profit q4_gross_profit	2026Q4 / June balance / shared	-36.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
q4 operating income q4_operating_income	2026Q4 / June balance / shared	-115.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
q4 net income q4_net_income	2026Q4 / June balance / shared	-145.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
q4 adj ebitda q4_adj_ebitda	2026Q4 / June balance / shared	-62.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
q4 cfo q4_cfo	2026Q4 / June balance / shared	-54.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
cash cash	2026Q4 / June balance / shared	576.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
investments investments	2026Q4 / June balance / shared	512.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
minimum cash minimum_cash	2026Q4 / June balance / shared	350.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-20
debt carrying debt_carrying	2026Q4 / June balance / shared	1,687.50 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-20
successor incentive receipts successor_incentive_receipts	2026Q4 / June balance / shared	733.20 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-19
Cash and short-term investments liquidity	June 28, 2026 / shared	1,088.60 USD_millions	derived: Do not equate to covenant-defined deployable cash. Formula: sum(cash, investments).
Q1 FY2027 revenue guidance low q1_revenue_guide_low	2027Q1 / shared	140.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-19
Q1 FY2027 revenue guidance high q1_revenue_guide_high	2027Q1 / shared	160.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-19
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
Q1 FY2027 revenue guidance endpoint sum q1_revenue_guide_sum	2027Q1 / shared	300.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q1_revenue_guide_low, q1_revenue_guide_high).
Q1 FY2027 revenue guidance midpoint q1_revenue_guide	2027Q1 / shared	150.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q1_revenue_guide_sum, two).
Q1 adjusted operating expense low q1_opex_guide_low	2027Q1 / shared	62.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-19
Q1 adjusted operating expense high q1_opex_guide_high	2027Q1 / shared	66.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-19
Q1 adjusted operating expense endpoint sum q1_opex_guide_sum	2027Q1 / shared	128.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q1_opex_guide_low, q1_opex_guide_high).
Q1 adjusted operating expense midpoint q1_opex_guide	2027Q1 / shared	64.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q1_opex_guide_sum, two).
Power shipments reference downside_2027q1_power_reference	2027Q1 / downside	98.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2027q1_power_price_mix	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2027q1_power	2027Q1 / downside	98.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_power_reference, downside_2027q1_power_price_mix).
Material shipment reference downside_2027q1_material_reference	2027Q1 / downside	37.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2027q1_material_price_mix	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2027q1_materials	2027Q1 / downside	37.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_material_reference, downside_2027q1_material_price_mix).
Revenue downside_2027q1_revenue	2027Q1 / downside	135.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_power, downside_2027q1_materials).
Idle-factory and ramp burden downside_2027q1_idle_cost	2027Q1 / downside	78.40 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2027q1_power_margin	2027Q1 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2027q1_power_gross	2027Q1 / downside	25.48 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_power, downside_2027q1_power_margin).
Material before-idle margin downside_2027q1_materials_margin	2027Q1 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2027q1_material_gross	2027Q1 / downside	3.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_materials, downside_2027q1_materials_margin).
Gross contribution before idle burden downside_2027q1_normal_gross	2027Q1 / downside	29.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_power_gross, downside_2027q1_material_gross).
Incremental fresh-start intangible amortization downside_2027q1_fresh_start_amort	2027Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2027q1_gross_adjustments	2027Q1 / downside	86.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_idle_cost, downside_2027q1_fresh_start_amort).
GAAP gross profit proxy downside_2027q1_gross_profit	2027Q1 / downside	-57.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_normal_gross, downside_2027q1_gross_adjustments).
Total SBC downside_2027q1_sbc	2027Q1 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2027q1_cash_restructuring	2027Q1 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2027q1_opex	2027Q1 / downside	67.84 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2027q1_opex_total	2027Q1 / downside	80.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_opex, downside_2027q1_sbc, downside_2027q1_cash_restructuring).
Operating income downside_2027q1_operating_income	2027Q1 / downside	-138.06 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_opex_total).
Total D&A including fresh-start amortization downside_2027q1_total_da	2027Q1 / downside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2027q1_noncash_adjusted	2027Q1 / downside	-97.06 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_total_da).
Cash coupon expense downside_2027q1_cash_interest	2027Q1 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q1_tax	2027Q1 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2027q1_wc	2027Q1 / downside	6.25 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2027q1_cash_uses	2027Q1 / downside	24.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_cash_interest, downside_2027q1_tax, downside_2027q1_wc).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	-121.81 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_noncash_adjusted, downside_2027q1_cash_uses).
Gross PP&E cash spending downside_2027q1_capex	2027Q1 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2027q1_fcf	2027Q1 / downside	-133.81 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Liquidity before financing and principal downside_2027q1_ending_liquidity_proxy	2027Q1 / downside	954.79 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(liquidity, downside_2027q1_fcf).
Power shipments reference downside_2027q2_power_reference	2027Q2 / downside	98.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2027q2_power_price_mix	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2027q2_power	2027Q2 / downside	98.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_power_reference, downside_2027q2_power_price_mix).
Material shipment reference downside_2027q2_material_reference	2027Q2 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2027q2_material_price_mix	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2027q2_materials	2027Q2 / downside	35.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_material_reference, downside_2027q2_material_price_mix).
Revenue downside_2027q2_revenue	2027Q2 / downside	133.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_power, downside_2027q2_materials).
Idle-factory and ramp burden downside_2027q2_idle_cost	2027Q2 / downside	72.80 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2027q2_power_margin	2027Q2 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2027q2_power_gross	2027Q2 / downside	25.48 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_power, downside_2027q2_power_margin).
Material before-idle margin downside_2027q2_materials_margin	2027Q2 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2027q2_material_gross	2027Q2 / downside	3.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_materials, downside_2027q2_materials_margin).
Gross contribution before idle burden downside_2027q2_normal_gross	2027Q2 / downside	28.98 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_power_gross, downside_2027q2_material_gross).
Incremental fresh-start intangible amortization downside_2027q2_fresh_start_amort	2027Q2 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2027q2_gross_adjustments	2027Q2 / downside	80.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_idle_cost, downside_2027q2_fresh_start_amort).
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	-51.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_normal_gross, downside_2027q2_gross_adjustments).
Total SBC downside_2027q2_sbc	2027Q2 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2027q2_cash_restructuring	2027Q2 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2027q2_opex	2027Q2 / downside	68.90 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2027q2_opex_total	2027Q2 / downside	81.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_opex, downside_2027q2_sbc, downside_2027q2_cash_restructuring).
Operating income downside_2027q2_operating_income	2027Q2 / downside	-133.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_opex_total).
Total D&A including fresh-start amortization downside_2027q2_total_da	2027Q2 / downside	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2027q2_noncash_adjusted	2027Q2 / downside	-91.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_total_da).
Cash coupon expense downside_2027q2_cash_interest	2027Q2 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q2_tax	2027Q2 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2027q2_wc	2027Q2 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2027q2_cash_uses	2027Q2 / downside	26.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_cash_interest, downside_2027q2_tax, downside_2027q2_wc).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	-117.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_noncash_adjusted, downside_2027q2_cash_uses).
Gross PP&E cash spending downside_2027q2_capex	2027Q2 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2027q2_fcf	2027Q2 / downside	-132.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Liquidity before financing and principal downside_2027q2_ending_liquidity_proxy	2027Q2 / downside	822.07 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_ending_liquidity_proxy, downside_2027q2_fcf).
Power shipments reference downside_2027q3_power_reference	2027Q3 / downside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2027q3_power_price_mix	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2027q3_power	2027Q3 / downside	100.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_power_reference, downside_2027q3_power_price_mix).
Material shipment reference downside_2027q3_material_reference	2027Q3 / downside	34.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2027q3_material_price_mix	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2027q3_materials	2027Q3 / downside	34.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_material_reference, downside_2027q3_material_price_mix).
Revenue downside_2027q3_revenue	2027Q3 / downside	134.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_power, downside_2027q3_materials).
Idle-factory and ramp burden downside_2027q3_idle_cost	2027Q3 / downside	66.08 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2027q3_power_margin	2027Q3 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2027q3_power_gross	2027Q3 / downside	26.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_power, downside_2027q3_power_margin).
Material before-idle margin downside_2027q3_materials_margin	2027Q3 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2027q3_material_gross	2027Q3 / downside	3.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_materials, downside_2027q3_materials_margin).
Gross contribution before idle burden downside_2027q3_normal_gross	2027Q3 / downside	29.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_power_gross, downside_2027q3_material_gross).
Incremental fresh-start intangible amortization downside_2027q3_fresh_start_amort	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2027q3_gross_adjustments	2027Q3 / downside	74.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_idle_cost, downside_2027q3_fresh_start_amort).
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	-44.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_normal_gross, downside_2027q3_gross_adjustments).
Total SBC downside_2027q3_sbc	2027Q3 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2027q3_cash_restructuring	2027Q3 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2027q3_opex	2027Q3 / downside	69.96 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2027q3_opex_total	2027Q3 / downside	82.96 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_opex, downside_2027q3_sbc, downside_2027q3_cash_restructuring).
Operating income downside_2027q3_operating_income	2027Q3 / downside	-127.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_opex_total).
Total D&A including fresh-start amortization downside_2027q3_total_da	2027Q3 / downside	34.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2027q3_noncash_adjusted	2027Q3 / downside	-84.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_total_da).
Cash coupon expense downside_2027q3_cash_interest	2027Q3 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q3_tax	2027Q3 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2027q3_wc	2027Q3 / downside	8.75 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2027q3_cash_uses	2027Q3 / downside	27.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_cash_interest, downside_2027q3_tax, downside_2027q3_wc).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-111.89 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_noncash_adjusted, downside_2027q3_cash_uses).
Gross PP&E cash spending downside_2027q3_capex	2027Q3 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2027q3_fcf	2027Q3 / downside	-129.89 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Liquidity before financing and principal downside_2027q3_ending_liquidity_proxy	2027Q3 / downside	692.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_ending_liquidity_proxy, downside_2027q3_fcf).
Power shipments reference downside_2027q4_power_reference	2027Q4 / downside	102.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2027q4_power_price_mix	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2027q4_power	2027Q4 / downside	102.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_power_reference, downside_2027q4_power_price_mix).
Material shipment reference downside_2027q4_material_reference	2027Q4 / downside	34.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2027q4_material_price_mix	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2027q4_materials	2027Q4 / downside	34.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_material_reference, downside_2027q4_material_price_mix).
Revenue downside_2027q4_revenue	2027Q4 / downside	136.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_power, downside_2027q4_materials).
Idle-factory and ramp burden downside_2027q4_idle_cost	2027Q4 / downside	58.24 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2027q4_power_margin	2027Q4 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2027q4_power_gross	2027Q4 / downside	26.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_power, downside_2027q4_power_margin).
Material before-idle margin downside_2027q4_materials_margin	2027Q4 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2027q4_material_gross	2027Q4 / downside	3.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_materials, downside_2027q4_materials_margin).
Gross contribution before idle burden downside_2027q4_normal_gross	2027Q4 / downside	29.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_power_gross, downside_2027q4_material_gross).
Incremental fresh-start intangible amortization downside_2027q4_fresh_start_amort	2027Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2027q4_gross_adjustments	2027Q4 / downside	66.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_idle_cost, downside_2027q4_fresh_start_amort).
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	-36.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_normal_gross, downside_2027q4_gross_adjustments).
Total SBC downside_2027q4_sbc	2027Q4 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2027q4_cash_restructuring	2027Q4 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2027q4_opex	2027Q4 / downside	71.02 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2027q4_opex_total	2027Q4 / downside	84.02 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_opex, downside_2027q4_sbc, downside_2027q4_cash_restructuring).
Operating income downside_2027q4_operating_income	2027Q4 / downside	-120.34 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_opex_total).
Total D&A including fresh-start amortization downside_2027q4_total_da	2027Q4 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2027q4_noncash_adjusted	2027Q4 / downside	-76.34 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_total_da).
Cash coupon expense downside_2027q4_cash_interest	2027Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q4_tax	2027Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2027q4_wc	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2027q4_cash_uses	2027Q4 / downside	28.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_cash_interest, downside_2027q4_tax, downside_2027q4_wc).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-104.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_noncash_adjusted, downside_2027q4_cash_uses).
Gross PP&E cash spending downside_2027q4_capex	2027Q4 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2027q4_fcf	2027Q4 / downside	-124.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Liquidity before financing and principal downside_2027q4_ending_liquidity_proxy	2027Q4 / downside	567.34 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_ending_liquidity_proxy, downside_2027q4_fcf).
Power shipments reference downside_2028q1_power_reference	2028Q1 / downside	105.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2028q1_power_price_mix	2028Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2028q1_power	2028Q1 / downside	105.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q1_power_reference, downside_2028q1_power_price_mix).
Material shipment reference downside_2028q1_material_reference	2028Q1 / downside	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2028q1_material_price_mix	2028Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2028q1_materials	2028Q1 / downside	33.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q1_material_reference, downside_2028q1_material_price_mix).
Revenue downside_2028q1_revenue	2028Q1 / downside	138.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q1_power, downside_2028q1_materials).
Idle-factory and ramp burden downside_2028q1_idle_cost	2028Q1 / downside	51.52 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2028q1_power_margin	2028Q1 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2028q1_power_gross	2028Q1 / downside	27.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q1_power, downside_2028q1_power_margin).
Material before-idle margin downside_2028q1_materials_margin	2028Q1 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2028q1_material_gross	2028Q1 / downside	3.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q1_materials, downside_2028q1_materials_margin).
Gross contribution before idle burden downside_2028q1_normal_gross	2028Q1 / downside	30.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q1_power_gross, downside_2028q1_material_gross).
Incremental fresh-start intangible amortization downside_2028q1_fresh_start_amort	2028Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2028q1_gross_adjustments	2028Q1 / downside	59.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q1_idle_cost, downside_2028q1_fresh_start_amort).
GAAP gross profit proxy downside_2028q1_gross_profit	2028Q1 / downside	-28.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q1_normal_gross, downside_2028q1_gross_adjustments).
Total SBC downside_2028q1_sbc	2028Q1 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2028q1_cash_restructuring	2028Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2028q1_opex	2028Q1 / downside	72.08 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2028q1_opex_total	2028Q1 / downside	83.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q1_opex, downside_2028q1_sbc, downside_2028q1_cash_restructuring).
Operating income downside_2028q1_operating_income	2028Q1 / downside	-112.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q1_gross_profit, downside_2028q1_opex_total).
Total D&A including fresh-start amortization downside_2028q1_total_da	2028Q1 / downside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2028q1_noncash_adjusted	2028Q1 / downside	-67.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q1_operating_income, downside_2028q1_sbc, downside_2028q1_total_da).
Cash coupon expense downside_2028q1_cash_interest	2028Q1 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q1_tax	2028Q1 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2028q1_wc	2028Q1 / downside	11.25 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2028q1_cash_uses	2028Q1 / downside	29.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q1_cash_interest, downside_2028q1_tax, downside_2028q1_wc).
Operating cash flow proxy downside_2028q1_cfo	2028Q1 / downside	-96.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q1_noncash_adjusted, downside_2028q1_cash_uses).
Gross PP&E cash spending downside_2028q1_capex	2028Q1 / downside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2028q1_fcf	2028Q1 / downside	-118.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex).
Liquidity before financing and principal downside_2028q1_ending_liquidity_proxy	2028Q1 / downside	448.59 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_ending_liquidity_proxy, downside_2028q1_fcf).
Power shipments reference downside_2028q2_power_reference	2028Q2 / downside	108.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2028q2_power_price_mix	2028Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2028q2_power	2028Q2 / downside	108.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q2_power_reference, downside_2028q2_power_price_mix).
Material shipment reference downside_2028q2_material_reference	2028Q2 / downside	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2028q2_material_price_mix	2028Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2028q2_materials	2028Q2 / downside	33.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q2_material_reference, downside_2028q2_material_price_mix).
Revenue downside_2028q2_revenue	2028Q2 / downside	141.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q2_power, downside_2028q2_materials).
Idle-factory and ramp burden downside_2028q2_idle_cost	2028Q2 / downside	44.80 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2028q2_power_margin	2028Q2 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2028q2_power_gross	2028Q2 / downside	28.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q2_power, downside_2028q2_power_margin).
Material before-idle margin downside_2028q2_materials_margin	2028Q2 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2028q2_material_gross	2028Q2 / downside	3.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q2_materials, downside_2028q2_materials_margin).
Gross contribution before idle burden downside_2028q2_normal_gross	2028Q2 / downside	31.38 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q2_power_gross, downside_2028q2_material_gross).
Incremental fresh-start intangible amortization downside_2028q2_fresh_start_amort	2028Q2 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2028q2_gross_adjustments	2028Q2 / downside	52.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q2_idle_cost, downside_2028q2_fresh_start_amort).
GAAP gross profit proxy downside_2028q2_gross_profit	2028Q2 / downside	-21.42 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q2_normal_gross, downside_2028q2_gross_adjustments).
Total SBC downside_2028q2_sbc	2028Q2 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2028q2_cash_restructuring	2028Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2028q2_opex	2028Q2 / downside	73.14 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2028q2_opex_total	2028Q2 / downside	84.14 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q2_opex, downside_2028q2_sbc, downside_2028q2_cash_restructuring).
Operating income downside_2028q2_operating_income	2028Q2 / downside	-105.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q2_gross_profit, downside_2028q2_opex_total).
Total D&A including fresh-start amortization downside_2028q2_total_da	2028Q2 / downside	37.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2028q2_noncash_adjusted	2028Q2 / downside	-59.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q2_operating_income, downside_2028q2_sbc, downside_2028q2_total_da).
Cash coupon expense downside_2028q2_cash_interest	2028Q2 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q2_tax	2028Q2 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2028q2_wc	2028Q2 / downside	12.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2028q2_cash_uses	2028Q2 / downside	31.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q2_cash_interest, downside_2028q2_tax, downside_2028q2_wc).
Operating cash flow proxy downside_2028q2_cfo	2028Q2 / downside	-90.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q2_noncash_adjusted, downside_2028q2_cash_uses).
Gross PP&E cash spending downside_2028q2_capex	2028Q2 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2028q2_fcf	2028Q2 / downside	-115.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex).
Liquidity before financing and principal downside_2028q2_ending_liquidity_proxy	2028Q2 / downside	333.03 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q1_ending_liquidity_proxy, downside_2028q2_fcf).
Power shipments reference downside_2028q3_power_reference	2028Q3 / downside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2028q3_power_price_mix	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2028q3_power	2028Q3 / downside	110.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q3_power_reference, downside_2028q3_power_price_mix).
Material shipment reference downside_2028q3_material_reference	2028Q3 / downside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2028q3_material_price_mix	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2028q3_materials	2028Q3 / downside	32.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q3_material_reference, downside_2028q3_material_price_mix).
Revenue downside_2028q3_revenue	2028Q3 / downside	142.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q3_power, downside_2028q3_materials).
Idle-factory and ramp burden downside_2028q3_idle_cost	2028Q3 / downside	36.96 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2028q3_power_margin	2028Q3 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2028q3_power_gross	2028Q3 / downside	28.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q3_power, downside_2028q3_power_margin).
Material before-idle margin downside_2028q3_materials_margin	2028Q3 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2028q3_material_gross	2028Q3 / downside	3.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q3_materials, downside_2028q3_materials_margin).
Gross contribution before idle burden downside_2028q3_normal_gross	2028Q3 / downside	31.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q3_power_gross, downside_2028q3_material_gross).
Incremental fresh-start intangible amortization downside_2028q3_fresh_start_amort	2028Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2028q3_gross_adjustments	2028Q3 / downside	44.96 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q3_idle_cost, downside_2028q3_fresh_start_amort).
GAAP gross profit proxy downside_2028q3_gross_profit	2028Q3 / downside	-13.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q3_normal_gross, downside_2028q3_gross_adjustments).
Total SBC downside_2028q3_sbc	2028Q3 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2028q3_cash_restructuring	2028Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2028q3_opex	2028Q3 / downside	74.20 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2028q3_opex_total	2028Q3 / downside	85.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q3_opex, downside_2028q3_sbc, downside_2028q3_cash_restructuring).
Operating income downside_2028q3_operating_income	2028Q3 / downside	-98.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q3_gross_profit, downside_2028q3_opex_total).
Total D&A including fresh-start amortization downside_2028q3_total_da	2028Q3 / downside	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2028q3_noncash_adjusted	2028Q3 / downside	-51.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q3_operating_income, downside_2028q3_sbc, downside_2028q3_total_da).
Cash coupon expense downside_2028q3_cash_interest	2028Q3 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q3_tax	2028Q3 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2028q3_wc	2028Q3 / downside	13.75 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2028q3_cash_uses	2028Q3 / downside	32.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q3_cash_interest, downside_2028q3_tax, downside_2028q3_wc).
Operating cash flow proxy downside_2028q3_cfo	2028Q3 / downside	-83.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q3_noncash_adjusted, downside_2028q3_cash_uses).
Gross PP&E cash spending downside_2028q3_capex	2028Q3 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2028q3_fcf	2028Q3 / downside	-111.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex).
Liquidity before financing and principal downside_2028q3_ending_liquidity_proxy	2028Q3 / downside	221.42 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q2_ending_liquidity_proxy, downside_2028q3_fcf).
Power shipments reference downside_2028q4_power_reference	2028Q4 / downside	112.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization downside_2028q4_power_price_mix	2028Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue downside_2028q4_power	2028Q4 / downside	112.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q4_power_reference, downside_2028q4_power_price_mix).
Material shipment reference downside_2028q4_material_reference	2028Q4 / downside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization downside_2028q4_material_price_mix	2028Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue downside_2028q4_materials	2028Q4 / downside	32.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q4_material_reference, downside_2028q4_material_price_mix).
Revenue downside_2028q4_revenue	2028Q4 / downside	144.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q4_power, downside_2028q4_materials).
Idle-factory and ramp burden downside_2028q4_idle_cost	2028Q4 / downside	30.24 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin downside_2028q4_power_margin	2028Q4 / downside	26.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution downside_2028q4_power_gross	2028Q4 / downside	29.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q4_power, downside_2028q4_power_margin).
Material before-idle margin downside_2028q4_materials_margin	2028Q4 / downside	10.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution downside_2028q4_material_gross	2028Q4 / downside	3.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2028q4_materials, downside_2028q4_materials_margin).
Gross contribution before idle burden downside_2028q4_normal_gross	2028Q4 / downside	32.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q4_power_gross, downside_2028q4_material_gross).
Incremental fresh-start intangible amortization downside_2028q4_fresh_start_amort	2028Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization downside_2028q4_gross_adjustments	2028Q4 / downside	38.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q4_idle_cost, downside_2028q4_fresh_start_amort).
GAAP gross profit proxy downside_2028q4_gross_profit	2028Q4 / downside	-5.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q4_normal_gross, downside_2028q4_gross_adjustments).
Total SBC downside_2028q4_sbc	2028Q4 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation downside_2028q4_cash_restructuring	2028Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses downside_2028q4_opex	2028Q4 / downside	75.26 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs downside_2028q4_opex_total	2028Q4 / downside	86.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q4_opex, downside_2028q4_sbc, downside_2028q4_cash_restructuring).
Operating income downside_2028q4_operating_income	2028Q4 / downside	-92.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q4_gross_profit, downside_2028q4_opex_total).
Total D&A including fresh-start amortization downside_2028q4_total_da	2028Q4 / downside	39.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A downside_2028q4_noncash_adjusted	2028Q4 / downside	-44.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q4_operating_income, downside_2028q4_sbc, downside_2028q4_total_da).
Cash coupon expense downside_2028q4_cash_interest	2028Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q4_tax	2028Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use downside_2028q4_wc	2028Q4 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital downside_2028q4_cash_uses	2028Q4 / downside	33.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q4_cash_interest, downside_2028q4_tax, downside_2028q4_wc).
Operating cash flow proxy downside_2028q4_cfo	2028Q4 / downside	-77.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q4_noncash_adjusted, downside_2028q4_cash_uses).
Gross PP&E cash spending downside_2028q4_capex	2028Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E downside_2028q4_fcf	2028Q4 / downside	-107.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex).
Liquidity before financing and principal downside_2028q4_ending_liquidity_proxy	2028Q4 / downside	113.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2028q3_ending_liquidity_proxy, downside_2028q4_fcf).
Revenue ($M) downside_fy2027_revenue	FY2027 / downside	538.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Power products ($M) downside_fy2027_power	FY2027 / downside	398.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_power, downside_2027q2_power, downside_2027q3_power, downside_2027q4_power).
Materials products ($M) downside_fy2027_materials	FY2027 / downside	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_materials, downside_2027q2_materials, downside_2027q3_materials, downside_2027q4_materials).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	-190.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
Operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-519.76 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Underutilization burden assumption ($M) downside_fy2027_idle_cost	FY2027 / downside	275.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_idle_cost, downside_2027q2_idle_cost, downside_2027q3_idle_cost, downside_2027q4_idle_cost).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-456.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Gross cash PP&E ($M) downside_fy2027_capex	FY2027 / downside	65.00 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 gross PP&E ($M) downside_fy2027_fcf	FY2027 / downside	-521.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Revenue ($M) downside_fy2028_revenue	FY2028 / downside	565.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue).
Power products ($M) downside_fy2028_power	FY2028 / downside	435.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_power, downside_2028q2_power, downside_2028q3_power, downside_2028q4_power).
Materials products ($M) downside_fy2028_materials	FY2028 / downside	130.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_materials, downside_2028q2_materials, downside_2028q3_materials, downside_2028q4_materials).
GAAP gross profit proxy ($M) downside_fy2028_gross_profit	FY2028 / downside	-69.42 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit).
Operating income proxy ($M) downside_fy2028_operating_income	FY2028 / downside	-408.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income).
Underutilization burden assumption ($M) downside_fy2028_idle_cost	FY2028 / downside	163.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_idle_cost, downside_2028q2_idle_cost, downside_2028q3_idle_cost, downside_2028q4_idle_cost).
Operating cash flow proxy ($M) downside_fy2028_cfo	FY2028 / downside	-348.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo).
Gross cash PP&E ($M) downside_fy2028_capex	FY2028 / downside	105.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
Cash after gross PP&E ($M) downside_fy2028_fcf	FY2028 / downside	-453.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf).
Power shipments reference base_2027q1_power_reference	2027Q1 / base	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2027q1_power_price_mix	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2027q1_power	2027Q1 / base	110.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_power_reference, base_2027q1_power_price_mix).
Material shipment reference base_2027q1_material_reference	2027Q1 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2027q1_material_price_mix	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2027q1_materials	2027Q1 / base	40.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_material_reference, base_2027q1_material_price_mix).
Revenue base_2027q1_revenue	2027Q1 / base	150.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_power, base_2027q1_materials).
Idle-factory and ramp burden base_2027q1_idle_cost	2027Q1 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2027q1_power_margin	2027Q1 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2027q1_power_gross	2027Q1 / base	33.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_power, base_2027q1_power_margin).
Material before-idle margin base_2027q1_materials_margin	2027Q1 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2027q1_material_gross	2027Q1 / base	6.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_materials, base_2027q1_materials_margin).
Gross contribution before idle burden base_2027q1_normal_gross	2027Q1 / base	39.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_power_gross, base_2027q1_material_gross).
Incremental fresh-start intangible amortization base_2027q1_fresh_start_amort	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2027q1_gross_adjustments	2027Q1 / base	78.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_idle_cost, base_2027q1_fresh_start_amort).
GAAP gross profit proxy base_2027q1_gross_profit	2027Q1 / base	-39.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_normal_gross, base_2027q1_gross_adjustments).
Total SBC base_2027q1_sbc	2027Q1 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2027q1_cash_restructuring	2027Q1 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2027q1_opex	2027Q1 / base	64.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2027q1_opex_total	2027Q1 / base	77.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_opex, base_2027q1_sbc, base_2027q1_cash_restructuring).
Operating income base_2027q1_operating_income	2027Q1 / base	-116.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_gross_profit, base_2027q1_opex_total).
Total D&A including fresh-start amortization base_2027q1_total_da	2027Q1 / base	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2027q1_noncash_adjusted	2027Q1 / base	-75.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_total_da).
Cash coupon expense base_2027q1_cash_interest	2027Q1 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q1_tax	2027Q1 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2027q1_wc	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2027q1_cash_uses	2027Q1 / base	23.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_cash_interest, base_2027q1_tax, base_2027q1_wc).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	-98.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_noncash_adjusted, base_2027q1_cash_uses).
Gross PP&E cash spending base_2027q1_capex	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2027q1_fcf	2027Q1 / base	-110.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Liquidity before financing and principal base_2027q1_ending_liquidity_proxy	2027Q1 / base	978.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(liquidity, base_2027q1_fcf).
Power shipments reference base_2027q2_power_reference	2027Q2 / base	116.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2027q2_power_price_mix	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2027q2_power	2027Q2 / base	116.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_power_reference, base_2027q2_power_price_mix).
Material shipment reference base_2027q2_material_reference	2027Q2 / base	39.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2027q2_material_price_mix	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2027q2_materials	2027Q2 / base	39.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_material_reference, base_2027q2_material_price_mix).
Revenue base_2027q2_revenue	2027Q2 / base	155.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_power, base_2027q2_materials).
Idle-factory and ramp burden base_2027q2_idle_cost	2027Q2 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2027q2_power_margin	2027Q2 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2027q2_power_gross	2027Q2 / base	34.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_power, base_2027q2_power_margin).
Material before-idle margin base_2027q2_materials_margin	2027Q2 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2027q2_material_gross	2027Q2 / base	5.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_materials, base_2027q2_materials_margin).
Gross contribution before idle burden base_2027q2_normal_gross	2027Q2 / base	40.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_power_gross, base_2027q2_material_gross).
Incremental fresh-start intangible amortization base_2027q2_fresh_start_amort	2027Q2 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2027q2_gross_adjustments	2027Q2 / base	73.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_idle_cost, base_2027q2_fresh_start_amort).
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	-32.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_normal_gross, base_2027q2_gross_adjustments).
Total SBC base_2027q2_sbc	2027Q2 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2027q2_cash_restructuring	2027Q2 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2027q2_opex	2027Q2 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2027q2_opex_total	2027Q2 / base	78.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_opex, base_2027q2_sbc, base_2027q2_cash_restructuring).
Operating income base_2027q2_operating_income	2027Q2 / base	-110.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_gross_profit, base_2027q2_opex_total).
Total D&A including fresh-start amortization base_2027q2_total_da	2027Q2 / base	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2027q2_noncash_adjusted	2027Q2 / base	-68.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_total_da).
Cash coupon expense base_2027q2_cash_interest	2027Q2 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q2_tax	2027Q2 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2027q2_wc	2027Q2 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2027q2_cash_uses	2027Q2 / base	24.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_cash_interest, base_2027q2_tax, base_2027q2_wc).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	-92.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_noncash_adjusted, base_2027q2_cash_uses).
Gross PP&E cash spending base_2027q2_capex	2027Q2 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2027q2_fcf	2027Q2 / base	-107.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Liquidity before financing and principal base_2027q2_ending_liquidity_proxy	2027Q2 / base	870.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_ending_liquidity_proxy, base_2027q2_fcf).
Power shipments reference base_2027q3_power_reference	2027Q3 / base	125.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2027q3_power_price_mix	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2027q3_power	2027Q3 / base	125.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_power_reference, base_2027q3_power_price_mix).
Material shipment reference base_2027q3_material_reference	2027Q3 / base	39.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2027q3_material_price_mix	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2027q3_materials	2027Q3 / base	39.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_material_reference, base_2027q3_material_price_mix).
Revenue base_2027q3_revenue	2027Q3 / base	164.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_power, base_2027q3_materials).
Idle-factory and ramp burden base_2027q3_idle_cost	2027Q3 / base	59.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2027q3_power_margin	2027Q3 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2027q3_power_gross	2027Q3 / base	37.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_power, base_2027q3_power_margin).
Material before-idle margin base_2027q3_materials_margin	2027Q3 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2027q3_material_gross	2027Q3 / base	5.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_materials, base_2027q3_materials_margin).
Gross contribution before idle burden base_2027q3_normal_gross	2027Q3 / base	43.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_power_gross, base_2027q3_material_gross).
Incremental fresh-start intangible amortization base_2027q3_fresh_start_amort	2027Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2027q3_gross_adjustments	2027Q3 / base	67.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_idle_cost, base_2027q3_fresh_start_amort).
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	-23.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_normal_gross, base_2027q3_gross_adjustments).
Total SBC base_2027q3_sbc	2027Q3 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2027q3_cash_restructuring	2027Q3 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2027q3_opex	2027Q3 / base	66.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2027q3_opex_total	2027Q3 / base	79.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_opex, base_2027q3_sbc, base_2027q3_cash_restructuring).
Operating income base_2027q3_operating_income	2027Q3 / base	-102.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_gross_profit, base_2027q3_opex_total).
Total D&A including fresh-start amortization base_2027q3_total_da	2027Q3 / base	34.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2027q3_noncash_adjusted	2027Q3 / base	-59.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_total_da).
Cash coupon expense base_2027q3_cash_interest	2027Q3 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q3_tax	2027Q3 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2027q3_wc	2027Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2027q3_cash_uses	2027Q3 / base	25.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_cash_interest, base_2027q3_tax, base_2027q3_wc).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	-85.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_noncash_adjusted, base_2027q3_cash_uses).
Gross PP&E cash spending base_2027q3_capex	2027Q3 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2027q3_fcf	2027Q3 / base	-103.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Liquidity before financing and principal base_2027q3_ending_liquidity_proxy	2027Q3 / base	767.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_ending_liquidity_proxy, base_2027q3_fcf).
Power shipments reference base_2027q4_power_reference	2027Q4 / base	137.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2027q4_power_price_mix	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2027q4_power	2027Q4 / base	137.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_power_reference, base_2027q4_power_price_mix).
Material shipment reference base_2027q4_material_reference	2027Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2027q4_material_price_mix	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2027q4_materials	2027Q4 / base	40.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_material_reference, base_2027q4_material_price_mix).
Revenue base_2027q4_revenue	2027Q4 / base	177.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_power, base_2027q4_materials).
Idle-factory and ramp burden base_2027q4_idle_cost	2027Q4 / base	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2027q4_power_margin	2027Q4 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2027q4_power_gross	2027Q4 / base	41.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_power, base_2027q4_power_margin).
Material before-idle margin base_2027q4_materials_margin	2027Q4 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2027q4_material_gross	2027Q4 / base	6.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_materials, base_2027q4_materials_margin).
Gross contribution before idle burden base_2027q4_normal_gross	2027Q4 / base	47.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_power_gross, base_2027q4_material_gross).
Incremental fresh-start intangible amortization base_2027q4_fresh_start_amort	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2027q4_gross_adjustments	2027Q4 / base	60.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_idle_cost, base_2027q4_fresh_start_amort).
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	-12.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_normal_gross, base_2027q4_gross_adjustments).
Total SBC base_2027q4_sbc	2027Q4 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2027q4_cash_restructuring	2027Q4 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2027q4_opex	2027Q4 / base	67.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2027q4_opex_total	2027Q4 / base	80.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_opex, base_2027q4_sbc, base_2027q4_cash_restructuring).
Operating income base_2027q4_operating_income	2027Q4 / base	-92.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_gross_profit, base_2027q4_opex_total).
Total D&A including fresh-start amortization base_2027q4_total_da	2027Q4 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2027q4_noncash_adjusted	2027Q4 / base	-48.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_total_da).
Cash coupon expense base_2027q4_cash_interest	2027Q4 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q4_tax	2027Q4 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2027q4_wc	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2027q4_cash_uses	2027Q4 / base	26.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_cash_interest, base_2027q4_tax, base_2027q4_wc).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	-75.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_noncash_adjusted, base_2027q4_cash_uses).
Gross PP&E cash spending base_2027q4_capex	2027Q4 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2027q4_fcf	2027Q4 / base	-95.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Liquidity before financing and principal base_2027q4_ending_liquidity_proxy	2027Q4 / base	671.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_ending_liquidity_proxy, base_2027q4_fcf).
Power shipments reference base_2028q1_power_reference	2028Q1 / base	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2028q1_power_price_mix	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2028q1_power	2028Q1 / base	150.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q1_power_reference, base_2028q1_power_price_mix).
Material shipment reference base_2028q1_material_reference	2028Q1 / base	41.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2028q1_material_price_mix	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2028q1_materials	2028Q1 / base	41.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q1_material_reference, base_2028q1_material_price_mix).
Revenue base_2028q1_revenue	2028Q1 / base	191.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q1_power, base_2028q1_materials).
Idle-factory and ramp burden base_2028q1_idle_cost	2028Q1 / base	46.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2028q1_power_margin	2028Q1 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2028q1_power_gross	2028Q1 / base	45.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q1_power, base_2028q1_power_margin).
Material before-idle margin base_2028q1_materials_margin	2028Q1 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2028q1_material_gross	2028Q1 / base	6.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q1_materials, base_2028q1_materials_margin).
Gross contribution before idle burden base_2028q1_normal_gross	2028Q1 / base	51.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q1_power_gross, base_2028q1_material_gross).
Incremental fresh-start intangible amortization base_2028q1_fresh_start_amort	2028Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2028q1_gross_adjustments	2028Q1 / base	54.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q1_idle_cost, base_2028q1_fresh_start_amort).
GAAP gross profit proxy base_2028q1_gross_profit	2028Q1 / base	-2.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q1_normal_gross, base_2028q1_gross_adjustments).
Total SBC base_2028q1_sbc	2028Q1 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2028q1_cash_restructuring	2028Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2028q1_opex	2028Q1 / base	68.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2028q1_opex_total	2028Q1 / base	79.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q1_opex, base_2028q1_sbc, base_2028q1_cash_restructuring).
Operating income base_2028q1_operating_income	2028Q1 / base	-81.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q1_gross_profit, base_2028q1_opex_total).
Total D&A including fresh-start amortization base_2028q1_total_da	2028Q1 / base	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2028q1_noncash_adjusted	2028Q1 / base	-36.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q1_operating_income, base_2028q1_sbc, base_2028q1_total_da).
Cash coupon expense base_2028q1_cash_interest	2028Q1 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q1_tax	2028Q1 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2028q1_wc	2028Q1 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2028q1_cash_uses	2028Q1 / base	27.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q1_cash_interest, base_2028q1_tax, base_2028q1_wc).
Operating cash flow proxy base_2028q1_cfo	2028Q1 / base	-64.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q1_noncash_adjusted, base_2028q1_cash_uses).
Gross PP&E cash spending base_2028q1_capex	2028Q1 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2028q1_fcf	2028Q1 / base	-86.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q1_cfo, base_2028q1_capex).
Liquidity before financing and principal base_2028q1_ending_liquidity_proxy	2028Q1 / base	585.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_ending_liquidity_proxy, base_2028q1_fcf).
Power shipments reference base_2028q2_power_reference	2028Q2 / base	163.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2028q2_power_price_mix	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2028q2_power	2028Q2 / base	163.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q2_power_reference, base_2028q2_power_price_mix).
Material shipment reference base_2028q2_material_reference	2028Q2 / base	42.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2028q2_material_price_mix	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2028q2_materials	2028Q2 / base	42.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q2_material_reference, base_2028q2_material_price_mix).
Revenue base_2028q2_revenue	2028Q2 / base	205.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q2_power, base_2028q2_materials).
Idle-factory and ramp burden base_2028q2_idle_cost	2028Q2 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2028q2_power_margin	2028Q2 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2028q2_power_gross	2028Q2 / base	48.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q2_power, base_2028q2_power_margin).
Material before-idle margin base_2028q2_materials_margin	2028Q2 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2028q2_material_gross	2028Q2 / base	6.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q2_materials, base_2028q2_materials_margin).
Gross contribution before idle burden base_2028q2_normal_gross	2028Q2 / base	55.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q2_power_gross, base_2028q2_material_gross).
Incremental fresh-start intangible amortization base_2028q2_fresh_start_amort	2028Q2 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2028q2_gross_adjustments	2028Q2 / base	48.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q2_idle_cost, base_2028q2_fresh_start_amort).
GAAP gross profit proxy base_2028q2_gross_profit	2028Q2 / base	7.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q2_normal_gross, base_2028q2_gross_adjustments).
Total SBC base_2028q2_sbc	2028Q2 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2028q2_cash_restructuring	2028Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2028q2_opex	2028Q2 / base	69.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2028q2_opex_total	2028Q2 / base	80.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q2_opex, base_2028q2_sbc, base_2028q2_cash_restructuring).
Operating income base_2028q2_operating_income	2028Q2 / base	-72.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q2_gross_profit, base_2028q2_opex_total).
Total D&A including fresh-start amortization base_2028q2_total_da	2028Q2 / base	37.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2028q2_noncash_adjusted	2028Q2 / base	-26.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q2_operating_income, base_2028q2_sbc, base_2028q2_total_da).
Cash coupon expense base_2028q2_cash_interest	2028Q2 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q2_tax	2028Q2 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2028q2_wc	2028Q2 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2028q2_cash_uses	2028Q2 / base	28.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q2_cash_interest, base_2028q2_tax, base_2028q2_wc).
Operating cash flow proxy base_2028q2_cfo	2028Q2 / base	-55.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q2_noncash_adjusted, base_2028q2_cash_uses).
Gross PP&E cash spending base_2028q2_capex	2028Q2 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2028q2_fcf	2028Q2 / base	-80.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q2_cfo, base_2028q2_capex).
Liquidity before financing and principal base_2028q2_ending_liquidity_proxy	2028Q2 / base	505.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q1_ending_liquidity_proxy, base_2028q2_fcf).
Power shipments reference base_2028q3_power_reference	2028Q3 / base	177.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2028q3_power_price_mix	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2028q3_power	2028Q3 / base	177.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q3_power_reference, base_2028q3_power_price_mix).
Material shipment reference base_2028q3_material_reference	2028Q3 / base	43.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2028q3_material_price_mix	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2028q3_materials	2028Q3 / base	43.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q3_material_reference, base_2028q3_material_price_mix).
Revenue base_2028q3_revenue	2028Q3 / base	220.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q3_power, base_2028q3_materials).
Idle-factory and ramp burden base_2028q3_idle_cost	2028Q3 / base	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2028q3_power_margin	2028Q3 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2028q3_power_gross	2028Q3 / base	53.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q3_power, base_2028q3_power_margin).
Material before-idle margin base_2028q3_materials_margin	2028Q3 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2028q3_material_gross	2028Q3 / base	6.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q3_materials, base_2028q3_materials_margin).
Gross contribution before idle burden base_2028q3_normal_gross	2028Q3 / base	59.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q3_power_gross, base_2028q3_material_gross).
Incremental fresh-start intangible amortization base_2028q3_fresh_start_amort	2028Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2028q3_gross_adjustments	2028Q3 / base	41.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q3_idle_cost, base_2028q3_fresh_start_amort).
GAAP gross profit proxy base_2028q3_gross_profit	2028Q3 / base	18.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q3_normal_gross, base_2028q3_gross_adjustments).
Total SBC base_2028q3_sbc	2028Q3 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2028q3_cash_restructuring	2028Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2028q3_opex	2028Q3 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2028q3_opex_total	2028Q3 / base	81.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q3_opex, base_2028q3_sbc, base_2028q3_cash_restructuring).
Operating income base_2028q3_operating_income	2028Q3 / base	-62.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q3_gross_profit, base_2028q3_opex_total).
Total D&A including fresh-start amortization base_2028q3_total_da	2028Q3 / base	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2028q3_noncash_adjusted	2028Q3 / base	-15.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q3_operating_income, base_2028q3_sbc, base_2028q3_total_da).
Cash coupon expense base_2028q3_cash_interest	2028Q3 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q3_tax	2028Q3 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2028q3_wc	2028Q3 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2028q3_cash_uses	2028Q3 / base	29.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q3_cash_interest, base_2028q3_tax, base_2028q3_wc).
Operating cash flow proxy base_2028q3_cfo	2028Q3 / base	-44.95 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q3_noncash_adjusted, base_2028q3_cash_uses).
Gross PP&E cash spending base_2028q3_capex	2028Q3 / base	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2028q3_fcf	2028Q3 / base	-72.95 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q3_cfo, base_2028q3_capex).
Liquidity before financing and principal base_2028q3_ending_liquidity_proxy	2028Q3 / base	432.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q2_ending_liquidity_proxy, base_2028q3_fcf).
Power shipments reference base_2028q4_power_reference	2028Q4 / base	190.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization base_2028q4_power_price_mix	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue base_2028q4_power	2028Q4 / base	190.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q4_power_reference, base_2028q4_power_price_mix).
Material shipment reference base_2028q4_material_reference	2028Q4 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization base_2028q4_material_price_mix	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue base_2028q4_materials	2028Q4 / base	45.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q4_material_reference, base_2028q4_material_price_mix).
Revenue base_2028q4_revenue	2028Q4 / base	235.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q4_power, base_2028q4_materials).
Idle-factory and ramp burden base_2028q4_idle_cost	2028Q4 / base	27.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin base_2028q4_power_margin	2028Q4 / base	30.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution base_2028q4_power_gross	2028Q4 / base	57.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q4_power, base_2028q4_power_margin).
Material before-idle margin base_2028q4_materials_margin	2028Q4 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution base_2028q4_material_gross	2028Q4 / base	6.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2028q4_materials, base_2028q4_materials_margin).
Gross contribution before idle burden base_2028q4_normal_gross	2028Q4 / base	63.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q4_power_gross, base_2028q4_material_gross).
Incremental fresh-start intangible amortization base_2028q4_fresh_start_amort	2028Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization base_2028q4_gross_adjustments	2028Q4 / base	35.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q4_idle_cost, base_2028q4_fresh_start_amort).
GAAP gross profit proxy base_2028q4_gross_profit	2028Q4 / base	28.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q4_normal_gross, base_2028q4_gross_adjustments).
Total SBC base_2028q4_sbc	2028Q4 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation base_2028q4_cash_restructuring	2028Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses base_2028q4_opex	2028Q4 / base	71.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs base_2028q4_opex_total	2028Q4 / base	82.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q4_opex, base_2028q4_sbc, base_2028q4_cash_restructuring).
Operating income base_2028q4_operating_income	2028Q4 / base	-53.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q4_gross_profit, base_2028q4_opex_total).
Total D&A including fresh-start amortization base_2028q4_total_da	2028Q4 / base	39.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A base_2028q4_noncash_adjusted	2028Q4 / base	-5.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q4_operating_income, base_2028q4_sbc, base_2028q4_total_da).
Cash coupon expense base_2028q4_cash_interest	2028Q4 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q4_tax	2028Q4 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use base_2028q4_wc	2028Q4 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital base_2028q4_cash_uses	2028Q4 / base	30.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q4_cash_interest, base_2028q4_tax, base_2028q4_wc).
Operating cash flow proxy base_2028q4_cfo	2028Q4 / base	-35.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q4_noncash_adjusted, base_2028q4_cash_uses).
Gross PP&E cash spending base_2028q4_capex	2028Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E base_2028q4_fcf	2028Q4 / base	-65.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2028q4_cfo, base_2028q4_capex).
Liquidity before financing and principal base_2028q4_ending_liquidity_proxy	2028Q4 / base	366.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2028q3_ending_liquidity_proxy, base_2028q4_fcf).
Revenue ($M) base_fy2027_revenue	FY2027 / base	646.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Power products ($M) base_fy2027_power	FY2027 / base	488.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_power, base_2027q2_power, base_2027q3_power, base_2027q4_power).
Materials products ($M) base_fy2027_materials	FY2027 / base	158.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_materials, base_2027q2_materials, base_2027q3_materials, base_2027q4_materials).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	-107.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
Operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	-421.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Underutilization burden assumption ($M) base_fy2027_idle_cost	FY2027 / base	246.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_idle_cost, base_2027q2_idle_cost, base_2027q3_idle_cost, base_2027q4_idle_cost).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	-351.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Gross cash PP&E ($M) base_fy2027_capex	FY2027 / base	65.00 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 gross PP&E ($M) base_fy2027_fcf	FY2027 / base	-416.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Revenue ($M) base_fy2028_revenue	FY2028 / base	851.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue).
Power products ($M) base_fy2028_power	FY2028 / base	680.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_power, base_2028q2_power, base_2028q3_power, base_2028q4_power).
Materials products ($M) base_fy2028_materials	FY2028 / base	171.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_materials, base_2028q2_materials, base_2028q3_materials, base_2028q4_materials).
GAAP gross profit proxy ($M) base_fy2028_gross_profit	FY2028 / base	51.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit).
Operating income proxy ($M) base_fy2028_operating_income	FY2028 / base	-270.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income).
Underutilization burden assumption ($M) base_fy2028_idle_cost	FY2028 / base	146.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_idle_cost, base_2028q2_idle_cost, base_2028q3_idle_cost, base_2028q4_idle_cost).
Operating cash flow proxy ($M) base_fy2028_cfo	FY2028 / base	-200.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo).
Gross cash PP&E ($M) base_fy2028_capex	FY2028 / base	105.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
Cash after gross PP&E ($M) base_fy2028_fcf	FY2028 / base	-305.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf).
Power shipments reference upside_2027q1_power_reference	2027Q1 / upside	118.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2027q1_power_price_mix	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2027q1_power	2027Q1 / upside	118.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_power_reference, upside_2027q1_power_price_mix).
Material shipment reference upside_2027q1_material_reference	2027Q1 / upside	42.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2027q1_material_price_mix	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2027q1_materials	2027Q1 / upside	42.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_material_reference, upside_2027q1_material_price_mix).
Revenue upside_2027q1_revenue	2027Q1 / upside	160.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_power, upside_2027q1_materials).
Idle-factory and ramp burden upside_2027q1_idle_cost	2027Q1 / upside	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2027q1_power_margin	2027Q1 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2027q1_power_gross	2027Q1 / upside	40.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_power, upside_2027q1_power_margin).
Material before-idle margin upside_2027q1_materials_margin	2027Q1 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2027q1_material_gross	2027Q1 / upside	8.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_materials, upside_2027q1_materials_margin).
Gross contribution before idle burden upside_2027q1_normal_gross	2027Q1 / upside	48.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_power_gross, upside_2027q1_material_gross).
Incremental fresh-start intangible amortization upside_2027q1_fresh_start_amort	2027Q1 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2027q1_gross_adjustments	2027Q1 / upside	64.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_idle_cost, upside_2027q1_fresh_start_amort).
GAAP gross profit proxy upside_2027q1_gross_profit	2027Q1 / upside	-15.48 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_normal_gross, upside_2027q1_gross_adjustments).
Total SBC upside_2027q1_sbc	2027Q1 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2027q1_cash_restructuring	2027Q1 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2027q1_opex	2027Q1 / upside	66.56 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2027q1_opex_total	2027Q1 / upside	79.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_opex, upside_2027q1_sbc, upside_2027q1_cash_restructuring).
Operating income upside_2027q1_operating_income	2027Q1 / upside	-95.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_opex_total).
Total D&A including fresh-start amortization upside_2027q1_total_da	2027Q1 / upside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2027q1_noncash_adjusted	2027Q1 / upside	-54.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_total_da).
Cash coupon expense upside_2027q1_cash_interest	2027Q1 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q1_tax	2027Q1 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2027q1_wc	2027Q1 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2027q1_cash_uses	2027Q1 / upside	22.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_cash_interest, upside_2027q1_tax, upside_2027q1_wc).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	-76.54 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_noncash_adjusted, upside_2027q1_cash_uses).
Gross PP&E cash spending upside_2027q1_capex	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2027q1_fcf	2027Q1 / upside	-88.54 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Liquidity before financing and principal upside_2027q1_ending_liquidity_proxy	2027Q1 / upside	1,000.06 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(liquidity, upside_2027q1_fcf).
Power shipments reference upside_2027q2_power_reference	2027Q2 / upside	135.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2027q2_power_price_mix	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2027q2_power	2027Q2 / upside	135.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_power_reference, upside_2027q2_power_price_mix).
Material shipment reference upside_2027q2_material_reference	2027Q2 / upside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2027q2_material_price_mix	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2027q2_materials	2027Q2 / upside	44.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_material_reference, upside_2027q2_material_price_mix).
Revenue upside_2027q2_revenue	2027Q2 / upside	179.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_power, upside_2027q2_materials).
Idle-factory and ramp burden upside_2027q2_idle_cost	2027Q2 / upside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2027q2_power_margin	2027Q2 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2027q2_power_gross	2027Q2 / upside	45.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_power, upside_2027q2_power_margin).
Material before-idle margin upside_2027q2_materials_margin	2027Q2 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2027q2_material_gross	2027Q2 / upside	8.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_materials, upside_2027q2_materials_margin).
Gross contribution before idle burden upside_2027q2_normal_gross	2027Q2 / upside	54.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_power_gross, upside_2027q2_material_gross).
Incremental fresh-start intangible amortization upside_2027q2_fresh_start_amort	2027Q2 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2027q2_gross_adjustments	2027Q2 / upside	60.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_idle_cost, upside_2027q2_fresh_start_amort).
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	-5.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_normal_gross, upside_2027q2_gross_adjustments).
Total SBC upside_2027q2_sbc	2027Q2 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2027q2_cash_restructuring	2027Q2 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2027q2_opex	2027Q2 / upside	67.60 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2027q2_opex_total	2027Q2 / upside	80.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_opex, upside_2027q2_sbc, upside_2027q2_cash_restructuring).
Operating income upside_2027q2_operating_income	2027Q2 / upside	-85.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_opex_total).
Total D&A including fresh-start amortization upside_2027q2_total_da	2027Q2 / upside	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2027q2_noncash_adjusted	2027Q2 / upside	-43.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_total_da).
Cash coupon expense upside_2027q2_cash_interest	2027Q2 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q2_tax	2027Q2 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2027q2_wc	2027Q2 / upside	4.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2027q2_cash_uses	2027Q2 / upside	23.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_cash_interest, upside_2027q2_tax, upside_2027q2_wc).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	-67.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_noncash_adjusted, upside_2027q2_cash_uses).
Gross PP&E cash spending upside_2027q2_capex	2027Q2 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2027q2_fcf	2027Q2 / upside	-82.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Liquidity before financing and principal upside_2027q2_ending_liquidity_proxy	2027Q2 / upside	917.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_ending_liquidity_proxy, upside_2027q2_fcf).
Power shipments reference upside_2027q3_power_reference	2027Q3 / upside	155.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2027q3_power_price_mix	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2027q3_power	2027Q3 / upside	155.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_power_reference, upside_2027q3_power_price_mix).
Material shipment reference upside_2027q3_material_reference	2027Q3 / upside	47.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2027q3_material_price_mix	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2027q3_materials	2027Q3 / upside	47.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_material_reference, upside_2027q3_material_price_mix).
Revenue upside_2027q3_revenue	2027Q3 / upside	202.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_power, upside_2027q3_materials).
Idle-factory and ramp burden upside_2027q3_idle_cost	2027Q3 / upside	47.20 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2027q3_power_margin	2027Q3 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2027q3_power_gross	2027Q3 / upside	52.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_power, upside_2027q3_power_margin).
Material before-idle margin upside_2027q3_materials_margin	2027Q3 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2027q3_material_gross	2027Q3 / upside	9.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_materials, upside_2027q3_materials_margin).
Gross contribution before idle burden upside_2027q3_normal_gross	2027Q3 / upside	62.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_power_gross, upside_2027q3_material_gross).
Incremental fresh-start intangible amortization upside_2027q3_fresh_start_amort	2027Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2027q3_gross_adjustments	2027Q3 / upside	55.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_idle_cost, upside_2027q3_fresh_start_amort).
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	6.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_normal_gross, upside_2027q3_gross_adjustments).
Total SBC upside_2027q3_sbc	2027Q3 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2027q3_cash_restructuring	2027Q3 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2027q3_opex	2027Q3 / upside	68.64 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2027q3_opex_total	2027Q3 / upside	81.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_opex, upside_2027q3_sbc, upside_2027q3_cash_restructuring).
Operating income upside_2027q3_operating_income	2027Q3 / upside	-74.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_opex_total).
Total D&A including fresh-start amortization upside_2027q3_total_da	2027Q3 / upside	34.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2027q3_noncash_adjusted	2027Q3 / upside	-31.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_total_da).
Cash coupon expense upside_2027q3_cash_interest	2027Q3 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q3_tax	2027Q3 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2027q3_wc	2027Q3 / upside	5.60 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2027q3_cash_uses	2027Q3 / upside	24.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_cash_interest, upside_2027q3_tax, upside_2027q3_wc).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	-55.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_noncash_adjusted, upside_2027q3_cash_uses).
Gross PP&E cash spending upside_2027q3_capex	2027Q3 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2027q3_fcf	2027Q3 / upside	-73.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Liquidity before financing and principal upside_2027q3_ending_liquidity_proxy	2027Q3 / upside	844.02 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_ending_liquidity_proxy, upside_2027q3_fcf).
Power shipments reference upside_2027q4_power_reference	2027Q4 / upside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2027q4_power_price_mix	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2027q4_power	2027Q4 / upside	180.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_power_reference, upside_2027q4_power_price_mix).
Material shipment reference upside_2027q4_material_reference	2027Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2027q4_material_price_mix	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2027q4_materials	2027Q4 / upside	50.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_material_reference, upside_2027q4_material_price_mix).
Revenue upside_2027q4_revenue	2027Q4 / upside	230.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_power, upside_2027q4_materials).
Idle-factory and ramp burden upside_2027q4_idle_cost	2027Q4 / upside	41.60 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2027q4_power_margin	2027Q4 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2027q4_power_gross	2027Q4 / upside	61.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_power, upside_2027q4_power_margin).
Material before-idle margin upside_2027q4_materials_margin	2027Q4 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2027q4_material_gross	2027Q4 / upside	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_materials, upside_2027q4_materials_margin).
Gross contribution before idle burden upside_2027q4_normal_gross	2027Q4 / upside	71.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_power_gross, upside_2027q4_material_gross).
Incremental fresh-start intangible amortization upside_2027q4_fresh_start_amort	2027Q4 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2027q4_gross_adjustments	2027Q4 / upside	49.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_idle_cost, upside_2027q4_fresh_start_amort).
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	21.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_normal_gross, upside_2027q4_gross_adjustments).
Total SBC upside_2027q4_sbc	2027Q4 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2027q4_cash_restructuring	2027Q4 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2027q4_opex	2027Q4 / upside	69.68 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2027q4_opex_total	2027Q4 / upside	82.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_opex, upside_2027q4_sbc, upside_2027q4_cash_restructuring).
Operating income upside_2027q4_operating_income	2027Q4 / upside	-61.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_opex_total).
Total D&A including fresh-start amortization upside_2027q4_total_da	2027Q4 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2027q4_noncash_adjusted	2027Q4 / upside	-17.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_total_da).
Cash coupon expense upside_2027q4_cash_interest	2027Q4 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q4_tax	2027Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2027q4_wc	2027Q4 / upside	6.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2027q4_cash_uses	2027Q4 / upside	24.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_cash_interest, upside_2027q4_tax, upside_2027q4_wc).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	-41.98 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_noncash_adjusted, upside_2027q4_cash_uses).
Gross PP&E cash spending upside_2027q4_capex	2027Q4 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2027q4_fcf	2027Q4 / upside	-61.98 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Liquidity before financing and principal upside_2027q4_ending_liquidity_proxy	2027Q4 / upside	782.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_ending_liquidity_proxy, upside_2027q4_fcf).
Power shipments reference upside_2028q1_power_reference	2028Q1 / upside	200.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2028q1_power_price_mix	2028Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2028q1_power	2028Q1 / upside	200.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q1_power_reference, upside_2028q1_power_price_mix).
Material shipment reference upside_2028q1_material_reference	2028Q1 / upside	53.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2028q1_material_price_mix	2028Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2028q1_materials	2028Q1 / upside	53.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q1_material_reference, upside_2028q1_material_price_mix).
Revenue upside_2028q1_revenue	2028Q1 / upside	253.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q1_power, upside_2028q1_materials).
Idle-factory and ramp burden upside_2028q1_idle_cost	2028Q1 / upside	36.80 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2028q1_power_margin	2028Q1 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2028q1_power_gross	2028Q1 / upside	68.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q1_power, upside_2028q1_power_margin).
Material before-idle margin upside_2028q1_materials_margin	2028Q1 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2028q1_material_gross	2028Q1 / upside	10.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q1_materials, upside_2028q1_materials_margin).
Gross contribution before idle burden upside_2028q1_normal_gross	2028Q1 / upside	78.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q1_power_gross, upside_2028q1_material_gross).
Incremental fresh-start intangible amortization upside_2028q1_fresh_start_amort	2028Q1 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2028q1_gross_adjustments	2028Q1 / upside	44.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q1_idle_cost, upside_2028q1_fresh_start_amort).
GAAP gross profit proxy upside_2028q1_gross_profit	2028Q1 / upside	33.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q1_normal_gross, upside_2028q1_gross_adjustments).
Total SBC upside_2028q1_sbc	2028Q1 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2028q1_cash_restructuring	2028Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2028q1_opex	2028Q1 / upside	70.72 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2028q1_opex_total	2028Q1 / upside	81.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q1_opex, upside_2028q1_sbc, upside_2028q1_cash_restructuring).
Operating income upside_2028q1_operating_income	2028Q1 / upside	-47.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q1_gross_profit, upside_2028q1_opex_total).
Total D&A including fresh-start amortization upside_2028q1_total_da	2028Q1 / upside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2028q1_noncash_adjusted	2028Q1 / upside	-2.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q1_operating_income, upside_2028q1_sbc, upside_2028q1_total_da).
Cash coupon expense upside_2028q1_cash_interest	2028Q1 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q1_tax	2028Q1 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2028q1_wc	2028Q1 / upside	7.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2028q1_cash_uses	2028Q1 / upside	25.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q1_cash_interest, upside_2028q1_tax, upside_2028q1_wc).
Operating cash flow proxy upside_2028q1_cfo	2028Q1 / upside	-28.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q1_noncash_adjusted, upside_2028q1_cash_uses).
Gross PP&E cash spending upside_2028q1_capex	2028Q1 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2028q1_fcf	2028Q1 / upside	-50.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex).
Liquidity before financing and principal upside_2028q1_ending_liquidity_proxy	2028Q1 / upside	731.42 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_ending_liquidity_proxy, upside_2028q1_fcf).
Power shipments reference upside_2028q2_power_reference	2028Q2 / upside	225.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2028q2_power_price_mix	2028Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2028q2_power	2028Q2 / upside	225.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q2_power_reference, upside_2028q2_power_price_mix).
Material shipment reference upside_2028q2_material_reference	2028Q2 / upside	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2028q2_material_price_mix	2028Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2028q2_materials	2028Q2 / upside	56.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q2_material_reference, upside_2028q2_material_price_mix).
Revenue upside_2028q2_revenue	2028Q2 / upside	281.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q2_power, upside_2028q2_materials).
Idle-factory and ramp burden upside_2028q2_idle_cost	2028Q2 / upside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2028q2_power_margin	2028Q2 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2028q2_power_gross	2028Q2 / upside	76.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q2_power, upside_2028q2_power_margin).
Material before-idle margin upside_2028q2_materials_margin	2028Q2 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2028q2_material_gross	2028Q2 / upside	11.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q2_materials, upside_2028q2_materials_margin).
Gross contribution before idle burden upside_2028q2_normal_gross	2028Q2 / upside	87.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q2_power_gross, upside_2028q2_material_gross).
Incremental fresh-start intangible amortization upside_2028q2_fresh_start_amort	2028Q2 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2028q2_gross_adjustments	2028Q2 / upside	40.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q2_idle_cost, upside_2028q2_fresh_start_amort).
GAAP gross profit proxy upside_2028q2_gross_profit	2028Q2 / upside	47.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q2_normal_gross, upside_2028q2_gross_adjustments).
Total SBC upside_2028q2_sbc	2028Q2 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2028q2_cash_restructuring	2028Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2028q2_opex	2028Q2 / upside	71.76 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2028q2_opex_total	2028Q2 / upside	82.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q2_opex, upside_2028q2_sbc, upside_2028q2_cash_restructuring).
Operating income upside_2028q2_operating_income	2028Q2 / upside	-35.06 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q2_gross_profit, upside_2028q2_opex_total).
Total D&A including fresh-start amortization upside_2028q2_total_da	2028Q2 / upside	37.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2028q2_noncash_adjusted	2028Q2 / upside	10.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q2_operating_income, upside_2028q2_sbc, upside_2028q2_total_da).
Cash coupon expense upside_2028q2_cash_interest	2028Q2 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q2_tax	2028Q2 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2028q2_wc	2028Q2 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2028q2_cash_uses	2028Q2 / upside	26.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q2_cash_interest, upside_2028q2_tax, upside_2028q2_wc).
Operating cash flow proxy upside_2028q2_cfo	2028Q2 / upside	-15.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q2_noncash_adjusted, upside_2028q2_cash_uses).
Gross PP&E cash spending upside_2028q2_capex	2028Q2 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2028q2_fcf	2028Q2 / upside	-40.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex).
Liquidity before financing and principal upside_2028q2_ending_liquidity_proxy	2028Q2 / upside	690.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q1_ending_liquidity_proxy, upside_2028q2_fcf).
Power shipments reference upside_2028q3_power_reference	2028Q3 / upside	250.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2028q3_power_price_mix	2028Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2028q3_power	2028Q3 / upside	250.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q3_power_reference, upside_2028q3_power_price_mix).
Material shipment reference upside_2028q3_material_reference	2028Q3 / upside	59.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2028q3_material_price_mix	2028Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2028q3_materials	2028Q3 / upside	59.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q3_material_reference, upside_2028q3_material_price_mix).
Revenue upside_2028q3_revenue	2028Q3 / upside	309.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q3_power, upside_2028q3_materials).
Idle-factory and ramp burden upside_2028q3_idle_cost	2028Q3 / upside	26.40 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2028q3_power_margin	2028Q3 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2028q3_power_gross	2028Q3 / upside	85.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q3_power, upside_2028q3_power_margin).
Material before-idle margin upside_2028q3_materials_margin	2028Q3 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2028q3_material_gross	2028Q3 / upside	11.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q3_materials, upside_2028q3_materials_margin).
Gross contribution before idle burden upside_2028q3_normal_gross	2028Q3 / upside	96.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q3_power_gross, upside_2028q3_material_gross).
Incremental fresh-start intangible amortization upside_2028q3_fresh_start_amort	2028Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2028q3_gross_adjustments	2028Q3 / upside	34.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q3_idle_cost, upside_2028q3_fresh_start_amort).
GAAP gross profit proxy upside_2028q3_gross_profit	2028Q3 / upside	62.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q3_normal_gross, upside_2028q3_gross_adjustments).
Total SBC upside_2028q3_sbc	2028Q3 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2028q3_cash_restructuring	2028Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2028q3_opex	2028Q3 / upside	72.80 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2028q3_opex_total	2028Q3 / upside	83.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q3_opex, upside_2028q3_sbc, upside_2028q3_cash_restructuring).
Operating income upside_2028q3_operating_income	2028Q3 / upside	-21.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q3_gross_profit, upside_2028q3_opex_total).
Total D&A including fresh-start amortization upside_2028q3_total_da	2028Q3 / upside	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2028q3_noncash_adjusted	2028Q3 / upside	25.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q3_operating_income, upside_2028q3_sbc, upside_2028q3_total_da).
Cash coupon expense upside_2028q3_cash_interest	2028Q3 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q3_tax	2028Q3 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2028q3_wc	2028Q3 / upside	8.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2028q3_cash_uses	2028Q3 / upside	27.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q3_cash_interest, upside_2028q3_tax, upside_2028q3_wc).
Operating cash flow proxy upside_2028q3_cfo	2028Q3 / upside	-1.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q3_noncash_adjusted, upside_2028q3_cash_uses).
Gross PP&E cash spending upside_2028q3_capex	2028Q3 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2028q3_fcf	2028Q3 / upside	-29.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex).
Liquidity before financing and principal upside_2028q3_ending_liquidity_proxy	2028Q3 / upside	661.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q2_ending_liquidity_proxy, upside_2028q3_fcf).
Power shipments reference upside_2028q4_power_reference	2028Q4 / upside	275.00 USD_millions	assumption: Desk assumption; not company guidance.
Power price/mix realization upside_2028q4_power_price_mix	2028Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Power product revenue upside_2028q4_power	2028Q4 / upside	275.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q4_power_reference, upside_2028q4_power_price_mix).
Material shipment reference upside_2028q4_material_reference	2028Q4 / upside	62.00 USD_millions	assumption: Desk assumption; not company guidance.
Material price/mix realization upside_2028q4_material_price_mix	2028Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Materials revenue upside_2028q4_materials	2028Q4 / upside	62.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q4_material_reference, upside_2028q4_material_price_mix).
Revenue upside_2028q4_revenue	2028Q4 / upside	337.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q4_power, upside_2028q4_materials).
Idle-factory and ramp burden upside_2028q4_idle_cost	2028Q4 / upside	21.60 USD_millions	assumption: Desk assumption; not company guidance.
Power before-idle margin upside_2028q4_power_margin	2028Q4 / upside	34.0% ratio	assumption: Desk assumption; not company guidance.
Power contribution upside_2028q4_power_gross	2028Q4 / upside	93.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q4_power, upside_2028q4_power_margin).
Material before-idle margin upside_2028q4_materials_margin	2028Q4 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Material contribution upside_2028q4_material_gross	2028Q4 / upside	12.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2028q4_materials, upside_2028q4_materials_margin).
Gross contribution before idle burden upside_2028q4_normal_gross	2028Q4 / upside	105.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q4_power_gross, upside_2028q4_material_gross).
Incremental fresh-start intangible amortization upside_2028q4_fresh_start_amort	2028Q4 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Idle burden and fresh-start amortization upside_2028q4_gross_adjustments	2028Q4 / upside	29.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q4_idle_cost, upside_2028q4_fresh_start_amort).
GAAP gross profit proxy upside_2028q4_gross_profit	2028Q4 / upside	76.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q4_normal_gross, upside_2028q4_gross_adjustments).
Total SBC upside_2028q4_sbc	2028Q4 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash restructuring and transformation upside_2028q4_cash_restructuring	2028Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted operating expenses upside_2028q4_opex	2028Q4 / upside	73.84 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted opex SBC and cash excluded costs upside_2028q4_opex_total	2028Q4 / upside	84.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q4_opex, upside_2028q4_sbc, upside_2028q4_cash_restructuring).
Operating income upside_2028q4_operating_income	2028Q4 / upside	-8.54 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q4_gross_profit, upside_2028q4_opex_total).
Total D&A including fresh-start amortization upside_2028q4_total_da	2028Q4 / upside	39.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating income plus SBC and all D&A upside_2028q4_noncash_adjusted	2028Q4 / upside	39.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q4_operating_income, upside_2028q4_sbc, upside_2028q4_total_da).
Cash coupon expense upside_2028q4_cash_interest	2028Q4 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q4_tax	2028Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
Net working-capital cash use upside_2028q4_wc	2028Q4 / upside	9.60 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest taxes and working capital upside_2028q4_cash_uses	2028Q4 / upside	28.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q4_cash_interest, upside_2028q4_tax, upside_2028q4_wc).
Operating cash flow proxy upside_2028q4_cfo	2028Q4 / upside	11.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q4_noncash_adjusted, upside_2028q4_cash_uses).
Gross PP&E cash spending upside_2028q4_capex	2028Q4 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after gross PP&E upside_2028q4_fcf	2028Q4 / upside	-18.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex).
Liquidity before financing and principal upside_2028q4_ending_liquidity_proxy	2028Q4 / upside	642.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2028q3_ending_liquidity_proxy, upside_2028q4_fcf).
Revenue ($M) upside_fy2027_revenue	FY2027 / upside	771.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Power products ($M) upside_fy2027_power	FY2027 / upside	588.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_power, upside_2027q2_power, upside_2027q3_power, upside_2027q4_power).
Materials products ($M) upside_fy2027_materials	FY2027 / upside	183.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_materials, upside_2027q2_materials, upside_2027q3_materials, upside_2027q4_materials).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	7.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
Operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	-316.76 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Underutilization burden assumption ($M) upside_fy2027_idle_cost	FY2027 / upside	196.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_idle_cost, upside_2027q2_idle_cost, upside_2027q3_idle_cost, upside_2027q4_idle_cost).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	-241.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Gross cash PP&E ($M) upside_fy2027_capex	FY2027 / upside	65.00 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 gross PP&E ($M) upside_fy2027_fcf	FY2027 / upside	-306.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Revenue ($M) upside_fy2028_revenue	FY2028 / upside	1,180.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue).
Power products ($M) upside_fy2028_power	FY2028 / upside	950.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_power, upside_2028q2_power, upside_2028q3_power, upside_2028q4_power).
Materials products ($M) upside_fy2028_materials	FY2028 / upside	230.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_materials, upside_2028q2_materials, upside_2028q3_materials, upside_2028q4_materials).
GAAP gross profit proxy ($M) upside_fy2028_gross_profit	FY2028 / upside	220.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit).
Operating income proxy ($M) upside_fy2028_operating_income	FY2028 / upside	-112.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income).
Underutilization burden assumption ($M) upside_fy2028_idle_cost	FY2028 / upside	116.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_idle_cost, upside_2028q2_idle_cost, upside_2028q3_idle_cost, upside_2028q4_idle_cost).
Operating cash flow proxy ($M) upside_fy2028_cfo	FY2028 / upside	-34.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo).
Gross cash PP&E ($M) upside_fy2028_capex	FY2028 / upside	105.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
Cash after gross PP&E ($M) upside_fy2028_fcf	FY2028 / upside	-139.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf).

Model boundaries

September 29, 2025 fresh-start accounting makes predecessor and successor financials noncomparable. Historical reorganization and fair-value gains are not recurring earnings; old shares were cancelled.
Product-level margins and underutilization costs in the forecast are explicit desk assumptions; the company reports one segment. Before-idle contribution already includes normal manufacturing depreciation, which is added back once for cash.
Base FY2027 Q1 revenue $150M and adjusted operating expense $64M use August guidance midpoints. Management expects negative non-GAAP gross margin; later recovery is a scenario, not guidance.
September 16 pro forma statements reconstruct accounting as if reorganization occurred earlier. They are not a new operating quarter, new financing or revised cash receipt.
June $1.089B cash and short-term investments includes funds needed for a $350M minimum-cash covenant. The covenant definition must be checked before assuming all liquidity is deployable.
Gross capex and cash reimbursements differ. No repeat of the $733.2M successor-period incentive reimbursements is assumed. New tax credits, debt conversions and government awards are not recurring operating cash.
Cash-interest and restructuring payments are explicit sensitivities, not a full instrument-by-instrument debt schedule. PIK, maturity cash and conversion dilution require a separate ownership bridge.
Cash after PP&E excludes acquisitions, debt principal and financing. Liquidity trajectory is an analytical funding indicator, not covenant-compliance certification. No diluted EPS forecast.

Testing the cash runway of a SiC factory recovery

Research reviewed 2026-09-20

Can growing device demand absorb underutilized capacity before cash and financing constraints tighten?

Q4 FY2026 revenue was $149.6M: $106.3M power products and $43.3M materials. GAAP gross loss was $36.8M, operating loss $115.4M, adjusted EBITDA loss $62.4M and CFO negative $54.4M. June cash and investments totaled $1.089B; the debt agreement requires a $350M minimum cash balance. Management guides Q1 FY2027 revenue to $140-160M, adjusted operating expenses to $62-66M, and continued negative non-GAAP gross margin. Fresh-start accounting and $733.2M successor-period incentive reimbursements make simple annual comparisons misleading. September pro forma disclosures are accounting reconstruction, not new operating performance.

The competing explanation

EV demand, customer second-sourcing or weak materials sales can keep large factories underloaded. The balance sheet can improve through conversions while operations still consume cash and common holders absorb dilution.

Risks to track

Slow end-market demand and customer concentration.
Factory utilization, yields and inventory charges.
Cash covenant and senior financing claims.
PIK and conversion dilution.
Predecessor/successor accounting comparability.

Next checkpoints

FY2027 Q1 results · Next release; date unconfirmed (estimated). Compare revenue and adjusted expense guidance with factory burden and cash use.
Device qualification and design wins · Each commercial update (estimated). Confirm actual shipments and revenue rather than design-in lifetime values.
Cash and capital structure · Each filing or financing event (estimated). Reconcile gross capex, incentive receipts, coupon cash and minimum-cash requirements.

Data coverage and open work

September 29, 2025 fresh-start accounting makes predecessor and successor financials noncomparable. Historical reorganization and fair-value gains are not recurring earnings; old shares were cancelled.
Product-level margins and underutilization costs in the forecast are explicit desk assumptions; the company reports one segment. Before-idle contribution already includes normal manufacturing depreciation, which is added back once for cash.
Base FY2027 Q1 revenue $150M and adjusted operating expense $64M use August guidance midpoints. Management expects negative non-GAAP gross margin; later recovery is a scenario, not guidance.
September 16 pro forma statements reconstruct accounting as if reorganization occurred earlier. They are not a new operating quarter, new financing or revised cash receipt.
June $1.089B cash and short-term investments includes funds needed for a $350M minimum-cash covenant. The covenant definition must be checked before assuming all liquidity is deployable.
Gross capex and cash reimbursements differ. No repeat of the $733.2M successor-period incentive reimbursements is assumed. New tax credits, debt conversions and government awards are not recurring operating cash.
Cash-interest and restructuring payments are explicit sensitivities, not a full instrument-by-instrument debt schedule. PIK, maturity cash and conversion dilution require a separate ownership bridge.
Cash after PP&E excludes acquisitions, debt principal and financing. Liquidity trajectory is an analytical funding indicator, not covenant-compliance certification. No diluted EPS forecast.

This review: First successor operating model; directly reported Q4 facts correct cumulative-rounding history; September pro forma separated.

What the memory says

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

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-2.0	-0.1	+1.8	48%
5 sessions	-4.3	+0.1	+4.3	51%
10 sessions	-6.2	-0.1	+6.2	49%
1 month (21 sessions)	-11.4	-0.5	+10.8	45%
3 months (63 sessions)	-18.2	-1.2	+22.1	47%
6 months (126 sessions)	-22.8	+0.1	+28.7	50%
1 year (252 sessions)	-39.5	-3.3	+40.7	46%

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: 2026-08-05 (source: estimated from 10-Q filed 2026-05-07 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[3] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[5] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[6] reported: Direct successor Q4 release; overrides rounded cumulative subtraction; retrieved 2026-09-20T13:58:32.835044+00:00 from https://www.sec.gov/Archives/edgar/data/895419/000089541926000049/ex991q4-26.htm
[7] reported: GrossProfit, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[8] reported: GrossProfit, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[9] derived: GrossProfit, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[10] reported: GrossProfit, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[11] reported: GrossProfit, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[12] reported: OperatingIncomeLoss, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[13] reported: OperatingIncomeLoss, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[14] derived: OperatingIncomeLoss, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[15] reported: OperatingIncomeLoss, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[16] reported: OperatingIncomeLoss, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[17] reported: NetIncomeLoss, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[18] derived: NetIncomeLoss, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[19] reported: NetIncomeLoss, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[20] reported: EarningsPerShareDiluted, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[21] reported: EarningsPerShareDiluted, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[22] reported: EarningsPerShareDiluted, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[23] reported: EarningsPerShareDiluted, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[24] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[25] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[26] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[27] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0000895419-25-000018, 10-Q filed 2025-01-30; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0000895419-25-000071, 10-Q filed 2025-05-09; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[30] reported: CashAndCashEquivalentsAtCarryingValue, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[31] reported: CashAndCashEquivalentsAtCarryingValue, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[32] reported: CashAndCashEquivalentsAtCarryingValue, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[33] reported: CashAndCashEquivalentsAtCarryingValue, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[34] reported: LongTermDebt, accession 0000895419-25-000018, 10-Q filed 2025-01-30; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[35] reported: LongTermDebt, accession 0000895419-25-000071, 10-Q filed 2025-05-09; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[36] reported: LongTermDebt, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[37] reported: LongTermDebt, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[38] reported: LongTermDebt, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[39] reported: LongTermDebt, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[40] derived: NetCashProvidedByUsedInOperatingActivities, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[41] derived: NetCashProvidedByUsedInOperatingActivities, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[42] derived: NetCashProvidedByUsedInOperatingActivities, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[43] reported: NetCashProvidedByUsedInOperatingActivities, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[44] reported: NetCashProvidedByUsedInOperatingActivities, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[45] reported: NetCashProvidedByUsedInOperatingActivities, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[46] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[47] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[48] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[49] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[50] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[51] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[52] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2026-02-06] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2026-02-06], accession 0000895419-26-000016, 10-Q filed 2026-02-06; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[53] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2026-05-07] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2026-05-07], accession 0000895419-26-000030, 10-Q filed 2026-05-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[54] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2026-08-20] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2026-08-20], accession 0000895419-26-000054, 10-K filed 2026-08-20; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json
[55] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2025-11-07] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json; filed 2025-11-07], accession 0000895419-25-000132, 10-Q filed 2025-11-07; retrieved 2026-09-26T11:16:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0000895419.json

What the author read

FY2026 annual accounts and successor debt/covenants · retrieved 2026-09-20
Direct Q4 successor results and FY2027 Q1 outlook · retrieved 2026-09-20
September 16 accounting pro forma disclosure · retrieved 2026-09-20

Compiled 2026-09-26T11:16:02.981505+00:00 · authored a59308335bdc · generated e7fc22118fcf · JSON

Daily notes · Scorecard