Financial Performance - Q2 2025 revenue reached $15.2 million, nearly equivalent to the entire FY24 revenue[11], representing a 46% increase compared to Q1 2025's $10.5 million[22] - Total cash increased by 218% to $183.2 million compared to Q2 2024[11] - Adjusted EBITDA loss was $(51.6) million, with a margin of (339%), a 75 percentage point improvement QoQ[22] - Gross loss was $(31.0) million, with a margin of (203%), a 32 percentage point improvement QoQ[22] Commercial Growth - The commercial pipeline increased to $18.8 billion, representing approximately 77 GWh[11], a 21% increase from the previous quarter[21] - Orders backlog reached $672.5 million, representing approximately 2.6 GWh[11] - The lead generation pipeline is $15.1 billion, representing approximately 61 GWh, a 12% increase QoQ[21] Operational Improvements - Achieved a 40% improvement in discharge energy from launch[14] - The company is transitioning to CM positive cubes, increasing throughput and improving utilization[16] - Sub-assembly automation is driving faster throughput, improved consistency, and product performance, with a 64% improvement in part flatness[17]

Financial Performance - Q1 2025 revenue reached $105 million, a 58% increase compared to Q1 2024[11] - Orders backlog as of March 31, 2025, stood at $6809 million, representing approximately 26 GWh[11] - Adjusted EBITDA loss was $432 million, a 17% increase compared to $369 million in Q1 2024[21] Commercial Growth - The commercial pipeline is valued at $156 billion, representing approximately 60 GWh[11] - Total commercial activity amounts to $291 billion, representing 115 GWh[24] - Booked orders totaled $92 million, including orders from 2 new customers[11] - The company secured 54 GWh in new Memorandums of Understanding (MOUs)[25] Operational Improvements - The company realized a 64% cost-out from product launch and a 77% volume-adjusted cost-out[16] - Manufacturing customer deliveries increased by 51% in Q1 compared to Q4 2024[15] - The company achieved significant output increases through subassembly automation, with terminal output up by 363% and bipolar output up by 332%[20] Guidance - The company reiterated its fiscal year 2025 revenue guidance of $150 million to $190 million, which is at least 10 times the full-year 2024 results[15]