Financial Data and Key Metrics Changes - GAAP operating expenses for Q4 2025 were $110.5 million, and the GAAP net loss was $100.1 million. For the full year 2025, operating expenses totaled $472.6 million, with a net loss of $435.1 million [11] - Adjusted EBITDA loss for Q4 was $63.3 million, aligning with expectations, while the full-year loss was $252.3 million, within guidance [11] - The company ended 2025 with $970.8 million in liquidity, maintaining a strong balance sheet for future operations [13] Business Line Data and Key Metrics Changes - Customer billings for full-year 2025 were $19.5 million, marking the first billings issued by the company [12] - The Eagle Line, a pilot cell production line, was installed to support scalable production and customer sampling [6][7] Market Data and Key Metrics Changes - The automotive market remains the core focus, with significant interest in solid-state batteries from various automotive OEMs [17][20] - The company aims to expand into new high-value markets, including data centers and robotics, leveraging its solid-state technology [8][34] Company Strategy and Development Direction - The company successfully integrated the Cobra process into its production baseline, enabling gigawatt-hour scale production [4] - Goals for 2026 include demonstrating scalable production with the Eagle Line, advancing automotive commercialization, and expanding into new markets [6][7][8] - The company emphasizes a capital-light business model, focusing on licensing and partnerships rather than heavy capital investments [59][80] Management's Comments on Operating Environment and Future Outlook - Management views the current challenges in technology and supply chains as opportunities for growth, positioning the company to offer innovative energy storage solutions [9][10] - The long-term trend towards electrification in the automotive sector is expected to continue, with solid-state batteries playing a crucial role [17][20] Other Important Information - The company expressed gratitude to Professor Dr. Fritz Prinz for his service on the board, highlighting the importance of leadership during a transformative period [10] - The Eagle Line serves as a blueprint for production, allowing customization for different customer needs while maintaining a scalable approach [15][96] Q&A Session Summary Question: Significance of the Eagle Line inauguration - The Eagle Line is crucial for demonstrating scalable production and serves as a platform for technology commercialization [14] Question: Opportunities beyond automotive - Automotive customers remain the core focus, but the company is exploring applications in data centers and robotics due to the versatility of its technology [17][34] Question: 2025 performance assessment - 2025 was characterized as a strong year with a 10% year-over-year improvement in Adjusted EBITDA loss, reflecting a focus on cost efficiency [20] Question: Conditional cash inflows change - The change in conditional cash inflows from $261 million to $150 million reflects a more conservative view of billings and development payments [49][61] Question: Impact of Volkswagen's funding cuts - The relationship with PowerCo remains strong, and the company continues to work on agreed-upon scopes without disruption [54][56] Question: Scaling different form factors for new markets - The licensing model allows for flexibility in scaling different form factors without heavy capital investment, adapting to customer needs [59][96]