Achieved 137% year-over-year revenue growth in Q4 driven by broad adoption of SiCore silicon anode batteries across unmanned aerial vehicle (UAV) customers.

Successfully transitioned from legacy SiMax Generation One products to the higher-margin SiCore platform, which now represents the vast majority of the revenue mix.

Improved gross margins from -76% in 2024 to 11% for full-year 2025 by leveraging a favorable product mix and scaling through contract manufacturing partners.

Executed a strategic exit from the Colorado facility, settling $110,000,000 in long-term obligations for $20,000,000 to focus on a capital-light manufacturing model.

Secured a $14,800,000 Defense Innovation Unit (DIU) contract to accelerate production of NDAA-compliant cells, positioning the company ahead of the 2028 federal sourcing mandates.

Expanded the customer base to over 550 logos, utilizing the Fremont pilot line to secure early-stage design wins before transitioning high-volume production to partners.

Differentiated the product portfolio through 'tunability,' offering 22 cell designs optimized for specific energy, power, or cycle life requirements across five core markets.

Projecting 2026 revenue of at least $125,000,000, which management expects will result in the company's first full year of positive adjusted EBITDA.

Anticipating 2026 capital expenditures to remain below $10,000,000, as the DIU contract is expected to fund the majority of capacity expansion in Fremont.

Targeting long-term gross margins exceeding 30% and EBITDA margins of at least 20% by the end of the decade through the utilization of $600,000,000 in contracted capacity.

Assuming a 2026 revenue mix similar to 2025, with potential upside from U.S. domestic demand not yet fully factored into the baseline guidance.

Focusing on supply chain diversification to ensure 100% NDAA compliance for all 11 internal cell components by the 2028 regulatory deadline.

Recorded a one-time $22,500,000 charge in Q4 related to the Colorado facility exit and the decommissioning of legacy equipment in Fremont.

Terminated the at-the-market (ATM) offering program in January 2026, signaling confidence in the current $90,500,000 cash position to fund operations.

Identified operational intensity as a risk factor when aligning 22 cell models across multiple contract manufacturers and 11 distinct internal components.

Noted that while technical hurdles for NDAA compliance are largely cleared, multi-year supply agreement execution remains a key operational focus for 2026.

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Management confirmed that technical and engineering work for the 11 internal components is complete, with all primary and secondary suppliers identified.

The 2026 focus shifts to operationalizing these sources through multi-year agreements and logistics coordination with South Korean and U.S. manufacturing partners.

Management reported immediate 'pull' from defense customers following recent global conflicts, specifically for long-loiter reconnaissance platforms.

The Fremont pilot line is being utilized to meet these urgent, low-volume requests with lead times of only a few weeks.

Current guidance assumes international markets (particularly Europe) remain the primary drivers, similar to the 2025 trend.

Management characterized U.S. domestic production as 'incremental upside' that will be sized only as firm purchase orders are secured.

Management highlighted that in segments like eVTOL and UAVs, the replacement battery market could eventually exceed the volume of initial installs.

The company is exploring the development of standardized battery packs to capitalize on this recurring revenue stream as markets mature.

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