🔹 Revenue: $15.24M (Est. $24.12M) 🔴
🔹 Adj. EPS: $(0.37) (Est. $(0.14)) 🔴; DOWN -23% YoY
2025 Guidance (Reaffirmed):
🔹 Revenue: $150M–$190M (Est. $165M) 🟡
(H1 Revenue: $25M → Must deliver $125M+ in H2 to meet low end)
Backlog & Pipeline:
🔹 Commercial Pipeline: $18.8B; UP +21% QoQ
🔹 Orders Backlog: $672.5M
🔹 8-hour+ storage projects grew 15% QoQ
🔹 Frontier Power MOU: 5 GWh (now 10+ GWh submitted to UK Cap & Floor)
🔹 3 active MOUs totaling 6.2 GWh
Manufacturing & Operations:
🔹 Record factory shipments: +122% QoQ
🔹 Z3 system round-trip efficiency: avg. ~88%, peak 89.5%
🔹 Second automated line ordered; subassembly automation ramping
🔹 2025 exit rate target: 2 GWh/year production
Liquidity & Capital Actions:
🔹 Raised $336M via stock + convertible notes (oversubscribed)
🔹 Total DoE Loan Funding: $91M to date
🔹 Convertible Notes (26.5%) restructured:
🔹 New maturity: Sep 30, 2034
🔹 Lower interest: 7% starting June 30, 2026
🔹 Cerberus granted extension to Oct 31, 2025, for loan milestone
🔹 OpEx: $32.9M (excl. $5.4M in one-time items)
🔹 Total Cash: $183.2M (incl. restricted)
CEO Commentary:
🔸 “Our strongest operational quarter to date – production scaled rapidly, revenue nearly matched full-year 2024.”
🔸 “Z3 system outperformed design specs; pipeline and operations accelerating.”
🔸 “We’re positioned as a key contributor to U.S. energy independence and grid resilience.”
