Revenue backlog grew 33% quarter-over-quarter to $350 million primarily reflecting new contracts in the U.S. with Jupiter Power and Gridmatic; Australia project awards now exceed 2.6GWh
Transitional Q3 2024 revenue yielded 40%+ GAAP gross margin with higher services and software content; YTD 2024 GAAP Gross Margins are 28.3%
Operating expense improved to $27.6 million in Q3 2024; Adjusted operating expense improved 13% year-over-year and 7% quarter-over-quarter to $15.2 million reflecting prior organizational realignment in Q2 2024
Commenced project financing for PG&E California long duration green hydrogen and Texas short duration storage projects, expected to bring $60-80 million of cash onto the balance sheet over the next two quarters
Rudong, China 25MW gravity system performance measurements for Round Trip Efficiency (RTE) tested at ~83%, placing it among the highest efficiency of any long-duration energy storage technology
The EVx™ Gravity Energy Storage System was recognized as one of TIME Magazine’s Top Inventions of 2024
Q4 2024 revenue ramp underway with battery shipments in the U.S. and project construction starts in Australia; affirming full-year 2024 annual guidance for all metrics within mid to low end of previously disclosed ranges