Restructuring and Operational Update

Today, the Company is announcing its global restructuring plan with respect to its operations in the U.S., Canada and Germany. This plan aims to further reduce operating costs, realign resources toward advancing the Company's core carbonate technologies, and protect the Company's competitive position amid slower-than-expected market investments in clean energy. As part of this restructuring plan, on June 5, 2025, the Company reduced its workforce by approximately 22%. Following this reduction in workforce, the Company has a total of approximately 426 global employees.

This restructuring plan follows a November 2024 global restructuring of operations. The goal of the November 2024 restructuring plan was to reduce operating costs by approximately 15% in fiscal year 2025, compared with fiscal year 2024. The November 2024 restructuring plan included a reduction in our workforce of approximately 13% and reduced spending for product development, overhead and other costs.