The average purchase price per share was $1.30. Going forward, we expect our share repurchases will be more opportunistic targeting a greater rate of share purchases if our stock price is lower and a slower rate when it strengthens. Turning to our cash position. We closed out 2023 with $299 million of cash and investments on our balance sheet, including restricted cash designated for the payment of powertrain assets received in 2024. We ended the first quarter with $264 million of cash and investments indicating cash expenditures of $35 million during the quarter. Breaking down our uses of cash, in addition to the $11.3 million spent on share repurchases, we spent approximately $10.5 million on powertrain shutdown activities. This includes expenses we incurred and paid during the first quarter as well as powertrain expenses that were accrued in 2023, but paid in 2024.
We received $600,000 from asset sales in the quarter that were also related to our former powertrain business. The remaining $14.1 million of cash used in the quarter was related to KARNO expenses and capital expenditures. Looking ahead for the remainder of this year, we anticipate that powertrain-related operating expenses will be negligible and that cash payments will be in the low-single-digit millions of dollars. Furthermore, we will continue powertrain asset sales throughout the year. We maintain our earlier projection that total powertrain cash expenditures and asset sale proceeds will be approximately equal when measured from the beginning of this year, although certain asset sales may extend into 2025. We expect that total cash expenditures for our KARNO generator business in 2024 will be on the high end of our earlier estimate of $40 million to $50 million.
This higher estimate reflects a more rapid ramp-up in additive printer growth investments that Thomas referenced earlier. As a reminder, our cash forecast includes operating expenses, capital spending, and interest income but excludes cash spent for share repurchases, cash expenditures for powertrain shutdown activities and asset sale proceeds. We expect to begin deploying KARNO generator units to customers in late 2024. While these are expected to be paid deployments, the timing of the payments remains uncertain due to the varying nature of the initial deployment agreements, certification and permitting of the generators as well as operating performance criteria. We are maintaining our 2025 guidance that we expect to ramp up KARNO generator deliveries and revenue with total sales in the low-double-digit millions of dollars and gross margin that is approximately break-even to slightly negative.
Beyond 2025, we don’t yet have an estimate for volume, revenue or gross margin. Finally, we expect that the capital we have on hand today will be sufficient for the foreseeable future, including commercialization of KARNO generator sales. Now, I’ll turn the call back over to Thomas.
Thomas Healy: Thank you, Jon. Before transitioning over to Q&A, I’d like to share a quick recap of the quarter. As you heard today, we’ve made significant progress in both the development of the generator as well as growing our customer pipeline. We are confident in the interest we have secured so far and believe we have great partners in place to deploy these early adopter units. The next couple of quarters will be focused on continuing to grow backlog for 2025 as we get ready to ship our initial units. I’d now like to open the call for Q&A.
Operator: There are no questions at this time. I will now turn the conference back over to Thomas Healy, Chief Executive Officer.
Thomas Healy: Thank you, everyone, for joining our Q1 2024 earnings call. As you heard on today’s call, we made a lot of progress both on the customer front as well as on the development of the KARNO generator. And the organization at this time is really focused on the major milestone of this year of getting units out into customers’ hands as we approach the next couple of quarters here. So thank you all for joining and we look forward to sharing another update next quarter.
Operator: This concludes today’s conference call. You may now disconnect.
