In Q4, non-GAAP revenue reached $334 million, slightly down sequentially but outperforming typical seasonal declines. Non-GAAP gross margin improved to 23.3% from 18.8% in Q3, the operating loss narrowed to $11 million, net loss fell to $8.2 million, and the company generated $43 million in free cash flow.

U.S. revenue of $198 million accounted for 59% of Q4 sales, Europe contributed $99 million (30%) and other regions $37 million (11%). Management said channel inventory levels in both the U.S. and Europe have returned to normal and noted growth in U.S. manufacturing capacity with initial exports beginning late in the year.

Post-quarter actions included sale of the remaining e-Mobility business for $12 million, incurring approximately an $8 million GAAP net loss, and recording a $60 million non-cash finance expense to close the Kokam battery division. These moves conclude a series of disposals including the tracker business and South Korean battery manufacturing.

For Q1, guidance calls for $290 million–$320 million in revenue, non-GAAP gross margin of 20%–24% and operating expenses of $88 million–$93 million. Key priorities include launching the Nexis platform—debuting in Germany March 19—with global rollout in H2, increasing storage attach rates, and advancing an AI data center power solution targeting revenue starts in 2027.