I'll tell you, fiscal 2025 revenue fell 16.2% to about $2.26 billion, gross margin was roughly 13%, adjusted EBITDA dropped about 75% to $19.5 million, and we swung to a $68.0 million net loss from a $30.4 million profit the year before. In terms of the backdrop, management tied the decline to tax‑credit uncertainty, legislative changes that delayed contracting, an Arizona facility ramp delay, and lower volumes. I wouldn't read too much into it.

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FLNC / An integrator that buys cells and sells systems - and the hard year behind it

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/p/p-day-20260802-flnc-src-flnc-integrator-model-fy2025-rotation ↗

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2026-08-02T12:45:40.822Z