Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $362 million, reflecting a 42% year-over-year growth and a 20% sequential increase [27] - Net income attributable to common shareholders was $28 million, up 138% compared to the prior year [31] - Adjusted EBITDA was $64 million, representing an adjusted EBITDA margin of 17.5% [30] Business Line Data and Key Metrics Changes - Volume delivered in Q2 increased by 52% year-over-year and 13% sequentially, with year-to-date volume growth at 84% [28] - Adjusted gross profit increased by 12% year-over-year to $101 million, with an adjusted gross margin of 27.8% [29] - The product mix improved, with new products constituting over 35% of the order book [12] Market Data and Key Metrics Changes - The order book stood at $1.8 billion, including $645 million of remaining performance obligations [37] - The company experienced strong international performance, although some markets like Brazil faced economic challenges [55] Company Strategy and Development Direction - The acquisition of APA Solar is expected to expand the product portfolio and enhance value for customers and shareholders [13] - The company is focusing on enhancing customer engagement and operational excellence to navigate regulatory challenges [15][16] - There is an emphasis on domestic supply chain expansion and onshoring production to mitigate risks [23][24] Management's Comments on Operating Environment and Future Outlook - Management noted that regulatory changes are creating a challenging environment for customers, impacting project timelines [15][16] - The company expects continued booking momentum through 2025, with a focus on converting quotes into awards [45] - Management expressed confidence in the ability to deliver long-term value despite current uncertainties [40] Other Important Information - The company ended the quarter with $377 million in total cash and total liquidity above $500 million [33] - Free cash flow for the period was $37 million, significantly up from $2 million in the same period last year [32] Q&A Session Summary Question: Near-term booking outlook amidst uncertainties - Management indicated that Q2 saw muted bookings until the last weeks, with expectations for increased activity as clarity improves [45][46] Question: Impact of legacy fixed price VCA on financials - Management explained that descoping and reconfiguring the legacy VCA resulted in improved margins and a more predictable backlog [48][49] Question: International market progress - Management reported strong performance in international markets but noted unevenness in bookings, particularly in Brazil due to high interest rates [55][56] Question: Updated revenue outlook drivers - The majority of the revenue guidance increase was attributed to volume rather than price, with expectations for project execution driving growth [74][75] Question: Gross margin expectations for the second half - Management indicated that the gross margin run rate for the second half is expected to be around 29-30%, with improvements from legacy issues behind [78][79] Question: Project lead times and permitting impacts - Management stated that there have been no significant impacts from the Department of Interior permitting yet, as most solar projects do not involve federal lands [85][87] Question: Future debookings and order book management - Management acknowledged the potential for future debookings but emphasized a more conservative approach to adding orders to the backlog [90][92]

Financial Data and Key Metrics Changes - The company reported revenue of $302.4 million for Q1 2025, a 97% increase year-over-year and a 10% increase sequentially from Q4 2024 [29][30] - Adjusted gross margin for Q1 2025 was 26.5%, reflecting a decline due to the roll-off of prior year benefits and commodity-driven compression [32][34] - Net income attributable to common stockholders was $2.3 million, compared to a net loss of $11.3 million in the prior year [34] Business Line Data and Key Metrics Changes - The delivered volume increased by 143% year-over-year, achieving the second-largest quarter of volume shipped since Q2 2023 [31] - Domestic order book grew over 9% in Q1 2025, with over 40% of the order book set to be delivered in the remaining quarters of 2025 [9][10] Market Data and Key Metrics Changes - Sales in North America represented approximately 65% of total revenue, with a mix shift impacting gross margins [31] - The order book remained resilient at $2 billion despite near-term policy-related headwinds [8][40] Company Strategy and Development Direction - The company is focused on maintaining operational agility and delivering long-term value amidst a rapidly evolving policy environment [7] - Continued emphasis on solar energy as a major component of energy strategy, with expectations for growth to meet increasing electricity demand [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of fundamentals and resilience of the company despite near-term volatility [7] - The company reaffirmed its full-year 2025 guidance, expecting revenue between $1.05 billion and $1.15 billion [39][40] Other Important Information - The company has a strong cash position with $348 million in cash and total liquidity of approximately $510 million [35][37] - The company is actively engaging with policymakers regarding energy tax credits and tariffs [15][17] Q&A Session Summary Question: Can you provide more color on the growing interest in VCAs? - Management is in active discussions with customers about longer-term commitments and will announce VCAs as they are finalized [48] Question: What is the guidance for Q2 revenue? - Specific guidance for Q2 was not provided, but the first half is expected to account for about 55% of total revenue [51] Question: Can you discuss the size of orders and lead times? - Lead times remain industry-leading at 14 weeks, with ongoing discussions about potential early pull-ins for 2025 [55] Question: How is the company managing cash use and term loans? - The company is looking at all options for managing term loans and is pleased with its balance sheet and liquidity position [66] Question: What is the impact of steel pricing on the business? - Steel prices are expected to increase by 25% to 28% for the year, which will translate into higher ASPs for future bookings [92] Question: What is the outlook for bookings momentum? - While demand momentum remains strong, uncertainty around tariffs and IRA impacts may affect the ability to convert bookings into orders [99]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $302.4 million, a 97% increase year-over-year and a 10% increase sequentially from Q4 2024 [26][7] - Adjusted gross margin for Q1 2025 was 26.5%, reflecting a decline due to the roll-off of prior year benefits and a higher mix of international projects [29][30] - Net income attributable to common stockholders was $2.3 million, compared to a net loss of $11.3 million in the prior year [31] - Adjusted EBITDA was $40.6 million, representing an adjusted EBITDA margin of 13.4% [30] Business Line Data and Key Metrics Changes - Delivered volume increased by 143% year-over-year, achieving the second-largest quarter of volume shipped since Q2 2023 [27][7] - Domestic order book grew over 9% in Q1 2025, with over 40% of the order book set to be delivered in the remaining quarters of 2025 [8][9] - New product offerings, such as Omnitrac and Skylink, accounted for 15% of revenue and 30% of new bookings in Q1 [9] Market Data and Key Metrics Changes - The order book remained resilient at $2 billion despite near-term policy-related headwinds [7][36] - North America represented approximately 65% of revenue, with a mix shift impacting gross margins [28] - International markets, particularly Europe, are performing as expected with solid growth anticipated in 2025 [14] Company Strategy and Development Direction - The company is focused on maintaining operational agility and delivering long-term value amidst a rapidly evolving policy environment [6] - Continued investment in talent and technology is aimed at enhancing customer engagement and product innovation [8][20] - The company is actively engaging with policymakers to support energy tax credits and address regulatory uncertainties [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of fundamentals and the resilience of the company despite near-term volatility [6] - The company reaffirmed its full-year 2025 guidance, expecting revenue between $1.05 billion and $1.15 billion [36] - Management noted that while utility-scale solar remains a low-cost energy source, regulatory uncertainties may lead to project delays [11] Other Important Information - The company ended the quarter with a cash balance of approximately $348 million and total liquidity of about $510 million [32][34] - Free cash flow for the period was a use of $15.4 million, driven by working capital investments [30] - The company is exploring additional markets for international expansion, including the Middle East [15] Q&A Session Summary Question: Can you provide more color on the growing interest in VCAs? - Management is in active discussions with customers about longer-term commitments and will announce VCAs as they are finalized [42][44] Question: What is the guidance for Q2 revenue? - Specific guidance for Q2 has not been provided, but the first half is expected to account for about 55% of total revenue [46][47] Question: Can you discuss the size of orders and lead times? - Lead times remain industry-leading at fourteen weeks, with ongoing discussions about potential early pull-ins for 2025 [50][51] Question: How is the company managing cash use and term loans? - The company has successfully amended its revolving credit facility and is considering options for managing term loans [61][62] Question: What is the exposure to battery cell pack challenges? - Most components needed for projects are already in the country, minimizing risk for 2025 projects [76] Question: How are steel pricing and bookings expected to impact margins? - Steel prices are expected to increase, which will translate into higher ASPs for future bookings [85][86]