Overview
- The company reported Q4 revenue of about $225 million and a 2.4% gross margin, its first positive quarterly margin after steep losses a year earlier.
- For 2025, revenue rose 12.9% to roughly $710 million as electrolyzer shipments exceeded 300 megawatts with about $187 million in related sales.
- Management reaffirmed targets for positive adjusted EBITDA by Q4 2026, positive operating income by the end of 2027, and full profitability by the end of 2028.
- Unrestricted cash of roughly $368 million versus an estimated $536 million in 2025 operating cash burn highlights a short runway, with a $275 million asset monetization and debt restructuring intended to extend liquidity.
- Shares rallied about 22%–23% on heavy volume following the results and leadership transition.