Financial Data and Key Metrics Changes - Total revenue increased by 27% year over year, driven by strong growth across the business [19] - Software revenue rose by 17% compared to Q1 2024, reflecting continued strong performance from PowerTrack and increased storage software activations [19] - GAAP gross margin reached a record 32%, while non-GAAP gross margin was close to an all-time high at 46% [20] - Positive operating cash flow of $9 million was generated for the first time in the company's history [20] - Cash balance grew to $59 million at quarter end, with a focus on cash conservation and margin improvement [21] Business Line Data and Key Metrics Changes - Solar annual recurring revenue (ARR) increased by 10% sequentially and 24% year over year [10] - Storage ARR grew by 4% sequentially and 31% year over year [11] - Professional services are gaining momentum, establishing the company as a trusted advisor in the clean energy sector [12] Market Data and Key Metrics Changes - The company is experiencing strong momentum in utility-scale bookings, with nearly triple the bookings in Q1 compared to the same period last year [10] - The overall bookings pace and pipeline development remain robust across core offerings, with no discernible slowdown in deployments by customers [15][23] Company Strategy and Development Direction - The company has restructured into four distinct business units: software, professional services, managed services, and OEM hardware, each with full P&L responsibility [5][6] - A targeted 27% reduction in workforce is expected to yield $30 million in annual cash cost savings, with $24 million of that benefit realized in 2025 [6][24] - The strategic focus is on growing software revenue, particularly through PowerTrack, while reducing the cost structure and driving profitability [8][12] Management's Comments on Operating Environment and Future Outlook - The clean energy sector faces uncertainty due to evolving economic and regulatory policies, but the company maintains upward momentum [15] - Management expects improving profitability as the year progresses, driven by operational cost discipline and revenue growth [13][24] - The company is committed to enhancing software features and functionality to maximize customer value [29] Other Important Information - The company plans to enhance financial transparency through segment reporting, providing deeper insights into performance drivers across business lines [25] - A reverse stock split is proposed to regain compliance with New York Stock Exchange listing standards [26] Q&A Session Summary Question: How is the bookings environment evolving given the tariffs? - Management noted that OEM hardware sales are not a significant component of the business going forward, and they are actively engaging with customers despite tariff volatility [33][34] Question: What are the drivers for expected improving profitability? - Management indicated that revenue cyclicality and operational expense management are key factors, with a focus on higher-margin offerings [42][43] Question: Can you elaborate on the brownfield opportunities mentioned? - Management highlighted that there are broad-based opportunities in geographies where they already operate, with a focus on increasing profitability through managed services [50] Question: What is the rationale for deemphasizing PowerBidder Pro? - The decision was based on growth potential and the ability to execute effectively, leading to a focus on PowerTrack and associated offerings [55][57]