good morning, Thank you, Bill, and everyone.
here as of our the announcement very boost as wins into project well of past earnings positive number will near-term as few head which performance developments includes Our in a delays XXXX. today project mix significant some with weeks, disappointment impacting revenue we including a
$XX.X the guidance of $XX.X which our million, revenue Getting range right at into to million was it, second quarter in for came our $XX.X below million.
expectations. million a which, $XX expect tell number to there, public while significantly I prior million quarter, we we to revenue see the internal have our now in below third you out can guidance didn't the range, $XX For
is related to The between shortfall second revenue being pushed quarter contracted largely quarters.
of allow projects delayed those one looking to from projects were as advantage these and take IRA. customer the Act Inflation are domestic Reduction around planning content for or to incentives additional in Specifically, review
finalized, but has to The review now of effect the QX. been revenue QX had pushing it the approach and completed from
quarter As module we it to due remains delays have many pushed or permitting, has whether business, projects been our new but bidding clarity, relates amount activity in availability content timing to the interconnection very out expectations, slower purchase by fair high going issues. our won third of or to of a order and other domestic or customers,
activity improve an revenue run of to it's scale, impact Unfortunately, back to small projects, notable rate, as is we manage last have we a The can problem on improvement a wins significant which few have in the projects project current good into head given we as news That but XXXX. us a weeks, results. seen that our meaningful should outsized handful get will and uptick a our now. need including position we in for several
of result we the year. accelerating that a we visibility to quarter around an fourth now enter As and on path these growth in we'll expect as new be revenue the return projects,
quarter in revenue fourth We XXXX. highest expect will quarter the our be
our a cadence us give growth business we great the have may revenue a of While a have different our deal of our that spots hoped quarter of confidence we in than bright is number in ago, future.
competitors. now One, leading our line our we believe cost is manufacturing with in
run longer our better over to percent rate XX-plus target achieving average track with gross margins provided new a more scale. million puts This in term. of includes the a competitive on achieve and Two, targets and the project us our of we XX% $XXX than we the XX% margin the margin past. margin gross to are We at ever get will quarterly
as actual of set the performance. up the But lot which revenue quarter, of another grows. level structure XX margin Even confident expansion leverage. our a a basis We're second margin gross a saw driver obviously, with the We're we margin revenue, in have lower of revenue cost points. and drives expand strong cost in key is we for absorption
are the growing to in We solution we our module UL now market with didn't certification, has done on have and recently of And XP a the market time focused awards. solution. pipeline. with XP solution have this actively we're converting We received recently. Three, that we pipeline availability and in better more until the restricted a believe a now XP
just megawatts. XP largest award won at date our to In we XXX-plus fact,
gigawatt the of on So a part that project are few And XXX multi-technology Northwest. in overall large we which way. X award received Pacific our supplying renewables weeks, the in an last by megawatts is we the way, that includes
international and business South A past Four, XXX-megawatt new we of the examples gaining include our a to weeks couple traction regions. new in few Africa. in are grow continue award over
to first continue award projects as We expand in countries will in Europe multiple these agrivoltaic megawatt Spain, in also won we utility-scale market. from projects XXX a These projects. new expand and our Italy served including our be and
We we'll have our well better now recent U.S. our in continue to to business positioned XP be with of our outside even countries the as And solution, international dozen Pioneer grow the projects awarded overall. been as addition business a we believe
expect to gives allows recent dates, about continue since will backlog of The cases, and cautiously new growth. to us foundation of recent backlog these Most this this improves. grown quarter year, others, among grow $XXX our the projects additions fourth of to near-term multi-project on projects we availability projects nice for purchase Five, future will include The awards as our first of will our to XXXX. us optimistic XP, the which final dates near-term production XXXX awards that continued we more with with expect module remainder backlog that us the certain mentioned, through be XX. be increasingly run include level. beginning start growth and projects constructed initial of and new end billion the the during of project added has is some May $X.X order The I've in we majority helped have expected of to have a backlog now million expect
sixth, and then our operating to continue control expenses. And we finally,
You'll the that, flat in we along and notice margins us came adjusted efficiencies EBITDA lower improved despite look allowed in quarter-over-quarter our QX revenue. We'll with the better costs than that keep to for many had OpEx places. to and guided continue control
invest more we conversion. and growth will support and pipeline However, in engineering to sales the
to we our while which few and exceptional would gives quarter is revenue in fourth the summary, spate weeks, slower ago, hoped of the in return So into confidence in have have seen past than we of us quarter a XXXX. wins in cadence recovery an growth a
and certified continues, will expansion international XP Our time. growth only over our newly offering enhance that
margin gross growth. while to positioned new resume with investing cap product on are with future reach that enable keep growth, and revenue and a for We highs operating structure our run that along will a we expenses cost expansion of will
With that, turn I'll to Phelps. it over
