Core Insights - The company achieved a $54 million swing to positive free cash flow for the full year 2025, transitioning from capital-intensive vehicle manufacturing to a leaner, diversified industrial model [1] - Performance was anchored by the delivery of 328 units, the highest in company history, despite a shift in product mix toward lower-ASP strip chassis and powertrains [1] Financial Performance - The strategic expansion into the powertrain and mobile energy (Hub) sectors is targeting higher-margin, less competitive categories to mitigate grid constraints and infrastructure delays [1] - Operational efficiency improved through a 28% reduction in operating expenses and the termination of a legacy lease, resulting in $20.7 million in total cash savings [1] Strategic Partnerships - The Blue Bird partnership validated the powertrain technology at scale, with nearly 100 additional orders received since Q2 2025 for school bus electrification [1] Supply Chain Management - Management attributes the successful navigation of 2025's volatile tariff environment to proactive supply chain restructuring and shared-risk agreements with suppliers [1]