As of Q1'26, TEM's cash and short-term investments stood at $639M USD, reflecting a decline from the peak of $760M in Q3'25, while total debt decreased to $815M USD from $1.33B in Q3'25, resulting in a net debt position of approximately $176M. Over the period from Q3'23 to Q1'26, cash levels exhibited significant volatility, surging from $133M to a high of $491M in Q2'24 before fluctuating downward to $95M in Q1'24 and rebounding to $760M by Q3'25, ultimately settling lower amid operational expansions. In contrast, debt remained relatively stable around $470M-$490M through Q4'24, then escalated sharply to $1.34B by Q4'25—likely due to increased borrowing—before moderating in Q1'26, highlighting a trend toward higher leverage that could pressure liquidity if cash reserves continue to erode.