Shares fell 1.5% following Q1 results as investors weighed ongoing softness in the RV market and cautious outlook, despite progress in heavy-duty trucking. The modest decline signals lingering concerns about near-term growth given industry headwinds.

• Revenue and adjusted EBITDA came in above guidance, but the RV market remains soft with year-over-year declines in industry shipments and retail sales.
• Healthy adoption trends continue within OEM partnerships, driven by broader integration and increased energy storage content.
• Heavy-duty trucking business shows growing momentum, highlighted by a significant $3 million purchase order from Stevens Transport for nearly 500 trucks, signaling early traction in this segment.
• Cost reduction initiatives are delivering results, expected to yield approximately $9 million in annualized adjusted EBITDA improvement through expense cuts and rental space consolidation.
• Investment continues in technology and IP, including a new patent allowance in Japan and a $527,000 Nevada Tech Hub grant to support in-house cell prototyping.