Q3 2025 Earnings

Industrials Electrical Equipment & Parts

Income Statement

Revenue

$177M+1.9% YoY

Gross Profit

-$120M-67.9% margin

Operating Income

-$349M-197.0% margin

Net Income

-$362M-204.4% margin

EPS (Diluted)

$-0.31

QoQ Revenue Growth

+1.8%

Cash Flow

Operating Cash Flow

-$90M

Free Cash Flow

-$120M

Stock-Based Comp.

$12M

Balance Sheet

Total Assets

$3.1B

Total Liabilities

$1.6B

Stockholders' Equity

$1.4B

Cash & Equivalents

$166M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$177M	$174M	+1.9%
Gross Profit	-$120M	-$100M	-20.1%
Operating Income	-$349M	-$216M	-61.4%
Net Income	-$362M	-$211M	-71.4%

Revenue Segments

Sale Of Electrolyzers

$65M37%

Fuel Delivered To Customers

$36M20%

Power Purchase Agreements

$25M14%

Services Performed On Fuel Cell Systems And Related Infrastructure

$20M11%

Sale of cryogenic equipment

$18M10%

Sales Of Fuel Cell Systems

$11M6%

Sale Of Engineered Equipment

$2M1%

Sale Of Hydrogen Infrastructure

$753,0000%

Other Product And Services

$24,0000%