Financial Data and Key Metrics Changes - The company reported revenue of $302.4 million for Q1 2025, a 97% increase year-over-year and a 10% increase sequentially from Q4 2024 [29][30] - Adjusted gross margin for Q1 2025 was 26.5%, reflecting a decline due to the roll-off of prior year benefits and commodity-driven compression [32][34] - Net income attributable to common stockholders was $2.3 million, compared to a net loss of $11.3 million in the prior year [34] Business Line Data and Key Metrics Changes - The delivered volume increased by 143% year-over-year, achieving the second-largest quarter of volume shipped since Q2 2023 [31] - Domestic order book grew over 9% in Q1 2025, with over 40% of the order book set to be delivered in the remaining quarters of 2025 [9][10] Market Data and Key Metrics Changes - Sales in North America represented approximately 65% of total revenue, with a mix shift impacting gross margins [31] - The order book remained resilient at $2 billion despite near-term policy-related headwinds [8][40] Company Strategy and Development Direction - The company is focused on maintaining operational agility and delivering long-term value amidst a rapidly evolving policy environment [7] - Continued emphasis on solar energy as a major component of energy strategy, with expectations for growth to meet increasing electricity demand [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of fundamentals and resilience of the company despite near-term volatility [7] - The company reaffirmed its full-year 2025 guidance, expecting revenue between $1.05 billion and $1.15 billion [39][40] Other Important Information - The company has a strong cash position with $348 million in cash and total liquidity of approximately $510 million [35][37] - The company is actively engaging with policymakers regarding energy tax credits and tariffs [15][17] Q&A Session Summary Question: Can you provide more color on the growing interest in VCAs? - Management is in active discussions with customers about longer-term commitments and will announce VCAs as they are finalized [48] Question: What is the guidance for Q2 revenue? - Specific guidance for Q2 was not provided, but the first half is expected to account for about 55% of total revenue [51] Question: Can you discuss the size of orders and lead times? - Lead times remain industry-leading at 14 weeks, with ongoing discussions about potential early pull-ins for 2025 [55] Question: How is the company managing cash use and term loans? - The company is looking at all options for managing term loans and is pleased with its balance sheet and liquidity position [66] Question: What is the impact of steel pricing on the business? - Steel prices are expected to increase by 25% to 28% for the year, which will translate into higher ASPs for future bookings [92] Question: What is the outlook for bookings momentum? - While demand momentum remains strong, uncertainty around tariffs and IRA impacts may affect the ability to convert bookings into orders [99]