Core Insights - The company has successfully integrated the COBRA process into its production baseline, which is a key driver for a capital-light licensing business model [1] - The Eagle Line pilot production facility has been commissioned, serving as a scalable model for licensing partners to replicate at gigawatt-hour scale [1] - The commercial portfolio has been expanded by adding two major global automotive OEMs through new joint development and technology evaluation agreements [1] - The company achieved its first-ever customer billings of $19.5 million, demonstrating the ability to generate cash inflows during the development phase before royalty earnings [1] - The domestic supply chain ecosystem has been strengthened through partnerships with ceramic production experts Murata Manufacturing and Corning [1] - Real-world technology viability has been demonstrated with the Ducati V21L race bike debut, marking the first integration of QSE-5 cells into a functional electric vehicle [1] - Financial discipline has been maintained by narrowing adjusted EBITDA loss by approximately 10% year-over-year through value engineering and real estate optimization [1]