Q4 2025 Earnings

Industrials Electrical Equipment & Parts

Income Statement

Revenue

$225M+17.6% YoY

Gross Profit

$956M424.4% margin

Operating Income

$975M432.9% margin

Net Income

-$846M-375.6% margin

EPS (Diluted)

$-0.06

QoQ Revenue Growth

+27.2%

Cash Flow

Operating Cash Flow

$387M

Free Cash Flow

$494M

Stock-Based Comp.

-$2M

Balance Sheet

Total Assets

$52M

Total Liabilities

$1M

Stockholders' Equity

$50M

Cash & Equivalents

$1M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$225M	$191M	+17.6%
Gross Profit	$956M	-$235M	+507.5%
Operating Income	$975M	-$1.3B	+175.0%
Net Income	-$846M	-$1.3B	+36.7%

Revenue Segments

Sale Of Electrolyzers

$68M30%

Services Performed On Fuel Cell Systems And Related Infrastructure

$41M18%

Power Purchase Agreements

$36M16%

Fuel Delivered To Customers

$34M15%

Sale of cryogenic equipment

$20M9%

Sales Of Fuel Cell Systems

$11M5%

Sale Of Hydrogen Infrastructure

$9M4%

Sale Of Engineered Equipment

$3M2%

Other Product And Services

$2M1%

Geographic Segments

UNITED STATES

$415M72%

Non-US

$162M28%