Glycolysis is the first step in the breakdown of glucose to extract energy for cellular metabolism. It consists of an energy-requiring phase where glucose is rearranged and two phosphate groups are attached, followed by an energy-releasing phase where each rearranged sugar molecule is converted to pyruvate. Overall, glycolysis converts one glucose molecule into two pyruvate molecules, producing two ATP, two NADH, and leaving the cell with energy to perform work.