Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $302.4 million, a 97% increase year-over-year and a 10% increase sequentially from Q4 2024 [26][7] - Adjusted gross margin for Q1 2025 was 26.5%, reflecting a decline due to the roll-off of prior year benefits and a higher mix of international projects [29][30] - Net income attributable to common stockholders was $2.3 million, compared to a net loss of $11.3 million in the prior year [31] - Adjusted EBITDA was $40.6 million, representing an adjusted EBITDA margin of 13.4% [30] Business Line Data and Key Metrics Changes - Delivered volume increased by 143% year-over-year, achieving the second-largest quarter of volume shipped since Q2 2023 [27][7] - 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 [8][9] - New product offerings, such as Omnitrac and Skylink, accounted for 15% of revenue and 30% of new bookings in Q1 [9] Market Data and Key Metrics Changes - The order book remained resilient at $2 billion despite near-term policy-related headwinds [7][36] - North America represented approximately 65% of revenue, with a mix shift impacting gross margins [28] - International markets, particularly Europe, are performing as expected with solid growth anticipated in 2025 [14] Company Strategy and Development Direction - The company is focused on maintaining operational agility and delivering long-term value amidst a rapidly evolving policy environment [6] - Continued investment in talent and technology is aimed at enhancing customer engagement and product innovation [8][20] - The company is actively engaging with policymakers to support energy tax credits and address regulatory uncertainties [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of fundamentals and the resilience of the company despite near-term volatility [6] - The company reaffirmed its full-year 2025 guidance, expecting revenue between $1.05 billion and $1.15 billion [36] - Management noted that while utility-scale solar remains a low-cost energy source, regulatory uncertainties may lead to project delays [11] Other Important Information - The company ended the quarter with a cash balance of approximately $348 million and total liquidity of about $510 million [32][34] - Free cash flow for the period was a use of $15.4 million, driven by working capital investments [30] - The company is exploring additional markets for international expansion, including the Middle East [15] 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 [42][44] Question: What is the guidance for Q2 revenue? - Specific guidance for Q2 has not been provided, but the first half is expected to account for about 55% of total revenue [46][47] Question: Can you discuss the size of orders and lead times? - Lead times remain industry-leading at fourteen weeks, with ongoing discussions about potential early pull-ins for 2025 [50][51] Question: How is the company managing cash use and term loans? - The company has successfully amended its revolving credit facility and is considering options for managing term loans [61][62] Question: What is the exposure to battery cell pack challenges? - Most components needed for projects are already in the country, minimizing risk for 2025 projects [76] Question: How are steel pricing and bookings expected to impact margins? - Steel prices are expected to increase, which will translate into higher ASPs for future bookings [85][86]

2024 Financial Highlights - Record annual revenue reached $1.47 billion[7] - Record annual non-GAAP gross margin was 28.7%[7] - Full-year positive cash flow from operating activities was generated at $92 million[7] - The service business achieved non-GAAP profitability every quarter[7] 2024 Commercial Performance - Healthy product backlog of $2.5 billion[7] - Significant new agreements were made with SVP and AEP[7] - The largest islanded microgrid in CA was established[7] - The world's largest single site fuel cell project, 80MW with SK Eternix, was announced[7] 2024 Financial Results (YoY Comparison) - Q4 2024 revenue increased by 60.4% to $572 million, compared to $357 million in Q4 2023[9] - Full year 2024 revenue increased by 10.5% to $1.474 billion, compared to $1.333 billion in 2023[9] - Q4 2024 non-GAAP gross margin was 39.3%, a 11.9 percentage point increase from 27.4% in Q4 2023[9] - Full year 2024 non-GAAP gross margin was 28.7%, a 2.9 percentage point increase from 25.8% in 2023[9] - Full year 2024 non-GAAP operating income was $108 million, compared to $19 million in 2023[9] Backlog - Product backlog remained at $2.5 billion[12] - Service backlog increased by 6% to $9.6 billion[12] 2025 Guidance - Total revenue is projected to be between $1.65 billion and $1.85 billion[15] - Non-GAAP gross margin is expected to be approximately 29%[15] - Non-GAAP operating income is projected to be between $135 million and $165 million[15]