Financial Data and Key Metrics Changes - The company reported total revenue of $10,600,000 for Q4 2024, a 35% increase from Q3 2024 and a 170% increase year-over-year from Q4 2023 [12][22][26] - Full-year revenue for 2024 reached $24,200,000, representing a 167% increase from $9,100,000 in 2023 [13][25] - Gross margin improved to negative 21% in Q4 2024 from negative 65% in Q3 2024 and negative 98% in Q4 2023 [26][29] - The net loss for Q4 2024 was $11,400,000, compared to $10,900,000 in Q3 2024 and $9,700,000 in Q4 2023 [29][30] Business Line Data and Key Metrics Changes - Product revenue in Q4 2024 was $10,300,000, a 71% sequential increase and nearly a 1000% increase year-over-year [23][25] - Development services and grant revenue totaled $300,000 in Q4 2024, down from $1,800,000 in Q3 2024 and $3,000,000 year-over-year [23][24] - The company shipped to 98 customers in Q4 2024, with 53 being new to the platform [12][25] Market Data and Key Metrics Changes - 77% of Q4 revenue came from outside the United States, compared to 22% in the same period last year [12][26] - The light electrical vehicle market is projected to reach approximately $136 billion by 2029, indicating significant growth potential [15] Company Strategy and Development Direction - The company aims to lead in technology innovation, ensure world-class manufacturing capability, and grow its customer pipeline to drive revenue growth [36][37] - Plans to expand the global contract manufacturing network to mitigate geopolitical risks and enhance supply chain resilience [20][46][88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth throughout 2025, supported by a strong customer pipeline and ongoing projects [36][37] - The company is monitoring policy changes and potential industry headwinds due to geopolitical factors, taking actions to mitigate risks [20][21] Other Important Information - The company has over 1.8 gigawatt-hour cell manufacturing capacity and is well-equipped to deliver various battery cell types [17] - The company expects to spend $1,000,000 on supporting equipment in 2025, in addition to normal operating capital requirements [34] Q&A Session Summary Question: Can you talk about the diversity of applications and customization required for customers? - The company has 235 customers, with three types: quick replacements, those needing redesigns, and those requiring product certification, with confidence in converting many to purchase orders in 2025 [39][42][43] Question: Can you discuss your strategy for managing contract manufacturing in light of geopolitical dynamics? - The company has successfully utilized contract manufacturing without significant capital expenditure, with facilities currently in China and plans for partnerships in Korea and Europe [44][46][47] Question: Can you provide an update on the balance sheet and cash activity? - The company entered a traditional blackout period as of December 31, limiting market activity [48][49] Question: What is the strategic decision behind targeting many customers with smaller volumes? - The company engages with customers that have high volume potential, focusing on a large customer base to increase opportunities for success [54][56] Question: How do you see gross margin progression for the year? - The company expects positive movement in gross margin driven by the Sycor product line, which is gross margin positive from day one [78][80] Question: How will existing customers contribute to revenue compared to new customers? - Existing customers are expected to contribute more revenue as they progress through the qualification process, while new customer growth will be more selective [99][102]