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 · #2Oct1 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
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
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.
- originalPassages.INFQ-passage-44
Published: 2026-08-18 · Retrieved: 2026-10-02T04:54:12.770143+00:00 - originalComponents.INFQ-component-annual-cfo
Published: 2026-08-18 · Retrieved: 2026-10-02T04:57:03.621390+00:00 - originalPassages.INFQ-passage-70
Published: 2026-08-27 · Retrieved: 2026-10-02T04:54:14.105463+00:00 - originalPassages.INFQ-passage-71
Published: 2026-08-17 · Retrieved: 2026-10-02T04:54:11.478511+00:00 - 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}. ·
- originalComponents.INFQ-component-currentYTD-revenue
Published: 2026-08-18 · Retrieved: 2026-10-02T04:54:12.770143+00:00 - originalComponents.INFQ-component-annual-revenue
Published: 2026-08-18 · Retrieved: 2026-10-02T04:57:03.621390+00:00