[
  {
    "id": "asml",
    "name": "ASML",
    "sector": "Semiconductors",
    "model": "Equipment + service",
    "product": "Lithography systems, service and field upgrades",
    "buyer": "Semiconductor manufacturers",
    "metric": "\u20ac32.667bn total net sales; \u20ac8.193bn installed-base management sales",
    "period": "FY2025",
    "source": "https://www.asml.com/news/press-releases/2026/q4-2025-financial-results",
    "sourceName": "FY2025 results",
    "evidence": "Published financial results",
    "risk": "Customer capital spending, upgrade mix and shipment timing.",
    "question": "How much service growth comes from repeat maintenance versus discrete field upgrades?",
    "peer": "Nikon and Canon are adjacent lithography suppliers; product scope differs.",
    "related": "asml-installed-base-business"
  },
  {
    "id": "tsmc",
    "name": "TSMC",
    "sector": "Semiconductors",
    "model": "Manufacturing services",
    "product": "Semiconductor foundry and advanced packaging",
    "buyer": "Chip designers procuring manufacturing capacity",
    "metric": "US$122.42bn consolidated revenue; 59.9% gross margin",
    "period": "FY2025",
    "source": "https://investor.tsmc.com/static/annualReports/2025/english/index.html",
    "sourceName": "2025 annual report",
    "evidence": "Published annual report",
    "risk": "Capacity investment, utilization and technology execution.",
    "question": "Can packaging, wafer capacity and customer designs ramp together?",
    "peer": "Samsung Foundry and Intel Foundry are adjacent foundry alternatives; process availability differs.",
    "related": "tsmc-advanced-packaging-economics"
  },
  {
    "id": "rocket-lab",
    "name": "Rocket Lab",
    "sector": "Space",
    "model": "Launch + space systems",
    "product": "Launch services and spacecraft systems",
    "buyer": "Government and commercial space customers",
    "metric": "US$601.799m revenue; US$402.8m space systems; US$199.0m launch",
    "period": "FY2025",
    "source": "https://www.sec.gov/Archives/edgar/data/1819994/000181999426000013/rklb-20251231.htm",
    "sourceName": "2025 Form 10-K",
    "evidence": "Regulatory filing",
    "risk": "Contract cost estimates, mission schedules and development spending.",
    "question": "Does space-systems growth convert into cash as milestones are delivered?",
    "peer": "SpaceX in launch; spacecraft primes in systems. These are different competitive sets.",
    "related": "rocket-lab-launch-space-systems"
  },
  {
    "id": "microsoft",
    "name": "Microsoft",
    "sector": "Cloud & AI",
    "model": "Subscriptions + consumption",
    "product": "Business software and Azure cloud services",
    "buyer": "Organizations and individual software users",
    "metric": "US$331.8bn revenue; US$155.2bn operating income",
    "period": "FY2026 ended 30 June 2026",
    "source": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast",
    "sourceName": "FY2026 results",
    "evidence": "Published financial results",
    "risk": "Compute investment, deployment cost and actual paid adoption.",
    "question": "What is the accepted-workflow cost after usage and human review?",
    "peer": "AWS and Google Cloud for cloud infrastructure; application competition differs.",
    "related": null
  },
  {
    "id": "formic",
    "name": "Formic",
    "sector": "Robotics",
    "model": "Automation as a service",
    "product": "Factory automation delivered with ongoing support",
    "buyer": "Manufacturers automating production tasks",
    "metric": "Revenue and gross margin not established by the reviewed source",
    "period": "Product snapshot checked 18 October 2026",
    "source": "https://formic.co/",
    "sourceName": "Official product and service description",
    "evidence": "Supplier description",
    "risk": "Deployment effort, equipment utilization and service obligations.",
    "question": "Who pays when a cell needs reconfiguration or additional support?",
    "peer": "Equipment integrators and in-house automation are procurement alternatives, not identical products.",
    "related": "formic-robotics-as-a-service-contract"
  },
  {
    "id": "rondo",
    "name": "Rondo Energy",
    "sector": "Energy",
    "model": "Industrial heat delivery",
    "product": "Heat batteries for industrial thermal applications",
    "buyer": "Industrial heat users",
    "metric": "Revenue and realized project margins not established by the reviewed source",
    "period": "Product snapshot checked 18 October 2026",
    "source": "https://www.rondo.com/",
    "sourceName": "Official technology and project descriptions",
    "evidence": "Supplier description",
    "risk": "Power procurement, installation and customer heat-demand profile.",
    "question": "How does the delivered heat cost change with electricity price and utilization?",
    "peer": "Boilers and other electric heat systems are project-level alternatives.",
    "related": "rondo-heat-battery-steam-contract"
  },
  {
    "id": "fervo",
    "name": "Fervo Energy",
    "sector": "Energy",
    "model": "Power generation",
    "product": "Next-generation geothermal development",
    "buyer": "Electricity purchasers",
    "metric": "Revenue and project-level margin not established by the reviewed overview",
    "period": "Company overview checked 18 October 2026",
    "source": "https://fervoenergy.com/",
    "sourceName": "Official company overview",
    "evidence": "Supplier description",
    "risk": "Subsurface performance, development capital and sustained delivery.",
    "question": "What operating evidence establishes repeatable delivered electricity?",
    "peer": "Other firm-power suppliers compete at the procurement level; technologies differ.",
    "related": "fervo-first-33mw-geothermal-power-contract"
  }
]