- **Revenue Milestone**: Q2 2025 revenue hit $7 million, highest in company history, driven by custom Mustang launches and retail channel growth.
- **Mustang Program Breakthrough**: First Mustang won industry award, with production ramping to achieve efficiency by unit #3. Program expands addressable market into American muscle cars.
- **Retail Channel Success**: Store locations accelerated inventory conversion, generating $21,000+ in upgrades per sale and validating high-touch customer experience.
- **Bitcoin Strategy Activation**: $500 million equity facility enables crypto payments and reserve accumulation, with first 21 Bitcoin buyers receiving $21,000 upgrade credit.

**【CEO Opening Remarks】**
- **Record Revenue Growth**: Q2 2025 revenue reached $7 million, a $0.5 million increase YoY, driven by bespoke demand and manufacturing efficiencies.
- **Mustang Program Launch**: Delivered first custom Mustang (Project Ghost), winning best of class at Route 66 Road Fest. Program expansion underway with multiple commissions.
- **Retail Expansion Success**: Stores in West Palm Beach and Nantucket contributed to backlog growth, generating $21,000+ in upgrades per sale and accelerating inventory conversion.
- **Cost Optimization**: Implemented $500 million equity facility for Bitcoin accumulation and growth initiatives, alongside 12-month debt repayment grace period.
- **Operational Efficiency**: Right-first-time strategy reduced errors, enabling shorter shipping times and faster revenue recognition.

**【CFO Financial Commentary】**
- **Revenue & Margin**: Q2 revenue $7 million (up 8% YoY), gross profit $1.4 million (down 33% YoY) due to 20% gross margin (vs. 32% YoY). Operating expenses $4 million (up 50% YoY) driven by non-cash equity compensation.
- **Liquidity Challenges**: Cash balance $0.6 million (down from $1.5 million at year-end), operating cash use $4.2 million, partially offset by $3.4 million in convertible notes.
- **Balance Sheet Actions**: Converted $12 million convertible debt to preferred stock, raised $1.7 million equity, and filed S-1 for 300 million shares to support NASDAQ compliance.

**【Q&A Highlights】**
- **Mustang Program Pipeline**: Unit #2-3 expected to achieve production efficiency, with awards validating craftsmanship. Backlog building with in-production units.
- **Bitcoin Financing Strategy**: $500 million facility for crypto payments, reserve accumulation, and business expansion (new retail units, production lines). First 21 Bitcoin buyers receive $21,000 upgrade credit as marketing incentive.

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