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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $82.7M (+171% YoY; +20% QoQ)
โข GAAP Net Income: $125.0M (primarily non-cash valuation gains)
โข Gross Loss: -$44.2M vs. -$33.9M YoY
โข Gross Margin: -53% (+5,800 bps YoY; +1,800 bps QoQ)
โข Adjusted Gross Margin: -44%
โข Adjusted EBITDA: -$63.8M vs. -$71.4M QoQ
โข Adjusted EBITDA Margin: -77% (+9,600 bps YoY; +2,700 bps QoQ)
โข Cash & Restricted Cash: $344.1M
โข Backlog: $765M (+19% YoY; -5% QoQ)
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๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐ (๐ ๐๐๐)
โข Revenue: Lower half of $300Mโ$350M range
โข Thorn Hill Capacity: ~4 GWh annually after consolidation
โข Line 1 Restart: Expected near end of Q1 2027
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Record quarterly revenue driven by 216% YoY growth in battery cube shipments
โข Gross margin improved for the eighth consecutive quarter but remains deeply negative
โข GAAP profitability primarily reflects non-cash warrant and debt valuation gains rather than operating profitability
โข Backlog reached 3.2 GWh, with a $24.9B commercial opportunity pipeline
โข Secured agreement with MN8 Energy and Google for 10 MW/100 MWh of zinc-based storage supporting Google data centers in West Virginia
โข Received $87M in additional U.S. Department of Energy loan funding
โข Thorn Hill Line 2 contributed 17% of total output, up from ~1% in Q2
โข Line 2 achieved ~20% higher output per shift than Line 1 and reached equivalent first-pass yield within three months
โข Manufacturing consolidation into Thorn Hill will temporarily reduce Q4 capacity and delay certain shipments
โข Consolidation expected to establish a lower-cost manufacturing footprint in 2027
โข Nine-month operating cash outflow increased to $261.6M from $160.9M YoY
โข Cash including restricted cash declined ~$280M during the first nine months
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โWhile the transition to Thorn Hill lowers fourth-quarter capacity, it positions us to reduce cost per cube and improve manufacturing efficiency in future quarters. We remain on track to achieve the lower half of our full-year revenue outlook.โ โ CEO Joe Mastrangelo