Financial Data and Key Metrics Changes - For Q1 2025, the company reported revenue of $5.9 million, down from $11.5 million in Q4 2024 and $13.2 million in Q1 2024, with 29 units delivered compared to 51 units in Q4 2024 and 62 units in Q1 2024 [24][27] - Cost of goods sold decreased to $4.7 million from $15.2 million in Q4 2024 and $10.4 million in Q1 2024 [24] - GAAP gross margin was a profit of $1.2 million or 20.6%, compared to a loss of $3.7 million or negative 32.4% in Q4 2024 and a profit of $2.8 million or 21.2% in Q1 2024 [25] - Non-GAAP gross margin was approximately $900,000 or 15%, down from $2.7 million or 23.2% in the prior quarter and a profit of $1.7 million or 12.8% in Q1 2024 [25][26] - Operating expenses for Q1 2025 were $10.5 million, down from $10.9 million in Q4 2024 and $13 million in Q1 2024 [27] - The operating loss for Q1 2025 was $9.3 million, an improvement from a loss of $14.6 million in Q4 2024 and $10.2 million in Q1 2024 [27] Business Line Data and Key Metrics Changes - The company shipped a total of 60 units in Q1 2025, including 31 additional strip chassis for UPS, but only recognized revenue for 29 units due to GAAP revenue recognition rules [24][7] - The MD XT, a new medium-duty chassis cab, was launched, targeting a total addressable market of up to 100,000 units per year in the U.S. [11][12] Market Data and Key Metrics Changes - Customer demand remains consistent, with growing interest from national fleets, while smaller regional operators are leveraging state incentive programs [8] - The company is experiencing increased visibility into near-term tariff exposure and has implemented mitigation strategies expected to take effect in the second half of the year [27] Company Strategy and Development Direction - The company is focused on three pillars: growth, liquidity, and margins, aiming to grow sales, manage cash discipline, and improve margin performance [17][18] - The MD XT is seen as a natural extension of the company's existing product line, leveraging existing technology and components to minimize costs and maximize reliability [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges such as new emissions rules, tariffs, and a tough interest rate environment, emphasizing the importance of customer trust and reliable product performance [6][7] - The company reaffirmed its full-year 2025 guidance for revenue between $50.2 million and $65.8 million, with unit deliveries expected between 320 and 420 units [29] Other Important Information - The company is actively exploring options to enhance liquidity and has made significant progress in collecting receivables, totaling $10.2 million in Q1 2025 [29] - The MD XT is currently undergoing safety certifications and is expected to ramp production by Q3 2026 [16] Q&A Session Summary Question: Can you speak about the parts commonality between your step vans and the MD XT? - The MD XT shares over 90% of the same commodity components with the step van, which reduces costs and training requirements [35][36] Question: What are potential customers saying about the MD XT? - The market for conventional chassis cab products like the MD XT can sell up to 100,000 units per year, indicating a larger market opportunity compared to the strip chassis product [40] Question: How should we think about revenue recognition for the UPS units? - The company expects a heavy concentration of revenue recognition in Q2 and Q3, with smaller orders in Q4 generally at higher margins [44] Question: Can you provide an update on the ChargeHub? - The ChargeHub has received significant interest and orders beyond just truck customers, addressing charging issues faced by many fleets [46][47]