Depreciation ImpactGross margin of 10.3% was slightly below our 15.3% estimate due to additional depreciation from newly launched production assets, along with short-term investments aimed at enhancing long-term supply chain efficiency.
Gross Margin ConcernsQ4's modest upside to revenue & EBITDA was overshadowed by lighter gross margin, including growth investments & temporary supply chain dislocation, and lighter FY25 guidance for revenue and EBITDA.
Guidance ConcernsFY25 EBITDA guidance is viewed as lighter than expected and requires further exploration.