🔹 Revenue: $602.5M (Est. $769M) 🔴; +24.7% YoY
🔹 EPS: $0.01 (Est. $(0.01)) 🟢
Guidance (FY25):
🔹 Revenue: $2.6B–$2.8B (lower end likely) vs. Est. $2.731B 🔴
🔹 Adj. EBITDA: $0–$20M (midpoint $10M)
🔹 ARR: ~$145M
Other Q2 Metrics:
🔹 Adj. Gross Margin: 15.4% vs. 17.5% YoY
🔹 Order Intake: $508.8M in Q3 backlog additions; Total backlog $4.9B
🔹 New $150M supply chain financing facility in Aug
🔹 Net Income: $6.9M vs. $1.1M YoY
🔹 Adj. EBITDA: $27.4M vs. $15.6M YoY
🔹 Cash: $459.9M; Total Liquidity $903M (incl. $342.5M revolver)
Operational Highlights:
🔹 Began ramping U.S.-based manufacturing; first domestic content products delivered
🔹 Production ramp slower than expected — some revenue shifting to FY2026
🔹 Expect U.S. facilities at target capacity by year-end; ~$2.5B of backlog to convert in FY2026
CEO Commentary:
🔸 “Strong margins and execution this quarter; delays in U.S. facility ramp push some revenue into 2026, but fundamentals remain robust with a $4.9B backlog.”