Financial Data and Key Metrics Changes - Revenue increased by 26% year over year to $592 million, driven by solid progress across 46 systems in deployment and expansion of operational systems [12][10] - Net loss for the third quarter was $32 million compared to a loss of $27 million in the previous year [12] - Adjusted EBITDA was $45 million, significantly up from $3 million in the previous year [12] - Backlog remained strong at $22.4 billion, slightly down from $22.7 billion last quarter due to revenue recognized [12] Business Line Data and Key Metrics Changes - Software revenue more than doubled year over year to $8.1 million, while operational services revenue grew 54% year over year to $24.9 million [15] - System gross margin showed significant year-over-year improvement due to strong cost control and project execution [15] Market Data and Key Metrics Changes - The company processed over 6.5 million cases in a single day, indicating strong operational throughput [6] - Customer response to the next-generation storage structure has been very positive, with projects signed in the fiscal third quarter [10] Company Strategy and Development Direction - The company is focused on driving innovation across its technology stack, including the introduction of a next-generation storage structure that increases storage density and reduces on-site assembly parts by over 90% [9][10] - The new structure is expected to enhance scalability and accelerate deployment across various supply chain aspects [9] - The company aims to unlock higher margins and long-term value creation through its innovative product offerings [10] Management's Comments on Operating Environment and Future Outlook - Management anticipates an adjustment in the timing of several previously planned deployments to support the transition to the next-generation storage structure, which may moderate growth in the near term [20] - For fiscal 2025, the company expects revenue between $590 million and $610 million and adjusted EBITDA between $45 million and $49 million [21] Other Important Information - The company has a healthy balance sheet with cash and equivalents of $778 million, down from $955 million in the previous quarter [16] - The transition to a new CFO, Izzy Martins, is set to take place on August 9, 2025 [11] Q&A Session Summary Question: Can you quantify the next-generation storage technology in terms of installation times and retrofit opportunities? - Management does not expect Walmart to retrofit existing systems but believes the new structure will allow for smaller projects and additional capabilities [26][27] Question: What is the expected growth trajectory for new starts? - New starts are expected to step up again now that the design is commercially available, with a historical average of mid to high single-digit new starts [90] Question: What are the implications of the new storage structure on cost and margins? - The new structure is expected to save customers money due to reduced space requirements while allowing the company to achieve higher margins [37] Question: How does the company view the competitive environment? - Management is aware of new technologies but feels confident in their market position and expects to grow market share [69] Question: What is the expected impact of the new storage system on backlog and customer acquisition? - Most new systems going forward are expected to be associated with the next-generation structure, which is anticipated to accelerate customer acquisition [54][55]