🔹 EPS: ($0.43) (Est. -$0.06) 🔴
🔹 Revenue: $43.8M (Est. $53.84M) 🔴; UP +8% YoY
🔹 Adj EBITDA: $2.0M (Est. $3.00M) 🔴
🔹 Backlog: $418M; UP +250% YoY
FY25 Guide:
🔹 Revenue: $160M-$180M (Est. $193.9M) 🔴
🔹 Adjusted EBITDA: Negative single-digit millions
Other Key Metrics:
🔹 Gross Margin: 37.4%; UP from 32.1% YoY
🔹 Net Loss: $108.0M; UP from $21.3M YoY
🔹 Cash Balance: $50.1M (Est. $51.36M) 🔴
Strategic/Shareholder Updates:
🔸 Exchanged $182.3M in 6% convertible notes due 2026 for notes due 2029; $58M converted to equity post-Q4
🔸 Post-Q4: Raised $64.7M from warrant exercises, reducing net debt to $27M from $150M
Management Commentary:
🔸 "2024 was a pivotal year for the business. We demonstrated momentum through major contract wins, expanding our backlog and growing our pipeline, maturing our technology portfolio, and restructuring our debt to strengthen our financial position for the long term." – Kevin McAleenan, CEO
🔸 "On the financial front, we’ve kicked off the first quarter of 2025 by significantly deleveraging our balance sheet. Through a combination of cash proceeds from warrant exercises and debt reductions resulting from conversions on our convertible notes, we’re in a strong position for growth in 2025 and beyond." – Julie Peffer, CFO