Published October 4, 2026

October Upside Ranks

Qualitative relative target-touch selections · Not calibrated probabilities

Dated prices · targets are price touches, not forecasts · exact ranks are editorial judgments.

Grade legend, dates & research limits

Completed editorial grades · assessed October 6. Business = demonstrated commercial traction. Catalyst = clarity and timing of the next important test, not success odds. Target path = how demanding this list’s target is. These grades use the same rubric for all selected names; they are not native financial-model grades or statistical probabilities.

A strong / direct · B supported but conditional · C speculative or major gaps · D exceptional leap / weak bridge. A strong catalyst can fail. A fivefold target can have a D path even in a top-ranked moonshot.

Exact grading benchmarks & evidence dates

Business

How far the business inflection is demonstrated today, not source completeness.

  • A — Broad, realized commercial growth or earnings; not just a plan.
  • B — Real but early, concentrated or mixed operating traction.
  • C — Primarily clinical/development or capacity optionality; limited realized economics.
  • D — Retained facts undermine the proposed business inflection.

Catalyst

Specificity, observability and timing of a thesis-changing test inside the original window, not its chance of success.

  • A — A scheduled or explicitly windowed material readout, launch or commercial ramp; repeated hard operating tests may qualify.
  • B — Concrete delivery, orders or earnings tests, but diffuse timing or less discrete thesis change.
  • C — A real milestone with important acceptance/economics/timing gaps.
  • D — No supported material in-window test.

Target path

Burden of reaching THIS tier target from the dated baseline; not an absolute odds estimate.

  • A — Comparatively direct earnings/recognition bridge in retained evidence; still conditional.
  • B — Recognizable bridge, but meaningful premium, execution or share-claim sensitivity.
  • C — Speculative extension or binary rerating beyond established economics; small-base elasticity is not a forecast.
  • D — Exceptional leap far beyond retained cases, with major scale/valuation/financing obstacles.

No bell curve, numeric weights, A+ grades, probability conversion or grade-based reranking. Same rubric for incumbents and additions; target-path grades vary by tier. A catalyst can fail. No synchronized chart grading because technical coverage is not comparable across all 19.

Assessment October 6 of retained evidence, not an October 6 source refresh. Baseline October 1; existing remaining touch window October 4, 2026 to exclusive October 1, 2027. Original source cutoff October 3; additions retrieved October 4; Bloom narrative retrieved October 5 UTC. Original publication dates remain attached to sources.

Original conservative research grades remain in each full story. Partial financial underwriting remains partial: completed qualitative grades do not certify current cash, target dilution, clinical efficacy or funded forecasts. No chart grade is invented from unmatched technical snapshots.

Targets use October 1, 2026 baseline quotes, which are not live prices. The price-touch window is October 4, 2026 to exclusive October 1, 2027, not the price at expiry. Exact ordinal differences are low-confidence editorial judgments; absolute likelihood may be low.

Original financial source cutoff: October 3, 2026, 07:14:12.687379 UTC. Biotech sources retrieved October 4 with original publication dates retained. Bloom’s power and policy narrative reviewed October 4 ET (sources retrieved October 5 UTC). Publication does not clear research or model limitations. No calibrated odds.

INFQ · Infleqtion, Inc.

2x Conviction · #85x Moonshots · #2

Oct1 baseline: USD 13.36. Original frozen quote retained.

The investment story

Thesis

A planned quantum-system deployment could turn development work into commercial progress, attracting investors despite continuing losses.

What could move the stock

A planned quantum-system deployment could turn development work into commercial progress, attracting investors despite continuing losses.

Next catalyst

Planned 2027 system deployment; acceptance timing and contract value remain unspecified.

Major risk

High cash burn, continuing losses and dilution make the upside highly speculative.

Editorial grades · October 6 assessment

Same rubric for every selected company. Business is demonstrated traction; Catalyst is the timing and clarity of a test, not its chance of success. Target path changes with the target burden.

2x Conviction

BusinessCCatalystCTarget pathC

Business · C

A signed quantum deployment supports commercial possibility, but contract value and acceptance timing are unspecified.

Catalyst · C

A planned 2027 deployment is relevant, but its unspecified month may fall outside the window; later qubit and NASA milestones do not count.

Target path · C

Small-base commercialization offers repricing elasticity, but the retained bull falls short and contract economics remain unspecified.

Strongest countercase

Losses, burn and target-dependent dilution make the repricing bridge highly uncertain.

Confidence & coverage

Low for target touch and adjacent ordering; moderate for the descriptive assessment of retained facts. Retained native financial and source detail preserved; existing holds and sensitivities still apply.

5x Moonshots

BusinessCCatalystCTarget pathC

Business · C

A signed quantum deployment supports commercial possibility, but contract value and acceptance timing are unspecified.

Catalyst · C

A planned 2027 deployment is relevant, but its unspecified month may fall outside the window; later qubit and NASA milestones do not count.

Target path · C

A small commercial base gives deployment-driven optionality, but fivefold needs much larger recognition or valuation than the preserved bull.

Strongest countercase

Losses, burn and target-dependent dilution make the repricing bridge highly uncertain.

Confidence & coverage

Low for target touch and adjacent ordering; moderate for the descriptive assessment of retained facts. Retained native financial and source detail preserved; existing holds and sensitivities still apply.

Grade evidence & preserved research grades

Editorial reader v2 is separate from native financial certification. The original conservative evidence/path grades below have not been upgraded or overwritten.

2x Conviction original research grades

Evidence: C; operating pathway: C; feasibility: stretch.

5x Moonshots original research grades

Evidence: C; operating pathway: C; feasibility: heroic.

  1. originalPassages.INFQ-passage-44
    Published: 2026-08-18 · Retrieved: 2026-10-02T04:54:12.770143+00:00
  2. originalComponents.INFQ-component-annual-cfo
    Published: 2026-08-18 · Retrieved: 2026-10-02T04:57:03.621390+00:00
  3. originalPassages.INFQ-passage-70
    Published: 2026-08-27 · Retrieved: 2026-10-02T04:54:14.105463+00:00
  4. originalPassages.INFQ-passage-71
    Published: 2026-08-17 · Retrieved: 2026-10-02T04:54:11.478511+00:00
  5. originalPassages.INFQ-passage-74
    Published: 2026-07-22 · Retrieved: 2026-10-02T21:09:39.091607+00:00
Detailed research, valuation assumptions & sources

Thesis

Signed planned-2027 IQMP deployment and NASA development work are real; contract value and acceptance month are unspecified. NASA 2030 flight and 2028 qubits are outside the horizon.

Independent economic outcome

Accept four scoped semantic/withinbudgetcash/forwardclaimidentity deltas as analystconditional operativeinterpretation, not issuerquantifiedfuturebudget/legalcashlesselection, nativeconformance orinvestmentapproval. Core/source/originalfinancialmodels/quotes andoldnativecards untouched. 4for1/splitquote unchanged; financing andfiniteclaimallowanceshypotheticalnotissuanceguarantee. INFQconditionalphysicalwarrant cash/sharespair coherent, cashless/legalconditionandagencycashscope preserved. Archived native failure count 35 remains. No remaining fixable 0040 interpretation residue; conditional current stock/EPS/fullnative unknowns are NOT resolved or newly guaranteed.

Expectations gap

No independently matched current consensus-baseline mispricing is asserted. A double needs more revenue/premium than $94M bull. Small commercial base and signed deployment offer elasticity, but acceptance timing and contract-value gaps reduce confidence below nearer paid/order-led doubles.

Confidence and limitations

Source-backedrelativebusinesscomparison; exactadjacentorderandfutureprice realization uncertain. Lowabsolutechanceisnotanadmissionban. Qualified/limited forward evidence; low comparative confidence, especially pricing, recognition or common-owner funding. Retained actual facts remain distinct from hypotheses. Stock-wide label uses most cautious genuine parent tier judgment; per-membership judgments preserved.

  • Qualitative editorial likelihood ordering only; no numeric probabilities, no mechanically calibrated source grade, no issuer future assurance. Adjacent order is low-confidence within the disclosed close-comparison bands.
  • No calibrated absolute hit probabilities or independently matched current consensus baseline; relative ordering uses qualified evidence, not a measured expectations gap.
  • Ramp realization, pricing/acceptance or common-owner funding has material unquantified elements; management targets/analyst hypotheses are not delivered revenue.
  • Native schema/interface historical holds remain archived. Unresolved economic cash/current-capital/accounting facts lower confidence; absent adapter EPS/cashDate alone does not label issuer uninvestable.
  • Bull remains GAAP-loss-making (negative $95.68M common NI), high burn and $32M SBC. Target-price warrants/options alter claims; physical warrant cash/shares pair is conditional, cashless election is not known. Do not call hypothetical exercise proceeds funded.

Catalysts & disconfirmation

Signed planned-2027 IQMP deployment and NASA development work are real; contract value and acceptance month are unspecified. NASA 2030 flight and 2028 qubits are outside the horizon.

2026-10-01 to 2027-09-30; editorial-monitoring-checkpoint; exact future announcement dates unverified · Retainedprimaryrealizedcommercialmilestones/managementdisclosures supportmechanism, butnotguaranteedforward recognition. INFQvalue/acceptancetiming incomplete · Upgrade: Confirm paid recognized delivery and common-owner economics within the retained operating window, not merely capacity/backlog/pilot publicity. Requires the additional recognition, recurring-profit/multiple retention and funded common-claim outcomes stated in targetPath. Existing near-double or alternative cases are identified, never silently merged into original bull. · Cut: Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Bull remains GAAP-loss-making (negative $95.68M common NI), high burn and $32M SBC. Target-price warrants/options alter claims; physical warrant cash/shares pair is conditional, cashless election is not known. Do not call hypothetical exercise proceeds funded.

Bear case

Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Bull remains GAAP-loss-making (negative $95.68M common NI), high burn and $32M SBC. Target-price warrants/options alter claims; physical warrant cash/shares pair is conditional, cashless election is not known. Do not call hypothetical exercise proceeds funded.

Retained financial routes — not target odds

Original financial hypotheses remain unchanged. Native disposition, independent WATCH and current editorial selection are distinct.

INFQ · Native blocked / Independent Accept four scoped semantic/withinbudgetcash/forwardclaimidentity deltas as analystconditional operativeinterpretation, not issuerquantifiedfuturebudget/legalcashlesselection, nativeconformance orinvestmentapproval. Core/source/originalfinancialmodels/quotes andoldnativecards untouched.

Economic outcome

Accept four scoped semantic/withinbudgetcash/forwardclaimidentity deltas as analystconditional operativeinterpretation, not issuerquantifiedfuturebudget/legalcashlesselection, nativeconformance orinvestmentapproval. Core/source/originalfinancialmodels/quotes andoldnativecards untouched. 4for1/splitquote unchanged; financing andfiniteclaimallowanceshypotheticalnotissuanceguarantee. INFQconditionalphysicalwarrant cash/sharespair coherent, cashless/legalconditionandagencycashscope preserved. Archived native failure count 35 remains. No remaining fixable 0040 interpretation residue; conditional current stock/EPS/fullnative unknowns are NOT resolved or newly guaranteed.

Accounting and period

GAAP; actual/analyst-normalized classifications and source scope preserved individually · Exact original source measurement and forward cash windows; analysis/review dates separate · USD million for operative four-name model fields; explicitly USD for original native financial totals

native.financials.convertibleConversionPrice

Not provided/true unknown in exact original input; no zero or issuer certification substituted

Measured/derived historical revenue, owner income and cash — operative labels

Recognized revenue — original measurement period

41.080999999999996 USD million · derived · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ebit

-81.412 USD million · derived · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Net income attributable to common — stated preferred treatment

-71.637 USD million · derived · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

group NI

-71.637 USD million · derived · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Operating cash flow — stated period and case

-20.392 USD million · derived · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Reported historical EPS — unsupported remains unknown

Unknown (null) USD/share · unknown · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Core measured historical financials — dates and attribution retained

Recognized revenue — original measurement period

41080999.99999999 USD · derived · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. · FY+YTDcurrent-YTDprior

operating Margin

-1.9817433850198392 fraction · derived · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q5 in route shared notes

Dated consolidated cash + marketable debt securities — derived bundle

581738000 USD · derived · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q7 in route shared notes

debt

0 USD · actual · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q8 in route shared notes

Dated measured ordinary shares — NOT current fully diluted

225357052 ordinary-shares · actual · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q10 in route shared notes

shares At

2026-08-14 text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q11 in route shared notes

convertible Incremental Shares

0 ordinary-shares · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q12 in route shared notes

convertible Debt Removed

0 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q13 in route shared notes

convertible Cash Settlement

0 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q14 in route shared notes

post Balance Cash Change

-58399999.99999998 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q15 in route shared notes

post Balance Debt Change

0 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q16 in route shared notes

ownership Liability

0 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q17 in route shared notes

cash Ownership Fraction

1 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q18 in route shared notes

cash Nci Deduction

0 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q19 in route shared notes

cash Jv Contribution

0 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q20 in route shared notes

cash Ownership Reconciliation

Consolidated economic group liquidity assumption only; outside claims kept separate, NOT factual parent distributability. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q21 in route shared notes

post Balance Other Cash Change

0 USD · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q22 in route shared notes

Material Provided valuation

sector

neutral-atom quantum computing text · not-applicable · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q24 in route shared notes

metric

EV/revenue text · not-applicable · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q25 in route shared notes

reference Multiple

53.85880570620391 x · assumption · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q26 in route shared notes

multiple Low

30 x · assumption · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q27 in route shared notes

multiple High

53.85880570620391 x · assumption · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q28 in route shared notes

justification

Retainedguide53.8588xEVsales isquantum-transitionoptionality,not certifiedfairvalue. Bull remainsGAAPNI-95.68m after32mSBC,cashopex100m,DA5m; positivepricefromsalesmultipledoesnotimplyprofit.35xcompressionmisses35% but53.8588xretentioncanpassifpricedacceptance94mrecognitionandclaimswork. No matched normalizedquantumpeerincome or consensus pricebaseline isavailable; neitherquantumcategory noranarsalescaprejectsresearch. text · not-applicable · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q29 in route shared notes

model Fit

unsupported text · not-applicable · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Retained INFQ analyst valuation interpretation: FreshGAAPTTMEBIT-81.412m/revenue41.081m=-1.981743384x. Nativeguard -1<=margin<=1 rejectslegitimateR&Dlossmarginbelow-100%. Cannot substituteEBITDA oradjustedmargin.

Bounded source/proof detail — exact archive, NOT financial assumptions

full Archive

[internal evidence reference] artifact path · not-applicable · Qualification Q30 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

full Archive SHA

1900d87c2fa2ab79b937fa9292636486e5e4f5dc6563f1428e5fb468080e4b73 SHA256 · not-applicable · Qualification Q31 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

All three upside hurdles — required revenue / owner income / valuation / claims

factor — original reverse hurdle

1.35 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

18.035999536514282 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

53.85880570620391 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

79.80044275555 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

0.8489408803781915 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-99.655876028446 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-99.655876028446 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.37110320861845153 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-1.43678245469975 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

395.68212397155406 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

425.68212397155406 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

4843.378586111769 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

545.422044471554 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

18.03599953651428 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

18.035999536514282 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

53.85880570620391 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

79.80044275555 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

0.8489408803781915 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-99.655876028446 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-99.655876028446 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.37110320861845153 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-1.43678245469975 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

395.68212397155406 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

425.68212397155406 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

4843.378586111769 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

545.422044471554 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

18.03599953651428 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

18.035999536514282 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

35 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

122.45750185974403 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

1.3027393814866386 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-87.71189947927166 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-87.71189947927166 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.326625670537336 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-0.8387554696070162 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

407.6261005207284 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

437.6261005207284 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

4843.378586111769 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

557.3660210207285 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

18.035999536514282 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

bull Mathematically Crosses — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Final Admission — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

assessment — original reverse hurdle

unresolved-watch: genuinecommercialrouteexistsbut34mIQMPprice/acceptancehypothesisnotobservablyboundedfromsignedsource. Finitehypothesisallowed, notissuer-guaranteerequired; cannotcallcommerciallyunderwrittenwithoutprice/context. retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

eligible — original reverse hurdle

Unknown (null) USD million · unknown · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

final Classification Owner — original reverse hurdle

parent-independent-review retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

factor — original reverse hurdle

2 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

26.719999313354492 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

53.85880570620391 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

122.87485244371105 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

1.307179281316075 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-87.59504131576091 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-87.59504131576091 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.326190508646634 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-0.8349555606812198 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

407.74295868423917 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

437.74295868423917 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

7175.375683128547 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

557.4828791842392 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

26.719999313354492 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

26.719999313354492 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

53.85880570620391 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

122.87485244371105 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

1.307179281316075 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-87.59504131576091 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-87.59504131576091 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.326190508646634 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-0.8349555606812198 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

407.74295868423917 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

437.74295868423917 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

7175.375683128547 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

557.4828791842392 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

26.719999313354492 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

26.719999313354492 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

35 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

188.55719281826947 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

2.0059275831730794 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-69.20398601088453 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-69.20398601088453 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.2577050373878105 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-0.4465700021957791 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

426.13401398911554 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

456.13401398911554 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

7175.375683128547 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

575.8739344891155 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

26.719999313354492 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

bull Mathematically Crosses — original reverse hurdle

false retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Final Admission — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

assessment — original reverse hurdle

nonadmission-on-reviewed-operating-hypotheses:~122.87mrecognizedatretainedpremiumneeds~63mIQMP/newcontractsabove60mcore; no pricedcommercialmechanism retained. retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

eligible — original reverse hurdle

Unknown (null) USD million · unknown · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

final Classification Owner — original reverse hurdle

parent-independent-review retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

factor — original reverse hurdle

5 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

66.79999828338623 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

53.85880570620391 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

321.6798202352234 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

3.4221257471832276 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-31.92965033413745 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-31.92965033413745 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.1189011241613225 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-0.14588932031801333 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

463.4083496658626 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

493.4083496658626 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

17938.439207821368 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

613.1482701658626 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

66.7999982833862 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

66.79999828338623 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

53.85880570620391 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

321.6798202352234 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

3.4221257471832276 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

-31.92965033413745 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

-31.92965033413745 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

-0.1189011241613225 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

-0.14588932031801333 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

463.4083496658626 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

493.4083496658626 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

17938.439207821368 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

613.1482701658626 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

66.7999982833862 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

target Price USD — original reverse hurdle

66.79999828338623 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

multiple — original reverse hurdle

35 valuation multiple x · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Recognized Revenue USDm — original reverse hurdle

493.63268954992543 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Revenue Factor Vs Bull — original reverse hurdle

5.251411590956653 fraction / ratio · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ordinary M — original reverse hurdle

225.357052 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

gross Option Allowance M — original reverse hurdle

27.042019 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unvested RSUs M — original reverse hurdle

0.728278 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

new Award Allowance M — original reverse hurdle

5 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Physical Shares M — original reverse hurdle

10.412167 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashless Economic Warrant Allowance M — original reverse hurdle

0 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

total Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Cash USDm — original reverse hurdle

119.7399205 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

option Exercise Cash USDm — original reverse hurdle

0 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

warrant Strike — original reverse hurdle

11.5 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Exact Fully Diluted — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

founder Earnout Already In Common — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

restricted Morton Common Already Issued — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

unissued Reserve33419882 Not Added Again — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

exercise Mode — original reverse hurdle

hypothetical physical cash exercise retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Shares M — original reverse hurdle

268.539516 million ordinary shares — finite analyst allowance, not exactcurrentFD · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Common NIUSDm — original reverse hurdle

16.217153073979148 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner Income USDm — original reverse hurdle

16.217153073979148 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required Owner EPS — original reverse hurdle

0.06039019253307639 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

required GAAPOperating Margin At Fixed Bull Margin — original reverse hurdle

0.002465705978850184 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash Minimum At Reverse Case — original reverse hurdle

488.1670875533164 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cash At Reverse Case Pre Exercises — original reverse hurdle

541.5551530739793 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

equity USDm At Target — original reverse hurdle

17938.439207821368 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

terminal Cash Post Exercises — original reverse hurdle

661.2950735739794 USD million · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

reverse Solved Price USD — original reverse hurdle

66.79999828338624 USD/share · derived · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

recognition Not Capacity Or ARR — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Forecast — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

bull Mathematically Crosses — original reverse hurdle

false retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

not Final Admission — original reverse hurdle

true retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

assessment — original reverse hurdle

nonadmission-on-reviewed-operating-hypotheses:~321.68mrecognizedrequires~262mnewpricedrecognitionabove60mcore; roadmapqubitsarenotcommercialclaims. retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

eligible — original reverse hurdle

Unknown (null) USD million · unknown · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

final Classification Owner — original reverse hurdle

parent-independent-review retained context / applicability · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Shared financial qualifications — exact scopes/formulas, not numeric assumptions

Qualification Q1 — exact field scope

Original FY+matchedYTD or annual bridge; not reported trailing EPS Measurement/forecast period: {'start': '2025-07-01', 'end': '2026-06-30'}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q2 — exact field scope

Retained companyfacts annual EPS=0 is inconsistent with legacy NI -32.228m /46.186m weighted shares; SPAC-to-operating-company population ambiguity. Do not fabricate EPS or add interim EPS. Measurement/forecast period: 2025-01-01/2025-12-31. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q3 — exact field scope

Original FY + matched currentYTD - priorYTD additive revenue bridge, not issuer-published TTM EPS scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q4 — exact field scope

Exact retained native financials inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. Original measurement {'start': '2025-07-01', 'end': '2026-06-30', 'basis': 'original retained financial measurement; native stock/share dates separately stated'}; dated balance/share values NOT quote-day cap-table guarantees. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q5

Formula for native.financials.operatingMargin: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q6 — exact field scope

DATED HISTORICAL consolidated source-defined measurement/bridge at 2026-06-30. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. Analyst elapsed stub, ownership accessibility/currentbank/terminalclaim counts remain separate hypotheses; NOT guaranteed available Octobercash. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q7

Formula for native.financials.cash: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q8

Formula for native.financials.debt: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q9 — exact field scope

DATED HISTORICAL consolidated source-defined measurement/bridge at 2026-08-14. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. Analyst elapsed stub, ownership accessibility/currentbank/terminalclaim counts remain separate hypotheses; NOT guaranteed available Octobercash. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q10

Formula for native.financials.measuredOrdinaryShares: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q11

Formula for native.financials.sharesAt: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q12

Formula for native.financials.convertibleIncrementalShares: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q13

Formula for native.financials.convertibleDebtRemoved: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q14

Formula for native.financials.convertibleCashSettlement: Source-bound modeling interpretation of original reported context/measurement/price; no claim of exact quote-day liquidity or fully diluted stock. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q15

Formula for native.financials.postBalanceCashChange: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q16

Formula for native.financials.postBalanceDebtChange: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q17

Formula for native.financials.ownershipLiability: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q18

Formula for native.financials.cashOwnershipFraction: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q19

Formula for native.financials.cashNciDeduction: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q20

Formula for native.financials.cashJvContribution: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q21

Formula for native.financials.cashOwnershipReconciliation: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q22

Formula for native.financials.postBalanceOtherCashChange: Exact retained elapsed/economic cash-scope hypothesis; postBalanceCashChange already contains all stub uses; postBalanceOtherCashChange zero means no ADDITIONAL duplicated stub use, not no actual transactions. Unrestricted cash/available-for-sale debt securities; no credit for private equity3m. 30.9m tax claim remitted separately once;3.5m receivable collected once. These are financing/agency cash, NOT new exercise proceeds or organic CFO. Both are assumptions about elapsed settlement, not verified payment. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q23 — exact field scope

Exact retained native valuation inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q24

Formula for native.valuation.sector: Retained INFQ analyst valuation interpretation: Retainedguide53.8588xEVsales isquantum-transitionoptionality,not certifiedfairvalue. Bull remainsGAAPNI-95.68m after32mSBC,cashopex100m,DA5m; positivepricefromsalesmultipledoesnotimplyprofit.35xcompressionmisses35% but53.8588xretentioncanpassifpricedacceptance94mrecognitionandclaimswork. No matched normalizedquantumpeerincome or consensus pricebaseline isavailable; neitherquantumcategory noranarsalescaprejectsresearch. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q25

Formula for native.valuation.metric: Retained INFQ analyst valuation interpretation: Retainedguide53.8588xEVsales isquantum-transitionoptionality,not certifiedfairvalue. Bull remainsGAAPNI-95.68m after32mSBC,cashopex100m,DA5m; positivepricefromsalesmultipledoesnotimplyprofit.35xcompressionmisses35% but53.8588xretentioncanpassifpricedacceptance94mrecognitionandclaimswork. No matched normalizedquantumpeerincome or consensus pricebaseline isavailable; neitherquantumcategory noranarsalescaprejectsresearch. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q26

Formula for native.valuation.referenceMultiple: Retained INFQ analyst valuation interpretation: Retainedguide53.8588xEVsales isquantum-transitionoptionality,not certifiedfairvalue. Bull remainsGAAPNI-95.68m after32mSBC,cashopex100m,DA5m; positivepricefromsalesmultipledoesnotimplyprofit.35xcompressionmisses35% but53.8588xretentioncanpassifpricedacceptance94mrecognitionandclaimswork. No matched normalizedquantumpeerincome or consensus pricebaseline isavailable; neitherquantumcategory noranarsalescaprejectsresearch. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q27

Formula for native.valuation.multipleLow: Retained INFQ analyst valuation interpretation: Retainedguide53.8588xEVsales isquantum-transitionoptionality,not certifiedfairvalue. Bull remainsGAAPNI-95.68m after32mSBC,cashopex100m,DA5m; positivepricefromsalesmultipledoesnotimplyprofit.35xcompressionmisses35% but53.8588xretentioncanpassifpricedacceptance94mrecognitionandclaimswork. No matched normalizedquantumpeerincome or consensus pricebaseline isavailable; neitherquantumcategory noranarsalescaprejectsresearch. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q28

Formula for native.valuation.multipleHigh: Retained INFQ analyst valuation interpretation: Retainedguide53.8588xEVsales isquantum-transitionoptionality,not certifiedfairvalue. Bull remainsGAAPNI-95.68m after32mSBC,cashopex100m,DA5m; positivepricefromsalesmultipledoesnotimplyprofit.35xcompressionmisses35% but53.8588xretentioncanpassifpricedacceptance94mrecognitionandclaimswork. No matched normalizedquantumpeerincome or consensus pricebaseline isavailable; neitherquantumcategory noranarsalescaprejectsresearch. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q29

Formula for native.valuation.justification: Retained INFQ analyst valuation interpretation: Retainedguide53.8588xEVsales isquantum-transitionoptionality,not certifiedfairvalue. Bull remainsGAAPNI-95.68m after32mSBC,cashopex100m,DA5m; positivepricefromsalesmultipledoesnotimplyprofit.35xcompressionmisses35% but53.8588xretentioncanpassifpricedacceptance94mrecognitionandclaimswork. No matched normalizedquantumpeerincome or consensus pricebaseline isavailable; neitherquantumcategory noranarsalescaprejectsresearch. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q30 — exact field scope

Exact original route pointer /modelViews/18 scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q31 — exact field scope

Hash equality is not semantic source proof scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q32 — exact field scope

Original accepted economic reverse operating/cash/claim valuation burden; NOT native eligibility, a probability, issuer target/guidance, or approved rank. AEHR cash overlay does not change saved revenue/profit/price burdens; preferred/warrant/disjoint claims retain original explicit conditional handling. Period {'start': '2026-10-01', 'end': '2027-09-30', 'basis': 'Original economic forecast / reverse burden horizon'} scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q33 — exact field scope

Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q34 — exact field scope

4for1/splitquote unchanged; financing andfiniteclaimallowanceshypotheticalnotissuanceguarantee. INFQconditionalphysicalwarrant cash/sharespair coherent, cashless/legalconditionandagencycashscope preserved. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q35 — exact field scope

Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q36 — exact field scope

Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q37 — exact field scope

Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q38 — exact field scope

Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q39 — exact field scope

Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q40 — exact field scope

Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q41 — exact field scope

Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q42 — exact field scope

Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q43 — exact field scope

Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q44 — exact field scope

Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q45 — exact field scope

Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q46 — exact field scope

Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q47 — exact field scope

Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q48 — exact field scope

Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q49 — exact field scope

Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q50 — exact field scope

Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q51 — exact field scope

Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q52 — exact field scope

Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q53 — exact field scope

Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q54 — exact field scope

Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q55 — exact field scope

Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q56 — exact field scope

Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q57 — exact field scope

Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q58 — exact field scope

Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q59 — exact field scope

Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q60 — exact field scope

Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q61 — exact field scope

Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q62 — exact field scope

Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q63 — exact field scope

Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q64 — exact field scope

Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q65 — exact field scope

Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q66 — exact field scope

Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q67 — exact field scope

Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q68 — exact field scope

Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q69 — exact field scope

Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q70 — exact field scope

Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q71 — exact field scope

Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q72 — exact field scope

Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q73 — exact field scope

Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q74 — exact field scope

Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q75 — exact field scope

Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q76 — exact field scope

Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q77 — exact field scope

Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q78 — exact field scope

Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q79 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q80 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q81 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q82 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q83 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q84 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q85 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q86 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q87 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q88 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q89 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q90 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q91 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q92 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q93 — exact field scope

Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q94 — exact field scope

Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q95 — exact field scope

Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q96 — exact field scope

Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q97 — exact field scope

Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q98 — exact field scope

Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q99 — exact field scope

Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Dated source/proof detail — actual citation sets, not source certainty

Historical/source evidence set E1 — shared actual citations

Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·

Historical/source evidence set E2 — shared actual citations

Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·

Exact immutable source/model proofs — shared references, not source certainty

Exact value/origin proof P8447

Full immutable financial/source/derivation context for rows marked P8447. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8448

Full immutable financial/source/derivation context for rows marked P8448. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8449

Full immutable financial/source/derivation context for rows marked P8449. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8489

Full immutable financial/source/derivation context for rows marked P8489. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

downside — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

10 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

1 — revenues

11 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

2 — revenues

12 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

3 — revenues

12 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Margin

0.2 fraction / ratio · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Opex

105 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

sbc

32 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

da

5 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

interest Net

15 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

wc

-25 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

capex

20 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

new Shares

8 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

multiple

30 valuation multiple x · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

iqmp

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

nasa Included

8 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

recognized Revenue

45 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gaap EBIT

-133 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gaap Operating Margin

-2.9555555555555557 fraction / ratio · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

pretax

-118 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

income Tax Expense

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

group NI

-118 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Net income attributable to common — stated preferred treatment

-118 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

owner Income Diagnostic

-118 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

other Cfo

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

working Capital Cash

-25 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Operating cash flow — stated period and case

-106 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Profit

9 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Operating Expense

105 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. ·

Terminal cash BEFORE hypothetical exercises

397.3380000000001 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Cash Post Hypothetical Exercises

397.3380000000001 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Debt

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

quarter Boundary Minimum Pre Exercises

397.3380000000001 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Minimum available cash — bounded analyst case

367.3380000000001 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

new Award Allowance M

8 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

warrant Physical Shares M

0 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

total Shares M

261.127349 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

exercise Cash USDm

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

terminal Shares M

261.127349 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Multiple

30 valuation multiple x · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

terminal Equity USDm

1747.3380000000002 USD million · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Per-share scenario price — unchanged

6.691516636198839 USD/share · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

price Ratio

0.5008620365386357 fraction / ratio · forecast · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q33 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

physical Warrant Shares M

0 million ordinary shares (dated/weighted/analyst allowance as scoped) · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

physical Exercise Cash USDm

0 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

strike USD

11.5 USD/share · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

cashless Economic Shares M

0 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cashless Exercise Cash USDm

0 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Legal Cashless Election Established

true boolean qualification, not monetary measurement · not-applicable · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":10,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-14.58,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-10.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-9.0,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":489.7580000000001,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q35 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":11,"unit":"USD million"},{"field":"1.openingCash","value":489.7580000000001,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-18.630000000000003,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-7.5,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-5.0,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":458.6280000000001,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q36 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":12,"unit":"USD million"},{"field":"2.openingCash","value":458.6280000000001,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-21.87,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-5.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-4.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":427.7580000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q37 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":12,"unit":"USD million"},{"field":"3.openingCash","value":427.7580000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-25.92,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.5,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-2.0,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":397.3380000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q38 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.downside; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

base — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

12 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

1 — revenues

15 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

2 — revenues

17 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

3 — revenues

20 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Margin

0.25 fraction / ratio · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Opex

100 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

sbc

32 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

da

5 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

interest Net

15 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

wc

-20 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

capex

15 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

multiple

40 valuation multiple x · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

iqmp

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

nasa Included

12 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

recognized Revenue

64 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gaap EBIT

-121 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gaap Operating Margin

-1.890625 fraction / ratio · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

pretax

-106 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

income Tax Expense

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

group NI

-106 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Net income attributable to common — stated preferred treatment

-106 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

owner Income Diagnostic

-106 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

other Cfo

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

working Capital Cash

-20 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Operating cash flow — stated period and case

-89 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Profit

16 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Operating Expense

100 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. ·

Terminal cash BEFORE hypothetical exercises

419.3380000000001 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Cash Post Hypothetical Exercises

539.0779205000001 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Debt

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

quarter Boundary Minimum Pre Exercises

419.3380000000001 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Minimum available cash — bounded analyst case

389.3380000000001 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Multiple

40 valuation multiple x · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

terminal Equity USDm

3099.0779205 USD million · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Per-share scenario price — unchanged

11.54049119720615 USD/share · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

price Ratio

0.8638092435457723 fraction / ratio · forecast · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q39 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

physical Warrant Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

physical Exercise Cash USDm

119.7399205 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

strike USD

11.5 USD/share · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

cashless Economic Shares M

0 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cashless Exercise Cash USDm

0 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Legal Cashless Election Established

true boolean qualification, not monetary measurement · not-applicable · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":12,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-12.42,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":496.16800000000006,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q40 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":15,"unit":"USD million"},{"field":"1.openingCash","value":496.16800000000006,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-15.870000000000001,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":470.54800000000006,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q41 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":17,"unit":"USD million"},{"field":"2.openingCash","value":470.54800000000006,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-18.630000000000003,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":444.91800000000006,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q42 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":20,"unit":"USD million"},{"field":"3.openingCash","value":444.91800000000006,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-22.080000000000002,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":419.3380000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q43 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.base; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

bull — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

1 — revenues

18 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

2 — revenues

22 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

3 — revenues

40 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Opex

100 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

sbc

32 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

da

5 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

interest Net

15 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

wc

-20 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

capex

15 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

iqmp

34 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

nasa Included

12 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

recognized Revenue

94 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gaap EBIT

-110.67999999999999 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gaap Operating Margin

-1.1774468085106382 fraction / ratio · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

pretax

-95.67999999999999 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

income Tax Expense

0 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

group NI

-95.67999999999999 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Net income attributable to common — stated preferred treatment

-95.67999999999999 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

owner Income Diagnostic

-95.67999999999999 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

other Cfo

0 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

working Capital Cash

-20 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Operating cash flow — stated period and case

-78.67999999999999 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Profit

26.320000000000004 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Operating Expense

100 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. ·

Terminal cash BEFORE hypothetical exercises

429.6580000000001 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Cash Post Hypothetical Exercises

549.3979205 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Debt

0 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

quarter Boundary Minimum Pre Exercises

429.6580000000001 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Minimum available cash — bounded analyst case

399.6580000000001 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

terminal Equity USDm

5612.125656883167 USD million · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

Per-share scenario price — unchanged

20.89869580640477 USD/share · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

price Ratio

1.5642736784023592 fraction / ratio · forecast · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q44 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

physical Warrant Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

physical Exercise Cash USDm

119.7399205 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

strike USD

11.5 USD/share · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

cashless Economic Shares M

0 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

cashless Exercise Cash USDm

0 USD million · assumption · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. ·

no Legal Cashless Election Established

true boolean qualification, not monetary measurement · not-applicable · Qualification Q34 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-10.562399999999998,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":498.02560000000005,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q45 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":498.02560000000005,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-13.4964,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":474.77920000000006,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q46 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":474.77920000000006,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-15.843599999999999,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":451.9356000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q47 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":40,"unit":"USD million"},{"field":"3.openingCash","value":451.9356000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-18.7776,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":429.6580000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q48 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional scenarios.bull; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

retainedCompatibleReference — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

40 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

34 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

94 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-110.67999999999999 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.1774468085106382 fraction / ratio · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-95.67999999999999 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-95.67999999999999 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-95.67999999999999 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-95.67999999999999 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-78.67999999999999 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

26.320000000000004 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

429.6580000000001 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

549.3979205 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

429.6580000000001 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

399.6580000000001 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

5612.125656883167 USD million · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

20.89869580640477 USD/share · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.5642736784023592 fraction / ratio · forecast · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q49 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q49 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-10.562399999999998,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":498.02560000000005,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q50 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":498.02560000000005,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-13.4964,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":474.77920000000006,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q51 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":474.77920000000006,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-15.843599999999999,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":451.9356000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q52 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":40,"unit":"USD million"},{"field":"3.openingCash","value":451.9356000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-18.7776,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":429.6580000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q53 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.retainedCompatibleReference; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

revenueMinus20pct — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

11.200000000000001 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

14.4 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

17.6 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

32 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

34 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

75.2 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-115.94399999999999 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.5418085106382977 fraction / ratio · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-100.94399999999999 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-100.94399999999999 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-100.94399999999999 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-100.94399999999999 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-83.94399999999999 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

21.056000000000004 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

424.39400000000006 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

544.1339205 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

424.39400000000006 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

394.39400000000006 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

4594.316109606534 USD million · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

17.108529046453388 USD/share · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.2805785543491874 fraction / ratio · forecast · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q54 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q54 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":11.200000000000001,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-11.509919999999997,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":497.07808000000006,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q55 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":14.4,"unit":"USD million"},{"field":"1.openingCash","value":497.07808000000006,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-14.707119999999998,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":472.6209600000001,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q56 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":17.6,"unit":"USD million"},{"field":"2.openingCash","value":472.6209600000001,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-17.264879999999998,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":448.3560800000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q57 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":32.0,"unit":"USD million"},{"field":"3.openingCash","value":448.3560800000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-20.462079999999997,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":424.39400000000006,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q58 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.revenueMinus20pct; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

marginMinus3points — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

40 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.25 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

34 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

94 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-113.5 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.2074468085106382 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-98.5 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-98.5 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-98.5 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-98.5 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-81.5 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

23.5 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

426.8380000000001 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

546.5779205000001 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

426.8380000000001 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

396.8380000000001 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

5609.305656883167 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

20.88819455861076 USD/share · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.5634876568406921 fraction / ratio · forecast · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) fraction / ratio · unknown · Qualification Q59 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q59 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"fraction / ratio"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"fraction / ratio"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-11.07,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"0.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"0.flows.extraStressUse","value":0,"unit":"fraction / ratio"},{"field":"0.endingCashBeforeTargetExercises","value":497.5180000000001,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q60 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"fraction / ratio"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"fraction / ratio"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":497.5180000000001,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-14.145000000000001,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"1.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"1.flows.extraStressUse","value":0,"unit":"fraction / ratio"},{"field":"1.endingCashBeforeTargetExercises","value":473.6230000000001,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q61 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"fraction / ratio"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"fraction / ratio"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":473.6230000000001,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-16.605,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"2.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"2.flows.extraStressUse","value":0,"unit":"fraction / ratio"},{"field":"2.endingCashBeforeTargetExercises","value":450.0180000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q62 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"fraction / ratio"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"fraction / ratio"},{"field":"3.recognizedRevenueHypothesis","value":40,"unit":"USD million"},{"field":"3.openingCash","value":450.0180000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-19.68,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"3.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"3.flows.extraStressUse","value":0,"unit":"fraction / ratio"},{"field":"3.endingCashBeforeTargetExercises","value":426.8380000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q63 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.marginMinus3points; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

additional5pctClaimShares — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

40 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

34 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

94 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-110.67999999999999 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.1774468085106382 fraction / ratio · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-95.67999999999999 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-95.67999999999999 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-95.67999999999999 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-95.67999999999999 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-78.67999999999999 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

26.320000000000004 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

429.6580000000001 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

549.3979205 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

429.6580000000001 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

399.6580000000001 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

281.9664918 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

5612.125656883167 million ordinary shares (dated or analyst allowance, NOT current exact FD) · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

19.903519815623593 USD/share · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.4897844556212945 fraction / ratio · forecast · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) million ordinary shares (dated or analyst allowance, NOT current exact FD) · unknown · Qualification Q64 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q64 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-10.562399999999998,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"0.flows.debtRaised","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"0.flows.extraStressUse","value":0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"0.endingCashBeforeTargetExercises","value":498.02560000000005,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q65 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":498.02560000000005,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-13.4964,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"1.flows.debtRaised","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"1.flows.extraStressUse","value":0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"1.endingCashBeforeTargetExercises","value":474.77920000000006,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q66 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":474.77920000000006,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-15.843599999999999,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"2.flows.debtRaised","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"2.flows.extraStressUse","value":0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"2.endingCashBeforeTargetExercises","value":451.9356000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q67 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"3.recognizedRevenueHypothesis","value":40,"unit":"USD million"},{"field":"3.openingCash","value":451.9356000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-18.7776,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"3.flows.debtRaised","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"3.flows.extraStressUse","value":0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"},{"field":"3.endingCashBeforeTargetExercises","value":429.6580000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"million ordinary shares (dated or analyst allowance, NOT current exact FD)"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q68 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.additional5pctClaimShares; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

frontLoadedCashUse — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

40 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

34 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

94 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-110.67999999999999 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.1774468085106382 fraction / ratio · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-95.67999999999999 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-95.67999999999999 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-95.67999999999999 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-95.67999999999999 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-78.67999999999999 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

26.320000000000004 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

329.6580000000001 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

449.39792050000005 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

329.6580000000001 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

299.6580000000001 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

5512.125656883167 USD million · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

20.526311132858254 USD/share · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.5364005733787074 fraction / ratio · forecast · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q69 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q69 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-10.562399999999998,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":-100,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":398.02560000000005,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q70 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":398.02560000000005,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-13.4964,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":374.77920000000006,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q71 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":374.77920000000006,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-15.843599999999999,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":351.9356000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q72 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":40,"unit":"USD million"},{"field":"3.openingCash","value":351.9356000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-18.7776,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":329.6580000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q73 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.frontLoadedCashUse; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

combinedRevenueMarginCashClaims — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

11.200000000000001 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

14.4 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

17.6 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

32 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.25 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

34 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

75.2 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-118.2 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.5718085106382977 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-103.2 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-103.2 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-103.2 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-103.2 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-86.2 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

18.8 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

322.13800000000003 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

441.8779205 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

322.13800000000003 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

292.13800000000003 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

281.9664918 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

4492.060109606534 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

15.931184166353962 USD/share · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.1924539353106685 fraction / ratio · forecast · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) fraction / ratio · unknown · Qualification Q74 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q74 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"fraction / ratio"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"fraction / ratio"},{"field":"0.recognizedRevenueHypothesis","value":11.200000000000001,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-11.916,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"0.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"0.flows.extraStressUse","value":-100,"unit":"fraction / ratio"},{"field":"0.endingCashBeforeTargetExercises","value":396.6720000000001,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q75 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"fraction / ratio"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"fraction / ratio"},{"field":"1.recognizedRevenueHypothesis","value":14.4,"unit":"USD million"},{"field":"1.openingCash","value":396.6720000000001,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-15.226,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"1.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"1.flows.extraStressUse","value":0,"unit":"fraction / ratio"},{"field":"1.endingCashBeforeTargetExercises","value":371.6960000000001,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q76 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"fraction / ratio"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"fraction / ratio"},{"field":"2.recognizedRevenueHypothesis","value":17.6,"unit":"USD million"},{"field":"2.openingCash","value":371.6960000000001,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-17.874000000000002,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"2.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"2.flows.extraStressUse","value":0,"unit":"fraction / ratio"},{"field":"2.endingCashBeforeTargetExercises","value":346.82200000000006,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q77 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"fraction / ratio"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"fraction / ratio"},{"field":"3.recognizedRevenueHypothesis","value":32.0,"unit":"USD million"},{"field":"3.openingCash","value":346.82200000000006,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-21.184,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"fraction / ratio"},{"field":"3.flows.debtRaised","value":0.0,"unit":"fraction / ratio"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"fraction / ratio"},{"field":"3.flows.extraStressUse","value":0,"unit":"fraction / ratio"},{"field":"3.endingCashBeforeTargetExercises","value":322.13800000000003,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"fraction / ratio"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q78 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.combinedRevenueMarginCashClaims; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

IQMPRecognized10m — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

16 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

10 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

70 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-117.4 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.6771428571428573 fraction / ratio · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-102.4 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-102.4 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-102.4 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-102.4 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-85.4 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

19.6 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

422.9380000000001 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

542.6779205000001 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

422.9380000000001 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

392.9380000000001 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

4312.7943199342735 USD million · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

16.060185049020024 USD/share · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.2021096902493738 fraction / ratio · forecast · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q79 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-11.772,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":496.8160000000001,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q80 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":496.81600000000014,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-15.042000000000002,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":472.0240000000001,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q81 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":472.0240000000001,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-17.658,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":447.3660000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q82 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":16,"unit":"USD million"},{"field":"3.openingCash","value":447.3660000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-20.928,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":422.9380000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q83 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized10m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

IQMPRecognized20m — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

26 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

20 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

80 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-114.6 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.4324999999999999 fraction / ratio · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-99.6 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-99.6 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-99.6 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-99.6 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-82.6 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

22.400000000000002 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

425.73800000000006 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

545.4779205000001 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

425.73800000000006 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

395.73800000000006 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

4854.182376996313 USD million · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

18.076231197930337 USD/share · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.3530113519797844 fraction / ratio · forecast · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q84 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q84 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-11.267999999999999,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":497.32000000000005,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q85 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":497.32000000000005,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-14.398,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":473.172,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q86 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":473.172,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-16.902,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":449.27000000000004,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q87 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":26,"unit":"USD million"},{"field":"3.openingCash","value":449.27000000000004,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-20.032,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":425.73800000000006,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q88 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized20m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

IQMPRecognized40m — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

46 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

40 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

100 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-109 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-1.09 fraction / ratio · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-94 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-94 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-94 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-94 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-77 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

28.000000000000004 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

431.3380000000001 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

551.0779205000001 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

431.3380000000001 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

401.3380000000001 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

5936.958491120391 USD million · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

22.108323495750962 USD/share · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.654814675440606 fraction / ratio · forecast · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q89 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q89 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-10.26,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":498.3280000000001,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q90 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":498.3280000000001,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-13.110000000000001,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":475.4680000000001,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q91 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":475.4680000000001,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-15.39,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":453.0780000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q92 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":46,"unit":"USD million"},{"field":"3.openingCash","value":453.0780000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-18.240000000000002,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":431.3380000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q93 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPRecognized40m; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

IQMPAfterSeptember30 — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

0 — revenues

14 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

1 — revenues

18 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

2 — revenues

22 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

3 — revenues

6 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Margin

0.28 fraction / ratio · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Opex

100 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

sbc

32 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

da

5 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Net

15 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

wc

-20 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

capex

15 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Shares

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

iqmp

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

nasa Included

12 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

recognized Revenue

60 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap EBIT

-120.2 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gaap Operating Margin

-2.0033333333333334 fraction / ratio · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

pretax

-105.2 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

income Tax Expense

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

group NI

-105.2 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Net income attributable to common — stated preferred treatment

-105.2 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

owner Income Diagnostic

-105.2 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Noncash CFO addback — after cash-settlement component

37 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

other Cfo

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

working Capital Cash

-20 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Operating cash flow — stated period and case

-88.2 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Profit

16.8 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Operating Expense

100 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

SBCExpense Charged

32 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

no Tax Benefit Asset Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

interest Income Not Quantum Margin

15 fraction / ratio · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

opening Cash

523.3380000000001 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Terminal cash BEFORE hypothetical exercises

420.1380000000001 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Cash Post Hypothetical Exercises

539.8779205000001 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Debt

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Ownership Claim

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

quarter Boundary Minimum Pre Exercises

420.1380000000001 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

intra Quarter Timing Reserve

30 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Minimum available cash — bounded analyst case

390.1380000000001 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

policy Reserve Gap

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Status

conditional-positive-under-stated-assumptions retained explanatory text · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

10.412167 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

119.7399205 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

hypothetical physical cash exercise retained explanatory text · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Shares M

268.539516 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Multiple

53.85880570620391 valuation multiple x · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

equity Pricing Identity

recognizedRevenue*EVSales + unrestricted modeled cash + warrant proceeds once - debt - outside equity claims retained explanatory text · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

terminal Equity USDm

3771.4062628722345 USD million · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

Per-share scenario price — unchanged

14.044138900109713 USD/share · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

price Ratio

1.0512080285189631 fraction / ratio · forecast · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

GAAPCommon PEContext

Unknown (null) valuation multiple x · unknown · Qualification Q94 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

no Warrant Cash In Trough

true boolean qualification, not monetary measurement · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Observed Daily Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q94 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

operativeQuarter 1 — signed cash/revenue/compensation reconciliation

[{"field":"0.quarter","value":1,"unit":"quarter index"},{"field":"0.periodStart","value":"2026-10-01","unit":"retained explanatory text"},{"field":"0.periodEnd","value":"2026-12-31","unit":"retained explanatory text"},{"field":"0.inclusiveDays","value":92,"unit":"USD million"},{"field":"0.recognizedRevenueHypothesis","value":14,"unit":"USD million"},{"field":"0.openingCash","value":523.3380000000001,"unit":"USD million"},{"field":"0.flows.operatingCashBeforeWorkingCapital","value":-12.276,"unit":"USD million"},{"field":"0.flows.workingCapitalCash","value":-8.0,"unit":"USD million"},{"field":"0.flows.cashPPE","value":-6.75,"unit":"USD million"},{"field":"0.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"0.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"0.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"0.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"0.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"0.endingCashBeforeTargetExercises","value":496.31200000000007,"unit":"USD million"},{"field":"0.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q95 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2026-10-01 / 2026-12-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 2 — signed cash/revenue/compensation reconciliation

[{"field":"1.quarter","value":2,"unit":"quarter index"},{"field":"1.periodStart","value":"2027-01-01","unit":"retained explanatory text"},{"field":"1.periodEnd","value":"2027-03-31","unit":"retained explanatory text"},{"field":"1.inclusiveDays","value":90,"unit":"USD million"},{"field":"1.recognizedRevenueHypothesis","value":18,"unit":"USD million"},{"field":"1.openingCash","value":496.31200000000007,"unit":"USD million"},{"field":"1.flows.operatingCashBeforeWorkingCapital","value":-15.686000000000002,"unit":"USD million"},{"field":"1.flows.workingCapitalCash","value":-6.0,"unit":"USD million"},{"field":"1.flows.cashPPE","value":-3.75,"unit":"USD million"},{"field":"1.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"1.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"1.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"1.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"1.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"1.endingCashBeforeTargetExercises","value":470.8760000000001,"unit":"USD million"},{"field":"1.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q96 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-01-01 / 2027-03-31; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 3 — signed cash/revenue/compensation reconciliation

[{"field":"2.quarter","value":3,"unit":"quarter index"},{"field":"2.periodStart","value":"2027-04-01","unit":"retained explanatory text"},{"field":"2.periodEnd","value":"2027-06-30","unit":"retained explanatory text"},{"field":"2.inclusiveDays","value":91,"unit":"USD million"},{"field":"2.recognizedRevenueHypothesis","value":22,"unit":"USD million"},{"field":"2.openingCash","value":470.8760000000001,"unit":"USD million"},{"field":"2.flows.operatingCashBeforeWorkingCapital","value":-18.414,"unit":"USD million"},{"field":"2.flows.workingCapitalCash","value":-4.0,"unit":"USD million"},{"field":"2.flows.cashPPE","value":-3.0,"unit":"USD million"},{"field":"2.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.acquisitionCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"2.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"2.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"2.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"2.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"2.endingCashBeforeTargetExercises","value":445.4620000000001,"unit":"USD million"},{"field":"2.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q97 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-04-01 / 2027-06-30; EACH signed cash item shown, compensation net payment counted once. ·

operativeQuarter 4 — signed cash/revenue/compensation reconciliation

[{"field":"3.quarter","value":4,"unit":"quarter index"},{"field":"3.periodStart","value":"2027-07-01","unit":"retained explanatory text"},{"field":"3.periodEnd","value":"2027-09-30","unit":"retained explanatory text"},{"field":"3.inclusiveDays","value":92,"unit":"USD million"},{"field":"3.recognizedRevenueHypothesis","value":6,"unit":"USD million"},{"field":"3.openingCash","value":445.4620000000001,"unit":"USD million"},{"field":"3.flows.operatingCashBeforeWorkingCapital","value":-21.824,"unit":"USD million"},{"field":"3.flows.workingCapitalCash","value":-2.0,"unit":"USD million"},{"field":"3.flows.cashPPE","value":-1.5,"unit":"USD million"},{"field":"3.flows.softwareCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.acquisitionCash","value":0,"unit":"USD million"},{"field":"3.flows.ordinaryBuybackCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.cashDistributions","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeeTaxWithholdingCash","value":-0.0,"unit":"USD million"},{"field":"3.flows.employeePlanProceedsFinancing","value":0.0,"unit":"USD million"},{"field":"3.flows.debtRaised","value":0.0,"unit":"USD million"},{"field":"3.flows.debtPrincipalRepaid","value":-0.0,"unit":"USD million"},{"field":"3.flows.extraStressUse","value":0,"unit":"USD million"},{"field":"3.endingCashBeforeTargetExercises","value":420.1380000000001,"unit":"USD million"},{"field":"3.endingDebt","value":0.0,"unit":"USD million"}] USD million for signed cash/revenue values; period dates and quarter identifiers are header context, not monetary assumptions · forecast · Qualification Q98 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.IQMPAfterSeptember30; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Quarter period 2027-07-01 / 2027-09-30; EACH signed cash item shown, compensation net payment counted once. ·

noWarrantCashEconomicSensitivity — original conditional economics · conditional-not-native-approval

Scenario period

2026-10-01 → 2027-09-30 · Original economic model inclusive365 days; archived native cashPeriodEnd may be anniversary endpoint and is not silently relabeled

target Price

20.89869580640477 USD/share · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

ordinary M

225.357052 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Dated or assumed opening/reference stock used in a conditional model, not a newly observed cash/share balance. Original factual measurement/assumption dates and historical source evidence remain unchanged; future model use is distinct from source measurement. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

gross Option Allowance M

27.042019 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unvested RSUs M

0.728278 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

new Award Allowance M

5 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Physical Shares M

0 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cashless Economic Warrant Allowance M

4.682626668430428 USD million · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

total Shares M

262.8099756684304 million ordinary shares (dated/weighted/analyst allowance as scoped) · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Cash USDm

0 USD million · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

option Exercise Cash USDm

0 USD million · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

warrant Strike

11.5 USD/share · forecast · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Operative analyst conditional forward model row, not issuer fact, observed bank/FD measurement, issuer guidance, or native conformance. Historical source evidence/provenance clocks remain historical; they do not make this conditional model row economically nonoperative. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

not Exact Fully Diluted

true boolean qualification, not monetary measurement · not-applicable · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

founder Earnout Already In Common

true boolean qualification, not monetary measurement · not-applicable · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

restricted Morton Common Already Issued

true boolean qualification, not monetary measurement · not-applicable · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

unissued Reserve33419882 Not Added Again

true boolean qualification, not monetary measurement · not-applicable · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

exercise Mode

economic cashless/treasury sensitivity; not asserted legal settlement election retained explanatory text · not-applicable · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

cash Funding Already Excludes Exercise Cash

true boolean qualification, not monetary measurement · not-applicable · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

physical Or Cashless Economic Value Must Match At Same Target

true boolean qualification, not monetary measurement · not-applicable · Qualification Q99 below. Exact immutable field-origin/proof mapping retained. Conditional model semantic/applicability tag, not a measured amount or issuer fact. Historical source evidence/provenance clocks remain historical; model applicability is distinct from archived source role. Retained original row scope: Original analyst conditional sensitivities.noWarrantCashEconomicSensitivity; dated ordinary versus terminal allowance, owner attribution, collection, financing, minority/JV and valuation distinctions retained. NOT issuer guarantee. Measurement/forecast period: {'periodStart': '2026-10-01', 'periodEnd': '2027-09-30', 'inclusiveDays': 365, 'noOctober2027DayIncluded': True, 'elapsedStubExcludedFromFutureRevenue': True}. ·

  1. originalComponents.INFQ-component-currentYTD-revenue
    Published: 2026-08-18 · Retrieved: 2026-10-02T04:54:12.770143+00:00
  2. originalComponents.INFQ-component-annual-revenue
    Published: 2026-08-18 · Retrieved: 2026-10-02T04:57:03.621390+00:00
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