Good day. Welcome to the American Superconductor third quarter fiscal 2020 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. John Heilshorn of LHA. Please go ahead, sir. Thank you, Monish. Good morning, everyone, and welcome to American Superconductor Corporation's third quarter fiscal 2020 earnings conference call. I am John Heilshorn of LHA Investor Relations, AMSC's investor relations agency of record. With us on today's call are Daniel McGahn, Chairman, President, and Chief Executive Officer, and John Kosiba, Senior Vice President, Chief Financial Officer, and Treasurer. American Superconductor issued its earnings release for the third quarter of fiscal 2020 yesterday after the market closed. For those of you who have not yet seen the release, a copy is available on the investor page of the company's website at www.amsc.com. Before starting the call, I'd like to remind you that various remarks that management may make during today's call about American Superconductor's future expectations, plans, and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those set forth in the Risk Factors section of American Superconductor's annual report on Form 10-K for the year ended March 31, 2020, which the company filed with the Securities and Exchange Commission on June 2, 2020, as updated in the company's Form 10-Q for the period ending December 31, 2020, and the company's other reports filed with the SEC. These forward-looking statements represent management's expectations only as of today and should not be relied upon to interpret management's views of any subsequent date to today. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements. On today's call, management referred to certain non-GAAP financial measures, non-GAAP net loss, and non-GAAP operating cash flow. Non-GAAP net loss is defined by the company as net income before stock-based compensation, amortization of acquisition-related intangibles, acquisition costs, change in fair value of contingent consideration and warrants, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for the company's non-GAAP metric. Non-GAAP operating cash flow is defined by the company as operating cash flow before the China settlement, net of legal fees and expenses, and other unusual cash flows or items. The reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in the third quarter of fiscal 2020 earnings press release that the company issued and furnished to the SEC last night on Form 8-K. All of American Superconductor's press releases and SEC filings can be accessed from the Investors page of its website at www.amsc.com. With that, I will now turn over the call to Chairman, President, and Chief Executive Officer, Daniel McGahn. Daniel? Thanks, John, and good morning, everybody. I'll begin today by providing an update on our Grid and Wind business units. John Kosiba will then provide a detailed review of our financial results for the third fiscal quarter, which ended December 31, 2020, and provide guidance for the fourth fiscal quarter, which will end March 31, 2021. Following our comments, we'll open up the line to questions from our analysts. AMSC delivered strong results during the third quarter of fiscal 2020. Revenue for the quarter grew by more than 30% versus the year-ago period, coming in at $23.6 million. Our Grid segment revenue grew 12% versus the year-ago period. Grid is driving revenue growth for the company, and all Grid product lines contributed to the quarter. We generated positive operating cash flow in the third quarter of fiscal 2020 as forecasted. This is a great milestone for the company to meet. We met this objective for this one quarter; we strive to be there on a sustainable basis. We believe that this demonstrates progress towards our goal of reaching operating cash flow breakeven on a consistent, sustainable basis. We ended the third quarter of fiscal 2020 with more than $84 million in cash. Let's take a moment to review our Grid business. In October, we announced the acquisition of NEPSI. Please realize that this transaction occurred during our third quarter, which is the period we're now reporting on today. The acquisition of NEPSI directly aligns with our strategic priorities to accelerate profitable growth independent of our Wind business, broaden our product offerings, and expand both market reach and market share. Further, the addition of steady state power correction extends our product offering in the industrial sector of our Grid business, expanding our available market. Going forward, we will talk about the pieces that make up our Grid segment in terms of New Energy Power Systems and Ship Protection Systems. New Energy Power Systems include NEPSI, D-VAR, and VVO. We are integrating the front end of this part of the Grid business as one. Yes, REG is part of the Grid segment as well. Grid is driving revenue growth for the company. We believe that our Grid segment is on track for another year of organic growth in FY 2020. If we achieve this objective, it'll be our sixth consecutive year of Grid growth. In the third quarter, our new energy power systems revenues were driven by industrial sales, principally to the U.S., renewable projects in the U.S., as well as an international semiconductor fab. Going forward, we expect that the addition of steady state power correction products and harmonic filter products to our portfolio of Grid offerings should improve the long-term quality of our revenues and earnings, and further diversify our Grid business by region, customer, and product. Most importantly, we expect this addition to our Grid business to accelerate our ability to achieve our goal to reach operating cash flow breakeven on a consistent, sustainable basis. We believe that this quarter demonstrates progress towards this objective. We believe we're well-capitalized to execute our overall strategic plans for additional growth and further diversification. We continue to be focused on building a more predictable and diversified business. As we've discussed over the last three quarters, the pandemic has created both operational challenges and macroeconomic concerns for all businesses in the U.S. AMSC has demonstrated that it can operate effectively during this crisis. I said this early on in the pandemic, and I'm saying it again. We were early to implement physical separation protocols at our manufacturing sites, and we have not missed a beat in production. However, this continues to get harder each quarter. In the U.S., we may now just be seeing signs of the pandemic beginning to slow, but each day there's news about new variants of the virus. Who knows what we're really going to be up against in 2021. We have instituted cleaning protocols for our offices to help keep everyone safe and healthy, which is paramount. We're focused on our people, the quality production of our products, and strong customer service. AMSC is deemed to be an essential business for our manufacturing locations. Thus, our factories remain open and will continue to be operational throughout the pandemic. We are managing what we can control, and that is our internal operations. We've seen what we perceive to be new tailwinds in our business. President Biden's new energy plan could positively impact the demand for our new energy power system solutions. The new energy plan intends to reform and extend the tax incentives that generate energy efficiency and clean energy jobs, as well as to develop financing mechanisms that leverage private sector dollars to maximize investment in the clean energy revolution. This is very good news for our company. As you know, our D-VAR product is primarily focused on addressing renewable energy installations for project developers and wind turbine manufacturers. For the utility, our VVO system offers superior power quality, environmental benefits, and significant cost savings over traditional solutions. Biden's administration plans to spur the installation of tens of thousands of wind turbines in his first term, including thousands of turbines off our coasts. We are partnered with top-tier wind turbine manufacturers to provide wind farm connectivity to the U.S. power grid. The new administration also intends to spur the installation of millions of solar panels, including utility-scale, rooftop, and community solar systems. Because solar power is dynamic and intermittently variable in nature, distribution grids must now enhance their network's capabilities to accommodate this new resource while maintaining efficiency and power quality for their customers. The president's energy policy also focuses on the next generation of electric grid transmission and distribution, which has been the heart of our long-term growth strategy. We believe our new energy power systems products are well-suited to address this enormous challenge. The expansion of our new energy power systems offering comes at a great time. I'll turn the call over to John Kosiba, who will review our financial results for the third quarter of fiscal year 2020 and provide guidance for the fourth fiscal quarter of 2020, which will end March 31, 2021. John? Thanks, Daniel. Good morning, everyone. AMSC generated revenues of $23.6 million for the third quarter of fiscal 2020, compared to $17.9 million in the year-ago quarter. Our Grid business unit accounted for 72% of total revenues, while our Wind business unit accounted for 28%. Grid business unit revenues increased by 12% in the third quarter versus the year-ago quarter, due primarily to revenues generated from our recent acquisition of Northeast Power Systems, or NEPSI. Wind business unit revenues more than doubled in the third quarter versus the year-ago quarter, with a 144% increase in revenue as a result of increased ECS shipments to Inox Wind. Looking at the P&L in more detail, gross margin for the third quarter of fiscal 2020 was 17%, up from 9% in the year-ago quarter. The higher gross margin was a result of a favorable product mix, which included ECS shipments. Included in cost of goods sold in the third quarter of fiscal 2020 is approximately $1.3 million in non-cash adjustments related to the purchase accounting for the acquisition of NEPSI. These non-cash related adjustments represent a -5 percentage points impact on our gross margin in the third quarter. R&D and SG&A expenses for the third quarter of fiscal 2020 were $10.1 million. This is up from $8.1 million for the same period a year ago. The increase in R&D and SG&A expenses in the third quarter of fiscal 2020 was due primarily to the addition of NEPSI's operating expenses to AMSC's operations. Approximately 13% of R&D and SG&A expenses in the third quarter of fiscal 2020 were non-cash. Our non-GAAP net loss for the third quarter of fiscal 2020 was $3.4 million, or $0.13 per share, down from $6.7 million, or $0.32 per share in the year-ago quarter. Our net loss in the third quarter of fiscal 2020 was $7.9 million, or $0.31 per share. This compares to $6.8 million, or $0.32 per share, in the year-ago quarter. Included in our third quarter fiscal 2020's net loss were several non-cash adjusted items associated with the NEPSI acquisition. I mentioned the first one of $1.3 million, which was a non-cash expense into cost of goods sold. Additionally, within our operating expenses, we had a $2.7 million non-cash expense associated with the change in fair value of contingent consideration, and a $300,000 non-cash expense for the amortization of NEPSI intangibles. Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results. We ended the third quarter of fiscal 2020 with $84.4 million in cash equivalents, marketable securities, and restricted cash. This compares with $57.7 million on September 30, 2020. We generated $1.7 million in positive operating cash flow in the third quarter of fiscal 2020. This was primarily the result of favorable working capital associated with cash collections from Inox Wind for ECS shipments within the quarter. As a reminder, working capital will fluctuate from quarter to quarter depending on the timing of milestone payments and inventory positions. As I've mentioned in previous calls, if you look at our operating cash flow over a several-quarter period, that will tend to smooth out any quarterly variations of working capital. Year to date, for the first three quarters of fiscal 2020, our operating cash burn is $4.9 million on $66 million of revenue. For reference, this compares to an operating cash burn of approximately $18 million on $46 million of revenue for the first three quarters of fiscal 2019. That is nearly a $13 million year-over-year improvement in operating cash flow over the nine-month period. The improvement in year-over-year operating cash burn was driven by the higher revenues and increased gross margins within both our Grid and Wind business units. Okay, now I'd like to take a moment to summarize the financial impact NEPSI had on our third quarter results. NEPSI accounted for $6.6 million of Grid division net revenues, and NEPSI's operating margin was approximately breakeven in the quarter. As I mentioned earlier, there were several non-cash purchase accounting adjustments included in these results, totaling approximately $1.6 million. When we normalize the business excluding these adjustments, NEPSI's financial results in the third quarter are in line with their historical three-year average annual run rate of approximately $25 million a year in revenue and operating margins approaching 20%. Turning to our financial guidance for the fourth quarter of fiscal 2020. We expect that our revenues will be in the range of $18 million-$22 million. We are expecting most of our fourth quarter revenue to be generated from our Grid business unit. We are not expecting any ECS shipments to Inox in the fourth quarter. As Daniel has mentioned earlier, we stand ready to support our partner in India as they commission new turbines or need a new stock of 2 MW ECS. Our net loss on net revenue is expected not to exceed $8 million or $0.31 per share, and our non-GAAP net loss is expected not to exceed $6.5 million or $0.25 per share. The net loss and non-GAAP net loss guidance include expected revenues from DHS for our REG project in Chicago. As a reminder, this project with DHS is a cost-share project, and as such, has lower gross margins when compared to overall gross margins for our base business. We are not expecting the REG project to have a negative impact on operating cash flows in the fourth quarter, as we have paid most of the cash expenses related to this project in previous periods. As a result, the company expects operating cash flow to be a burn of $2 million-$4 million in the fourth quarter of fiscal 2020. We expect to end the fourth quarter with no less than $80 million in cash, cash equivalents, marketable securities, and restricted cash. With that, I'll turn the call back over to Daniel. Thanks, John. As I said at the outset, our new energy power part of our business is doing very well. We're really excited about our growth prospects in this part of our business. We want to continue executing on our strategy of growth and diversification. Let's touch on other areas of the business. Let's turn to SPS. As you know, our Ship Protection Systems, or SPS, have become the baseline design for the San Antonio-class amphibious transport dock ship, or LPD platform. We announced in January our fourth Ship Protection System contract for the San Antonio-class. This contract is for an SPS for LPD 29, also known as the USS Richard M. McCool Jr. LPD 29 will be the 13th amphibious transport dock ship of the USS San Antonio-class. The ship is named after U.S. Navy officer and Medal of Honor recipient Richard Miles McCool Jr. Our SPS for the San Antonio -class represents approximately $10 million in value for revenue per vessel. Our current backlog of SPS orders now includes LPD 28, LPD 29, LPD 30, and LPD 31. Our team is very busy and focused on continuing to expand the business while we deliver our first systems. From a capacity perspective, we have been planning for the concurrent manufacturing of multiple SPS orders. Here we are. We're very happy we have this capability as we are full out in producing these systems. We have talked about the expected size of the opportunity several times in the past. In total, there were 15 future San Antonio -class ships planned to be built after we had our design win. We have now won four of these 15, or $40 million of the potential $150 million for this class of ship. The San Antonio -class is our first design win with the Navy. We are actively engaged with the Navy, pursuing additional classes of vessels for the deployment of our SPS. We have done some engineering for the potential deployment of our SPS in the next class of ships. We're very excited about this opportunity and the work ahead to expand into more of the U.S. Navy fleet. In each case, we have to do engineering work prior to procurement. We have to fit our common components that make up our ship protection system and show all the changes to the build of the ship. This is exciting work indeed. In addition, we're working hard to bring our degaussing systems to foreign fleets. We see interest here, but again, there is an engineering phase that would precede any procurement. Turning to REG, our Resilient Electric Grid system. We announced previously that ComEd agreed to install its first Resilient Electric Grid system as a permanent asset within Chicago's electric power grid. In July of 2020, we announced that ComEd broke ground and had begun construction for the REG system. We have now delivered all our hardware to the project and are providing technical assistance to ComEd during construction. Things are progressing very well. We're on schedule and anticipate energization in 2021 per ComEd's schedule. We are excited about our execution to date on this first project with ComEd. Many U.S. utilities are excited to watch our success. Turning to Wind. During the third quarter of fiscal 2020, we shipped 2 MW ECS to our onshore wind partner, Inox Wind. As we mentioned in October, Inox regained compliance with the 2 MW supply contract. This is a very encouraging development for sure. We stand ready to support our partner in India as they commission new turbines or need a new stock of 2 MW ECS. We are also encouraged by Inox's stated desire to lower the levelized cost of energy further by way of a new wind turbine. To that end, we have designed, and Inox is now in the process of constructing a prototype of a new 3 MW class turbine for the Indian market. They expect to test and commission this turbine in 2021. Inox has indicated a new 3 MW class turbine is an integral part of its long-term strategy to deploy wind power in India. The 3 MW class platform appears to be a great fit for the competitive tariff environment in India. Inox is working towards completing construction and then commissioning the 3 MW class prototype turbine that we designed. Once commissioning is complete, Inox will then seek type certification for the operating turbine. We expect to work with Inox to build a 3 MW class production supply chain, put in place an ECS initial production order, and support the already growing demand for their 3 MW class turbine. We believe we are well-positioned to support Inox's anticipated requirements and look forward to doing so. Overall, the market in India appears set to be in a better position in 2021 than in 2020. We will see. We service the offshore wind market through our partner, Doosan Heavy Industries in South Korea. We are the exclusive supplier of ECS units for Doosan's 5.5 MW offshore wind turbine. The South Korean wind market presents a long-term opportunity for us, as does the global offshore wind market. We have completed the initial production order of 5.5 MW ECS for Doosan's offshore turbine. South Korea has mandated the development of renewable energy sources as part of its plan for long-term electric power supply. Doosan has publicly expressed its desire to secure a large share of this accelerating South Korean wind power market. Our team is working closely with Doosan. We look forward to potentially penetrating the global offshore wind market with Doosan. In conclusion, as we move towards the end of our fiscal year 2020, which will end in March, our Grid segment is driving revenue growth for our company. We are pleased to report $1.7 million of positive operating cash flow in the third quarter. We are integrating NEPSI into the company and are now marketing and selling static power correction systems into industrial markets. Our REG team has delivered the REG hardware to Chicago, and we are on schedule. We are manufacturing SPS for the San Antonio -class ship platform, LPD, and the delivery of our SPS for our first ship is expected in 2021. We are supporting Inox with commissioning in the field and have provided more 2 MW ECS products as Inox has needed them. We have completed our first production order of 5.5 MW ECS for Doosan and look forward to announcing our next production order for the o ffshore wind market. We expect to grow Grid revenue again in fiscal year 2020. I am very pleased with what our team here at AMSC was able to accomplish so far this year, especially in the middle of a global pandemic. If you listen to one of the comments that John made last year, our revenues were about $64 million for the entire year. Today, we stand nine months into the year at about $66 million. The burn is dramatically different on this $66 million of revenue than last year's $64 million. I think that was a key point that John made. People should focus on that. Going forward, we believe that we are well-capitalized to execute on our Growth-through-Grid strategy. I'd like to personally thank our employees for their hard work and dedication. I look forward to reporting to you again following the completion of our fourth fiscal quarter of 2020. Monish will now take questions from our analysts. Thank you, ladies and gentlemen. If you would like to ask a question on today's call, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, it is star one to ask a question. We'll take our first question from Philip Shen of ROTH Capital Partners. Please go ahead. Hey, guys. Thanks for the questions. The first one is on NEPSI. Just was wondering if you could give some more color on how the combined offering now is playing with your customer base. For the new energy product offering, how has your pipeline changed versus what it was pre-NEPSI, and what kind of momentum are you guys getting? We feel really excited, Phil, about the integration of the teams. They're working tremendously well together. We kind of hinted at some leverage and some synergies between the teams. That's working already extraordinarily well. I think the depth of the pipeline continues to show signs for growth. I think the diversification of that pipeline has been a key focus for the team. We're really excited about the future together. When I talk, Phil, I'm more focused on the next quarters than necessarily the next quarter. In the long term, we think this is really a nice fit, and the teams are very comfortable already working together. Great. Thanks, Dan. As a follow-up there on VVO specifically, can you give us an update on what the utility activity is there? What kind of follow-on orders you're getting? Or have you made it into kind of standard purchasing for a bunch of these utilities? And if so, how many, and how many do you expect to secure going forward? Thanks. I remain tremendously excited about VVO. I think it has a perfect fit for something that's really a critical need today on the grid. We've been able to now show with utilities multiple projects already where we've been able to deliver very quickly the results that they were looking for. I think there's a lot of upside there. The type of selling that we're seeing with utilities, I think, is also going to help us to sell larger systems for REG, also potentially to be able to penetrate utilities with the NEPSI offerings as well as certainly REG. VVO becomes a very important piece of the strategy as we look on how to serve utilities demand. As you hear, a lot of the new energy power systems part of the business is really grid connection for renewables, and we have diversified into industrial. That's really where the business has been. In the future, we're looking to expand further to work more with utilities. VVO definitely has been able to demonstrate that for us. We're very happy with the progress year-to-year with VVO. We do think there's tremendous opportunity. As I mentioned in the outset, the tailwinds are really strong behind us here. The grid needs to dramatically evolve to be able to support a lot of this distributed generation. We think VVO is a key actor in making that happen. Great. We look forward to hearing on more progress there going forward. Thanks, Dan. I'll pass it on. Thank you. We'll now take our next question from Colin Rusch of Oppenheimer. Please go ahead. Thanks so much, guys. Could you talk a little bit about the Navy design process and how we might start seeing that begin to roll through the P&L? It seems meaningful that you've gotten into another class of ships at this point. Sorry, Colin, the line's breaking up a little bit. I heard that you said something about meaningful profit, but I don't know which product that- Yes. On the Navy ship. The Navy design process, and how quickly we might start to see some of that revenue start to flow towards you guys? Yeah, I think it's hard to predict. You know where we are with San Antonio, that's about $10 million per year, per ship. We're obviously at elevated levels relative to that because we have four on order. We're trying to deal with that demand of being able to deliver systems. From a meaningful standpoint, that part of the business, I think is important today, but becomes even more crucial as we look at the longer-term multi-year horizon. To get the next platform, what I telegraphed in the call this time, and I telegraphed last year, is we know what we think will be the next platform. We're doing engineering work on it now. I can't handicap on how long it's going to take to get to a procurement. I think what the Navy's looking to do is to determine which specific hull number would we go and get inserted on. Typically, you're looking at stuff that they're going to buy a year, a year and a half in advance to kind of give you how to flow through with your revenue model. If we got an order for another platform, it might be a year, a year and a half before we have to deliver the revenue. We are very optimistic from what the Navy feedback has come to us on what we've been able to do to date. We're really excited about 2021 with the Navy because it's an important milestone in the delivery of the first system. I think that will help us in selling additional systems, not just to the U.S. Navy, but to foreign navies as well. Okay. That's incredibly helpful. On the REG side, obviously, moving forward with this project is a meaningful benchmark for the industry, let alone you guys. Can you speak to how conversations in other geographies are going and the pace at which those folks are evaluating the potential to move forward with pilot projects? I'd say the number of utilities, particularly ComEd, is being a great cheerleader for, continues to increase. They're trying to hail this as a very important product for their future. They're trying to help market for us to other utilities. I think that's a tremendous value to us. They've been extremely supportive of our company. They really think that the product is a key part of their future, and they're literally out talking to other utilities about REG for us because it really does Again, it fits a compelling need in the grid today. What we hope happens is we deliver all this on time, get it energized, and then we're in position to take orders from the broader market. Stay tuned. Thanks so much, guys. Thank you. We'll now take our next question from Eric Stine of Craig-Hallum. Please go ahead. Good morning, Daniel and John. It's Aaron Spychalla for Eric. Thanks for taking the questions. Thanks, Aaron. Good morning. Good morning. First on Inox, now that the focus is on the 3 MW platform. You talked a little bit about prototype design and commissioning, can you just give a little bit more detail on how you're thinking that business can look here over the coming quarters as we progress through those steps that are needed? Yeah. Inox was demonstrated with the 2 MW. They did need to get the type certification to start taking orders for the turbine or to start building supply chain. What we're telegraphing today is they're now actively working to build that supply chain, but we don't have an order yet for 3 MW yet. I think getting through the events that happened during the quarter were critical to really set the table for the relationship going forward with the 3 MW. All I can say is stay tuned. At some point, we expect there to be an order for initial production for the 3 MW. We know they already have demand from what they've said on their conference calls to their investors. Overall, the market seems to be improving here in 2021. We're very optimistic about not only the two, but the 3 MW in 2021 for Inox. All right. Maybe my next question on the supply chain. I know that localizing that has been a big focus for you and has helped a lot. Can you talk about if you're seeing any issues there given what's been going on? We've seen issues with COVID in our supply chain across our product lines. The team has done a tremendous job trying to overcome those challenges. We haven't missed a beat in production. We haven't missed a beat really with the financials due to COVID. I think the longer it goes, certainly the harder it gets on our suppliers to be able to deliver timely at the volumes that we need. Specifically with the wind and the 3 MW, you're not creating a completely brand-new supply chain. All the suppliers are known. In some cases, you're talking about brand-new parts, brand-new fittings, brand-new pieces that have to go into the nacelle. That has been challenging, I'll say, to be able to develop internationally during the pandemic because you can't really travel and be there at suppliers. We're trying to manage through it and do the best we can. At the end of the day, Inox drives us. If they build their order book and the demand, that will set the timetable for the needs for the suppliers like us. All right, maybe last, just on the balance sheet. Can you talk a little bit about the priorities given the strength there? Is it more acquisitions, preparing for that REG kind of pipeline as it moves to the next phase, or just anything else we should be thinking there? We want to continue to scale the company. We want to grow and diversify. We think that the diversification, we think that the reduction of revenue volatility period to period are all things that are tremendously valuable for the company. I think the selection of going down the path with NEPSI was really smart by the team who presented the idea, really led by John here, to go after these guys and make them part of us. The integration's gone very well. We're very confident that we can buy and integrate companies. That may be one path, certainly to scale. We also are looking internally at organic ways in parallel to be able to grow and scale the company. We think we have a tremendous platform that we're serving markets that have critical needs today for power management and that type of infrastructure within the grid, renewables, and industrial. We just want to keep going in all the directions that we have been successful so far. Understood. Thanks for taking the question. Thank you. We'll now take our next question from Jed Dorsheimer of Canaccord Genuity. Please go ahead. Hi. Thanks for taking my question, Dan. I guess on REG, I understand the technology. I was just wondering if you could articulate the value proposition to the utility beyond improvement of resiliency because utilities seem to be under pressure. What's the pull for that? Yeah, the pull is very strong, and it's very clear. What we're really competing against is other capital spending to upgrade substations, build new substations, and bring more transmission into the urban core, which are all tremendously expensive. What we've seen is that at a substation, if they need to expand capability, REG in many ways is a much quicker, lower risk, and more economical way to do it than the traditional means of just building more out on the grid. It's a very elegant way to be able to share existing assets. It's a very simple way utilities get to understand how to unclog this capacity within the system, and really focus on moving power to where it's needed, when it's needed. Utilities kind of get it. It's sold very much as kind of how they look at any kind of capital project, it's what the benefits of the ratepayer are versus the capital spend. REG is, from a utility standpoint, a really positive product. Got it. I guess I'm still not fully understanding the value proposition. If I'm a utility and I'm under a decent amount of pressure and I have a set budget, how do I reallocate budget to you for REG, versus allocation to, for example, improving, adding to my wind and solar assets to kind of green up the business? I'm just curious, how should I think about that reallocation of resources to REG? Yeah. The problems that you talk about are different and disparate. The problem we're trying to solve is on the grid itself, particularly in the urban system. What you're doing is, let's say, I don't know, pick a big city. Chicago. For them to build a brand-new substation downtown is highly cost-prohibitive. It's in the high hundreds of millions of dollars to could be as much as $1 billion when you look at permitting, land acquisition, and all that. As they need to be able to evolve their grid, they see REG as a way to do exactly the same things at a much cheaper cost. What we're trying to focus on, Jed, simply is where the grid needs to grow or change, be it through green, be it through distributed generation, be it through gentrification of neighborhoods, be it through natural upgrade of breakers and things within substations. We're trying to leverage those types of projects to show a utility that REG is a more cost-effective solution to provide the additional capacity and reliability. Got it. That's helpful, by the way, Dan. Just to, I guess, to finish this point, I should look at that as if it were largely city-based in terms of, if you have an existing city, you have an existing infrastructure, your solution is more cost-effective when you look at having to add a substation versus tearing up streets and things of that nature. Right? We're exactly focused on urban because that's where the higher value is. Now you think about how the grid needs to evolve on the distribution side with more distributed generation in the city, more driving towards electric vehicles, and so on. Changing the demands on the distribution grid means that the distribution grid is going to have to be designed differently. We think REG becomes kind of the backbone to build that new downtown grid around. At least that's what Chicago tells us. Got it. That's helpful. Thank you. I guess just with respect to NEPSI, it looks like a great acquisition. I'm just curious, if I look at the core business, is NEPSI going to experience a steep decline in Q4, or is it just that the sort of D-VAR and kind of that core business is what has been declining? No, I think you're missing it entirely, Jed. I'll be direct with you. John made a comment. We're not shipping any ECS to Inox. It's Wind. Grid is growing. Grid is doing tremendously well when we look year-over-year, the organic business, and adding NEPSI both. D-VAR is growing. SPS is growing from a revenue standpoint. VVO is growing. Everything's growing. You're adding in NEPSI, which we hope to be able to grow. Really, the weakness in the number that you're seeing that John had mentioned for Q4 is that Wind's going to be tremendously light. We're in a unique position where we can allow for that and still not have the burn explode. People who have been with us three, four years, if we didn't have a lot of ECS for those quarters, they were very difficult quarters financially. The good news, I think, as we look at March and the numbers, the revenue is right in line with where we've been in prior quarters. The burn's right in line with those prior quarters as well, even though Wind is very light. Yeah, I hear you with that, but maybe just help me with the math, because if I look at Q3, it looks like D-VAR was cut in half. I guess when you say that I'm missing it, you add NEPSI at $6.6 million, and the SPS is fairly stable. What am I missing? It does look as if for Q4. SPS is growing. I think the second part you're missing is that there is an acceleration of revenue in D-VAR, where you have Q1, especially, Q2 to some extent, where you have additional revenue that was planned for Q3 and Q4 that were pulled forward. When you look net-net, and you look at trailing three, four quarter averages, we still see growth, 15%, 20%, 25% for all the product lines, in some cases as much as 40%. Okay. I'll take it offline. Thank you. Sure. Thank you. There are no further questions. At this time, I would like to turn the call back over to Mr. Daniel McGahn for any additional or closing remarks. Thank you. Thank you. We accomplished a lot and ended our third quarter of fiscal 2020 really on a strong note. We delivered positive operating cash flow. We announced the acquisition of NEPSI. We concluded an equity offering for just over $50 million in net proceeds through the issuance of 3.7 million shares of common stock, which we priced at $15. Those involved with that, I hope, feel happy about the performance of the business. We published an 8-K on October 5th, which went through details on Inox's compliance with the default notice. I think you get a better stance, kind of really, by looking at where we are with Inox. Most recently, we announced our fourth Ship Protection System contract with the U.S. Navy for the Richard M. McCool, which I just like saying McCool, I guess. We're in a great position as we look at trying to finish out strongly here in 2020. I think the prospects as we look at 2021, if you listen to everything that I said, I don't know how many times I said 2021, but 2021, we're delivering REG. In 2021, we're delivering SPS. 2021 is a big year for the 3 MW. 2021 is a big year for these new energy power systems. We are in a wonderful position as a business. Sometimes I have to temper my enthusiasm because I do realize that we are in the middle of a pandemic, that any day, supply chain things could change, and all our hopes and desires could be affected, and we're trying to fix a problem that isn't necessarily something that we created ourselves. I'm trying to balance my kind of exuberance overall as a business, knowing how hard some days and some weeks can be just to be able to get parts. We're really excited about 2020. We'll be able to come back to you and report on the full year next time. Appreciate everybody's interest in the company, and we'll talk to you soon. Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.