year operational position that us the in a be commercial, financial and past This K.R. global strong energy achieved results to Thanks we leader transition.
with Let me few We record a begin had highlights. revenues.
total, XX%. over a For the product and fourth XX% versus revenue revenue was than more fourth increased service quarter, quarter XXXX. robust up In
For revenue the total was year billion product and billion. and service was over $X.X revenue $X
surpassed improved. gross margin resulting for year, non-GAAP margins quarter XX% Our Fourth the basis prior XXX XX% up in versus year. points
for electrolyzer from capacity, and billion, our systems phase Bloom factory, which reached the built gigawatts in of Our of largest assembly has stack completed megawatts And first history. $XX capacity we doubled the the the year. of of beginning manufacturing We service in backlogs Fremont Delaware. adding capacity two XXX our
growth guidance our framework consistent expansion. a with strong We are XXXX on built long-term margin and providing
to performance. is electrolyzers With energy for our The servers robust. value those in proposition as highlights, additional some let context me provide
providing intensity their site power Our zero hydrogen customers future. in move to need reduces resilient to carbon that while solutions net on like optionality the
additional value the utility power and to power to is provide growth. for data time their meaningful when the Our particularly unable proposition to local is manufacturers centers, especially support
green and of For manufacturing of our projects. value our are clearly efficiency engaged technology electrolyzer, with we hydrogen the scale oxide and ammonia our large They solid developers advantages readiness.
biogas instances energy. are enable in providing fuels. for low dairies, power landfills, and solutions cases, significant resilient for across wastewater we're facilities. power intensity And are providing some in We with we partnering In also carbon to treatment developers solutions other renewable opportunities waste to use
value end XX% Opportunities pay ecoplants When earned contract or billion a up on are United up backlog backlog and prior XXXX, important a it's million similar backlog, Reduction remember States revenue in backlog ecoplant and was that XX% a year increased to Canada our SK three always adjusting aided year. $XX year. When and we have our be versus on SK it in When service that system versus was with growth take the XXXX. Act, XXXX a of with combined XX/X to comparing The has included with backlog. year-over-year should total energy XXXX deliveries, contract reflect sense Inflation server prior contracts, Europe. XX% first for incentives the system versus year our is that year X.X of of in progressing urgency, comparisons by
being fourth fourth for the by of non-GAAP our quarter Product margin pricing was The gross quarter a Revenue new repowering a cost improved expect percentage by of to quarter, margins revenue. We on ITC Our mix reductions, X.X would this convergence fourth be these improved acceptances, baseline. rate and past margin PPA XX% benefits, in versus points, our unit increase driven XXXX. events and we the of benefited the larger not total quarter
the And by for ASPs simplified of quarter. sale the margins PPA financial and debt, We was XA previously million PPA nonrecourse entity. reporting. repowering the eliminated on in executed doing enhanced we repowering of PPA second similar current a The to consolidated XX.X so, higher our
segment, transaction, as operating this reporting. removed of and million of we XX forma electricity expenses part other expense from through pro were our charges adjustments As our non-GAAP that recorded
entity, we may early XXXX approach. similar late one XXXX X with We remaining consolidated a have or that in PPA repower
the megawatts. of the manufacturing our the are teams beginning XXX completed expansion, manufacturing from and from megawatts XXX year navigating our environment. chain supply doubled phase the of Fremont first capacity to We current Our facility successfully stack which
we to of material increasing to our our securing manufacturing To automating benefiting costs return supply saw energy We expect leverage. of processes server, to product XX%. and power cost operating decrease a savings, we in from reductions the costs in identifying As quarter-over-quarter. XXXX, reduce deflation, are annual chain increased, number XX% fully builds density our a unit of
have than from yet elected balances. eligible the is year quarter half factored been million, to equity investment, SK would in given over $XXX Had million interest these usage the of factor subjected rising regulatory which from million. balances XXX only include ecoplant in to roughly $XXX million usage not the XX.X we the with to not in our receivables. ended XX.X flow of rates, the first cash close XXXX expected million Last receivables, These We in cash operations quarter, more XXXX we approvals. do remaining
we In provided XXXX expanding February. expect growth and margins guidance long-term last consistent with our strong revenue
service As to XX% to less $X.XX we of product more electricity segment measure and the to revenue grow is billion growth, our do billion. XX% to our and meaningful installations reduce expected $X.XX
the for plan XX% roughly reach expect total to improve non-GAAP for $X.X product XX% our expect over XXX billion, $X.X basis reduce up to This costs year. revenues points year, and to to year. we We the to margins billion XX% our XX% gross to
expect With and operating these and margins, to from would XXXX. revenues in operations non-GAAP cash we positive be income flow
Our business is delivering.
service acceptances and the line be based targets. For would quarter year revenue XXXX, on the product growth I total growth to first expect likely with in
Non-GAAP points do gross XXX versus basis three quarter the costs first be start-up [ph] basis to should margins up as XXX points not repeat. year months last
previous we XX% driven the half expect of year, and seasonality second revenue in first XX% of in As acceptances. in by of years, the half the our the
to second of our as is such, As percentage margins a accretive the greater higher product tend margin total. be half
demand upon solid in operational our the for our We In record had momentum oxide building robust summary, of the abundant, year growth can solid clean energy. platform, accomplishments with believe mature and build roadmap. and we company strong resilient a
team our at excited I conference future. extremely the York about showcasing on Exchange. at our are New the look forward And Stock May We investor XX to
for With that, up line the open questions. operator, please
