- **2024 Strong Execution**: $92.1M revenue, 26% gross margin, $5M Q4 free cash flow. Europe and China drove 89% of revenue.
- **2025 Growth Path**: $80-100M revenue (70% from high-margin IPP/DSA). $100M DSA pipeline targets mid-2025 closure, with 50%+ repeat customers.
- **Risk Mitigation**: DSA milestone structure buffers against government delays. US community solar and storage pipelines support diversification.
- **Financial Strength**: $50M cash (40% sequential growth), 11.2% debt/asset ratio. 2025 expects positive operating cash flow and higher liquidity.

**【CEO Summary Section】**
- **2024 Full Year Performance**: Generated $92.1 million in revenue with a 26% gross margin, improving to $34.6 million in Q4 with $5 million free cash flow. IPP and DSA segments drove stable cash flows.
- **Key Milestones**: Completed 17 MW solar COD sale in Poland, 462 MW DSA in Italy, and 65 MW solar sale in Germany. China's 18 MWh BESS projects integrated into Huaneng's VPP platform.
- **2025 Outlook**: $80-100 million revenue with 30-33% gross margin. IPP ($28-30M, 50% margin) and DSA ($35-45M) to contribute 70%+ of revenue. $100M DSA pipeline under negotiation, targeting closure by mid-2025.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: $34.6M revenue (down 23% YoY due to project delays), $4.8M gross profit (14% margin). Operating loss improved 35% YoY to $9.2M. Ended with $50M cash (40% sequential growth).
- **2025 Guidance**: $80-100M revenue, 30-33% gross margin. IPP and DSA to dominate, with Europe (70%) and US (30%) as key markets. Expect positive operating cash flow and higher year-end cash.

**【Q&A Key Takeaways】**
- **Project Delays**: Q4 delays ($10M impact) due to US/Europe approvals, but 2025 DSA milestones shielded from near-term risks. Spain's 18-month approval process nearing resolution.
- **US Strategy**: 80% utility-scale solar, 20% community solar. Expanding into data center power supply with high-margin DSA structures.
- **Margins & Pipeline**: New DSA projects have lower early-stage margins (milestone 1 payments), but 2025+ projects benefit from higher later-stage margins. $100M DSA pipeline could add upside if closed beyond Q2 2025.

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