Research Reports

Q2 2025 revenue reached a record $91.3 million, up 9.2% YoY from $83.7 million (CEO, CFO).
Year-to-date revenue grew 25.9% to $208 million from $165 million, driven by ~300 MWh increase in sales volume (CFO).
Gross margin improved to 34.7% (up 2.2 pp YoY); year-to-date gross margin was 36% (up 9.1 pp) (CEO, CFO).
Operating profit of $16.2 million in Q2; adjusted net profit of $16.3 million; adjusted EBITDA of $25.9 million (CEO, CFO).
GAAP net loss of $106.1 million in Q2, largely due to $121.5 million fair value change on convertible loan and warrants; adjusted net profit of $16.3 million (CFO).
Year-to-date adjusted net profit of $35.6 million vs. adjusted net loss of $100.9 million in prior year (CFO).
Operating cash flow positive at $44.3 million for the 6-month period; total cash, equivalents and restricted cash of $138.8 million at quarter end (CFO).
CapEx outflow of $5.1 million in H1, primarily for Huzhou Phase 3.2 expansion (CFO).
Revenue mix: EMEA 43% of Q2 revenue; U.S. increased to 5% ; APAC grew 34% in the quarter (CFO).
Huzhou Phase 3.2 expansion adds ~2 GWh annual capacity; first qualified production expected in Q4 2025 (CEO).
All-solid-state battery: 5-layer cell achieved >304 cycles at 1C with stable capacity retention; 12-layer prototype reached 48 volts from a single stack (CEO).

Full-year 2025 revenue: $450 million to $475 million (18%–25% YoY growth) (CEO).
Full-year 2025 gross margin: updated target of 30% to 32% (CEO).

"We posted a record second quarter revenue of $91.3 million, which is a solid 9.2% growth year-over-year." (CEO)
"We achieved operating profit in the second quarter of $16.2 million, with an adjusted net profit of $16.3 million and an adjusted EBITDA of $25.9 million." (CEO)
"Our Phase 3.2 expansion is still anticipated to add about 2 gigawatt-hour of annual production capacity... we anticipate the first qualified production from this new line to commence in the fourth quarter of 2025." (CEO)
"We are targeting a year-over-year revenue increase of 18% to 25%, which put our projected range between $450 million and $475 million." (CEO)
"We are pleased to have generated positive operating cash flow of $44.3 million for the 6-month period." (CFO)

Metric	Value	Speaker/Context
Q2 Revenue	$91.3M	Record, +9.2% YoY (CEO, CFO)
YTD Revenue	$208M	+25.9% YoY (CFO)
Q2 Gross Margin	34.7%	+2.2 pp YoY (CEO, CFO)
YTD Gross Margin	36%	+9.1 pp YoY (CFO)
Q2 Operating Profit	$16.2M	GAAP (CEO)
Q2 Adjusted Net Profit	$16.3M	Non-GAAP (CEO, CFO)
Q2 Adjusted EBITDA	$25.9M	Non-GAAP (CEO, CFO)
YTD Adjusted EBITDA	$54.4M	Non-GAAP (CFO)
H1 Operating Cash Flow	$44.3M	Positive (CFO)
Cash & Equivalents (end Q2)	$138.8M	Including restricted cash (CFO)
H1 CapEx	$5.1M	Primarily Huzhou expansion (CFO)
Huzhou Phase 3.2 Capacity	~2 GWh annually	First production Q4 2025 (CEO)
All-solid-state 5-layer cycles	>304 cycles at 1C	Stable capacity retention (CEO)
All-solid-state 12-layer voltage	48 volts	Single integrated stack (CEO)