Financial Data and Key Metrics Changes - The company reported consolidated revenues of $181.2 million for Q1 2025, a 10% increase compared to Q1 2024 [11] - Net loss from continuing operations was $7.8 million, an improvement from a net loss of $12.8 million in Q1 2024 [12] - Operating income for Q1 2025 was $5.9 million, slightly above the $5.7 million reported in Q1 2024 [12] - Adjusted EBITDA increased to $14.3 million from $11.3 million in the same period last year [12] - Bookings for Q1 2025 were $167 million, an 11% increase compared to the previous year [12] - Ending backlog reached $526.8 million, a 47% increase from Q1 2024, marking the largest backlog in recent company history [7][12] Business Line Data and Key Metrics Changes - The global parts and services business achieved the highest Q1 bookings, revenue, gross profit, and EBITDA in the past decade [4] - The increase in bookings was supported by record high bookings from the global parts and services business [8] Market Data and Key Metrics Changes - The company noted strong global and North American demand for its technologies, with a global pipeline of identified project opportunities valued at $7.6 billion [4][7] - The Thermal segment performed well due to higher baseload generation demand in North America [7] Company Strategy and Development Direction - The company is focused on executing its strategic plan and improving its balance sheet, with ongoing efforts to reduce or refinance current debt [5][15] - Recent asset sales, including the sale of a Denmark-based waste energy subsidiary for $20 million, are part of the strategy to reduce debt [6] - The company is progressing with the BrightLoop project, aiming to produce low-cost green hydrogen and exploring new renewable energy projects in the U.S. [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to positive cash flows in 2025, despite caution regarding tariff negotiations and their potential impact on projects [10] - The company anticipates continued industry tailwinds and generation demand throughout 2025 [10] Other Important Information - Approximately 40% of outstanding bonds were exchanged into new five-year notes, significantly reducing current debt and annual interest expense [5][14] - The company is exploring further debt refinancing options and potential asset dispositions to enhance liquidity [6][14] Q&A Session Summary Question: Guidance for the year and impact of tariffs - Management reiterated that guidance remains unchanged, with ongoing monitoring of tariff negotiations that could impact project timing [20][21] Question: Timeline and costs for the Massillon project - The Massillon project requires an additional $40 to $50 million in financing, with hopes to complete financing in the next few months and begin construction in the fall [25][26] Question: Drivers of strong demand and bookings - Demand is driven by increased utilization of core technologies in coal and natural gas plants, with a global reach in bookings [37][39] Question: Expectations for seasonality in demand - Management expects normal seasonality in parts and services, with Q2 typically being lower and Q3 and Q4 performing better [41][42]