A：The forward-looking statements in the earnings call include projections of future results of operations and financial position. These statements are subject to risks and uncertainties that could cause actual results or performance to differ materially from those discussed, including those detailed under 'Item scripta risk factors' in the company's annual and quarterly reports filed with the SEC.

A：The objectives for 2025, as stated by the new CEO, include growing the top line, improving margins to be margin-neutral in Q4, reducing cash usage, expanding hydrogen production with the commissioning of the Louisiana plant, and strengthening liquidity.

A：In Q4 2025, the company achieved approximately 30% revenue growth, turned gross margin positive at 2.4%, which is a 15 percentage point improvement from Q4 2024. The results reflect ambition paired with discipline, focused execution, and the hard work of the entire team.

A：The company's focus for revenue growth in 2026 is primarily on its material handling and electrolyzer business, with an expectation of directionally comparable revenue growth to 2025. Revenue growth is expected to be driven by material handling, with the reinstatement of the investment tax credit and increased demand from enterprise customers, and by the continued development and expansion of its electrolyzer business globally.

A：In 2025, the company shipped over 1.2 GW of genco electrolyzers globally, deployed across six continents, and delivered equipment for major projects like a 25 MW project in Spain and a 100 MW project in Portugal, resulting in a record €188 million in electrolyzer revenue.

A：The company's strategy for achieving sustained profitability and cash flow improvements includes continuing cost reductions, optimization efforts across the business, and executing on projects like the ones with Carlton and Shes in the UK and the 2 GW project in Pakistan. The company also plans to benefit from the full year impact of the Quantum Leap initiatives launched in 2025 and to reduce cash usage, as shown by the reduction achieved in 2025 and the planned proceeds from the monetization of assets.

A：The company's roadmap targets achieving positive Ebitda in the first quarter of 2026, positive operating income in 2027, and full profitability in 2028. It plans to continue sales growth and advance towards these financial milestones while focusing on continued improvement in cash usage and liquidity.

A：The company's progress and platform for continued financial improvement were attributed to increased sales volume, cost reductions through targeted price increases, labor optimization, rooftop consolidations, production cost improvements, leveraging the hydrogen platform, and focused Opex resource investment reductions.

A：To improve its financial position and operating efficiency, the company has executed script transactions for monetizing the script million for the data center project, maintained an effectively unleveraged balance sheet after its debt restructuring, lowered its cost of capital, extended the maturity of its debt, significantly curtailed CapEx expenses, and focused on improving margins and cash flows.

A：The projected growth for 2026 is similar to that of 2025, with the main drivers for this growth being material handling, which includes a rise in pedestal customer growth, site refreshes, new customer sign-ups from the previous year coming online, and a stronger value proposition for the material handling fuel cell solution.

A：Besides material handling, the electrolyzer business is also expected to contribute to growth in 2026. The company has announced a 5 MW agreement with Carlton power and is looking to sign a similar agreement for an Australian project. There are several projects in the channel that are expected to move forward, which will drive growth in the electrolyzer business.

A：The company is optimizing production by turning on and scaling up its plants, which has led to all-time records in the Georgia plant for many months in 2026 and an increase in utilization and efficiency of the newer plant in Louisiana. For 2026, the company expects better leverage on facilities, more volume through increased customer sites and material handling, greater efficiency through an improved logistics network, and continued focus on efficiencies at the sites and gas recapture processes to minimize molecule loss. These factors are expected to drive further improvements in production efficiency throughout the year.

A：The company has reduced its cash burn significantly year over year and expects a similar reduction in cash burn as it progresses towards positive EBITDA. With a lower CapEx rate, an existing strong balance sheet position, and a one-time $275 million from asset sales, the company has more than adequate capital and access to additional capital to fund the year without needing incremental capital.

A：Recent restructuring efforts and new projects, including lower CapEx rates and an improved balance sheet, position the company well for reduced operating cash flow and cash burn. With the maturing of PPA sales and lower costs of capital, the company is well-placed financially. Acquisitions and earn-outs have been completed, and the company has controlled joint venture investments, leading to reduced overall cash needs.

A：The potential timeline for new engineering design package agreements varies, with some projects already advanced and facing an FID (Final Investment Decision) timeline in circulation. One specific project is replacing an existing electrolyzer and is expected to be FID in 2026. Other projects are expected within the next 12 to 24 months. The timeline and progression will affect when bookings and revenue might materialize from these new orders.

A：The hydrogen pipeline in the Netherlands, announced a few years ago, is continuing to be developed. The pipeline allows for a hub for hydrogen generation and provides an optic for generation. The development is positive for the industry as it facilitates projects to go FID by enabling hydrogen delivery to the pipeline, potentially leading to more projects being viable.

A：The potential use cases for hydrogen in data centers include hydrogen-based backup power. The company is focusing on closing a deal with a data center and is in open discussions about potential fuel cell applications. At the moment, the priority is on finalizing the deal, after which discussions will commence on what stationary applications they could introduce together.

A：The requirements to be able to take advantage of the investment tax credit have been meaningfully simplified, making the 30% tax credit a simpler way for customers to benefit from.

A：New potential customers are being targeted in the material handling sector, including 'pedestrian' customers like floors and 'pedestal' customers that can be multi-sided. The company is seeing new opportunities and has signed some new customers, with a funnel of over a billion dollars for electrolyzers.

A：The company continues working with many of the companies in the funnel towards a final investment decision. In the European market, there is a focus on projects that are converting RED regulation into law, which requires a certain percentage of hydrogen use for transportation purposes and the conversion of refineries to green hydrogen.

A：In the next 12 to 24 months, as the mandate for using hydrogen in the transportation sector becomes stricter, investment decisions are expected to accelerate, leading to projects coming to fruition where the company plans to capture a fair share of the market.

A：For 2026, the projected segment mix for the company's revenue is 30% to 40% from material handling, a similar amount from electrolyzers, and the rest from fuel and cryo business. Material handling is expected to remain the largest revenue generator for the company in 2026.

A：The 20% of forecasted revenue for 2026 that is not firm or high confidence is related to projects that are currently being negotiated and expected to close within the year. The remaining 75%-80% is from projects with a firm commitment from the customer or finalized commitments.

A：There is not an expectation for similar licensing agreements with other customers like Walmart in 2026. The agreement with Walmart was very specific and is expected to help continue building the relationship with Walmart without expecting similar agreements with other customers.