Risk Factors Update Summary

• Addition of "tariffs" and "taxes" to risk factors could impact business operations significantly.
• Obtained liquid hydrogen production at Georgia facility in January 2024. Construction took longer than expected.
• Mention of "geopolitical conditions" as a risk factor may lead to operational disruptions.
• Added Section 45V Credit for Clean Hydrogen regulations, impacting viability and competitiveness of facilities.
• Total outstanding indebtedness decreased from approximately $532 million to $567 million.
• Increase in federal NOL carryforwards from $12.4 billion to $20.9 billion in 2023.
• Experienced supply chain issues leading to volume constraints, delays, and negative impacts.
• Identified material weaknesses in internal controls over financial reporting, impacting accurate financial reporting.
• Federal research and development tax credit carryforwards increased from $14.2 million to $20.9 million.
• Increased customer concentration with top customer comprising 21.5% of total accounts receivable balance.
• Paused new PPAs in Q4 2023, shifting approach to enable customers to deal directly with banks.
• Fluctuations in currency exchange rates could negatively affect operating results.
• Acknowledgment of climate change impacts on business operations and industry.
• Risks related to stock price volatility and ability to raise additional capital.