Executive Summary

Q4 2024 revenue was guided to approximately $9.0M, up 102% year over year versus $4.49M in Q4 2023, and above the prior ~$7.0M outlook; FY2024 revenue was raised to ~$26.3–$26.4M from ~$24.0M .
Management highlighted accelerating demand across AI-driven electrification platforms and OEM partnerships; Q1 2025 revenue guidance of $11.3M implies a $45.2M run-rate, reinforcing momentum into 2025 .
Segment commentary points to outsized growth in EV/Transportation and Managed Services offsetting solar/weather headwinds in prior periods; key product launches include the AI-powered heat pump and Digital Control Unit .
Likely investor catalysts: raised Q4/FY guidance and Q1 2025 outlook, EV Solutions hyper-growth and new AI product introductions .

What Went Well and What Went Wrong

“Today’s upward revision is a testament to the relentless execution of our team and the scalability of our solutions” (Q4 2024 guidance raised to ~$9.0M) .
“2024 marked a watershed moment… EV business transitioned from early adoption to hyper-growth” (EV Solutions revenue +200% YoY; 9 new OEM partnerships; >25,000 EVs on network) .
Strategic initiatives: AI-powered heat pump (AHRI Cold Climate Certification) and Energy Intelligence Network; CEO letter underscores innovation roadmap and revenue acceleration .

Prior-quarter stress: substantial doubt about going concern given working capital deficit and reliance on financing; accumulated deficit of $39.9M as of Q3 2024 .
Elevated interest expense and non-cash fair value impacts (convertible notes and forward purchase agreement) pressured profitability in Q3 2024 .
Weather-related softness: decarbonization (solar) and electrification segments declined due to inclement weather affecting installations in Q3 2024, before the Q4 ramp .

Metric	Q4 2023	Q3 2024	Q4 2024
Revenue ($USD Millions)	$4.49	$6.07	$9.00 (guidance)
EPS ($USD)	-$0.54*	-$0.61	N/A
Notes	Q4 2023 revenue from company release	Q3 2024 EPS per 10-Q	Q4 2024 EPS not disclosed

Values retrieved from S&P Global for starred entries.

Segment breakdown (revenue and gross margin dollars) – oldest → newest:

Segment Metric ($USD Thousands)	Q3 2023	Q3 2024
Electrification Revenue	$2,328	$1,403
Electrification Gross Margin	$523	$530
Decarbonization Revenue	$1,751	$1,263
Decarbonization Gross Margin	$278	$361
OEM/EV Revenue	$143	$1,924
OEM/EV Gross Margin	-$117	$362
Managed Services Revenue	$162	$1,484
Managed Services Gross Margin	-$16	$621

KPIs and operating metrics:

KPI	Value	Source
EVs connected to Energy Intelligence Network	>25,000 (+48% YoY); 2,000–3,000 vehicles added monthly
OEM partnerships added (last 12 months)	9 new (incl. VST Tractors, Force Motors, JBM; legacy Volvo Eicher, Ashok Leyland, TI Clean Mobility)
Sustainability impact (multi-year)	40.8M lbs CO2 avoided; 1.3M gallons fuel saved
Q4 2024 revenue guidance	~$9.0M (+102% YoY)
FY2024 revenue guidance	~$26.3–$26.4M (raised)
Q1 2025 revenue guidance	$11.3M; run-rate $45.2M

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q4 2024	~$7.0M	~$9.0M	Raised
Revenue	FY 2024	~$24.0M	~$26.3–$26.4M	Raised
Operating Cash Flow	Q1 2025	N/A	On-track to breakeven	New
Revenue	Q1 2025	N/A	$11.3M	New
Annualized Run-Rate	Q1 2025	N/A	$45.2M	New

No Q4 2024 earnings call transcript was available; themes drawn from the shareholder letter and press releases.

Topic	Previous Mentions (Q-2: N/A; Q-1: Q3 2024)	Current Period (Q4 2024)	Trend
AI/technology initiatives	Company framed as “AI-powered B2B electrification platform” in Q3 prelims	AI-powered heat pump; Energy Intelligence Network; Digital Control Unit and AGVU launches	Expanding productization and adoption
Product performance	Q3 2024: EV/Transportation growth improving	EV Solutions +200% YoY revenue; >25,000 EVs; subscription momentum	Accelerating
Regional trends	Q3 2024: US $5.646M; India $0.428M revenue	Q4 not disclosed; momentum tied to OEMs and US electrification	US-led; OEM scale-up
Macro/supply	Q3: weather impacted solar installs (segment softness)	Emphasis shifted to OEM/EV and Managed Services strength	Mix shift to resilient segments
Regulatory/legal	Q3: going concern warning, financing dependency	Ongoing deleveraging via debt-to-equity conversion	Improving capital structure, risk still noted

“Today’s upward revision is a testament to the relentless execution of our team and the scalability of our solutions in a dynamic market environment.” (Q4 guidance raised to ~$9.0M) .
“2024 marked a watershed moment… our EV business transitioned from early adoption to hyper-growth… as partners accelerate production, our scalable network positions us to capture recurring revenue at an unprecedented pace.” .
CEO letter highlights innovation stack: AI-powered heat pump (AHRI Cold Climate Certification), Energy Intelligence Network, and AGVU differentiation in micro-mobility .

No analyst Q&A transcript was available for Q4 2024; guidance and strategic clarifications came via press releases and the shareholder letter:

Q4 2024 revenue raised to ~$9.0M and FY2024 to ~$26.3–$26.4M .
Q1 2025 revenue guided to $11.3M; annualized run-rate $45.2M .
Focus on subscription-driven EV network scale and OEM partnerships as growth drivers .

Wall Street consensus (S&P Global) for Q4 2024 was unavailable; comparisons to estimates cannot be made from S&P data for revenue/EPS/EBITDA.

Metric	Q4 2024
Revenue Consensus Mean	N/A (S&P Global data unavailable)
Primary EPS Consensus Mean	N/A (S&P Global data unavailable)
EBITDA Consensus Mean	N/A (S&P Global data unavailable)

Momentum: Q4 2024 revenue guided to ~$9.0M (+102% YoY) and FY2024 raised to ~$26.3–$26.4M; Q1 2025 guided to $11.3M ($45.2M run-rate) .
Mix shift: EV Solutions and Managed Services are driving growth, with OEM partnerships and connected fleet subscriptions compounding scale .
Product catalysts: AI-powered heat pump (with cold-climate certification) and Digital Control Unit/AGVU underpin differentiation and margin potential .
Execution vs. risk: Improving capital structure via debt-to-equity conversion, but prior-period going concern disclosure and financing reliance warrant continued monitoring .
Near-term trading lens: Guidance raises and Q1 outlook are likely catalysts; watch for confirmatory prints and updates on subscription growth and OEM production ramps .
Medium-term thesis: Scaling recurring software/subscription revenues across electrification platform and OEM ecosystems could enhance margin profile and durability .

Notes on sources and availability:

Q4 2024 earnings press materials were furnished via 8-K and company press releases; no Q4 earnings call transcript was found .
Prior quarter trend references use Q3 2024 10-Q and Q3 preliminary release .