Financial Data and Key Metrics Changes - The company reported a revenue increase of 10% year over year, reaching $8.5 million, driven by projects in Australia and a new licensing agreement in India [10][28] - Gross margin improved significantly to 57.1%, up from 26.7% a year ago, attributed to a favorable revenue mix from the India license agreement [11][28] - Adjusted EBITDA loss narrowed to $11.3 million from $14.5 million year over year, reflecting improved gross margins and reduced operating costs [15][29] - Cash increased by 57% quarter over quarter, from $30 million to $47 million, with expectations to reach $50 million to $60 million by the end of Q2 [12][30] Business Line Data and Key Metrics Changes - The backlog increased by 49% year to date, totaling $648 million, with significant contributions from projects in the US and Australia [25][27] - The company has 2.6 gigawatt hours of projects in Australia either contracted or under agreement, with additional projects under construction [25][26] - The energy asset management business is progressing with seven projects, expected to generate approximately $30 million in annual recurring EBITDA over the next fifteen years [18][31] Market Data and Key Metrics Changes - The company is largely shielded from US tariff risks due to a strong presence in Australia and licensing agreements, with 90% of the backlog unaffected by tariffs [20][27] - The recent pause in US-China tariffs has reignited discussions for US battery deliveries, potentially leading to increased demand [19][20] Company Strategy and Development Direction - The company is focusing on expanding its energy storage solutions and build, own, and operate portfolio, with a strong emphasis on the Australian market [16][23] - The strategy includes optimizing infrastructure while ramping up investments in high-potential markets like Australia [16][31] - The company aims to achieve approximately $100 million in recurring annual EBITDA from its owned and operated projects [19][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market's response to the tariff pause, indicating potential for increased bookings and project deliveries [20][44] - The company maintains its revenue guidance for 2025, with over 80% of revenue already contracted [48][51] - Management highlighted the importance of geographic diversity and the ability to adapt to market changes, which positions the company well for future growth [23][27] Other Important Information - The company is in the process of project financing and ITC monetization for its Cross Trails project, expecting significant cash inflows in the coming quarters [30] - The first owned and operated asset, Cross Trails in Texas, is undergoing commissioning and is expected to begin commercial operations soon [14][30] Q&A Session Summary Question: Impact of tariffs on securing new bookings in the US market - Management noted that the tariff situation had caused a "wait and see" approach among developers, but the recent pause could lead to renewed contracting opportunities [41][44] Question: 2025 guidance and booked contracts - Over 80% of the revenue guidance is contracted, with expectations for additional bookings to be secured in light of the tariff pause [48][49] Question: Differentiators for India battery technology licensing - Management highlighted the growth potential in India, the flexibility of their technology, and their established track record as key differentiators [56][62] Question: Differences in project financing discussions - The company emphasized the importance of proven technology and long-term off-take agreements in securing favorable project financing [63][66]