Q1 2025 Earnings

Industrials Electrical Equipment & Parts

Income Statement

Revenue

$134M+11.2% YoY

Gross Profit

-$74M-55.3% margin

Operating Income

-$178M-133.5% margin

Net Income

-$197M-147.1% margin

EPS (Diluted)

$-0.21

QoQ Revenue Growth

-30.2%

Cash Flow

Operating Cash Flow

-$106M

Free Cash Flow

-$146M

Stock-Based Comp.

$11M

Balance Sheet

Total Assets

$3.6B

Total Liabilities

$1.7B

Stockholders' Equity

$1.9B

Cash & Equivalents

$296M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$134M	$120M	+11.2%
Gross Profit	-$74M	-$143M	+48.5%
Operating Income	-$178M	-$259M	+31.2%
Net Income	-$197M	-$296M	+33.5%

Revenue Segments

Sale Of Cryogenic Equipment

$30M23%

Fuel Delivered To Customers And Related Equipment

$29M22%

Power Purchase Agreements

$23M17%

Services Performed On Fuel Cell Systems And Related Infrastructure

$17M13%

Sales Of Fuel Cell Systems

$17M12%

Sale Of Electrolyzers

$9M7%

Sale Of Hydrogen Infrastructure

$6M4%

Sale Of Engineered Equipment

$2M1%

Other Product And Services

$627,0000%

Geographic Segments

UNITED STATES

$121M91%

Non-US

$12M9%