Financial Performance - Fourth quarter revenue was 13.2million,representinga30.23.8 million, or 29.1% of revenue, compared to a gross loss of 4.3million,or42.513,202,000, a decrease of 43% compared to 23,201,000inQ42023[24].−GrossprofitforQ42024wasalossof3,837,000, compared to a profit of 692,000inQ42023[24].−NetlossfortheyearendedDecember31,2024,was48,606,000, slightly improved from a net loss of 50,290,000in2023[30].−U.S.GAAPrevenueforQ42024was13,202,000, a decrease of 43% compared to 23,201,000inQ42023[34].−FortheyearendedDecember31,2024,U.S.GAAPrevenuewas47,355,000, a decline from 127,002,000in2023[34].−ThetotalnetlossfortheyearendedDecember31,2024,was(48,606,000), compared to (50,290,000)in2023[41].CashFlowandAssets−Cashandcashequivalentsdecreasedto11,247,000 as of December 31, 2024, down from 25,235,000in2023[27].−Totalassetsdecreasedto89,928,000 in 2024, compared to 123,070,000in2023[27].−Totalliabilitiesincreasedto70,892,000 in 2024, up from 60,599,000in2023[27].OperatingExpenses−Non−GAAPoperatingexpensesforthefourthquarterwere7.4 million, a decrease from 10.8millionintheyear−agoquarter[10].−U.S.GAAPoperatingexpensesforQ42024were9,591,000, down 23% from 12,428,000inQ42023[35].−Thecompanyisfocusingonimprovingcashflowandreducingoperatingexpensesintheupcomingyear[31].−Stock−basedcompensationfortheyearendedDecember31,2024,was5,412,000, down from 8,295,000in2023[41].−Thecompanyincurredseverancecostsof638,000 in 2024, significantly reduced from 4,422,000in2023[41].FutureOutlook−Thecontractedbacklognowstandsatapproximately502 million, reflecting net purchase order additions since November 12, 2024 [7]. - A new 5-gigawatt supply arrangement was entered into with Recurrent Energy, with expected project revenue beginning in the second half of 2025 [12]. - The company expects first quarter revenue to be up approximately 44% relative to the fourth quarter, with guidance set between 18.0millionand20.0 million [13]. - The company anticipates achieving adjusted EBITDA breakeven on a quarterly basis within 2025 [14]. Margins and Profitability - The gross margin percentage for the fourth quarter was -25.6%, compared to 4.8% in the prior year [7]. - Non-GAAP gross profit for Q4 2024 was (3,382,000),comparedto1,114,000 in Q4 2023, resulting in a Non-GAAP gross margin percentage of -25.6% [34]. - Adjusted EBITDA for Q4 2024 was (9,840,000),slightlyimprovedfrom(10,050,000) in Q4 2023 [36]. - The company reported a loss from operations of 52,830,000fortheyear,comparedtoalossof50,777,000 in 2023 [24]. - Adjusted EBITDA for the year was not disclosed but is used as a supplemental measure of performance [31]. Management Changes - The company appointed Kent James as U.S. Chief Commercial Officer to strengthen its sales team [6]. Other - An additional 3.2millionearn−outonapriorinvestmentwasreceivedpost−quarterend,bringingtotalearn−outssince2021toover15 million [20]. - A reverse stock split was implemented effective November 29, 2024, with a ratio of 1-for-10 [44].
