Don. Thank you,
fourth year-over-year. This into quarter growth the financial year. start contributed revenue record in $XX.X revenues. last on million for increase annual of XXXX Slide X $XXX.X rate million our This revenues XXXX XX% run on delivered and XX% Starting highlights the is our year. in of recap for million. to our a QX, with in I'll over and which translates We of of delivery level revenues of of QX year-over-year $XXX.X the
doubling by the end thankful is revenues long-standing tripling our targets by of in truly our for them This growth I our XXXX end XXXX. well and line the the locations of with XXXX high-quality all rate then, am our came barriers EV Mexico, produce area, Rhode get in and industrial all team thermal as the out possible last deliveries door. energy Island, it and together Boston sales the international to of
there, that proved world-class barrier way. deliver EV in when is we our thermal the demand a can QX, In assets
up line demand, 'XX. of came in Motors to of of to supplemental order order of quarter, and our Speaking barrier in that ramps EV as thanks our for thermal second volumes demand XXXX this is half meant GM stabilize expectations QX spans with QX XXXX. the from a This the their General
This year. a $XX.X in leverage a increase also quarter over our prior the of enabled during of the and order operation us This to times thermal barrier deliver last manual XXX% total EV to in productivity a increase five is QX. Mexico over assembly million
barrier years. were over revenues almost nine-fold million, Our increase prior up XXXX $XX.X in an total EV thermal the
than revenues higher were higher higher allocating XX% of and They to we the year-over-year. QX if Our million, Energy EV $XXX.X X% year Aerogel weren't our increase. capacity would Industrial quarters barriers. brought million XX% That towards for prior production be thermal year-over-year the total an $XX.X
thermal Rhode as our more of start is in barriers, mix our to learnings we it product productivity in X plans. rate get into more excited revenue Georgia. those with Our out Aerogel profitably on go when EV detail towards can QX growing continue this later. plant aligning Island and I'll that our implement more be I tilted couldn't our run Plant prospects growth demonstrated on about
to where for expenses. summary main expenses percentage XX which $XX.X a of within points. up want our sales, Material close be we of percentage made provide I'll of digit Next, quarter million single to was points actually long-term, the
This can quarter-over-quarter XX of run of points rate. what improvement higher be delivered percentage a of is indicative sales, at
It's the prior quarters accounted margins also was QX prior were worth in our in converted during the but that that barrier that fact scrap manufacturing enhanced due thermal QX made Aerogel to costs slightly EV those of quarters. in into was for highlighting
year, of our $XX.X sales the are percentage up we've and as from million at away points of cost percentage material long-term For points these XX target. made least previously, our XX mentioned
quality sales points and manufacturing Conversion utilities, with direct These to convert points all supplies, costs, $XX.X of include of costs inspection. percentage labor, finished XX logistics, we of percentage million insurance, QX. required up overhead, in production of rent, as products XX costs process factory made describe These materials costs QX. compare all sales which elements and were into in
conversion points our is as to It be continue encouraging these points At towards where down to to driving cost and every areas run targets we leverage of revenues. the see we improvements sales, our team's we're of as and rate in percentage XX percentage to increases of increase ability making our drive to XX cost continue need making incremental our to unit. revenue operating these within expect grow continue
year, points these million of up XX our and made percentage sales. conversion the XX.X costs were For
with combined the assembly profit our investments Aerogel QX margins our to gross of establishment the to XX% from positive in Rhode plant go QX, of increase our our In XX% facilities in enabled in negative Mexico Island, in productivity to QX.
for our $X.X segment energy the gross Barrier. coming million represent to These Both with profit QX lines respectively and margins positive Thermal our million positively contributed gross XX% of and that from of $XX.X in $X.X of million from industrial coming profit EV product quarter. XX%
and a For Barriers reflecting the respectively. or negative margin of profit X% gross $XX.X was a $XX.X our Energy our gross million Thermal EV margins gross with profit of year $X.X XX% in million gross a profit Industrial in XX% million of segment and loss
These versus where Operating over $X.X million. QX by expenses, increase in QX. which are million QX an over $X.X enabling our had $X million QX million increase $XX and of of an quarter-over-quarter increased in growth of
off in development As on systems and things. and prior increases new process that tangible mentioned One, I've precisely quarters, on focused our have delivering our the drive streamline through we're productivity methods of and implementation leveling three OpEx productivity. benefits
OEM technical Putting awards pursuits sales world-class thermal our Two, these negative with milestones million $XX.X and barrier new of $X.X quarter. $XX.X prior QX these awards negative production million the during And QX our during adjusted year managing and the service. levels to EV prior efforts. elements through in our and R&D of together, EBITDA three, clear was million compared in negative efforts
the to loss $XX.X in negative million prior For $XX of XXXX, year. EBITDA was our million compared adjusted a
income we other reminder, we items taxes, compensation operating are expenses amortization, interest, loss believe depreciation, core adjusted a or performance net do that as indicative before of our As and EBITDA stock-based not define
In million $X.X stock-based items and compensation other of interest QX, these income. of included net $XX,XXX
$X.X $XX.X or million net per the $X.XX Our in per in share to same million QX of loss $X.XX loss quarter versus net or XXXX. a of share decreased
was loss $XX.X by net from million million. quarter-over-quarter $XX reduced Our
of For XXXX million share. the loss $XX.X net a or in year, or per compares was our to $X.XX per of loss $X.XX share, $XX.X which net million
XXXX was a our per $XX.X our is of shares at million shares. It of XX.X XXXX, that clarifying diluted of all worth of shares million weighted end share was average shares at number these XX the in fully and the for end earnings of outstanding calculations, XXXX, million outstanding number
that the stock long-term program, report I will officers units of to Section-XX next topic ordinary our that On would incentive in with count, vesting course over two equity note issued share of the Form-X's to like under In to file to were statutory restricted the the obligation, weeks. will our connection and that Aspen to company will withholding also by held sold tax the the of the vesting unissued would shares into want satisfy market these emphasize remain I by of related the RSUs. be not shares the
$X.X year $XX.X at turn cash million. I'll operating of balance These our of and in in increase needs sheet. to put operations that Next, then million cash negative for million adjusted of reflected EBITDA reflects needs used million our Cash our $XX.X million. cash flow in and a of quarterly $XX.X receivable increase accounts the $XX
thermal of during equipment progress expenditures Boston million center the buildings thermal labs of of R&D for the Capital advanced area. $XX.X and included Statesboro, construction our quarter main in operations, in Georgia partial X, development in construction the Plant barrier to assembly barrier the significant for our the automated our upgrades
with million, These range. million Progress brought the these our $XXX on our expectations. to below is in CapEx $XXX $XXX.X XXXX total line in projects million
Plant update the later a X construction more of plant provide end through in manufacturing on second have $XXX.X we the of progress presentation. on a towards capital meaningful expenses I'll this it. As our Aerogel incurred continues, XXXX million in
included by million proceeds Net equity prepayment XXXX. in from million million $X offering, net of $XXX.X QX originally BASF's and February of was which received provided financing repayment during $XXX.X activities of a of balance, our cash
at Industries XXXX at was $XX million of $XXX.X for common of financing stock a year in upsized to our share, issuance a and of pivotal ended the from on cash million proceeds equity XX. activities the and recently, million average note price million $XX.XX common at $XXX.X with featured per convertible growth issued public from $XXX from sale proceeds $XXX.X the $X.XX share proceeds million of of at net quarter shareholders' of per with driven $XXX.X of equity We Koch of offering funding a per and by $XX.X million. million $XX.XX that of a price November market net our share the net stock offering an most
I team since in year XXXX be every XXXX. our and expressed XX walk and will full that the our now million. to $XXX.X months XXXX revenues million turn call, double would be delivered outlook. the you logical expect to thinking doubling the X Earnings That revenues Slide $XXX.X QX to XXXX it be through of target our would our Having
barrier XX% our for In XXXX. our compared revenues XXXX growth we're of in for and revenue we triple what today earnings we is setting them between $XXX reiterated our PyroThin into XXXX. triple XXXX, year customers' demand then outlook double and With them thermal XXXX to be then plan about our QX million. to call, and know $XXX This XXXX our into million XX% to of the to between equivalent to
will this that is range realize year wide that We progresses. tighten the as a
driven XXXX, production to an steep by to vehicles our by are as ramp significant we powered what revenues increasingly in platform a of expect the being battery be However, in General just extent Motors. Ultium
of North for This transition our ramp year, we continued delay to to may doubling a the of XXXX continue are a year with and and the be this continues Star supplying that second was for half in the OEMs subject revenues target being our last XXXX year,
of surpass quarterly the executing XXXX in critical of year believe that our this throughout run will to of expect Because second we we XXXX. half the towards least half production thermal year. run materialize we XX% of not capacity during EV new expect Optimizing will our XX% in is the revenue year steep least role rate a Therefore, end until our a revenues. significant launches, our split our barrier Aerogel of a total play QX second the of at of QX revenues XXXX. This number nameplate at see the ramp rate to
XX% this With year. in year, of we're the this profit second half mind, in is and of rise we type demonstrated our gross that flexible to can the there. expect also Last of the demand when we challenge
we our sold XXXX reduce our million can improve our that We of approximately the by are for that would executing cost $XX and and several million. believe OpEx by over in profitability initiatives $X goods year,
also expense the in in of second anticipation base early are half of the that this we fixed of the However, conscious are year. carrying in revenues year, we the
at has Historically, the given that high expenses, investing minimizing expect, dividends. variance our the flexibility but pay in exceeded team quarterly these expectations will demand in fixed we
we technological personnel XXXX will and aim capitalize tempered commissioning and thermal optimize resources be in X, we through to EV as OpEx and our systems in are that at it productivity the maintaining Plant on investments lead barriers. our in more growth Our processes and driving and commercial expecting
of negative and million million between $XX $XX weighted shares With of negative expect year. $X.XX these EBITDA of average the XX for outstanding This adjusted of loss between we loss and share. and a of assumes actions, per a EPS outlook million EPS a $X.XX
In of addition, assumes million this XXXX $X.X compensation depreciation $XX of stock-based outlook expense million, million. interest expense of $XX.X and
expect as raising and $XXX our strengthening continue sources. incur also Plant in of expenditures capital year of $XXX the between XXXX, our Don project. principally million sheet will We balance range capital million wide we a remarks, earlier his from X In mentioned to for during by
can November million in term, made on supplement we to to the last of loan that General of we $XXX Plant Motors up near announced from with X. support $XXX also In We've that secured million rely funding the financing. ongoing commitment the equipment-backed year to of progress
that we in regulatory landscape. several fund managing potential as make continue very -- discussions to have also the a most We our of strategy our profitable we growth we supportive and collateral strategic that ensure
Plant XXXX our how productivity Slide million. how efforts has capacity. navigating design X, our over be rising processes a completed and cost $XXX Turning an in Plant X, the its of construction the to aimed to the material with roughly X team environments, flexibility and would provide a evolved, has at update cost December been of on Phase team of of a results XXXX, I'd XX% and of the estimated the X that our of overall design, increasing In like
is of costs. design cost million, or we Phase Now, driven the million and of $XXX material through two million higher Approximately, XX% estimate by the be XXXX, X increase. $XXX a to weeks $XX after towards of the the having $XXX this increase completed of project spent construction end million XX% and having
being the cost cement last difficult team rise of and industrial over months, of the what the of in a scale. the cost is commission a the industrial With of XX% any be a XX% rise valves in optimistic project rise construction, time backdrop through a the able to is cost of about to in the construction building manage proving XX% XX to
increase of the million driven X% remaining $XX The clarity plant. higher of level in of by or design is the
For defining we completion, XX% length plant's the design piping. of the example, at were
plant's design at completion, finer specifications the While the the involving has XX% piping detail. team
our what product to We've of production this process increase all know, cost also In capital of implementing a to we all about improvements and the Aerogel we've in our by higher optimize challenged design light flexibility and capacities it's environment, mix. our XXXX. thought team latest production how
a we can Phase $X.X our billion. total up to capacity for up mix, be annual $X.X our capacity revenue As plant of total X be to year capacity X and revenue of of Island in revenue the Plant for billion, optimize of Rhode annual per million of $XXX can
This estimate XXXX time, ready ago driving from believe awarded At revenues. opportunities. can incremental a additional revenue million X, increased for these PyroThin having to we these be point on $XXX Island Plant make anywhere prior for capacity that revenue of but of the for business seeing our year not our $XXX thermal X focused XXX% to compares revenue a on X million. long-term between where Phase plans, our of flexibility capacity EV for up estimated provided plant XX% volume XXXX our to barrier of the in we target we're assets plans to million million and we the of deliver just X. Phase an $XXX of $XXX spend over that that light and total Plant In our just Rhode to
like factors Later, X. through to of level the our and focus laid various with map customers Today, Slide the year, relay we'd engagement that our with compatible our were Throughout quote most around out attention team's let's on last XXXX. logically deeper we form world. our we PyroThin. chemistries views award to pipeline into on use dive Finally, battery the
America, North an have In to potential capture XXXX. and we XXXX we assess $XX revenues of billion estimated the between that
discussions of testing of quotes Europe, In to second approximately North American on progressed and $X us engaged estimate have the we active Our their value with quotes our to OEM nameplates. the providing be material the being from various of billion.
include to supplier LOI this a it's platform particular it value of in the to revenues selected procured being to can remarks. technology design. communication intent process, this potential announced name mentioned this that letter in because the this that expand that sourcing been it The protected is are isn't EV for We vehicle award These has awards while important be packaged mentioned from the platform's linked plates and his of more Don platform. the an also as this serves OEM award, it for in
get approximately We and parts on we to vehicle for Asia, and of X.X part prototype with be required as million progress sourced billion part meaningful OEM's a a assess are our the commercial through order XXXX. also platform. of over team supply $X quoted development division opportunities to In the continues scheduled awarded making commercial the to same work vehicle
enable safety programs. in of in LFP chemistries are for several XXXX. alone NMC are of pouch As provide our and LFP LFP these by solutions and to quotes seeing but the Chemistries inquire about types one popular are can in OEMs with cell of can we $XX some and prismatic see, billion opportunities China, West revenue
of been within relationships assembled opportunities battery our built OEMs to have opportunity that Tier with expand also two pipeline. OEM's This have battery multiple presents part and or quote with to teams these supply significant established a a we active as of Our have within multiple packs battery ones entities platform.
that, happy I'm to back Don. With turn call the to
