BW

In a Stage 4 decline with no mean-reversion eligibility, the medium-term bias remains bearish. Price is trading below all major EMAs and is extended into 200 DMA support. For execution, we will defer selling until a rally into the declining EMAs offers a clear rejection at resistance, rather than selling into oversold extension.

• ↑Q1 revenue $214.4M, up 44% YoY driven by AI data centers
• ↑Bookings $2.5B, a 1 900% YoY surge; backlog now $2.7B
• ↓Net loss from continuing ops $79.6M vs $15.6M last year