Q2 2025 Earnings

Industrials Electrical Equipment & Parts

Income Statement

Revenue

$174M+21.4% YoY

Gross Profit

-$53M-30.7% margin

Operating Income

-$177M-101.7% margin

Net Income

-$227M-130.5% margin

EPS (Diluted)

$-0.20

QoQ Revenue Growth

+30.1%

Cash Flow

Operating Cash Flow

-$192M

Free Cash Flow

-$230M

Stock-Based Comp.

$13M

Balance Sheet

Total Assets

$3.4B

Total Liabilities

$1.6B

Stockholders' Equity

$1.7B

Cash & Equivalents

$141M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$174M	$143M	+21.4%
Gross Profit	-$53M	-$131M	+59.3%
Operating Income	-$177M	-$245M	+27.7%
Net Income	-$227M	-$262M	+13.4%

Revenue Segments

Sale Of Electrolyzers

$45M26%

Fuel Delivered To Customers

$34M20%

Sale of cryogenic equipment

$27M15%

Power Purchase Agreements

$24M14%

Services Performed On Fuel Cell Systems And Related Infrastructure

$16M9%

Sales Of Fuel Cell Systems

$16M9%

Sale Of Hydrogen Infrastructure

$12M7%

Other Product And Services

$398,0000%

Sale Of Engineered Equipment

$301,0000%