In the quarter ended April 30, 2026, we reported total revenue of $35.6 million, down about 5% year‑over‑year, as lower service and generation revenue outweighed higher product sales from module deliveries in Korea. Loss from operations was $77.9 million, including a $42.6 million non‑cash impairment. Adjusted EBITDA was negative $17.1 million, a 12% improvement. We ended with $440.9 million of cash, about $373.2 million unrestricted, and are essentially debt‑free with no near‑term maturities. Backlog stood at $1.14 billion, down roughly 9%, weighted toward long‑term generation projects.
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