Financial Performance & Guidance - Q3 2025 revenue reached $603 million[12], while adjusted EBITDA was $27 million[12] - The company reaffirmed its FY25 adjusted EBITDA guidance of $0-$20 million[12] - The company expects to be at the bottom end of the revenue guidance range of $2.6 billion[12] primarily due to slower US production ramp - The company delivered a 15.4% adjusted gross profit margin in Q3 2025[35] - The company has approximately $460 million in total cash as of June 30, 2025[12] Backlog & Pipeline - The company has approximately $4.9 billion in backlog as of June 30, 2025[12] - The company's pipeline is approximately $23.5 billion as of June 30, 2025[12] - $2.5 billion of FY'26 revenue is now secured in backlog[12] OBBBA & Tariffs - The Inflation Reduction Act (IRA) extends Section 48E ITC for storage through 2034, providing long-term security[16] - The IRA incentivizes an additional 10% ITC if minimum domestic content thresholds are met[16] - The company is working with domestic suppliers to ensure compliance with the OBBBA by the end of the year[19] - The total tariff on Chinese batteries in calendar year 2025 is projected to be 40.9%, and 58.4% in 2026[21] Market & Strategy - Two Australia contracts totaling approximately $700 million were added to the backlog[11] - Battery storage is now more cost-effective than gas, driving increased data center opportunities[44]