Thanks, K.R.
deliver strong quarter, and This operational past to we financial results. continued
our in momentum are We gaining commitments. on delivering
begin both with XX% me Product a total increased year. highlights. $XXX quarter million revenue. We quarter Let million and and was XX% $XXX revenue had to last record revenue first first the to versus up service few
improved. margins Our
basis were quarter margins First quarter points first versus XXX XXXX. up the XX.X%, non-GAAP gross of
have versus down are global for strong Server, XXXX. datacenters, with our We product unit seeing XX% quarter we achieved in first especially reductions cost nearly the demand Energy cost
taking line, are we reaffirming XXXX our are improve for bottom actions framework profitability. and service to revenues businesses' our We
those proposition for With value let as server energy The highlights, me additional context electrolyzer provide performance. our to and robust. is some
solutions hearing like future. are optionality hydrogen our from need zero the reduces available to while today, power that We customers resilient intensity in that their net on-site to move they providing carbon
Our time-to-power unable is to their meaningful customers their particularly where value proposition needs. local for support utility power datacenter is
are to in that markets support this need growth. especially need edge We globally, the high-quality power resilient seeing the
oil as our in of with readiness. engaged are clearly we The Japan and South project incentives electrolyzer, as who front-end robust our with and large-scale remains manufacturing market gas Korea, their their these for engineering of and Canada, green in Europe efficiency hydrogen United ammonia, hydrogen accelerating well agreements design. development. developers project value companies, advantages are our commercial As and the offtake confirming projects completing Many States,
decisions, reach make to deployments. our expect As these projects investment their we technology on final announcements
the while fuel We for example demonstration announced and capture maturity, support to solid week one investments we our commercial of include electrolyzers The we technology. carbon X-megawatt to drive is product's our are oxide efficiency investing how roadmap hydrogen readiness resiliency. down demonstrations validating we're and in research These cells showcase costs. our of development technology and electrolyzer our last
is we shares in request, per and delivered SK A received shares price August. proceeds price SK redeemable, to March, Class for preferred preferred ecoplant from roughly share, of facilitate from ecoplant $XX.X $XXX to exercise at we changed share. shares common closure. In the the The million, a convertible million option $XX.XX count with consistent SK At ecoplant's
convert to by We expect the XX, A XXXX. shares Class common to September
with the total first quarter cash. $XXX ended in million We
in the term quarter our operating partially on growth. deliver million, in business driven near activities used by commitment capital profitable investments for inventory. $XXX are and We was Cash working investing for our to first
cycle is proposition value meet build, and impacting power customers' ship, time-to-power to as working install and we needs. capital times our compress Our our permit levels
expect for positive this quarters from We the to recapture flow operations year. coming to the generate cash over cash
greater net plan. in increased than with quarter. a This a temporary payables half individual This requires build the budgeted year. years year balances, acceptances first acceptances. half in plan prior changes second a the second production for by half half increase are roughly in the Inventory we of million the the inventories levelized to plans, in the first in and project ramp Consistent first $XXX impacts of of our minimize the driven
material less product already driving cost of These increased an seeing automation, benefits increase XX% with turnover, shipping quarter optimized and expedited are coupled and are our through plan last lower down We costs employee first lower versus the power build year. benefits costs improved of yields. output the
reductions cost achieve are double-digit We to XX% cost-down confident we XXXX, and targets. will with are very pleased our return our
We long-term in business that service this are actions taking position for profitability.
Some incorporated of module of but year some the Last fueled power costs, right accelerate are output for while as locations. company shipments it was constrained XXXX units our shipments our replacement some our their in actions module guidance. timing we we such which as capacity to over economic required were prioritized in lowered will service electricity the it service longer, revenue trade replacements, operate they
increase, If increased we We is power to at increase capacity cost commitment, modules required are output. modules investor. our reducing we our replacement will With recognize to make online as power the shipment these of come delivered aggressively payments. are performance output the replacement financial shipping performance module to replacement full a electricity thus below the payments
next power should the power performance quarters, modules output both payments. increases. of and The we will replacement as cost the Over payments the be moderate the the performance incurring, few
to revenues grow business reduce service our continue installed costs expanding addition, improve base. with and margins In as should the we
are the business. deliver a confident long-term, Over we we service profitable will
to To we've ecoplant South move to revenue will point Korea. to move This title meet South post-completion South to of of localization from change assembly final delivered Korea begun assembly in our recognition to and JV. be units commitments the U.S. transfer in Korea, the SK port
outlook instead This does of change, revenue second but the will shifts half this change of of Korean minimum total our the year. most we implement Korea revenue the half year for revenue not we year. first in acceptances our have to As the in
$X.X XX% profile margins revenue, pipeline are With margins. year, At for and flow operating will of at annual backlog revenue our positive least achieve we non-GAAP margins the remain billion that margin deliver cash targeted confident and we our gross at We reaffirming annual annual operations. flows. our revenue gross this non-GAAP XXXX guidance we should and cash from and for
first and customers' growth invest our second I needs profitable to based the quarter likely meet be For our the XXXX similar revenue quarter as we acceptances, margins to growth. would in and on to expect continue
and quarter for in strong we abundant had demand momentum with increasing energy. a summary, clean our building In operational resilient
move our platform, build are we can the roadmap. of energy growth oxide forward, record company robust enable solid the As strong transition. our growth There leverage our opportunities we to upon believe mature multiple platform accomplishments and to
are Stock excited at to We Exchange. forward showcasing future. extremely York look the about XX Conference our on I our New Investor at the May team
With line questions. for that, operator, please the open
